Photocure Asa · OSL:PHO
Photocure Asa — Q4 2024 Earnings Presentation
22 slides from Photocure Asa's earnings presentation, Feb 19, 2025
Slide 1: Photocure ASA 4th Quarter and Full Year 2024 Results
Photocure ASA 4th Quarter and Full Year 2024 Results February 19, 2025 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: 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: 4th Quarter 2024 Highlights
4th Quarter 2024 Highlights: Continued growth and execution on key initiatives Product Revenue +13% EBITDA NOK 8.5 million Recent news and key Product Q4 unit Revenue +6% sales +11% EBITDA NOK NOKex-BD 13.6 million 27.8 million expense milestone events Unit sales level in Q2 YoY; +3% YTD NOK 29.2 mi
Slide 5: Segment Trends
Segment Trends North America and Europe markets Photocure – Presentation of Q4 2024 Results 5
Slide 6: Strong Unit Sales Performance in Both Regions in Q4
Strong Unit Sales Performance in Both Regions in Q4 Quarterly Hexvix/Cysview Unit Sales by Region (Last 2 Years) North America Europe 4 500 16 000 4 000 14 000 3 500 12 000 3 000 10 000 2 500 8 000 2 000 6 000 1 500 4 000 1 000 500 2 000 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2023 2024 Photocure – Pr
Slide 7: Q4 2024 Trends in North America
Q4 2024 Trends in North America Q4 2024 revenues increased 20%, in-market unit sales rose 12%. Higher average price benefited revenues. Cysview unit sales in the rigid segment grew 12% during 2024. Installed base of rigid BLC equipment continues to expand; 6 Saphira installs (3 new towers, 3 upgrade
Slide 8: Saphira now 49% of rigid BLC installed base in U.S.
Saphira now 49% of rigid BLC installed base in U.S. 6 tower installations in Q4 2024 (3 new accounts, 3 upgrades); 55 Saphira systems placed YTD Annual New BLC Rigid Tower Installations Cumulative Installed Rigid Tower Base in U.S. 60 450 Karl Storz new BL SaphiraTM Launch 51 400 50 47 46 350 355 Ne
Slide 9: Solid Growth in U.S. Accounts Actively Using Cysview
Solid Growth in U.S. Accounts Actively Using Cysview 11.3% growth in Q4 YoY (12 months rolling average) 350 300 Active* US Accounts 316 (Rolling 12 Months through Current Reported Quarter) 284 250 264 248 200 212 198 150 150 100 97 75 75 74 50 62 35 0 4Q12 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q2
Slide 10: Q4 2024 Trends in Europe
Q4 2024 Trends in Europe Q4 revenues increased 9% year-over-year, in-market unit sales grew 11%. Increases driven primarily by strong growth in Germany. Higher Q4 unit sales outperformed revenue due to wholesaler stock and ordering patterns. Executing on plan to grow Priority Growth Markets. Unit sa
Slide 11: Hexvix/Cysview Annual Sales Revenue
Hexvix/Cysview Annual Sales Revenue Global Sales Revenue by Segment (NOK ‘000) 500 000 450 000 400 000 350 000 300 000 250 000 200 000 150 000 100 000 50 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 North America Europe Other Photocure – Presentation of Q4 2024 Results 11
Slide 12: Growth initiatives
Growth initiatives Photocure – Presentation of Q4 2024 Results 12
Slide 13: Growth initiatives
Growth initiatives Accelerating BLC through Flexible BLC equipment Leverage opportunities Mobile Capability in the to unlock the global stemming from the U.S.: ForTec surveillance market: rapidly evolving NMIBC Richard Wolf treatment landscape • Nationwide sales collaboration • Strategic agreement t
Slide 14: Value-generating Asieris Programs
Value-generating Asieris Programs: Hexvix: Commercial partnership in China Past Progress Recent News & Expectations Potential for Photocure Phase III Trial Market Authorization Photocure/Asieris Joint Endpoint Strong Results Granted Early in China Steering Committee successfully met. (p<0.0001) Chin
Slide 15: Q4 Financials
Q4 Financials Photocure – Presentation of Q4 2024 Results 15
Slide 16: Consolidated Income Statement Fourth Quarter 2024
Consolidated Income Statement Fourth Quarter 2024 Amounts in NOK million Q4 ‘24 Q4‘23 Change FY ‘24 FY ‘23 Change Revenue Hexvix/Cysview Revenue 128.6 114.2 13% 487.9 443.3 10% Q4 Hexvix/Cysview product revenue increased 13% YoY, driven by unit sales increase of 12% in North America and 11% in Europ
Slide 17: Segment Performance Fourth Quarter 2024
Segment Performance Fourth Quarter 2024 North America Segment Europe Segment Amounts in NOK million Q4 ‘24 Q4 ’23 Change FY ‘24 FY ’23 Change Amounts in NOK million Q4 ‘24 Q4 ’23 Change FY ‘24 FY ‘23 Change Total revenues 55.5 46.7 20% 202.3 178.6 13% Total revenues 73.1 66.8 9% 285.6 263.5 8% Gross
Slide 18: Cash Flow & Balance Sheet Fourth Quarter 2024
Cash Flow & Balance Sheet Fourth Quarter 2024 Amounts in NOK million Q4 ‘24 Q4 ‘23 FY ‘24 FY ‘23 Cash Flow Operations Cash Flow 15.4 19.6 76.8 48.3 Q4 cash flow from operations was NOK 15.4 million, driven by EBITDA Earnings before tax 1.2 16.6 8.4 9.7 adjusted for non-cash expenses and working capi
Slide 19: Summary
Summary Photocure – Presentation of Q4 2024 Results 19
Slide 20: Summary of Q4 2024 results
Summary of Q4 2024 results 13% product rev. growth, unit sales up 11% YoY; executing on key initiatives to increase sales growth EBITDA of NOK 8.5M (NOK 13.6 Ex-BD); Delivered operating leverage, while funding new growth initiatives Growth of rigid (TURBT) kit sales in U.S. outweighed Flex headwinds
Slide 21: 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 significant growth in milestones this year Continue increasing Hexvix/C
Slide 22: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A Photocure – Presentation of Q4 2024 Results 22