Oslo, Norway, 17 November 2021: Photocure ASA (OSE:PHO) today reported
Hexvix[®]/Cysview[®] revenues of NOK 86.7 million in the third quarter of 2021
(Q3 2020: NOK 49.6), and EBITDA of NOK -0.2 million (-5.4), following the
continued successful launch in markets previously operated by Ipsen Pharma SAS.
The Company plans to increase its investment in commercial activities to further
penetrate the large potential market opportunity for its bladder cancer
"Photocure continued to grow its business during the third quarter of 2021,
despite the challenges that arose from the surge of Covid-19 Delta which
impacted medical procedures around the world. We delivered Hexvix/Cysview
revenue of NOK 86.7 million, up 75% compared to the third quarter of 2020. These
results were primarily driven by our reacquisition of the Hexvix business in
continental Europe and our focus on territories where healthcare access improved
in the third quarter. Importantly, demand for blue light cystoscopy (BLC)
equipment remains strong with 14 towers placed in the U.S. in Q3. We remain
conservative on the number of towers that we expect to place over the next
couple of quarters, given Karl Storz's planned transition to a new high
-definition system in 2022. We believe that launch of the upgraded BLC system is
an exciting opportunity with the potential to significantly increase the
installed base of BLC towers in the U.S. next year and beyond," said Daniel
Schneider, President & Chief Executive Officer of Photocure.
Photocure reported total group revenues of NOK 87.4 million in the third quarter
of 2021 (NOK 49.9 million), and EBITDA* of NOK -0.2 million (NOK -5.4 million).
Hexvix/Cysview revenues were NOK 86.7 million (NOK 49.6 million) following the
successful transition of the Ipsen territories and unit sales growth of 6% in
the U.S. EBIT ended at NOK -6.3 million (-16.4) and the cash balance at the end
of third quarter 2021 was NOK 330.1 million, compared to NOK 321.8 million
reported in the third quarter of 2020.
The installed base of blue light cystoscopes in the U.S. was 302 at the end of
the third quarter, an increase of 49 units or 19% since the same period in 2020.
BLC with Cysview in the surveillance setting is a priority for Photocure in the
U.S. market. By the end of the third quarter, a total base of 45 flexible
cystoscopes had been installed giving more patients access to the procedure with
"We continue to maintain a strong financial position with NOK 330 million in
cash and minimal debt. We reported break-even EBITDA in the third quarter, as we
continue to manage through what appears to be the tail end of the pandemic and
have begun to invest more aggressively in initiatives to regain growth in our
direct markets. We also reacquired the commercial rights to Cysview in Canada
and are preparing to begin growing that business in January," Schneider added.
After regaining sales and marketing rights to the European markets that were
previously out-licensed, the Company has established a strong commercial
presence in the largest markets of the world and believes that it is well
-positioned to accelerate revenues in a post Covid-19 environment. Assuming that
the effects of Covid-19 and its variants can be appropriately managed, Photocure
plans to increase spending back to normalized business levels in the fourth
quarter of 2021, increasing investment primarily in commercial activities to
grow Hexvix/Cysview unit sales.
"We are optimistic that the challenging conditions of the pandemic that have
persisted for nearly two years will improve going forward. Our teams are
energized to deliver patient value and revenue growth in 2022, with the
expectation of new enhanced BLC equipment and focus from Karl Storz, expansion
of our business into Canada, the ability of our strengthened European commercial
team to have broader access to our new customers and territories, the potential
to execute on enriching our portfolio through partnerships or M&A opportunities,
and anticipated progress on the ongoing Phase 3 trial for Cevira. With the
impact of Covid-19 expected to abate in H1 2022, Photocure remains in a strong
position to get back to the growth rates that we were delivering pre-pandemic,
and to capitalize on other opportunities that can enhance our growth and path
toward sustainable profitability," Schneider concluded.
Please find the full financial report and presentation enclosed.
*EBITDA and other alternative performance measures (APMs) are defined and
reconciled to the IFRS financial statements as a part of the APM section of the
third quarter 2021 financial report on page 25.
Photocure will present its third quarter 2021 report on Wednesday 17 November
2021 at 14:00 CET. The investor presentation will be streamed live and be hosted
by Daniel Schneider, CEO and Erik Dahl, CFO.
The presentation will be held in English and questions can be submitted
throughout the event. The streaming event is available through
The presentation is scheduled to conclude at 14:45 CET.
For further information, please contact:
President and CEO
Tel: + 1-609 759-6515
Chief Financial Officer
Tel: +47 450 55 000
Vice President of Investor Relations
Tel: +1 202 280 0888
Media and IR enquiries:
Corporate Communications (Norway)
Tel: +47 91540000
About Photocure ASA
Photocure: The Bladder Cancer Company delivers transformative solutions to
improve the lives of bladder cancer patients. Our unique technology, making
cancer cells glow bright pink, has led to better health outcomes for patients
worldwide. Photocure is headquartered in Oslo, Norway and listed on the Oslo
Stock Exchange (OSE: PHO). For more information, please visit us at
www.photocure.com, www.hexvix.com, www.cysview.com
All trademarks mentioned in this release are protected by law and are registered
trademarks of Photocure ASA.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. This stock exchange
announcement was published by Tolv Hillestad, Group Controller, Photocure ASA,
on 17 November 2021 at 07:30 CET.