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].