Photocure Asa · OSL:PHO
Photocure Asa — Q2 2024 Earnings Presentation
24 slides from Photocure Asa's earnings presentation, Aug 7, 2024
Slide 1: Photocure ASA 2nd Quarter 2024 Results
Photocure ASA 2nd Quarter 2024 Results August 7, 2024 Dan Schneider, President and CEO Erik Dahl, CFO David Moskowitz, VP Investor Relations
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: Strategic Priorities & Initiatives
Strategic Priorities & Initiatives Continue to grow Develop BLC’s role as a Expand product portfolio / Hexvix®/Cysview® sales and definitive diagnostic in bladder Diversify global product offering in increase Company profitability cancer care / Improve access bladder cancer / uro-oncology Deliver on
Slide 4: 2nd Quarter 2024 Highlights
2nd Quarter 2024 Highlights: Continued growth and execution on key initiatives Product Revenue +6% EBITDA NOK 27.8 million Recent news and key UnitProduct Revenue sales level in Q2 +6% YoY; +3% YTD EBITDA NOK NOK 29.2 million ex-BD27.8 million expense milestone events Unit sales level in Q2 YoY; +3%
Slide 5: Segment Trends
Segment Trends North America and Europe markets Photocure – Presentation of Q2 2024 Results 5
Slide 6: Flex Phase-Down in U.S. & Timing of Customer Orders in Europe Mainly Affected Q2
Flex Phase-Down in U.S. & Timing of Customer Orders in Europe Mainly Affected Q2 Unit Sales Q1 & Q2 Monthly Hexvix/Cysview Unit Sales by Region (Last 3 Years) North America Europe (*Q2 2022 excludes German hospital stocking) 4,500 16,000 4,000 14,000 3,500 12,000 3,000 10,000 2,500 8,000 2,000 6,000
Slide 7: First Half 2024 Unit Sales in Europe
First Half 2024 Unit Sales in Europe H1 Hexvix unit volume last 3 years 30,000 28,000 First half 2024 unit sales in Europe 26,000 increased 4% vs. prior year 24,000 Long-term trend has resumed in 22,000 early Q3 20,000 18,000 16,000 14,000 12,000 10,000 H1 2022 2023 2024 Photocure – Presentation of
Slide 8: Q2 2024 Trends in North America
Q2 2024 Trends in North America Q2 revenues increased 9%, in-market unit sales rose 1%. Higher average price benefited revenues, Cysview growth in rigid segment outpaces flexible BLC phase down again (11% rigid sales growth H1’24) Installed base of rigid BLC equipment continues to increase; 20 Saphi
Slide 9: Saphira now 46% of rigid BLC installed base in U.S.
Saphira now 46% of rigid BLC installed base in U.S. 20 blue light tower installations in Q2 2024: 5 new accounts, 3 upgrades, 12 mobile units Annual New BLC Rigid Tower Installations Cumulative Installed Rigid Tower Base in U.S. 60 450 Karl Storz new BL SaphiraTM Launch 51 400 50 Surgical & Surveill
Slide 10: Q2 2024 Trends in Europe
Q2 2024 Trends in Europe Q2 revenues increased 3% year-over-year, in-market unit sales -1%. Revenue increase was mainly due to wholesaler order timing. Unit sales in Q3 primarily impacted by customer order fluctuations in DACH and healthcare strike in Sweden. Resumption of long- term unit volume tre
Slide 11: Growth Initiatives
Growth Initiatives Photocure – Presentation of Q2 2024 Results 11
Slide 12: Accelerating BLC through Mobile Capability
Accelerating BLC through Mobile Capability Focus on Utilization / National U.S. Rollout in Q3 2024 Nationwide Sales On Demand Customer Marketing & Collaboration Capability Infrastructure Webinars On-demand utilization of BLC via ForTec accounts and National operating budgets GPO access provides leve
Slide 13: Photocure – Richard Wolf agreement
Photocure – Richard Wolf agreement: Next generation Flexible BLC equipment to unlock the surveillance market globally Terms of the Responsibilities A Global Agreement Opportunity Strategic agreement to develop and Intellectual property owned by Richard commercialize 4K LED HD reusable Wolf flexible
Slide 14: Significant Pharmaceutical Industry Investment
Significant Pharmaceutical Industry Investment Expected to drive higher demand for precision diagnostics, procedures & therapeutics NMIBC ENVISION UGN-102 gel (n=220) (UroGen) Intermediate risk ASCERTAIN APL-1202 vs Epirubicin (n=800) (Asieris) S1602 BCG (TICE/Tokyo BCG Naive (n=960) (SWOG) EAB212 B
Slide 15: Rapidly Evolving NMIBC Treatment Landscape
Rapidly Evolving NMIBC Treatment Landscape Earlier detection of CIS lesions/BCG-refractory/recurrent disease key to new therapeutic utilization New therapeutics to treat NMIBC were BLC is positioned to play an important role in the major topic at AUA 2024 supporting new “bladder sparing” therapies •
Slide 16: Asieris Programs: Two candidates under regulatory review
Asieris Programs: Two candidates under regulatory review Hexvix China Recent News Going forward Primary Endpoint Strong Results NDA Accepted Successfully Met; (p<0.0001) November 2023; Phase III Trial Photocure Chinese Authorities Enrollment Data presented First RCT Trial eligible for (NMPA) Review
Slide 17: Q2 Financials
Q2 Financials Photocure – Presentation of Q2 2024 Results 17
Slide 18: Consolidated Income Statement Second Quarter 2024
Consolidated Income Statement Second Quarter 2024 Amounts in NOK million Q2 ‘24 Q2 ‘23 Change YTD ‘24 YTD ‘23 Change Revenue Hexvix/Cysview Revenue 122.4 115.9 6% 239.2 221.8 8% Hexvix/Cysview product revenue increased 6% driven by higher unit sales and average price in the U.S. and the timing of sh
Slide 19: Segment Performance Second Quarter 2024
Segment Performance Second Quarter 2024 North America Segment Europe Segment Amounts in NOK million Q2 ‘24 Q2 ’23 Change YTD ‘24 YTD ’23 Change Amounts in NOK million Q2 ‘24 Q2 ’23 Change YTD ‘24 YTD ‘23 Change Total revenues 50.4 46.2 9% 97.9 88.3 11% Total revenues 72.0 69.7 3% 141.3 133.3 6% Gros
Slide 20: Cash Flow & Balance Sheet Second Quarter 2024
Cash Flow & Balance Sheet Second Quarter 2024 Amounts in NOK million Q2 ‘24 Q2 ‘23 YTD ‘24 YTD ‘23 Cash Flow Operations Cash Flow 19.5 29.1 27.9 20.0 Q2 cash flow from operations was NOK 19.5 million, driven by EBITDA Earnings before tax 16.2 12.0 12.2 1.9 adjusted for non-cash expenses and working
Slide 21: Summary
Summary Photocure – Presentation of Q2 2024 Results 21
Slide 22: Summary of Q2 2024 results
Summary of Q2 2024 results 6% Product rev. growth, unit sales level YoY; executing on key initiatives to increase unit sales EBITDA of NOK 27.8M (NOK 29.2M Ex-BD); Commercial businesses contribution-positive in Q2 & prior 3 quarters 20 Saphira towers installed in U.S. (5 new, 3 upgrades, 12 mobile);
Slide 23: Anticipated Milestones & Corporate Objectives
Anticipated Milestones & Corporate Objectives 2024 financial guidance reiterated: 6-9% product revenue growth (constant currency), positive EBITDA. Raised 2024 tower guidance range to 55-70 Saphira installs (new + upgrades) Increase Hexvix®/Cysview® kit throughput, continue growing BLC tower base in
Slide 24: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A Photocure – Presentation of Q2 2024 Results 24