Photocure ASA Reports Robust Financial Performance in Q4 2024

Photocure ASA, listed on the Oslo Stock Exchange under OSE:PHO, announced its fourth-quarter results for 2024, showcasing a remarkable increase in revenues driven largely by its flagship products, Hexvix® and Cysview®. The company reported revenues totaling NOK 128.6 million, a significant rise from NOK 114.2 million during the same quarter in 2023. This 13% upturn underscores the growing acknowledgement and adoption of Photocure’s innovative cancer detection technologies across the market.

In addition to stellar revenue figures, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) clocked in at NOK 8.5 million for Q4 2024, down from NOK 29.9 million in the preceding year. Photocure's President and CEO, Dan Schneider, noted that the EBITDA represents a consistent performance with positive growth sustained over the last seven quarters, highlighting an overall year-on-year product revenue growth of 10% and an annual EBITDA of NOK 49.2 million.

The total revenue for the complete group reached NOK 141.7 million in Q4 2024, showcasing strong resilience in challenging market conditions. Despite a slight drop in overall EBITDA compared to Q4 2023, the numbers reflect Photocure's robust operating model and strategic emphasis on expanding the market for Hexvix/Cysview.

Furthermore, the company observed a notable increase in its operations, evidenced by an 11% growth in unit sales for Hexvix/Cysview. With an eye on 2025, Photocure expects product revenue to grow by 7% to 11% and significant improvements in EBITDA as it pushes forward with its core commercial business strategies.

At the close of Q4 2024, the installed base of rigid blue light cystoscopy (BLC®) systems in the United States reached 390 units, indicating a sustained interest in advanced bladder cancer detection methods. This represents a strategic increase, including 18 ForTec Medical mobile towers, with 25 flexible BLC systems remaining in service in the U.S. market.

Interaction with technology partners has also fortified Photocure’s prospects. Olympus’ recent launch of a high-definition blue light cystoscopy upgrade for its Viscera Elite III platform is anticipated to boost Hexvix usage not only in the Nordic regions but across Europe. The collaboration with Richard Wolf has also yielded positive results, delivering a flexible BLC interim solution sooner than initially planned.

As Photocure looks ahead, it remains committed to elevating its business model further by investing in opportunities that promise substantial growth in 2025. The emphasis on enhancing the awareness around precise bladder cancer management and pioneering detection methods is expected to yield positive results in the forthcoming years. Schneider stated, "We are maintaining our momentum as we aim to improve account activity utilizing BLC while focusing on new product introductions."

Overall, the Q4 2024 report signals Photocure’s unyielding dedication to innovation and excellence in cancer care, with the expectation of continued growth and success within the market. Photocure sets standard expectations for both revenues and EBITDA improvements in 2025, aiming to solidify its standing as a leader in bladder cancer diagnostics.

The detailed financial report and presentations, including further data and performance insights, are made publicly available on Photocure’s corporate website, with a live webcast scheduled to discuss these results in depth.