Photocure ASA: Results for the fourth quarter of 2025

Core Insights - Photocure ASA reported Hexvix®/Cysview® revenues of NOK 135.1 million in Q4 2025, an increase from NOK 128.6 million in Q4 2024, indicating a positive revenue trend [1] - The company achieved a commercial EBITDA of NOK 8.4 million in Q4 2025, up from NOK 3.9 million in Q4 2024, reflecting improved operational efficiency [1] - For 2026, Photocure anticipates product revenue growth between 7% to 11% on a constant currency basis, supported by ongoing operational leverage [1] Financial Performance - Total revenues for Q4 2025 were NOK 136.7 million, down from NOK 141.7 million in Q4 2024, which included a milestone payment [1] - Group EBITDA for Q4 2025 was NOK 1.9 million, compared to NOK 8.5 million in Q4 2024, while EBIT was reported at NOK -5.5 million, down from NOK 1.2 million [1] - Cash and cash equivalents stood at NOK 238.9 million at the end of Q4 2025 [1] Strategic Initiatives - The company installed 7 new Saphira towers in the U.S. during Q4 2025, contributing to a 22% increase in active accounts, totaling 384 [1] - Photocure is expanding its blue light cystoscopy (BLC®) use and has installed 60 Olympus Visera Elite III systems in Europe since Q1 2025 [1] - The partnership with Claritas and other strategic initiatives aim to enhance the company's diagnostic capabilities and expand its market opportunities [1] Growth Drivers - Continued adoption of rigid kits, expansion of mobile BLC, and ongoing equipment upgrades are expected to drive growth in the base business [1] - Potential catalysts for growth include developments in CMS reimbursement, reintroduction of flexible BLC solutions, and a possible FDA reclassification of BLC [1] - The licensing agreement with Asieris for Cevira includes a significant milestone payment upon regulatory approval in China, along with future royalties based on sales [1]