Photocure Asa · OSL:PHO
Photocure Asa — Q3 2025 Earnings Presentation
21 slides from Photocure Asa's earnings presentation, Oct 29, 2025
Slide 1: 3rd Quarter 2025 Results
Photocure ASA 3rd Quarter 2025 Results October 29, 2025 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: Strategic Priorities & Initiatives
Strategic Priorities & Initiatives Continue to grow Establish BLC® as the definitive Expand and diversify Hexvix®/Cysview® sales and diagnostic standard in bladder global product portfolio increase Company profitability cancer care and improve access in uro-oncology Provide and deliver on financial
Slide 4: 3rd Quarter 2025 Highlights
3rd Quarter 2025 Highlights: Continued growth and execution on key initiatives Product Revenue +12% EBITDA NOK 10.2 million Recent news and key NOKProduct 134.1 million Revenue +6% NOK 14.1 million EBITDA NOKex-BD & ex 27.8 milestone million milestone events Unit sales level in Q2 YoY; +3% YTD NOK 2
Slide 5: AI-Powered Blue Light Cystoscopy
AI-Powered Blue Light Cystoscopy Intelligent Scopes Corporation (ISC) is a US-based subsidiary of Claritas HealthTech; delivering cutting-edge AI-assisted diagnostic solutions for bladder cancer detection Strategic Partnership Overview: • Photocure + ISC are developing AI software for real-time tumo
Slide 6: Segment Trends
Segment Trends North America and Europe markets 6 Photocure – Presentation of Q3 2025 Results
Slide 7: Strong Unit Sales Performance in Both Regions
Strong Unit Sales Performance in Both Regions Quarterly Hexvix/Cysview Unit Sales by Region (Last 3 Years) North America Europe Continued growth across +20% Rigid kit growth the region 4.500 16.000 4.000 14.000 3.500 12.000 3.000 10.000 2.500 8.000 2.000 6.000 1.500 4.000 1.000 500 2.000 0 0 Q1 Q2 Q
Slide 8: Q3 2025 Trends in North America and Europe
Q3 2025 Trends in North America and Europe North America Europe Strong Mobile performance more than offsetting the decline in sales Q3 revenues increased 11% year-over-year, in-market unit to flex accounts sales grew 4% Q3 2025 revenues increased 12%, in-market unit sales increased 14% Increases in
Slide 9: Significant Growth in U.S. Accounts Actively Using Cysview
Significant Growth in U.S. Accounts Actively Using Cysview 40023% growth in Q3 YoY 350 Active* U.S. Accounts 373 (Rolling 12 Months through Current Reported Quarter) +23% YoY growth 300 304 285 250 252 238 200 217 192 150 137 100 89 50 71 0 3Q16 3Q17 3Q18 3Q19 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 *Active a
Slide 10: U.S. is a Highly Underpenetrated Market for BLC
U.S. is a Highly Underpenetrated Market for BLC with Potential Exponential Upside Bladder Cancer Market Access U.S. incidence1: ~85K patients/year U.S. prevalence2: 730K+ patients FDA reclassification 350K+ TURBTs/year Additional OEM partners in U.S3 Flex back on the market Improved CMS 1.2M+ survei
Slide 11: Growth initiatives
Growth initiatives Photocure – Presentation of Q3 2025 Results 11
Slide 12: Growth initiatives
Growth initiatives Accelerating BLC through Flexible BLC equipment Positioning BLC as the Mobile Capability in the to unlock the global precision diagnostic in the U.S.: ForTec surveillance market: rapidly evolving NMIBC Richard Wolf (RW) treatment landscape • Nationwide sales collaboration • Strate
Slide 13: Value-generating Asieris Programs
Value-generating Asieris Programs: Hexvix: Commercial partnership in China Past Progress Recent News & Expectations Potential for Photocure Market Authorization Photocure/Asieris Joint Phase III Trial Granted Early in China Steering Committee Endpoint Strong Results Chinese Authorities’ (November 5,
Slide 14: Q3 Financials
Q3 Financials 14 Photocure – Presentation of Q3 2025 Results
Slide 15: Consolidated Income Statement Third Quarter 2025
Consolidated Income Statement Third Quarter 2025 Amounts in NOK million Q3 ‘25 Q3‘24 Change YTD ‘25 YTD ’24 Change Revenue Hexvix/Cysview Revenue 134.1 120.1 12% 395.0 359.3 10% Q3 Hexvix/Cysview product revenue increased 12% YoY driven by higher kit sales and average pricing in the US and Europe. T
Slide 16: Segment Performance Third Quarter 2025
Segment Performance Third Quarter 2025 North America Segment Europe Segment Amounts in NOK million Q3 ‘25 Q3 ’24 Change YTD ‘25 YTD ’24 Change Amounts in NOK million Q3 ‘25 Q3 ’24 Change YTD ‘25 YTD ’24 Change Total revenues 54.8 49.0 12% 160.9 146.9 10% Total revenues 79.3 71.1 11% 233.9 212.4 10%
Slide 17: Cash Flow & Balance Sheet Third Quarter 2025
Cash Flow & Balance Sheet Third Quarter 2025 Amounts in NOK million Q3 ‘25 Q3 ‘24 YTD ‘25 YTD ‘24 Cash Flow Operations Cash Flow 29.2 34.5 26.4 61.3 Q3 cash flow from operations was NOK 29.2 million, driven by EBITDA Earnings before tax -0.4 -4.9 -7.3 7.2 adjusted for non-cash expenses and working c
Slide 18: Summary
Summary 18 Photocure – Presentation of Q3 2025 Results
Slide 19: Summary of Q3 2025 results
Summary of Q3 2025 results 12% global product rev. growth YoY; executing on key initiatives to increase sales growth. EBITDA NOK 10.2M (NOK 14.1M Ex-BD ex Milestones); forecasting increased operating leverage while funding growth initiatives. 20% Rigid kit sales growth in U.S., outweighing Flex head
Slide 20: Anticipated Milestones & Corporate Objectives
Anticipated Milestones & Corporate Objectives Financial guidance: 8-10% product revenue growth on a constant currency basis (compared to 7 to 11% previously) and YoY EBITDA improvement in 2025. The Company also expects continued operating leverage flow- through in its commercial business and signifi
Slide 21: Q&A
Q&A Photocure – Presentation of Q3 2025 Results