Oslo, Norway, 15 May 2024 - Photocure ASA (OSE:PHO) today reported
Hexvix[®]/Cysview[®] revenues of NOK 116.8 million in the first quarter of 2024
(Q1 2023: NOK 105.9 million), and EBITDA of NOK 7.9 million (NOK -1.2 million)
following positive operational developments and cost control. The Company
reiterates its business and financial guidance for 2024 with 40 to 70 new and
upgraded SaphiraT blue light tower installations during the year, product
revenue growth of 6% to 9% in constant currency, and positive EBITDA excluding
business development expenses.

"Photocure delivered positive results in the first quarter of 2024 with
Hexvix/Cysview revenue growth of 10% year-over-year and EBITDA of NOK 7.9
million. Both our North American and European business segments had positive
contributions in the quarter as we continue to grow revenues and contain
expenses," says Dan Schneider, President & Chief Executive Officer of Photocure.

Photocure reported total group revenues of NOK 118.0 million in the first
quarter of 2024 (NOK 106.2 million) and EBITDA* of NOK 7.9 million (NOK -1.2
million), driven by a combination of unit volume and price increases and a
benefit from foreign exchange. Hexvix[®]/Cysview[®] revenues ended at NOK 116.8
million in the quarter (Q1 2023: NOK 105.9 million). EBIT was NOK 0.7 million
(NOK -7.7 million) and the cash balance at the end of the period was NOK 258.3
million.

At the end of Q1 2024, the installed base of rigid BLC systems in the U.S. was
364, up 14% since Q1 2023. This includes 6 mobile towers owned by ForTec
Medical. In the U.S., 27 flexible BLC towers remain active.

"ForTec has decided to pursue a mobile BLC strategy, expanding on a pilot
program that began in 2021. In addition to the 6 SaphiraT towers that it
currently owns, ForTec intends to expand its portfolio of equipment and launch a
mobile BLC program throughout the U.S. later this year. A national roll-out by
ForTec's sales force would significantly increase the number of field-based
account managers selling BLC with Cysview, and would also open the market to
hospitals that currently do not have access to BLC equipment, particularly those
in ForTec's vast customer network,"  Schneider adds.

Photocure reiterates its business and financial guidance for 2024: The company
anticipates new and upgraded SaphiraT blue light tower installations in the U.S.
in the range of 40 to 70, consolidated product revenue growth of 6% to 9% in
constant currency, and positive EBITDA excluding business development expenses.

"Our first quarter results underscore that 2024 is off to a strong start as we
remain focused on maximizing the growth and profitability of our Hexvix/Cysview
franchise. We expect momentum to continue with the strong Saphira placements in
the U.S., increasing penetration in Europe leveraging the recent image quality
upgrades, the anticipated commercial expansion of Fortec's mobile tower
strategy, and building upon the growing awareness of the benefits of blue light
cystoscopy in light of the many new bladder cancer treatments coming to the
market," Schneider says, and concludes:

"Additionally, there are several initiatives and events that have potential to
create a step change in the future growth of our business including potential
reclassification of BLC equipment in the U.S., which is anticipated to open the
market to multiple tower manufacturers, our plan to reintroduce a new flexible
BLC solution globally through a partnership, and the anticipated market
approvals of Asieris's candidates