#Norway #Oslo #Photocure ASA #Hexvix #Cysview

Photocure ASA Reports Second Quarter Results for 2026

Photocure ASA, a prominent player in uro-oncology precision diagnostics, has recently published its financial results for the second quarter of 2026, showcasing a significant increase in revenues and ongoing advancements in their product offers. The company, listed on the Oslo Stock Exchange under the symbol OSE: PHO, reported revenues from Hexvix® and Cysview® amounting to NOK 140.0 million for Q2 2026, reflecting a growth over NOK 135.6 million from the same period in 2025. The adjusted EBITDA was also promising at NOK 27.2 million, up slightly from NOK 27.0 million in Q2 2025.

President and CEO Dan Schneider emphasized the company's solid operational performance, stating, "Photocure continued to execute well during the second quarter of 2026, delivering sustained commercial momentum across our core business while advancing several strategic initiatives that strengthen our long-term growth profile."

During this quarter, Photocure focused on expanding its blue-light cystoscopy (BLC®) use, a method that enhances visibility during bladder cancer surgeries. The installation of six new Saphira towers in the U.S. demonstrates the company’s commitment to this goal, as four of these represented new accounts while two were upgrades at existing locations. As of the end of Q2, Photocure had 436 active accounts in the U.S., showing a robust increase of 20% year-over-year.

In Europe, the company reported the installation of 87 BLC-capable Olympus Visera Elite III systems since their launch in Q1 2025, along with upgrades to 20 existing rigid systems from established manufacturers like Karl Storz and Richard Wolf.

Financially, the total revenue reached NOK 142.5 million for the quarter, marking a continued upward trend from Q2 2025's figures. However, the reported EBITDA stood at a negative NOK -2.0 million, compared to a positive NOK 14.8 million in the previous year, and the EBIT contracted slightly to NOK -9.4 million from NOK -7.5 million in Q2 2025. At the close of the quarter, Photocure had cash and cash equivalents totaling NOK 162.4 million.

One of the most anticipated developments for Photocure is the ongoing regulatory changes in the United States regarding BLC. The FDA's intentions to initiate the proposed reclassification of BLC equipment could pave the way for a more predictable regulatory environment. Schneider noted that this advancement could significantly enlarge Photocure's addressable market, fostering broader participation by equipment manufacturers and expediting BLC adoption throughout the U.S. healthcare landscape.

Additionally, this quarter saw the successful acquisition of Vesica Health, which brings to the table the AssureMDx test, a promising multi-omic urine-based biomarker test for the early detection of bladder cancer. This move is expected to bolster Photocure's strategic goal of developing a comprehensive precision diagnostics platform by integrating non-invasive biomarker testing with their leading BLC technology. With initial revenue anticipated from AssureMDx in 2027 and the possibility of reimbursement by mid-2028, Photocure is positioning itself to significantly enhance patient care and outcomes in bladder cancer diagnostics.

Photocure also announced an exciting research collaboration with Artera aimed at evaluating AI-enabled digital pathology using its BLC registry. This partnership aligns with the company’s vision of combining AI, advanced imaging, and molecular diagnostics to provide personalized management for bladder cancer patients.

Schneider concluded by expressing optimism about the future of Photocure, emphasizing their solid foundation of consistent revenue growth paired with strategic advancements. "Our core commercial business continues to generate consistent revenue growth, supported by increased procedure volumes and utilization, alongside multiple strategic catalysts that provide meaningful opportunities to expand our addressable market. We remain confident in our strategy and encouraged by the opportunities that lie ahead for Photocure."

Looking forward, Photocure now anticipates product revenue growth of 8% to 11% on a constant currency basis for the year, an improvement from the earlier projection of 7% to 11%, along with continued expansion of adjusted EBITDA margins.

For those interested in more information regarding their financial results, Photocure will provide a complete financial report and presentation available on their website. A live webcast session will also be held featuring key executives, offering stakeholders and investors an opportunity to engage in real-time Q&A.

Photocure is poised at an exciting junction, with its foundational technologies and strategic initiatives aligning for potential breakthroughs in bladder cancer diagnosis and patient treatment. With their commitment to innovation and improvement in patient outcomes, the company is set to carve out a sustainable path for growth and success in the healthcare sector.