Photocure Asa · OSL:PHO
Photocure Asa — Q1 2025 Earnings Presentation
20 slides from Photocure Asa's earnings presentation, May 8, 2025
Slide 1: 1st Quarter 2025 Results
Photocure ASA 1st Quarter 2025 Results May 8, 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 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 Provide an
Slide 4: 1st Quarter 2025 Highlights
1st Quarter 2025 Highlights: Continued growth and execution on key initiatives Product Revenue +7% EBITDA NOK 1.8 million Recent news and key Product Revenue +6% EBITDA NOK NOK 3.6 million 27.8 ex-BD million expense milestone events Unit sales level in Q2 YoY; +3% YTD NOK 29.2 million ex-BD expense
Slide 5: Segment Trends
Segment Trends North America and Europe markets Photocure – Presentation of Q1 2025 Results 5
Slide 6: Strong Unit Sales Performance in Both Regions in Q1
Strong Unit Sales Performance in Both Regions in Q1 Quarterly Hexvix/Cysview Unit Sales by Region (Last 3 Years) North America Europe Q1 ‘25: All time high unit sales in Europe Q1 ‘25 unit sales driven by strong growth 4.500 impacted by –71% 16.000 in DACH reduction in flex 4.000 accounts units vs Q
Slide 7: Q1 2025 Trends in North America
Q1 2025 Trends in North America Sales in the U.S. were heavily impacted by 71% decline in sales to flex accounts and timing of key customer orders: Q1 2025 revenues increased 2%, in-market unit sales declined 6%. Revenues benefited from a higher average price. Q1 2025 vs Q1 2024 adjusted rigid segme
Slide 8: Significant Growth in U.S. Accounts Actively Using Cysview
Significant Growth in U.S. Accounts Actively Using Cysview 350 ~17% growth in Q1 YoY 337 300 Active* U.S. Accounts (Rolling 12 Months through Current Reported Quarter) 289 250 272 254 200 213 207 150 162 100 109 82 76 67 74 50 42 0 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 * A
Slide 9: Q1 2025 Trends in Europe
Q1 2025 Trends in Europe Q1 2025 marks the highest revenue quarter ever for Photocure Europe. Q1 revenues increased 11% year-over-year, in-market unit sales grew 1%. Increases driven primarily by strong growth in DACH (5%), impacted by varying order patterns and tough Q1 2024 comparator. Olympus upg
Slide 10: Growth initiatives
Growth initiatives Photocure – Presentation of Q1 2025 Results © Photocure - Confidential 10
Slide 11: 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 treatment landscape • Nationwide sales collaboration • Strategic a
Slide 12: Value-generating Asieris Programs
Value-generating Asieris Programs: Hexvix: Commercial partnership in China Past Progress Recent News & Expectations Potential for Photocure Phase III Trial Market Authorization Photocure/Asieris Joint Endpoint Strong Results Granted Early in China Steering Committee successfully met. (p<0.0001) Chin
Slide 13: Q1 Financials
Q1 Financials Photocure – Presentation of Q1 2025 Results 13
Slide 14: Consolidated Income Statement First Quarter 2025
Consolidated Income Statement First Quarter 2025 Amounts in NOK million Q1 ‘25 Q1‘24 Change FY ‘24 Revenue Hexvix/Cysview Revenue 125.3 116.8 7% 487.9 Q1 Hexvix/Cysview product revenue increased 7% YoY. The revenue growth was negatively impacted by an expected decline in kits used for flexible cysto
Slide 15: Segment Performance First Quarter 2025
Segment Performance First Quarter 2025 North America Segment Europe Segment Amounts in NOK million Q1 ‘25 Q1 ’24 Change FY ‘24 Amounts in NOK million Q1 ‘25 Q1 ’24 Change FY ‘24 Total revenues 48.6 47.5 2% 202.3 Total revenues 76.8 69.3 11% 285.6 Gross profit 46.4 46.1 1% 196.4 Gross profit 69.8 63.
Slide 16: Cash Flow & Balance Sheet First Quarter 2025
Cash Flow & Balance Sheet First Quarter 2025 Amounts in NOK million Q1 ‘25 Q1 ‘24 FY ‘24 Cash Flow Operations Cash Flow 4.1 5.1 76.8 Q1 cash flow from operations was NOK 4.1 million, driven by EBITDA Earnings before tax -9.4 -4.0 8.4 adjusted for non-cash expenses and working capital Depreciation &
Slide 17: Summary
Summary Photocure – Presentation of Q1 2025 Results 17
Slide 18: Summary of Q1 2025 results
Summary of Q1 2025 results 7% product rev. growth, unit sales level YoY; executing on key initiatives to increase sales growth EBITDA of NOK 1.8M (NOK 3.6 Ex-BD); forecasting FY 2025 operating leverage while funding growth initiatives Growth of rigid (TURBT) kit sales in U.S. outweighed Flex headwin
Slide 19: Anticipated Milestones & Corporate Objectives
Anticipated Milestones & Corporate Objectives Financial guidance: 7-11% product revenue growth and YoY EBITDA improvement in 2025. The Company also expects continued operating leverage flow-through in its commercial business and significant growth in milestones this year Continue increasing Hexvix/C
Slide 20: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A Photocure – Presentation of Q1 2025 Results