Photocure Asa · OSL:PHO
Photocure Asa — Q1 2023 Earnings Presentation
19 slides from Photocure Asa's earnings presentation, May 10, 2023
Slide 1: Photocure ASA 1st Quarter 2023 Results
Photocure ASA 1st Quarter 2023 Results May 10, 2023 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 2023 Highlights
1st Quarter 2023 Highlights: Return to growth in both regions, continuing to execute on key initiatives +30% Revenue growth EBITDA NOK -1.2 million Key news and events 8% Hexvix®/Cysview® unit growth Improvement of NOK 12.7 million YoY Hexvix/Cysview sales up 12% Commercial investment to Citizen’s P
Slide 4: Segment Trends
Segment Trends North America and Europe markets Photocure – presentation of 1st quarter 2023 results 4
Slide 5: Global Healthcare Delivery: Pockets of Volatility Remain
Global Healthcare Delivery: Pockets of Volatility Remain Staffing Hosp. Budget Shortages/Strikes Pressures - - Continued impact to procedure Elevated staffing costs & volumes in both U.S. & Europe general inflation resulting in (strikes UK, France & Germany) prioritization of activities Constraints
Slide 6: Q1 Return to Growth in Both Commercial Territories
Q1 Return to Growth 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 2021 2022 2023 2021 2022 2023 Photocure – presentation of 1st quarter 2023 results
Slide 7: Q1 2023 Trends in North America
Q1 2023 Trends in North America Q1 revenues & in-market unit sales increased 38% & 16%, respectively; Unit sales also up 9% sequentially Q1’23/Q4’22; Recovery in procedure volumes, pull through of new tower installations, and staffing shortage pressure beginning to ease drove the unit sales increase
Slide 8: Saphira now 25% of rigid BLC installed base in U.S.
Saphira™ now 25% of rigid BLC installed base in U.S. Q1 2023: 18 new placements, 12 upgrades, 4 std. definition tower relocations Annual New Installations Karl Storz New Cumulative Installed Base in U.S. 70 Blue Light 450 65 SaphiraTM Launch 59 400 60 54 350 69 69 50 Surgical & Surveillance Approval
Slide 9: Q1 2023 Trends in Europe
Q1 2023 Trends in Europe Q1 revenues & in-market unit sales increased 26% & 6%, respectively: Continuing to increase penetration despite ongoing challenges of staffing shortages, strikes, hospital budget constraints 2023 is first year where access is fully open since re-acquiring the territory in Oc
Slide 10: Growth acceleration in Europe expected
Growth acceleration in Europe expected Q1 2023 • Continuous Investment in Commercial Established Business Steady Growth in Excellence • Nordic (excl. DK)/DACH • Good Penetration, Guidelines & Procedure Funding DACH continues 26% to 58% range of • Germ/Austria (70% of EU unit sales) consistently • No
Slide 11: Investments in medical & data generation activities driving awareness/growth opportunities for BLC
Investments in medical & data generation activities driving awareness/growth opportunities for BLC Volume of BLC Data 10 8 Data Type 6 Podiums or Debates 4 BLC Data Presentations 2 CME Instructions Courses 0 2021 2022 2023 AUA EAU Additional activities: Supported conversations for potential company
Slide 12: Q1 Financials
Q1 Financials Photocure – presentation of 1st quarter 2023 results 12
Slide 13: Consolidated Income Statement First Quarter 2023
Consolidated Income Statement First Quarter 2023 Amounts in NOK million Q1 ‘23 Q1 ‘22 Change FY ‘22 Revenue Hexvix/Cysview Revenue 105.9 81.4 30% 373.0 Q1 Hexvix/Cysview revenue 30% above last year, driven by volume, price and FX Other Revenue 0.3 0.3 20.1 Consolidated volume increased YoY 8% and se
Slide 14: Segment Performance First Quarter 2023
Segment Performance First Quarter 2023 North America Segment Europe Segment Amounts in NOK million Q1 ‘23 Q1 ’22 Change FY ‘22 Amounts in NOK million Q1 ‘23 Q1 ‘22 Change FY ‘22 Total revenues 42.1 30.5 38% 150.8 Total revenues 63.6 50.4 26% 221.8 Gross profit 40.7 29.3 39% 145.9 Gross profit 58.6 4
Slide 15: Cash Flow & Balance Sheet First Quarter 2023
Cash Flow & Balance Sheet First Quarter 2023 Amounts in NOK million Q1 ‘23 Q1 ‘22 FY ‘22 Cash Flow Operations Cash Flow -9.1 -22.1 -2.0 Net cash flow from operations in Q1 NOK -9.1 million, impacted by Earnings before tax -10.1 -27.3 -71.1 EBITDA including Business Development expenses of NOK -1.2 m
Slide 16: Summary
Summary Photocure – presentation of 1st quarter 2023 results 16
Slide 17: Summary of results
Summary of results 30% rev. growth/8% unit growth in Q1; 12% sequential rev. growth highlights rebound from Q4 anomaly 30 Saphira™ towers installed in U.S. in Q1 (18 new, 12 upgrades) Saphira™ high-definition equipment now 25% of rigid tower base in U.S.; Pipeline remains strong Continuing to drive
Slide 18: 2023 Anticipated Milestones & Corporate Objectives
2023 Anticipated Milestones & Corporate Objectives Deliver 65-75 Saphira™ installs, product revenue growth above 20%, and generate positive EBITDA in 2023 Continue to grow the base of rigid blue light towers in North America, upgrade BLC® image quality throughout Europe, and pursue strategy to estab
Slide 19: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A Photocure – presentation of 1st quarter 2023 results 19