Photocure ASA's Q3 2026 Results Highlight Steady Growth in Bladder Cancer Diagnostics

Photocure ASA Reports Third Quarter Results for 2026

On October 28, 2026, Photocure ASA (OSE: PHO), a leading player in the bladder cancer diagnostic market, announced its financial results for the third quarter of 2026. The report reveals steady revenues of NOK 134.2 million from Hexvix®/Cysview®, marking a slight increase from NOK 134.1 million in the same quarter of the previous year (Q3 2025). Although the adjusted EBITDA was slightly down, recorded at NOK 18.5 million compared to NOK 18.9 million in Q3 2025, the company maintains a positive outlook for the remainder of the year.

The CEO of Photocure, Dan Schneider, highlighted the company’s ambitious growth objectives, forecasting product revenue growth in the range of 10% to 12% on a constant currency basis, an increase from previous projections of 8% to 11%. Schneider stated, "Photocure is progressing toward an important evolution in its development, building on an established commercial franchise while expanding our capabilities across the bladder cancer diagnostic pathway."

In the third quarter, Photocure successfully expanded its blue-light cystoscopy (BLC®) usage, installing 13 new Saphira towers in the U.S. market, including nine in new accounts and four upgrades. This increase contributed to a 20% rise in active accounts in the U.S., reaching a total of 454 by the end of the quarter. Furthermore, in Europe, the company reported that 87 Olympus Visera Elite III BLC capable systems were installed since their launch in early 2025, alongside 29 upgraded rigid systems from key partners, including Karl Storz and Stryker.

The total revenues reported by Photocure for the third quarter amounted to NOK 140.9 million, reflecting an upward movement from NOK 135 million in Q3 2025. The reported EBITDA was NOK 4.0 million, a decline from the previous year's NOK 10.2 million, while EBIT fell to -3.4 million from a profit of NOK 2.9 million. The company's cash and cash equivalents stood at NOK 162.4 million at the end of the period.

In addition, Photocure's leadership team is expanding with the recent appointment of Dennis Camporeale as the new Chief Financial Officer. With a robust background in medtech and diagnostics investment banking, Camporeale’s role is crucial as the company seeks to enhance financial management and capitalize on growth opportunities within the bladder cancer diagnostic sector.

A significant anticipated catalyst for Photocure's core business is the proposed reclassification of applicable BLC systems by the U.S. Food and Drug Administration (FDA) from Class III to Class II. This regulatory evolution aims to create a new framework with special controls and a streamlined 510(k) pathway, which, if finalized, will encourage more participation from equipment manufacturers and wider adoption of BLC across U.S. healthcare settings. Schneider emphasized that the reclassification could significantly accelerate market development and bolster Photocure’s standing within bladder cancer diagnostics.

Photocure is also committed to enhancing the clinical and economic evidence supporting BLC adoption. Recent publications indicate that there is cost neutrality between BLC and traditional white light cystoscopy in various patient populations, revealing potential improvements in predicting bladder cancer recurrence and progression. The growing Cysview registry serves as a vital asset for understanding patient outcomes and fostering innovative approaches to disease management.

Moreover, the introduction of AssureMDx, a urine-based molecular test acquired through the purchase of Vesica Health, signifies another growth avenue for Photocure, enabling earlier risk stratification for patients presenting hematuria. The company expects initial revenue from AssureMDx in 2027, with reimbursement already secured for the first half of the year.

Artificial Intelligence (AI) represents an emerging opportunity as well. Collaborations with partners like Claritas HealthTech are advancing AI-enabled technologies aimed at enhancing tumor detection during BLC procedures. The ongoing ENAiBLE trial, co-sponsored by Photocure, has successfully recruited over 100 patients, with the potential to revolutionize clinical practices in bladder diagnostics.

Schneider concluded, "Our commitment remains to be disciplined, generate evidence that matters to clinicians and patients, and convert our growing capabilities into sustainable commercial growth and long-term shareholder value." As Photocure continues navigating the evolving competitive environment, the company is poised to expand its precision diagnostics platform for bladder cancer, integrating innovative solutions that promise to advance patient care and outcomes significantly.

For more information, please visit Photocure’s official website, where the complete financial report and presentation will be accessible. A live webcast hosted by Schneider and other executives will also be available for stakeholders to engage with the latest company developments.

Note: Adjusted EBITDA and other performance measures are defined within Photocure's financial report, available for public viewing on their website.