Photocure ASA · OSL:PHO
Photocure ASA — Q2 2022 Earnings Presentation
20 slides from Photocure ASA's earnings presentation, Aug 10, 2022
Slide 1: Photocure ASA Second Quarter 2022 Results
Photocure ASA Second Quarter 2022 Results August 10, 2022 Dan 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: Second Quarter 2022 Highlights
Second Quarter 2022 Highlights: Recovered from difficult Q1 and prepared for H2 improvement +12% EBITDA Studies & Publications Partnership Activity Revenue Growth NOK 1.4 Positive Danish Hexvix distribution +9% Hexvix®/Cysview® million Registry study results in nearly 10,000 partnership in Israel Ce
Slide 4: Segment Trends
Segment Trends North America and Europe markets © Photocure - Confidential 4 Photocure – Presentation of Q2 2022 Results
Slide 5: COVID-19 Update
COVID-19 Update Healthcare access re-opened in Q2, staffing shortages remain Staffing shortages are impacting case load capacity / procedure volume in both regions OR and physician clinic access more restrictive in the U.S. given ongoing Covid-19 risk and reduced staffing Hospital access good during
Slide 6: Trends Continue to Improve in Both Regions
Trends Continue to Improve in Both Regions Second Quarter Hexvix/Cysview Units Last 3 Years by Month U.S. Europe (June ’22 incl. German inventory build) 1600 6 000 1400 5 000 1200 4 000 1000 800 3 000 600 2 000 400 1 000 200 0 0 APR MAY JUN APR MAY JUN 2020 2021 2022 2020 2021 2022 Photocure – Prese
Slide 7: Q2 2022 Trends in North America
Q2 2022 Trends in North America Continued business growth of existing base business despite latest staffing shortages and delayed launch of the Karl Storz new BLC system Highest quarterly unit sales in U.S. in Photocure’s history Contracting remains a key growth driver with accounts taking advantage
Slide 8: U.S. continued blue light cystoscope placements
U.S. continued blue light cystoscope placements 18 BLC tower placements in H1 2022 (10 flexible) ahead of upgraded Karl Storz system launch Annual New Installations Cumulative install base continues strong trend 70 350 65 Karl Storz New Blue 60 Light System 300 58 48 54 Upgrade Pending 50 250 38 Sur
Slide 9: Q2 2022 Trends in Europe
Q2 2022 Trends in Europe Second Quarter units +11% vs. Q2 2021; overall positive trend in Q2 vs prior year. Price increase in Germany, effective August 1st, triggered inventory build in certain hospitals in June/July Photocure Bladder Cancer Bus Tour Events in Denmark in May and at the European Asso
Slide 10: Large Untapped Potential in European Market
Large Untapped Potential in Change in Trend* in large European Priority Growth European Market Markets continues Established Hexvix Markets Nordics: ~40% penetration France Active Hexvix Markets DACH region: ~30% penetration France: ~10% penetration Benelux: ~10% penetration Untapped Large EU Market
Slide 11: Q2 2022 Financials
Q2 2022 Financials 11 Photocure – Presentation of Q2 2022 Results
Slide 12: Segment Performance Second Quarter 2022
Segment Performance Second Quarter 2022 North America Segment Europe Segment Amounts in NOK million Q2 ‘22 Q2 ‘21 Change YTD ‘22 YTD ‘21 Change Amounts in NOK million Q2 ‘22 Q2 ‘21 Change YTD ’22 YTD‘21 Change Total revenues (1) 38.7 31.4 24% 69.2 58.6 18% Total revenues 61.1 57.6 6% 111.6 111.9 0%
Slide 13: Consolidated Income Statement Second Quarter 2022
Consolidated Income Statement Second Quarter 2022 Revenue Q2 Hexvix/Cysview revenue 12% above last year, driven by Amounts in NOK million Q2 ‘22 Q2 ‘21 Change YTD ‘22 YTD ‘21 Change volume and FX Hexvix/Cysview Revenue 99.9 88.9 12% 181.2 170.5 6% Q2 total revenue 11% above last year. YTD total reve
Slide 14: Cash Flow & Balance Sheet Second Quarter 2022
Cash Flow & Balance Sheet Second Quarter 2022 Amounts in NOK million Q2 ‘22 Q2 ‘21 YTD ‘22 YTD ‘21 Cash Flow Operations Cash Flow -2.0 14.0 -24.1 12.1 Net cash flow from operations in Q2 NOK -2.0m, impacted by Earnings before tax -9.1 -7.6 -36.3 12.8 working capital -11.6m Depreciation & amortizatio
Slide 15: Strategy for Shareholder Value Creation
Strategy for Shareholder Value Creation 15 Photocure – Presentation of Q2 2022 Results
Slide 16: Hexvix/Cysview – ambition to become standard of care in $1.9B 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 17: Anticipated Milestones & Corporate Priorities
Anticipated Milestones & Corporate Priorities Regain prior sales momentum on full Covid recovery including resolution of staffing shortages Late Q3 launch of Karl Storz’s upgraded Blue Light system in U.S.; continue expanding base of BLC capital equipment in North America Further execute on contract
Slide 18: Summary
Summary 18 Photocure – Presentation of Q2 2022 Results
Slide 19: Summary
Summary Executed on Key Deliverables Ahead of Anticipated Second Half Improvement 12% Hexvix®/Cysview® revenue growth YoY despite ongoing staffing shortages & lack of rigid towers Strong new account pipeline; customers anticipate new Karl Storz Blue Light system 5 flexible BLC® towers placed in the
Slide 20: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A 20 Photocure – Presentation of Q2 2022 Results