#Norway #Oslo #Photocure ASA #Hexvix #Cysview

Photocure ASA's Q3 2026 Results

On October 28, 2026, Photocure ASA (OSE: PHO) announced its financial results for the third quarter of 2026, showcasing a robust performance in bladder cancer diagnostics. The company reported Hexvix®/Cysview® revenues reaching NOK 134.2 million, marginally up from NOK 134.1 million in the same quarter of the previous year.

Financial Insights

In this quarter, Photocure achieved an Adjusted EBITDA of NOK 18.5 million, a slight decrease from NOK 18.9 million in Q3 2025. However, the company's expectations have shifted, projecting product revenue growth between 10% to 12% based on constant currency, an increase from the previous forecast of 8% to 11%. The company's total revenues for Q3 2026 hit NOK 140.9 million, rising from NOK 135.0 million in the third quarter of 2025.

Strategic Developments

Dan Schneider, President and CEO of Photocure, emphasized the company’s commitment to advancing the bladder cancer diagnostic pathway. He stated, “Our ambition is to combine the reach of Hexvix and Cysview with non-invasive molecular diagnostics, advanced imaging, artificial intelligence, and real-world clinical evidence.” This strategy aims to improve patient care and enhance market presence in bladder cancer diagnostics.

During the third quarter, the company executed its strategy to enhance blue-light cystoscopy (BLC®). Notably, Photocure installed 13 new Saphira tower systems across the U.S., which included upgrades and new accounts, bringing the total to 454 active accounts, marking a 20% increase from Q3 2025.

Furthermore, in Europe, the launch of Olympus Visera Elite III BLC capable systems has resulted in 87 installations since its debut in Q1 2025. This proactive approach underscores Photocure's intention to broaden its market penetration while maintaining technical advancements in bladder cancer diagnostics.

Leadership and Innovation

To further strengthen its leadership, Photocure has appointed Dennis Camporeale as the new Chief Financial Officer. His extensive experience in medtech and diagnostics investment banking is expected to reinforce the company's financial management and growth strategies as they navigate the evolving healthcare landscape.

Another significant development is the FDA's proposal to reclassify BLC systems from Class III to Class II, which Schneider noted could facilitate greater participation from equipment manufacturers and expand the availability of BLC platforms within U.S. healthcare systems. This theoretical shift stands to create numerous opportunities for Photocure as it looks to drive market development.

Ongoing Clinical Evidence and Growth Engines

Photocure is also building a stronger foundation of clinical evidence to support the adoption of BLC in the U.S. Recent studies have highlighted the cost neutrality of BLC compared to white light cystoscopy, pointing to positive outcomes for bladder cancer recurrence and progression predictions in treated patients. Photocure’s growing Cysview registry will be pivotal in understanding patient outcomes and refining disease management strategies.

In addition to BLC, the acquisition of Vesica Health and the introduction of AssureMDx, a urine-based molecular test designed for risk stratification, will be integral to the company's operational framework going forward. Photocure anticipates initial revenue from AssureMDx in 2027, with reimbursement set to begin in the first half of that year.

Embracing AI for Enhanced Diagnostics

Artificial intelligence is another frontier that Photocure is exploring to extend its capabilities. Collaborations with Claritas HealthTech aim to promote the use of AI-enabled technologies that support BLC procedures, potentially improving tumor detection and surgical accuracy. Trials, such as the ENAiBLE study, which has already recruited over 100 patients, signify Photocure's commitment to incorporating cutting-edge technology into its diagnostic platforms.

Conclusion

Photocure ASA is on a promising trajectory with its recent Q3 results, enhanced leadership, and innovative approaches to bladder cancer diagnostics. By leveraging existing technologies and integrating new capabilities, the company aims not only to grow sustainably but also to enhance patient outcomes and solidify its standing within the industry. 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.”

The complete financial report is available on Photocure's website. A live webcast featuring the company's key executives discussing these developments will be held on October 28, 2026, at 14:00 CET.