Photocure ASA · OSL:PHO
Photocure ASA — Q1 2022 Earnings Presentation
23 slides from Photocure ASA's earnings presentation, May 11, 2022
Slide 1: Photocure ASA Results for 1st Quarter 2022
Photocure ASA Results for 1st Quarter 2022 May 11, 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: First Quarter 2022 Highlights
First Quarter 2022 Highlights: Omicron surge in early Q1 impacted performance EBITDA Studies & Partnership +2% Publications Activity Q1: Hexvix® /Cysview® NOK -13.9 New pre-clinical data on Australia/New unit growth million Hexvix/Cysview’s potential therapeutic Zealand China effect Low procedure vo
Slide 4: Segment Trends
Segment Trends North America and Europe markets © Photocure - Confidential 4 Photocure – Presentation of Q1 2022 Results
Slide 5: COVID-19 Update
COVID-19 Update Pandemic conditions worsened early Q1, improvement seen late in the quarter U.S. Europe Nearly half of U.S. hospitals postponed surgeries Limited access during Omicron wave in Q1 Eastern/Northern U.S. hit hardest (ex. MD, VA, OH) Unprecedented staffing shortages in clinics due to wit
Slide 6: Improving Trend in Both Regions Exiting Q1
Improving Trend in Both Regions Exiting Q1 Hexvix/Cysview Units in First Quarter 2021 and 2022 U.S. Europe 1500 5500 1350 5000 1200 4500 4000 1050 3500 900 3000 750 2500 600 2000 450 1500 300 1000 150 500 0 0 JAN FEB MAR JAN FEB MAR 2021 2022 2021 2022 Photocure – Presentation of Q1 2022 Results 6
Slide 7: Q1 2022 Trends in North America
Q1 2022 Trends in North America Continued business growth despite latest Covid-19 surge; Q1 U.S. Units up 5% YoY Cysview uptake in the clinic remained a focus in Q1; flexible cystoscopy momentum continues to be strong in addition to high demand for rigid towers Contracting continues to be a key grow
Slide 8: U.S. continued blue light cystoscope placements
U.S. continued blue light cystoscope placements 13 Towers installed in Q1 ahead of upgraded Karl Storz system launch Annual New Installations Cumulative install base continues strong trend 70 350 65 Karl Storz Upgrade 60 Pending; Covid-19 300 53 54 Ongoing 48 50 250 38 45 Surgical & Surveillance App
Slide 9: The New Blue Light will "Elevate the Standard"
The New Blue Light will “Elevate the Standard”: “In Blue Light, I can see Key Features and Benefits tumor margins better” Feature Benefit “Wow. There is clear visibility” High Definition Enabling precision Blue Light and razor-sharp quality in all visualization modes “The new camera head feels New L
Slide 10: Key Initiatives to Drive Growth in North America
Key Initiatives to Drive Growth in North America NEW BLUE LIGHT SYSTEM LAUNCH CONTRACTING National roll out of Karl Storz high-definition Blue Light Ongoing contracting with key health systems Powered by Saphira towers anticipated Q2 2022 and community-based Urology Groups VETERANS AFFAIRS PEER-TO-P
Slide 11: Q1 2022 Trends in Europe
Q1 2022 Trends in Europe First Quarter units +1% vs. Q1 2021; Despite heavy Omicron wave, Germany remained stable & turn in trends continued in priority growth markets (France, U.K., Italy) Photocure European KOL Faculty preparing for physician education programs during 2022. First in a series of co
Slide 12: Large Untapped Potential in European Market
Large Untapped Potential in Change of Trend* in large European Priority Growth European Market Markets continues despite Covid Established Hexvix Markets Nordics: ~40% penetration France Active Hexvix Markets DACH region: ~30% penetration France: ~10% penetration Benelux: ~10% penetration Untapped L
Slide 13: 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 14: Q1 2022 Financials
Q1 2022 Financials 14 Photocure – Presentation of Q1 2022 Results
Slide 15: Segment Performance First Quarter 2022
Segment Performance First Quarter 2022 North America Segment Europe Segment Amounts in NOK million Q1 ‘22 Q1 ‘21 Change FY ‘21 Amounts in NOK million Q1 ‘22 Q| ‘21 Change FY ’21 Total revenues 30.5 27.3 12% 125.2 Total revenues 50.4 54.3 -7% 225.8 Gross profit 29.3 26.6 10% 121.3 Gross profit 45.7 5
Slide 16: Consolidated Income Statement First Quarter 2022
Consolidated Income Statement First Quarter 2022 Revenue Q1 Hexvix/Cysview revenue level with last year due to Omicron Amounts in NOK million Q1 ‘22 Q1 ‘21 Change FY ‘21 wave. FX neutral at consolidated level Hexvix/Cysview Revenue 81.4 81.6 -% 351.4 Total revenue 7% below last year. Driven by sign-
Slide 17: Cash Flow & Balance Sheet First Quarter 2022
Cash Flow & Balance Sheet First Quarter 2022 Cash Flow Amounts in NOK million Q1 ‘22 Q1 ‘21 FY ‘21 Operations Cash Flow -22.1 -1.9 23.9 Net cash flow from operations in Q1 NOK -22.1 million, Earnings before tax -27.3 20.3 -31.7 driven by EBITDA NOK -13.8 million and working Depreciation & amortizati
Slide 18: Strategy for Shareholder Value Creation
Strategy for Shareholder Value Creation 18 Photocure – Presentation of Q1 2022 Results
Slide 19: 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 20: Anticipated Milestones & Corporate Priorities
Anticipated Milestones & Corporate Priorities Regain prior sales momentum once Covid-19 is consistently in decline Launch of Karl Storz’s upgraded Blue Light system in U.S.; continue expanding base of BLC capital equipment in North America Further execute on contracting with GPOs and large Hospital/
Slide 21: Summary
Summary 21 Photocure – Presentation of Q1 2022 Results
Slide 22: Summary
Summary Continuing to execute despite recent Covid-19 surge & pending Karl Storz system launch Delivered Hexvix/Cysview unit growth in Q1 2021 despite significant Covid-19 pressures Strong new account pipeline; customers anticipating new Karl Storz Blue Light system 13 new towers placed in the U.S.
Slide 23: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A 23 Photocure – Presentation of Q1 2022 Results