Photocure ASA Reports Second Quarter 2026 Financial Results and Strategic Progress

Photocure ASA Reports Second Quarter Financial Results

Photocure ASA, a leading company in uro-oncology precision diagnostics, has unveiled its financial results for the second quarter of 2026. The firm reported revenues from its flagship products, Hexvix® and Cysview®, amounting to NOK 140.0 million, an increase from NOK 135.6 million in the same quarter of the previous year.

In addition, the adjusted EBITDA for the quarter stood at NOK 27.2 million, slightly up from NOK 27.0 million in Q2 2025. This continued revenue growth is attributed to Photocure's sustained commercial momentum and strategic initiatives aimed at enhancing its long-term growth trajectory. According to Dan Schneider, the President and CEO of Photocure, the company is on track for product revenue growth of 8% to 11% for 2026, indicating a promising outlook for the year.

Expanding Blue-Light Cystoscopy (BLC) Initiatives

During the second quarter, Photocure made significant strides in expanding the use of blue-light cystoscopy (BLC). The company installed six new Saphira towers in the United States, which included entering four new accounts and upgrading two existing blue light towers. As a result, Photocure reported having 436 active accounts in the U.S., a growth of 20% compared to the previous year.

Simultaneously, across Europe, 87 Olympus Visera Elite III BLC capable systems were installed since the launch earlier this year along with 20 upgraded systems from notable manufacturers including Karl Storz and Richard Wolf.

Financial Overview

Total revenues for the second quarter reached NOK 142.5 million, marking a rise from NOK 135.6 million in Q2 2025. However, reported EBITDA was NOK -2.0 million compared to NOK 14.8 million from the previous year, and the EBIT faced a decline, ending at NOK -9.4 million versus NOK -7.5 million in the same quarter last year. As of the end of the reporting period, the company's cash and cash equivalents amounted to NOK 162.4 million.

Regulatory Developments and Strategic Acquisitions

A pivotal opportunity on the horizon for Photocure's Cysview business is the ongoing regulatory changes in the United States. Following a response to the Karl Storz Citizen Petition by the U.S. Food and Drug Administration (FDA), the agency has confirmed its intent to initiate the reclassification of BLC equipment, signaling a new phase of regulatory evolution.

In a strategic move, Photocure has also acquired Vesica Health, following an earlier minority investment. Vesica's AssureMDx, a urine-based biomarker test for the early detection of bladder cancer, is expected to generate initial revenue in 2027, with reimbursements anticipated by mid-2028. This acquisition is seen as a significant step in Photocure's strategy to establish a comprehensive precision diagnostics platform, synergizing non-invasive testing with existing BLC technologies.

Moreover, a research collaboration with Artera has been announced, focused on evaluating AI-enabled digital pathology utilizing Photocure's BLC registry. With the integration of AI and Cysview data, both companies aim to enhance personalized management of bladder cancer patients.

A Bright Future Ahead

As Photocure continues to advance its initiatives, the company is optimistic about entering a new growth phase. Consistent revenue growth coupled with increasing procedure volumes and equipment expansions only strengthens its position in bladder cancer diagnostics. With various strategic catalysts underway, including the FDA's reclassification process and integration of new innovative technologies, Photocure is set to expand its market potential significantly.

As Schneider concluded, the company's clear priorities include executing consistently, extending access to BLC, investing in innovation, and building a broader precision diagnostics platform to improve patient outcomes and ensure sustainable shareholder value.

For more information on Photocure's financial details and future plans, visit Photocure's official website. The full financial report will be made publicly available, with a live webcast scheduled for later today.