Photocure Asa · OSL:PHO
Photocure Asa — Q2 2025 Earnings Presentation
20 slides from Photocure Asa's earnings presentation, Jul 30, 2025
Slide 1: 2nd Quarter 2025 Results
Photocure ASA 2nd Quarter 2025 Results July 30, 2025 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: Strategic Priorities & Initiatives
Strategic Priorities & Initiatives Continue to grow Develop BLC’s role as a Expand product portfolio / Hexvix®/Cysview® sales and definitive diagnostic in bladder Diversify global product offering in increase Company profitability cancer care / Improve access bladder cancer / uro-oncology Provide an
Slide 4: 2nd Quarter 2025 Highlights
2nd Quarter 2025 Highlights: Continued growth and execution on key initiatives Product Revenue +11%, EBITDA NOK 14.8 million Recent news and key all time high of NOK 135.6 million Product Revenue +6% NOK 22.6 million ex-BD and ex EBITDA NOK 27.8 million milestone events milestone Unit sales level in
Slide 5: Segment Trends
Segment Trends North America and Europe markets Photocure – Presentation of Q2 2025 Results 5
Slide 6: Strong Unit Sales Performance in Both Regions in Q2
Strong Unit Sales Performance in Both Regions in Q2 Quarterly Hexvix/Cysview Unit Sales by Region (Last 3 Years) North America Europe Q2 ‘25 All time high unit Q2 ‘25: All time high sales driven by timing unit sales in Europe 4.500 and high mobile growth 16.000 driven by strong growth more than offs
Slide 7: Q2 2025 Trends in North America
Q2 2025 Trends in North America All time high Unit sales driven by timing of orders (Q1 catch up) and strong Mobile performance more than offsetting the decline in sales to flex accounts Q2 2025 revenues increased 14%, in-market unit sales increased 15%. Installed base of rigid BLC equipment continu
Slide 8: Significant Growth in U.S. Accounts Actively Using Cysview
Significant Growth in U.S. Accounts Actively Using Cysview ~24% growth in Q2 YoY 400 350 359 Active* U.S. Accounts 300 (Rolling 12 Months through Current Reported Quarter) 290 280 250 252 232 200 208 150 172 100 123 78 75 84 50 65 49 0 2Q13 2Q14 2Q15 2Q16 2Q17 2Q18 2Q19 2Q20 2Q21 2Q22 2Q23 2Q24 2Q25
Slide 9: Q2 2025 Trends in Europe
Q2 2025 Trends in Europe Q2 2025 marks the highest revenue quarter ever for Photocure Europe. Q2 revenues increased 8% year-over-year, in-market unit sales grew 8%. Increases driven primarily by strong growth in DACH (8%) and Nordics (11%) Olympus upgrading to include blue light: 36 Visera Elite III
Slide 10: Growth initiatives
Growth initiatives Photocure – Presentation of Q2 2025 Results © Photocure - Confidential 10
Slide 11: Growth initiatives
Growth initiatives Accelerating BLC through Flexible BLC equipment Positioning BLC as the Mobile Capability in the to unlock the global precision diagnostic in the U.S.: ForTec surveillance market: rapidly evolving NMIBC Richard Wolf treatment landscape • Nationwide sales collaboration • Strategic a
Slide 12: Value-generating Asieris Programs
Value-generating Asieris Programs: Hexvix: Commercial partnership in China Past Progress Recent News & Expectations Potential for Photocure Market Authorization Photocure/Asieris Joint Phase III Trial Granted Early in China Steering Committee Endpoint Strong Results Chinese Authorities’ (November 5,
Slide 13: Q2 Financials
Q2 Financials Photocure – Presentation of Q2 2025 Results 13
Slide 14: Consolidated Income Statement Second Quarter 2025
Consolidated Income Statement Second Quarter 2025 Amounts in NOK million Q2 ‘25 Q2‘24 Change YTD ‘25 YTD ‘24 Change Revenue Q2 Hexvix/Cysview product revenue increased 11% YoY driven by higher Hexvix/Cysview Revenue 135.6 122.4 11% 261.0 239.2 9% kit sales and average pricing in the US and Europe. K
Slide 15: Segment Performance Second Quarter 2025
Segment Performance Second Quarter 2025 North America Segment Europe Segment Amounts in NOK million Q2 ‘25 Q2 ’24 Change YTD ‘25 YTD ’24 Change Amounts in NOK million Q2 ‘25 Q2 ’24 Change YTD ‘25 YTD ’24 Change Total revenues 57.5 50.4 14% 106.1 97.9 8% Total revenues 77.9 72.0 8% 154.6 141.3 9% Gro
Slide 16: Cash Flow & Balance Sheet Second Quarter 2025
Cash Flow & Balance Sheet Second Quarter 2025 Amounts in NOK million Q2 ‘25 Q2 ‘24 YTD ‘25 YTD ‘24 Cash Flow Operations Cash Flow -6.9 19.5 -2.8 27.9 Q2 cash flow from operations was NOK -6.9 million, driven by EBITDA Earnings before tax 2.5 16.2 -6.9 12.2 adjusted for non-cash expenses and working
Slide 17: Summary
Summary Photocure – Presentation of Q2 2025 Results 17
Slide 18: Summary of Q2 2025 results
Summary of Q2 2025 results 11% product rev. growth, unit sales +9% YoY; executing on key initiatives to increase sales growth EBITDA NOK 14.8M (NOK 22.6M Ex-BD ex Milestones); forecasting increased operating leverage while funding growth initiatives Growth of rigid (TURBT) kit sales in U.S. outweigh
Slide 19: Anticipated Milestones & Corporate Objectives
Anticipated Milestones & Corporate Objectives Financial guidance: 7-11% product revenue growth and YoY EBITDA improvement in 2025. The Company also expects continued operating leverage flow-through in its commercial business and and significant growth in milestones this year. Continue increasing Hex
Slide 20: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A Photocure – Presentation of Q2 2025 Results