Photocure ASA Reports Strong Growth for Q4 2024 Results

Photocure ASA, recognized as a leader in bladder cancer detection technologies, announced its financial results for the fourth quarter of 2024 on February 19, 2025. The company reported revenues of NOK 128.6 million for its flagship products, Hexvix® and Cysview®, marking a notable increase from NOK 114.2 million recorded in the same quarter of 2023. The financial performance reflects a robust growth trajectory, underpinned by an overall positive shift in the market for bladder cancer diagnostic solutions.

In terms of earnings before interest, taxes, depreciation, and amortization (EBITDA), Photocure reached NOK 8.5 million, a decrease compared to NOK 29.9 million from the previous year. Despite this dip, the company's leadership remains optimistic about the future, forecasting product revenue growth between 7% and 11% for 2025 on the back of their strategic initiatives and market positioning.

Dan Schneider, the President and CEO of Photocure, emphasized the strong performance in Q4, highlighting a 13% revenue growth in Hexvix/Cysview, along with an 11% increase in unit sales. For the entire year of 2024, the company reported a 10% rise in product revenue, resulting in an annual EBITDA of NOK 49.2 million. This consistent growth over seven quarters signals effective execution and strategic focus on the company's core offerings.

Photocure’s total group revenues for Q4 amounted to NOK 141.7 million, slightly down from NOK 142.5 million the previous year. The company reported an EBIT of NOK 1.2 million and concluded the quarter with a cash balance of NOK 293.8 million, compared to NOK 259.5 million in 2023. These figures showcase a healthy fiscal position that supports ongoing investments in growth opportunities.

A highlight of the quarter was the expansion of the installed base of rigid blue light cystoscopy (BLC®) systems in the U.S., which reached 390, an 11% increase since Q4 2023, including 18 mobile towers provided by ForTec Medical. These numbers indicate strong adoption rates in the U.S. market, reinforcing Photocure's position in bladder cancer management.

Moreover, the launch of Olympus' high-definition blue light cystoscopy upgrade for its advanced Viscera Elite III endoscopic platform is expected to boost the use of Hexvix in several Nordic countries and across Europe. Subsequent updates in February from Photocure about their collaboration with Richard Wolf indicated a flexible BLC interim solution has become available, further enhancing their product offerings in European markets.

Photocure's strategic focus continues to be on expanding its core markets, with expectations of increased adoption rates of BLC systems and the Hexvix/Cysview products. With new therapies on the horizon for treating non-muscle-invasive bladder cancer (NMIBC), awareness around precision management of bladder cancer remains a crucial part of their strategy for growth.

The company is keen to capitalize on the upgraded BLC equipment launched in Europe, as well as the developments with Richard Wolf, as they progress towards introducing this innovative interim solution to the market sooner than anticipated. Schneider reiterated that the continuing benefits of Blue Light Cystoscopy, primarily due to Hexvix/Cysview, are anticipated to drive standard care protocols in bladder cancer treatment moving forward.

Photocure's expectations for product revenue growth between 7% and 11% along with annual EBITDA improvement in 2025 reflect confidence in their operational strategies and market potential. The challenges faced in 2024 are seen as surmountable, showcasing Photocure’s resilience and capability to deliver on growth objectives even in fluctuating market conditions.

In conclusion, Photocure's robust Q4 results characterize their substantial operational advancements and existing market strength. The company remains focused on its goal of enhancing the lives of bladder cancer patients through transformative solutions and continued innovation in detection technologies.

The complete financial report and additional details regarding future prospects will be accessible on Photocure's website.