Photocure ASA: Results for the second quarter of 2018

Oslo, Norway, 8 August 2018: Photocure ASA (OSE:PHO), today reported a revenue
growth of 56% in local currency for the U.S. market in the second quarter of
2018, contributing to Hexvix/Cysview revenues of NOK 42.4 million (Q2 2017: NOK
37.6) and a recurring EBITDA of NOK 0.7 million (NOK -4.4  million). The company
reiterates the positive outlook for the U.S. market with the reimbursement of
Blue Light Cystoscopy (BLC(TM)) with Cysview, FDA approval of label expansion
for Cysview and the launch of Cysview in combination with flexible cystoscopes
in the surveillance of bladder cancer patients.

"Photocure delivered strong sales in the U.S. in the second quarter, following
the positive regulatory and reimbursement progress. Photocure continues to
invest and execute on these opportunities and reiterates the positive outlook
for the important U.S. market. In addition, we have taken action to adjust the
cost base and are implementing necessary organizational changes to set the stage
to enter a new growth phase with focus on commercial growth and profitability,"
says Erik Dahl, interim Chief Executive Officer of Photocure.

Photocure reported total group revenues of NOK 45.7 million in the second
quarter of 2018 (39.3), with a recurring EBITDA of NOK 0.7 million (-4.4). Net
profit was NOK -17.0 million (-4.7), while the cash position ended at NOK 97.9
million. The sales development in the U.S. was strong with a unit sales increase
of 49% in the quarter. The revenues in the Nordics declined 8% to NOK 10.8
million (NOK 11.7 million) in the second quarter, driven by reduced billing as
distributors have reduced their inventory following the inventory increase in
the first quarter. Photocure's in-market unit sales in the Nordic region in
second quarter increased 1%. EBITDA for the Hexvix/Cysview commercial franchise
ended at NOK 4.8 million in the second quarter of 2018. During the second
quarter, Photocure experienced all time high increases in permanent blue light
cystoscopes (BLCs), with 17 installations bringing the total to 130 at the end
of the quarter.

Photocure has built considerable experience in the bladder cancer market through
its Hexvix/Cysview franchise and sees significant long-term value creation
potential in this market segment. The company aims to capitalize on the
inclusion in the AUA-SUO guidelines, as well as the increased patient awareness
and the changes to reimbursement of Cysview for outpatient TURBT procedures with
rigid cystoscopes, to significantly increase penetration in the U.S. market.
Furthermore, with the approval of the extension of the indication for BLC with
Cysview to include flexible cystoscopies, a significant market opportunity has
opened in the surveillance segment.

"Photocure believes that in order to increase market share in the U.S.,
continued investments in the U.S. commercial and medical infrastructure is
required during 2018 and the company is fully funded for this market strategy.
These investments will enable the company 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 the effects of the new reimbursement and initial market response in the
surveillance segment" says Dahl.

Please find the full financial report and presentation enclosed.

Photocure will present its second quarter report on Wednesday 8 August 2018 at
Hotel Continental, Oslo, Norway. The presentation will begin at 08:30 (CET) and
representatives from the company will be Erik Dahl, Interim CEO and CFO and
Ambaw Bellete, President, Photocure Inc. and Head, US Cancer Commercial
Operations. The presentation will be held in English.

It will be possible to follow the presentation through
http://webtv.hegnar.no/presentation.php?webcastId=92017756.

A light snack will be served from 08:00 (CET). The presentation is scheduled to
conclude at 09:15 (CET).

As the presentation will be held in English, there will be no audio webcast and
conference call in the afternoon.


For further information, please contact:
Photocure
Erik Dahl
Interim Chief Executive Officer
Tel: +47 450 55 000
Email: ed@photocure.no

Notes to editors

About Photocure ASA
Photocure, The Bladder Cancer Company, delivers transformative solutions to
improve the lives of bladder cancer patients. Our unique technology, which makes
cancer cells glow bright pink, has led to better health outcomes for patients
worldwide. Photocure is headquartered in Oslo, Norway, and listed on the Oslo
Stock Exchange (OSE: PHO). The US headquarters for Photocure Inc., are in
Princeton, New Jersey. For more information, please visit us at
www.photocure.com, www.hexvix.com or www.cysview.com

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.