Photocure ASA · OSL:PHO
Photocure ASA — Q4 2021 Earnings Presentation
25 slides from Photocure ASA's earnings presentation, Feb 23, 2022
Slide 1: Photocure ASA Results for 4th Quarter 2021
Photocure ASA Results for 4th Quarter 2021 February 23, 2022 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: Fourth Quarter 2021 Highlights
Fourth Quarter 2021 Highlights: Progress in both commercial regions despite Covid-19 3 major Expansion +10% EBITDA Studies & & Partnership Adjusted* Hexvix® NOK -5.5 Publications Activity Q4: /Cysview® focusing on detection of revenue growth million invasive lesions & Canada & China recurrences *Adj
Slide 4: COVID-19 Update
COVID-19 Update Access restrictions continued with Delta/Omicron Variants U.S. Europe Restrictions continued in parts of the U.S. during Q4 Restrictions returned in Q4 due to Omicron wave Leveraged community urology practices while Access limited to approximately half of hospitals hospital access re
Slide 5: Segment Trends
Segment Trends U.S. and Europe markets Photocure – Presentation of Q4 2021 Results © Photocure - Confidential 5
Slide 6: Q4 2021 Momentum in U.S.
Q4 2021 Momentum in U.S. Continued business growth during Covid-19 restrictions Unit volume up 11% in Q4 2021, up 16% for FY 2021 year-over-year Cysview uptake in the clinic was a focus in Q4; flexible cystoscopy momentum rising Contracting continues to be key growth driver with accounts taking adva
Slide 7: Cysview Kits Market Volume
Increase in U.S. Market Penetration During 2-year Covid-19 Pandemic Quarterly Sales for Cysview Kits vs Market Volume (TURBTs) 120 000 3 600 100 000 3 000 Market Volume Cysview Kits 80 000 2 400 Base Year: 2019 Jan 1, 2020 through Dec 31, 2021* U.S. TURBT Procedures decreased 11% 2019-2021 60 000 U.
Slide 8: Growth Trend Continues in U.S.
Growth Trend Continues in U.S. Despite surge of COVID-19 variants in Q4 2021 4 000 Monthly Unit Sales Trend 2018 2019 2020 2021 3 500 3 000 2 500 2 000 1 500 1 000 500 0 2019 2020 2021 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Photocure – Presentation of Q4 2021 Results
Slide 9: U.S. continued blue light cystoscope placements
U.S. continued blue light cystoscope placements 9 Tower installations in Q4 as customers await launch of upgraded Karl Storz system Annual New Installations Cumulative install base continues strong trend 70 350 65 Karl Storz Upgrade Pending; Covid-19 300 60 Ongoing 48 54 50 250 38 45 43 Surgical & S
Slide 10: The New Blue Light will Elevate the Standard
The New Blue Light will “Elevate the Standard” Key Features and Benefits Feature Benefit High Definition Enabling precision Blue Light and razor-sharp quality in all visualization modes New LED Light Providing more consistent light which won’t Source with degrade over time 30,000-Hour Life New Fiber
Slide 11: 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 clinical benefits of using BLC VETERANS AFFAIRS PEER-TO-PEER Recent to
Slide 12: Q4 2021 Trends in Europe
Q4 2021 Trends in Europe Fourth Quarter unit volume up 12% vs. Q4 2020; Positive development in Germany & priority growth markets (France, U.K., Italy), Covid-19 volatility was a factor in 2020 period Full Year unit volume up 3% vs. 2020; Commercial execution first full year after take-over despite
Slide 13: Europe positioned for growth after first full year
Europe positioned for growth after first full year Continuing improvement despite multiple COVID-19 surges Monthly Unit Sales Trend 16 000 2019 2020 2021 14 000 12 000 10 000 8 000 6 000 4 000 2 000 0 2019 2020 2021 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Photocure –
Slide 14: Large Untapped Potential in European Market
Large Untapped Potential in Change of Trend* Large European Future Growth European Market Markets First Full Year After Take-Over Despite Covid Established Hexvix Markets Nordics: ~40% penetration France Active Hexvix Markets from -12% in 2020 to +11% in 2021 DACH region: ~30% penetration France: ~1
Slide 15: 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 16: Q4 2021 Financials
Q4 2021 Financials Photocure – Presentation of Q4 2021 Results 16
Slide 17: Segment Performance Fourth Quarter 2021
Segment Performance Fourth Quarter 2021 U.S. Segment Europe Segment Amounts in NOK million Q4 ‘21 Q4 ‘20 Change FY ‘21 FY ‘20 Change Amounts in NOK million Q4 ‘21 Q4 ‘20 Change FY ’21 FY ‘20 Change Total revenues 34.6 41.1 -16% 125.2 113.2 11% Total revenues (1) 59.4 56.6 5% 225.8 141.6 59% Gross pr
Slide 18: Consolidated Income Statement Fourth Quarter 2021
Consolidated Income Statement Fourth Quarter 2021 Revenue Amounts in NOK million Q4 ‘21 Q4 ‘20 Change FY ‘21 FY ‘20 Change Q4 total revenue driven by organic growth in both Hexvix/Cysview Revenue 94.2 97.7 -4% 351.4 255.2 38% European and U.S. operations, offset by negative FX impact (~-5%) and a on
Slide 19: Cash Flow & Balance Sheet Fourth Quarter 2021
Cash Flow & Balance Sheet Fourth Quarter 2021 Amounts in NOK million Q4 ‘21 Q4 ‘20 FY ‘21 FY ‘20 Cash Flow Operations Cash Flow 6.3 11.1 23.9 15.6 Earnings before tax -33.0 -0.4 -31.7 -33.2 Net cash flow in Q4 NOK -7.2 million includes loan Depreciation & amortization 6.0 7.7 24.1 19.3 repayment of
Slide 20: Strategy for Shareholder Value Creation
Strategy for Shareholder Value Creation Photocure – Presentation of Q4 2021 Results 20
Slide 21: 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 22: Anticipated Milestones & Corporate Priorities
Anticipated Milestones & Corporate Priorities Regain prior sales momentum once Covid-19 is in significant decline Co-launch Karl Storz’s upgraded Blue Light system and expand base of BLC capital equipment in the U.S. and European markets Further execute on contracting with GPOs and large Hospital/He
Slide 23: Summary
Summary Photocure – Presentation of Q4 2021 Results 23
Slide 24: Summary
Summary Continuing to execute despite ongoing Covid-19 & pending Karl Storz BLC launch Delivered strong Hexvix/Cysview volume growth in Q4 2021 despite Covid-19 challenges Strong new account pipeline; customers anticipating new Karl Storz Blue Light system 9 new towers placed in the U.S. during Q4;
Slide 25: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A Photocure – Presentation of Q4 2021 Results 25