Photocure ASA · OSL:PHO
Photocure ASA — Q3 2021 Earnings Presentation
24 slides from Photocure ASA's earnings presentation, Nov 17, 2021
Slide 1: Photocure ASA Results for 3rd Quarter 2021
Photocure ASA Results for 3rd Quarter 2021 November 17, 2021 Daniel Schneider, President and CEO Erik Dahl, CFO
Slide 2: Disclaimer
Disclaimer By reading this company presentation (the “Presentation”) or attending any meeting or oral presentation held in relation thereto, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. The Presentation has been produced by Photocure ASA (the “Company”)
Slide 3: Third Quarter 2021 Highlights
Third Quarter 2021 Highlights: Progress in both commercial regions despite Covid-19 Studies & Partnership +75% EBITDA NOK -0.2 Publications: New data on recurrent BC activity: Canada: Photocure regains Hexvix®/Cysview® presented at EAU’21 Congress rights to Cysview in Canada revenue growth million T
Slide 4: COVID-19 Update
COVID-19 Update Access restrictions continue due to 3rd and 4th waves U.S. Europe Restrictions continued in parts of the U.S. during Q3 Restrictions in certain markets beginning to lift Access to clinics in Eastern and Northern states Good access in France and Nordics since September, improved, oper
Slide 5: Hexvix/Cysview Revenue Development
Hexvix/Cysview Revenue Development Quarterly Reported Product Revenue by Segment (NOK mill) Covid-19 Pandemic 100.0 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 U.S. - Cysview Europe - Hexvix
Slide 6: Segment Trends
Segment Trends U.S. and Europe markets Photocure – Presentation of Q3 2021 Results © Photocure - Confidential 6
Slide 7: Q3 2021 Momentum in U.S.
Q3 2021 Momentum in U.S. Continued growth during surge of Covid-19 Delta Delivered 6% year-over year unit growth on top of significant rebound in Q3 2020 when the pandemic first appeared to be subsiding Contracting affirmed as key growth driver with accounts responding to volume-based programs to dr
Slide 8: Growth Trend Continues in U.S.
Growth Trend Continues in U.S. Despite surge of COVID-19 Delta in Q3 2021 Monthly Unit Sales Trend 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 Jan Feb Mar Apr May Jun Jul Aug Sep 0 Q1 Q2 Q3 2019 2020 2021 Q1 Q2 Q3 2018 2019 2020 2021 Photocure – Presentation of Q3 2021 Results © Photocure - Confid
Slide 9: U.S.: Continued blue light cystoscope placements
U.S.: Continued blue light cystoscope placements 34 new tower installations through Q3 2021 Annual New Installations Cumulative Installation Base 70 65 350 60 300 54 45 50 250 38 45 Surgical & Surveillance Approvals Inclusion in Guidelines 26 40 New Commercial Team/Leadership 200 34 Improved Reimbur
Slide 10: Key Initiatives to Drive Growth in the U.S.
Key Initiatives to Drive Growth in the U.S. CONTRACTING REFRESHED CYSVIEW CAMPAIGN Ongoing contracting with key health systems and New campaign tailored to key physician segments & community-based Urology Groups to educate on the disadvantage of using WLC alone VETERANS AFFAIRS PEER-TO-PEER Recent t
Slide 11: Q3 2021 Momentum in Europe
Q3 2021 Momentum in Europe Third Quarter unit volume -8% vs. Q3 2020; year-ago period included hospitals building safety stock prior to Ipsen transition as well as temporary subsiding of pandemic Total Europe sales holding relatively stable from Q1 to Q3 2021 despite Covid surges mostly driven by es
Slide 12: Stability Maintained in Europe
Stability Maintained in Europe Despite impact of COVID-19 Delta Monthly Unit Sales Trend 16 000 14 000 12 000 10 000 8 000 6 000 4 000 2 000 0 Jan Feb Mar Apr May Jun Jul Aug Sep 2019 2020 2021 Q1 Q2 Q3 Q1 Q2 Q3 2019 2020 2021 Photocure – Presentation of Q3 2021 Results 12
Slide 13: Key Initiatives to Drive Growth in Europe
Key Initiatives to Drive Growth in Europe ESTABLISH ADVOCACY HEXVIX (RE)LAUNCH CAMPAIGN Identify the strongest advocates for BLC among Impactful campaign to clarify potential misconceptions European top experts and leverage their experience about Hexvix in formerly neglected/new territories BLC EQUI
Slide 14: Q3 2021 Financials
Q3 2021 Financials Photocure – Presentation of Q3 2021 Results 14
Slide 15: Segment Performance Third Quarter 2021
Segment Performance Third Quarter 2021 U.S. Segment Europe Segment Amounts in NOK million Q3 ‘21 Q3 ‘20 Change YTD ‘21 YTD ‘20 Change Amounts in NOK million Q3 ‘21 Q3 ‘20 Change YTD ’21 YTD ‘20 Change Total revenues 32.0 30.3 6% 90.6 72.1 26% Total revenues (1) 54.5 18.9 189% 166.4 85.0 96% Gross pr
Slide 16: Consolidated Income Statement Third Quarter 2021
Consolidated Income Statement Third Quarter 2021 Revenue Amounts in NOK million Q3 ‘21 Q3 ‘20 Change YTD ‘21 YTD ‘20 Change FY ‘20 Q3 revenue driven mainly by inclusion of European Hexvix/Cysview Revenue 86.7 49.6 75% 257.1 157.5 63% 255.2 operations, continued U.S. growth, partly offset by Other Re
Slide 17: Cash Flow & Balance Sheet Third Quarter 2021
Cash Flow & Balance Sheet Third Quarter 2021 Amounts in NOK million Q3 ‘21 Q3 ‘20 YTD ‘21 YTD ‘20 FY ‘20 Cash Flow Operations Cash Flow 5.5 -9.9 17.6 4.5 15.6 Net cash flow in Q3 NOK -10 million includes loan Earnings before tax -11.4 -14.2 1.4 -32.8 -33.2 repayment of NOK 6.3 million Depreciation &
Slide 18: Strategy for Shareholder Value Creation
Strategy for Shareholder Value Creation Photocure – Presentation of Q3 2021 Results 18
Slide 19: Hexvix/Cysview – ambition to become standard of care in a $1.9 billion TAM
Hexvix®/Cysview® – ambition to become standard of care in a $1.9 billion total addressable market** POSITION IN THE LIFE CYCLE KEY SUCCESS FACTORS Penetration 100% APPROVAL SURGICAL & SURVEILLANCE 75% ACCEPTANCE MAJOR & LOCAL GUIDELINES* 50% PERMANENT AND FAVORABLE Nordic ACCESS REIMBURSEMENT DACH 2
Slide 20: Investment Highlights
Investment Highlights Photocure has established a position as an innovation leader in the large and underserved bladder cancer treatment market Our Hexvix®/Cysview® product is a best-in-class solution for the detection, staging, and long-term management of bladder cancer Treatment guidelines and rei
Slide 21: Anticipated Milestones & Corporate Priorities
Anticipated Milestones & Corporate Priorities Regain prior sales momentum once Covid-19 is in significant decline Continue geographic expansion by penetrating untapped European and Canadian markets, and through additional Hexvix licensing agreements ROW Further execute on contracting with GPOs and l
Slide 22: Summary
Summary Photocure – Presentation of Q3 2021 Results 22
Slide 23: Summary
Summary Continuing to execute despite ongoing Covid-19 impact Delivered strong Hexvix/Cysview revenue growth in Q3 2021 despite Covid-19 & FX headwinds Break-even EBITDA 14 new BLC towers placed in Q3 in the U.S. / reactivating and initiating new European sites Strong new account pipeline; customers
Slide 24: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A Photocure – Presentation of Q3 2021 Results 24