Photocure Asa · OSL:PHO
Photocure Asa — Q1 2024 Earnings Presentation
18 slides from Photocure Asa's earnings presentation, May 25, 2024
Slide 1: Photocure ASA 1st Quarter 2024 Results
Photocure ASA 1st Quarter 2024 Results May 15, 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: 1st Quarter 2024 Highlights
1st Quarter 2024 Highlights: Continued growth and execution on key initiatives Product Revenue +10% EBITDA NOK 7.9 million Recent news and key Unit sales +6% year-over-year NOK 8.6 million ex-BD expense milestone events Expanding U.S. Saphira footprint OPEX mostly level excl. FOREX & Hexvix Phase II
Slide 4: Segment Trends
Segment Trends North America and Europe markets Photocure – Presentation of Q1 2024 Results 4
Slide 5: Q1 2024 Strong Trends in Both Commercial Territories
Q1 2024 Strong Trends in Both Commercial Territories Monthly Hexvix/Cysview Unit Sales by Region Last 3 Years North America Europe 1600 5000 1400 1200 4000 1000 3000 800 600 2000 400 1000 200 0 0 JAN FEB MAR JAN FEB MAR 2022 2023 2024 2022 2023 2024 Photocure – Presentation of Q1 2024 Results 5
Slide 6: Q1 2024 Trends in North America
Q1 2024 Trends in North America Q1 revenues increased 13%, in-market unit sales rose 2% (~12% rigid growth); Cysview growth again outpaces flexible BLC phase down Installed base of rigid BLC continues to grow despite recent Saphira backorders; 17 Saphira installed (6 new accounts, 5 upgrades and 6 m
Slide 7: Saphira now 42% of rigid BLC installed base in U.S.
Saphira now 42% of rigid BLC installed base in U.S. 17 blue light tower placements in Q1 2024: 6 new accounts, 5 upgrades, 6 mobile units Annual New BLC Rigid Tower Installations Cumulative Installed Rigid Tower Base in U.S. 60 400 Karl Storz new BL SaphiraTM Launch 51 350 50 Surgical & Surveillance
Slide 8: Q1 2024 Trends in Europe
Q1 2024 Trends in Europe Q1 revenues increased 9% year-over-year driven primarily by 8% in-market unit growth compared to Q1 2023. Executing on plan to increase penetration in Priority Growth Markets. UK and Italy both demonstrated double-digit growth in Q1 after showing double digit growth in Q4 20
Slide 9: Executing on European Growth Opportunity
Executing on European Growth Opportunity Q1 2024 • Continuous Investment in Commercial • Steady Growth in DACH Established Markets Excellence continues Nordic (excl. DK)/DACH • Good Penetration, Guidelines & Procedure Funding • Nordics stable since Q3’23 26% to 58% range of • Germany/Austria (70% of
Slide 10: Significant progress with our partner Asieris
Significant progress with our partner Asieris Hexvix China Recent News Going forward Primary Endpoint Strong Results NDA Accepted Successfully Met; November 2023; Phase III Trial (p<0.0001) Photocure Chinese Authorities Enrollment Data presented First RCT Trial (NMPA) Review eligible for Completed a
Slide 11: Q1 Financials
Q1 Financials Photocure – Presentation of Q1 2024 Results 11
Slide 12: Consolidated Income Statement First Quarter 2024
Consolidated Income Statement First Quarter 2024 Amounts in NOK million Q1 ‘24 Q1 ‘23 Change FY ‘23 Revenue Hexvix/Cysview Revenue 116.8 105.9 10% 443.3 Q1 total revenue increased YoY 11% The increase was primarily due to Hexvix/Cysview product revenue Other Revenue 1.1 0.3 57.4 growth of 10% driven
Slide 13: Segment Performance First Quarter 2024
Segment Performance First Quarter 2024 North America Segment Europe Segment Amounts in NOK million Q1 ‘24 Q1 ’23 Change FY ‘23 Amounts in NOK million Q1 ‘24 Q1 ’23 Change FY ‘23 Total revenues 47.5 42.1 13% 178.6 Total revenues 69.3 63.3 9% 263.5 Gross profit 46.1 40.7 13% 172.8 Gross profit 63.4 58
Slide 14: Cash Flow & Balance Sheet First Quarter 2024
Cash Flow & Balance Sheet First Quarter 2024 Amounts in NOK million Q1 ‘24 Q1 ‘23 FY ‘23 Cash Flow Operations Cash Flow 5.1 -9.1 48.3 Q1 cash flow from operations was NOK 5.1 million, driven by EBITDA Earnings before tax -4.0 -10.1 9.7 adjusted for non-cash cost items and working capital Depreciatio
Slide 15: Summary
Summary Photocure – Presentation of Q1 2024 Results 15
Slide 16: Summary of Q1 2024 results
Summary of Q1 2024 results 10% Product rev. growth, 6% unit sales growth YoY; executing against key initiatives to increase unit sales EBITDA of NOK 7.9M (NOK 8.6M Ex-BD); Commercial businesses contribution-positive in Q1 17 Saphira towers installed in U.S. (6 new, 5 upgrades, 6 mobile); ForTec mobi
Slide 17: Anticipated Milestones & Corporate Objectives
Anticipated Milestones & Corporate Objectives Reiterated 2024 guidance: 6-9% product revenue growth (constant currency), positive EBITDA, 40-70 Saphira installs (new + upgrades) Increase Hexvix®/Cysview® kit throughput, continue growing BLC tower base in U.S. and penetration of EU priority growth ma
Slide 18: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A Photocure – Presentation of Q1 2024 Results 18