Photocure Asa · OSL:PHO
Photocure Asa — Q3 2024 Earnings Presentation
20 slides from Photocure Asa's earnings presentation, Nov 13, 2024
Slide 1: Photocure ASA 3rd Quarter 2024 Results
Photocure ASA 3rd Quarter 2024 Results November 13, 2024 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 Deliver on
Slide 4: 3rd Quarter 2024 Highlights
3rd Quarter 2024 Highlights: Continued growth and execution on key initiatives Product Revenue +12% EBITDA NOK 5.0 million Recent news and key Product Q3 unit Revenue +6% sales +8% EBITDA NOK NOK 6.3 million 27.8 ex-BD million expense milestone events Unit sales level in Q2 YoY; +3% YTD NOK 29.2 mil
Slide 5: Segment Trends
Segment Trends North America and Europe markets Photocure – Presentation of Q3 2024 Results 5
Slide 6: Solid Unit Sales Performance in Both Regions in Q3
Solid Unit Sales Performance in Both Regions in Q3 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 Q1 Q2 Q3 2023 2024 2023 2024 Photocure – Presentat
Slide 7: Q3 2024 Trends in North America
Q3 2024 Trends in North America Q3 2024 revenues increased 12%, in-market unit sales rose 6%. Higher average price benefited revenues, Cysview growth in rigid segment outpaces flexible BLC phase down again (10% sales growth in rigid segment through Q3 2024) Installed base of rigid BLC equipment cont
Slide 8: Saphira now 48% of rigid BLC installed base in U.S.
Saphira now 48% of rigid BLC installed base in U.S. 12 tower installations in Q3 2024 (6 new accounts, 6 upgrades); 49 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 Surgical & Surv
Slide 9: Q3 2024 Trends in Europe
Q3 2024 Trends in Europe Q3 revenues increased 12% year-over-year, in-market unit sales grew 9%. Revenue increase was mainly due to growth in Germany and Priority Growth Markets Executing on plan to increase Priority Growth Market penetration UK continues to have strong double-digit growth, France a
Slide 10: Growth initiatives
Growth initiatives Photocure – Presentation of Q3 2024 Results 10
Slide 11: 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 12: 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 13: Q3 Financials
Q3 Financials Photocure – Presentation of Q3 2024 Results 13
Slide 14: Consolidated Income Statement Third Quarter 2024
Consolidated Income Statement Third Quarter 2024 Amounts in NOK million Q3 ‘24 Q3‘23 Change YTD ‘24 YTD ‘23 Change Revenue Hexvix/Cysview Revenue 120.1 107.3 12% 359.3 329.1 9% Hexvix/Cysview product revenue increased 12% YoY, driven by unit sales increase of 6% in U.S. and 9% in Europe. Higher aver
Slide 15: Segment Performance Third Quarter 2024
Segment Performance Third Quarter 2024 North America Segment Europe Segment Amounts in NOK million Q3 ‘24 Q3 ’23 Change YTD ‘24 YTD ’23 Change Amounts in NOK million Q3 ‘24 Q3 ’23 Change YTD ‘24 YTD ‘23 Change Total revenues 49.0 43.6 12% 146.9 132.0 11% Total revenues 71.1 63.4 12% 212.4 196.7 6% G
Slide 16: Cash Flow & Balance Sheet Third Quarter 2024
Cash Flow & Balance Sheet Third Quarter 2024 Amounts in NOK million Q3 ‘24 Q3 ‘23 YTD ‘24 YTD ‘23 Cash Flow Operations Cash Flow 34.5 8.7 61.3 28.7 Q3 cash flow from operations was NOK 34.5 million, driven by EBITDA Earnings before tax -4.9 -8.7 7.2 -6.8 adjusted for non-cash expenses and working ca
Slide 17: Summary
Summary Photocure – Presentation of Q3 2024 Results 17
Slide 18: Summary of Q3 2024 results
Summary of Q3 2024 results 12% Product rev. growth, unit sales up 8% YoY; executing on key initiatives to increase sales growth EBITDA of NOK 5.0M (NOK 6.3M Ex-BD); Commercial businesses contribution-positive in Q3 & prior 4 quarters 12 Saphira towers installed in U.S. (6 new, 6 upgrades); ForTec na
Slide 19: Anticipated Milestones & Corporate Objectives
Anticipated Milestones & Corporate Objectives 2024 financial guidance reiterated: 6-9% product revenue growth (constant currency), positive EBITDA ex BD spend, and U.S. Saphira tower placements in the range to 55-70 (new + upgrades) Continue increasing Hexvix/Cysview kit throughput and tower upgrade
Slide 20: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A Photocure – Presentation of Q3 2024 Results 20