Photocure ASA: Results for the fourth quarter of 2017
Oslo, Norway, 27 February 2018: Photocure ASA (OSE:PHO), today reported a
revenue growth of 27% for the important U.S. market in the fourth quarter of
2017, contributing to Hexvix(®)/Cysview(®) revenues of NOK 39.4 million (Q4
2016: NOK 31.6) and an EBITDA of NOK 0.9 million for the commercial franchise.
With the reimbursement of Blue Light Cystoscopy with Cysview for Medicare
patients and FDA approval of label expansion for Cysview, the company expects a
continued solid growth towards the 2020 ambitions.
"In line with previous quarters in 2017, the fourth quarter also demonstrated
continued significant progress in our U.S. business. With the two recent major
achievements, new reimbursement of Blue Light Cystoscopy with Cysview for
Medicare patients and FDA approval of label expansion for Cysview, we have
significantly strengthened our possibility to provide many more bladder cancer
patients with improved management," says Kjetil Hestdal, President and Chief
Executive Officer of Photocure.
Photocure reported total group revenues of NOK 39.4 million in the fourth
quarter of 2017 (38.1), with a recurring EBITDA of NOK -10.8 million (-0.3). Net
profit was NOK -13.0 million (17.9), while the cash position ended at NOK 129.4
million. The sales development in the U.S. was strong with a unit sales increase
of 21% in the quarter, and 14% in the Nordics. Global in-market unit sales of
Hexvix/Cysview decreased 3%, impacted by a reduction of the partner business of
9% in the quarter. The EBITDA for the Hexvix/Cysview commercial franchise ended
at NOK 0.9 million in the fourth quarter of 2017.
Photocure has built considerable experience in the urology sector through its
Hexvix/Cysview franchise and sees significant long-term value creation potential
in this market segment. The company aims to capitalize on the increased patient
awareness and the changes to reimbursement of Cysview in the outpatient TURBT
procedures with rigid scopes, to significantly increase penetration in the U.S.
market. Furthermore, with the FDA approval of the extension of the indication
for Blue Light Cystoscopy with Cysview to include flexible cystoscopes, a
significant market opportunity has opened in the surveillance segment.
"With 1.2 million surveillance cystoscopies performed annually in the U.S., this
represents a significant opportunity for the company. We have an ambition to
drive the U.S. revenues in 2020 to a range of USD 20-25 million, however with
upside potential driven by added reimbursement and penetration of the
surveillance segment. The company will update the market on this outlook later
in 2018 when there is better visibility of effects of the new reimbursement and
initial market response in the surveillance segment", says Hestdal.
Please find the full financial report and presentation enclosed.
Photocure will present its fourth quarter report on Tuesday 27 February 2018 at
Hotel Continental, Oslo, Norway. The presentation will begin at 08:30 (CET) and
representatives from the company will be Kjetil Hestdal, President & CEO and
Erik Dahl, CFO. The presentation will be held in Norwegian.
The presentation will be publicly available at www.photocure.com. It will be
possible to follow the presentation through
http://webtv.hegnar.no/presentation.php?webcastId=77796903.
A light snack will be served from 08:00 (CET). The presentation is scheduled to
conclude at 09:15 (CET).
Photocure will additionally host an audio webcast and conference call
(http://webtv.hegnar.no/presentation.php?webcastId=77797066) the same day in
English at 17:00 CET / 16:00 GMT / 11:00 EST.
Please join the event conference 5-10 minutes prior to the start time using the
number and confirmation code below:
* NORWAY: +47 2350 0296
* UK: +44(0)330 336 9105
* USA: +1 323 701 0225
Confirmation code: 8526919
It is possible to listen to a replay of the conference call on the following
numbers:
* NORWAY +47 2100 2610
* UK +44 (0)207 660 0134
* USA +1 719 457 0820
Confirmation code: 8526919
For further information, please contact:
Photocure
Kjetil Hestdal
President & CEO
Tel: + 47 913 19 535
Email: kh@photocure.no
Erik Dahl
Chief Financial Officer
Tel: +47 450 55 000
Email: ed@photocure.no
Notes to editors
About Photocure ASA
Photocure, headquartered in Oslo Norway, is a specialty pharmaceutical company
focusing on urology. Based on its unique proprietary Photocure Technology®
platform, Photocure is committed to developing and commercializing highly
selective and minimally invasive solutions to improve health outcomes for
patients worldwide. The company is listed on the Oslo Stock Exchange (OSE: PHO).
More information about Photocure is available at www.photocure.com,
www.hexvix.com, www.cysview.com
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.