Photocure ASA · OSL:PHO
Photocure ASA — Q1 2018 Earnings Presentation
20 slides from Photocure ASA's earnings presentation, May 23, 2018
Slide 1: Photocure ASA Results for First Quarter 2018
PHOTOCURE ASA RESULTS FOR FIRST QUARTER 2018 23 MAY 2018 Kjetil Hestdal, MD, President & CEO Erik Dahl, CFO
Slide 2: Disclaimer
DISCLAIMER The information included in this Presentation contains certain forward-looking statements that address activities, events or developments that Photocure ASA (“the Company”) expects, projects, believes or anticipates will or may occur in the future. These statements are based on various as
Slide 3: Delivering on Key 2018 Objectives
DELIVERING ON KEY 2018 OBJECTIVES • Q1 US sales revenue up 36% in constant currencies YoY, driven by in-market volume increase in Q1 of 29% Significant growth of Cysview® in • 27% growth YoY in installed blue light enabled cystoscopes in market to 113 by US TURBT market market end of Q1 • New clinic
Slide 4: Strategic Focus on Transforming Bladder Cancer Management
STRATEGIC FOCUS ON TRANSFORMING BLADDER CANCER MANAGEMENT CORE PRODUCT ON MARKET: EAVLAUTE NEW CORE NON-CORE PIPELINE PRODUCTS: PRODUCTS: Complementary, Visonac® (Acne treatment) within bladder cancer Cevira® (Cervical disease treatment) Bladder cancer detection & management Focus next Growth in exi
Slide 5: Hexvix/Cysview Update
Hexvix/Cysview Update = ——
Slide 6: Expanded US Market Opportunity Through Launch of Cysview in Surveillance
EXPANDED US MARKET OPPORTUNITY THROUGH LAUNCH OF CYSVIEW IN SURVEILLANCE OF BLADDER CANCER PATIENTS • February 2018 obtained US FDA approval of an extension of the Cysview indication as well as broadening of label in the TURBT setting • BLC with Cysview with flexible cystoscopes launched and the fir
Slide 7: Hexvix/Cysview Continued Strong Momentum in US
HEXVIX/CYSVIEW CONTINUED STRONG MOMENTUM IN US Approval and • Photocure own sales revenue in the US in 1Q Receive Launch in surveillance reimbursement increased 36% in constant currency YoY Increase US market code in US market • Driven by YoY in-market volume growth of 29% Increase penetration inves
Slide 8: Hexvix/Cysview Significant Growth Opportunity with New US Label
HEXVIX/CYSVIEW SIGNIFICANT GROWTH OPPORTUNITY WITH NEW US LABEL BLC with Total Number Number of Market Peak sales value with Peak sales value with Peak sales value with Cysview of Cystoscopy Procedures potential in 5% market share in 10% market share in 20% market share in top Market Procedures in t
Slide 9: Hexvix/Cysview Nordic Update
HEXVIX/CYSVIEW NORDIC UPDATE • Photocure own sales revenue in the Nordics increased YoY 24% in first quarter to NOK 12.1 million • Most of revenue increase due to inventory build up at distributors in Q1 2018 compared to Need new picture from reduction last year EAU • In-market unit sales declined Y
Slide 10: Hexvix/Cysview Partner Update
HEXVIX/CYSVIEW PARTNER UPDATE In-market unit sales (by Q) • Partner revenue decreased 5% YoY in first quarter 12 000 10 000 • Due to implementation of IFRS 15 impact from inventory increase/reduction at partner is eliminated 8 000 • In-market unit sales declined 5%. Decline in France a 6 000 major d
Slide 11: Financials
Financials — ae
Slide 12: Segment Performance First Quarter 2018
SEGMENT PERFORMANCE FIRST QUARTER 2018 MNOK YTD '18 YTD '17 FY '17 Commercial Franchise: Commercial Franchise Nordic revenues 12.1 9.7 43.3 • Hexvix/Cysview total revenue increased YoY 11% in the US revenues 12.7 10.0 42.4 first quarter, driven by solid growth in US and inventory Partner revenues 15
Slide 13: Consolidated Income Statement First Quarter 2018
CONSOLIDATED INCOME STATEMENT FIRST QUARTER 2018 MNOK YTD '18 YTD '17 FY '17 Hexvix / Cysview revenues 40.7 36.5 149.0 • Total revenue increases YoY 14% first quarter Other sales revenues 0.1 0.0 0.2 • Revenues 2018 adjusted according to IFRS 15 Signing fees and milestones 0.8 - 1.7 Total revenues 4
Slide 14: Cash Flow First Quarter 2018
CASH FLOW FIRST QUARTER 2018 • Cash flow from operations first quarter NOK -18.5 MNOK YTD '18 YTD '17 FY '17 million (Q1 2017: NOK -10.8 million) Cash flow from: • Working capital impact first quarter NOK -13.6 - Operations -18.5 -10.8 -23.6 million (Q1 2017 NOK -3.7 million) - Investments -0.1 -3.0
Slide 15: Balance Sheet March 2018
BALANCE SHEET 31 MARCH 2018 MNOK 31.03 31.12 31.03 • Quarter end working capital at NOK 7.1 million 2018 2017 2017 • Non current assets include NOK 32.2 million in Non-current assets 91.0 87.5 78.3 investments in tangible and intangible assets and Inventory & receivables 48.5 46.2 44.4 deferred tax
Slide 16: Summary and Outlook
Summary and Outlook — ——
Slide 17: Delivering on Key 2018 Objectives
DELIVERING ON KEY 2018 OBJECTIVES • Q1 US sales revenue up 36% in constant currencies YoY, driven by in-market volume increase in Q1 of 29% Significant growth of Cysview® in • 27% growth YoY in installed blue light enabled cystoscopes in market to 113 by US TURBT market market end of Q1 • New clinic
Slide 18: Attachments
Attachments —_— a
Slide 19: Pro Forma Income Statement 2017 Assuming IFRS 15 Implementation
PRO FORMA INCOME STATEMENT 2017 ASSUMING IFRS 15 IMPLEMENTATION FROM 01.01.2017 Income Statement - Segment Income Statement - Consolidated Adjustment Adjusted Adjustment Adjusted MNOK YTD '17 YTD '18 YTD '17 MNOK YTD '17 YTD '18 YTD '17 Commercial Franchise Hexvix / Cysview revenues -0.1 40.7 36.4 N
Slide 20: USD Summary Results
USD SUMMARY RESULTS MUSD YTD '18 YTD '17 Change FY '17 Commercial Franchise Nordic revenues 1.5 1.2 34 % 5.2 • Summary results based US revenues 1.6 1.2 36 % 5.1 Partner revenues 2.0 2.0 2% 7.7 on NOK accounts and Hexvix/Cysview revenue 5.2 4.3 20 % 18.0 average NOK/USD FX Other revenues 0.1 - 0.2 T