Photocure ASA · OSL:PHO
Photocure ASA — Q3 2022 Earnings Presentation
18 slides from Photocure ASA's earnings presentation, Nov 2, 2022
Slide 1: Photocure ASA Third Quarter 2022 Results
Photocure ASA Third Quarter 2022 Results November 2, 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: Third Quarter 2022 Highlights
Third Quarter 2022 Highlights: Positive momentum into Saphira™ launch & improved Medicare reimbursement +12% Revenue growth EBITDA NOK 4.7 million Key news and events +3% Hexvix®/Cysview® unit growth Karl Storz new blue light launch Commercial investment to CMS improves Cysview underway; improved he
Slide 4: Segment Trends
Segment Trends North America and Europe markets 4 Photocure – presentation of 3rd quarter 2022 results
Slide 5: Covid-19 impact update
Covid-19 impact update Staffing Hospital Shortages Access – – Continue to impact case Good access in Q3; load capacity and expected to remain open procedure volumes in both in Q4 despite rise in North America and Europe Covid-19 cases Covid more manageable, access expected to remain open through yea
Slide 6: Quarterly Unit Sales Trend Last 3 Years
Quarterly Unit Sales Trend Last 3 Years Global growth continues YoY including German hospital inventory build in Q2 US In-Market Unit Sales European In-Market Unit Sales 4500 (incl. German Inventory Impact) 16 000 4000 14 000 3500 12 000 3000 10 000 2500 8 000 2000 6 000 1500 1000 4 000 500 2 000 0
Slide 7: Q3 2022 Trends in North America
Q3 2022 Trends in North America Highest quarterly unit sales in U.S. in Photocure’s history Continued growth of existing base business despite delayed launch of the Karl Storz new blue light system (Saphira™) Demand for both Saphira™ and flexible cystoscopy remain very strong. Despite limited equipm
Slide 8: U.S. blue light cystoscope placements
U.S. blue light cystoscope placements 28 BLC tower installations YTD (14 flexible) with new blue light system now rolling out Annual New Installations Cumulative install base continues strong trend 70 Karl Storz New 400 65 Blue Light Launch Began End of Q3 350 60 54 62 300 50 Surgical & Surveillance
Slide 9: Q3 2022 Trends in Europe
Q3 2022 Trends in Europe Third Quarter in-market unit sales +6% (+1% as reported with German hospital inventory sell-through) vs. Q3 2021; inventory work-down expected to complete in Q4 Price increase in Germany did not impact in-market usage Photocure Bladder Cancer Bus at National German Urology C
Slide 10: Large Untapped Potential in European Market
Large Untapped Potential in European Market Established Change of Trend* Hexvix Markets in large European Priority Growth Markets continues Nordics: ~40% penetration France/ UK / I taly Active Hexvix Markets DACH: ~30% penetration Benelux: ~10% penetration COVID-19 Priority Growth Markets France, UK
Slide 11: Q3 2022 Financials
Q3 2022 Financials 11 Photocure – presentation of 3rd quarter 2022 results
Slide 12: Segment Performance Third Quarter 2022
Segment Performance Third Quarter 2022 North America Segment Europe Segment Amounts in NOK million Q3 ‘22 Q3 ‘21 Change YTD ‘22 YTD ‘21 Change Amounts in NOK million Q3 ‘22 Q3 ‘21 Change YTD ’22 YTD‘21 Change Total revenues (1) 42.9 32.0 34% 112.1 90.6 24% Total revenues 54.0 54.5 -1% 165.6 166.4 0%
Slide 13: Consolidated Income Statement Third Quarter 2022
Consolidated Income Statement Third Quarter 2022 Revenue Q3 Hexvix/Cysview revenue 12% above last year, driven by Amounts in NOK million Q3 ‘22 Q3 ‘21 Change YTD ‘22 YTD ‘21 Change volume, price and FX Hexvix/Cysview Revenue 96.9 86.7 12% 278.2 257.1 8% Q3 total revenue 22% above last year. Q3 2022
Slide 14: Cash Flow & Balance Sheet Third Quarter 2022
Cash Flow & Balance Sheet Third Quarter 2022 Amounts in NOK million Q3 ‘22 Q3 ‘21 YTD ‘22 YTD ‘21 Cash Flow Operations Cash Flow 21.3 5.5 -2.7 17.6 Net cash flow from operations in Q3 NOK 21.3m, impacted by Earnings before tax -6.3 -11.4 -42.6 1.4 working capital NOK 5.6m and milestone payment NOK 9
Slide 15: Summary
Summary 15 Photocure – presentation of 3rd quarter 2022 results
Slide 16: Summary results
Summary results 12% Hexvix®/Cysview® revenue growth YoY despite ongoing staffing shortages & lack of rigid towers 10 towers placed in U.S. during Q3 ahead of broad launch of Karl Storz Saphira™ system Strong new account pipeline; U.S. customers awaiting installations of new Blue Light system Improve
Slide 17: Anticipated Milestones & Corporate Priorities
Anticipated Milestones & Corporate Priorities Regain prior sales momentum with improved healthcare access tempered by ongoing staffing shortages Execute on launch of upgraded Blue Light system and improved Medicare reimbursement in the ASC and HOPD settings; continue expanding base of BLC® capital e
Slide 18: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A 18 Photocure – presentation of 3rd quarter 2022 results