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]

Core Insights - Photocure ASA reported strong financial performance in Q3 2025, with Hexvix®/Cysview® revenues reaching NOK 134.1 million, up from NOK 120.1 million in Q3 2024, and an EBITDA of NOK 10.2 million compared to NOK 5.0 million in the same period last year [1][2]. Financial Performance - Total revenues for Q3 2025 were NOK 135.0 million, an increase from NOK 120.2 million in Q3 2024, with an EBIT of NOK 2.9 million, improving from a loss of NOK 2.2 million [4]. - Cash and cash equivalents stood at NOK 247.8 million at the end of the quarter [4]. Growth Initiatives - The company installed 14 new Saphira towers in the U.S. during Q3 2025, resulting in a total of 373 active accounts, a 23% increase from Q2 2024 [3]. - Photocure is focusing on expanding blue light cystoscopy (BLC) usage and has seen a total of 49 Olympus Visera Elite III BLC systems installed in Europe since Q1 2025 [3]. Strategic Partnerships - A partnership was announced with Intelligent Scopes Corporation (ISC) to develop AI software aimed at enhancing real-time support for physicians during BLC procedures, which is expected to improve early-stage bladder cancer detection [5][6]. - Photocure will have exclusive rights to commercialize the AI solution and license it to device manufacturers post-regulatory clearance [6]. Future Outlook - The company anticipates revenue growth of 8% to 10% on a constant currency basis, with expectations for continued operating leverage and significant growth potential from milestones in 2025 [1][8]. - Potential catalysts for growth include developments in CMS reimbursement, reintroduction of flexible BLC solutions, and a possible FDA reclassification favoring BLC [8].

Core Insights - Photocure ASA reported record revenues for Hexvix®/Cysview® of NOK 135.6 million in Q2 2025, up from NOK 122.4 million in Q2 2024, with an EBITDA of NOK 14.8 million compared to NOK 27.8 million in the previous year [1][2] - The company anticipates product revenue growth between 7% to 11% and year-over-year EBITDA improvement for 2025, driven by operational leverage and milestone growth [1][6] Financial Performance - Hexvix/Cysview revenues reached NOK 135.6 million in Q2 2025, marking an increase from NOK 122.4 million in Q2 2024 [1] - EBITDA for Q2 2025 was NOK 14.8 million, a decrease from NOK 27.8 million in Q2 2024, which included a milestone payment of NOK 21.6 million [1] - The company expects continued growth in product revenues and EBITDA improvement throughout 2025 [1][6] Market Expansion - The U.S. franchise showed strong performance with a 24% increase in active accounts, and rigid kit sales rose by 21% in Q2 2025 [2][3] - Photocure installed 12 new Saphira™ towers in the U.S. during Q2 2025, contributing to the expansion of blue light cystoscopy [3] - A total of 36 Olympus Visera Elite III blue light cystoscopy systems were installed across Europe since their launch in Q1 2025, expected to enhance Hexvix growth in the Nordic region and continental Europe [4] Strategic Partnerships - The company is exploring partnerships to integrate blue light cystoscopy with emerging products and technologies, including a development partnership with Richard Wolf [6] - A license agreement with Asieris for Cevira could lead to significant milestone payments upon regulatory approval in China [6]