OSLO, Norway, May 11, 2022 /PRNewswire/ -- Photocure ASA
(OSE: PHO) today reported
Hexvix®/Cysview® revenues of
NOK 81.4 million in the first quarter
of 2022 (Q1 2021: NOK 81.6 million),
following the recent Covid-19 surge and its impact on hospital
access and staffing, which affected commercial operations in
January and February. Access and procedure volumes experienced a
recovery in March, and the Company expects installations of Blue
Light Cystoscopy (BLC) towers in the U.S. to accelerate during the
second half of 2022 once Karl
Storz's new high-definition system is
launched.
"In the first quarter of this year, we navigated through a
difficult first couple of months as Covid-19's Omicron variant
surged and caused severe access restrictions and staffing shortages
in both our North American and European commercial segments.
Despite the soft procedure volume in January and much of February,
we were able to grow quarterly unit sales in each of our direct
commercial territories. March showed a strong recovery as the
Omicron variant began to resolve, yet residual staffing shortages
continue to impact the business. In the last month of the quarter,
we achieved the second highest number of kits sold in the U.S. per
month in the company's history, enabling 12% sales growth in our
North American business versus last year's first quarter, "
says Dan Schneider, President &
Chief Executive Officer of Photocure.
Photocure reported total group revenues of NOK 81.6 million in the first quarter of 2022
(NOK 88.2 million), and an EBITDA* of
NOK -13.9 million (NOK 18.1 million). The Hexvix®/Cysview® revenues
ended at NOK 81.4 million in the
quarter (Q1 2021: NOK 81.6),
following negative Covid-19 impact on hospital access and
commercial operations in January and February. The EBIT was
NOK -19.9 million (12.3) and the cash
balance at the end of the first quarter 2022 was NOK 285.5 million. The installed base of blue
light cystoscopes in the U.S. was 324 at the end of the first
quarter, an increase of 44 units or 16% since the same period in
2021, including a total base of 53 flexible cystoscopes.
"We also delivered 13 tower placements during Q1 2022, as we
depleted substantially all of the earlier-generation rigid towers
in Karl Storz's inventory.
Importantly, we installed 5 flexible BLC units in Q1, and grew the
base of flexible towers by 29% year over year. This performance, we
believe, is a good indicator of the high demand for BLC capital
equipment that we are seeing from our hospital and group practice
customers," Schneider adds.
With the new Karl Storz blue
light system anticipated to launch throughout the U.S. in the
second quarter of 2022, Photocure expects that the placements of
new blue light rigid towers will accelerate in the back half of the
year. Meanwhile, the company will continue to focus on increasing
the use of Cysview in existing accounts as well as placing flexible
BLC equipment, for which installation momentum continues to be
strong.
"Despite the ongoing challenges of hospital staffing around
the world, we see improving conditions and remain optimistic about
our future. With a new high-definition BLC system launching in the
U.S. market and our European commercial operations fully in place,
we believe that the remainder of 2022 will be an exciting period
for Photocure as we help more physicians and bladder cancer
patients realize the benefits of
Hexvix/Cysview," Schneider concludes.
Please find the full financial report and presentation
enclosed.
EBITDA* and other alternative performance measures (APMs) are
defined and reconciled to the IFRS financial statements as a part
of the APM section of the first quarter 2022 financial report on
page 24.
Photocure will present its first quarter 2022 report on
Wednesday 11 May 2022 at 14:00 CET at Hotel Continental, Oslo, Norway. The investor presentation will
also be streamed live and be hosted by Dan
Schneider, CEO and Erik Dahl,
CFO.
The presentation will be held in English and questions can be
submitted throughout the event. The streaming event is available
through
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220511_7
The presentation is scheduled to conclude at 14:45 CET.
For further information, please contact:
Dan Schneider
President and CEO
Photocure ASA
Tel: + 1 609 759 6515
Email: ds@photocure.com
Erik Dahl
Chief Financial Officer
Photocure ASA
Tel: +47 450 55 000
Email: ed@photocure.com
David Moskowitz
Vice President of Investor Relations
Photocure ASA
Tel: +1 202 280 0888
Email: david.moskowitz@photocure.com
Media and IR enquiries:
Geir Bjørlo
Corporate Communications (Norway)
Tel: +47 91540000
Email: geir.bjorlo@corpcom.no
About Photocure ASA
Photocure: The Bladder Cancer Company delivers transformative
solutions to improve the lives of bladder cancer patients. Our
unique technology, making 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). For more information,
please visit us at www.photocure.com, www.hexvix.com,
www.cysview.com
All trademarks mentioned in this release are protected by law
and are registered trademarks of Photocure ASA.
This information is considered to be inside information pursuant
to the EU Market Abuse Regulation and is subject to the disclosure
requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act. This stock exchange announcement was published by
Tolv Hillestad, Group Controller, Photocure ASA, on
11 May 2022 at 08:00 CET.
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/photocure/r/photocure-asa--results-for-the-first-quarter-of-2022,c3564496
The following files are available for download:
https://mb.cision.com/Main/17498/3564496/1577736.pdf
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Release
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https://mb.cision.com/Public/17498/3564496/a69782c8d6bd7732.pdf
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PHO Q1 2022 REP
vf
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https://mb.cision.com/Public/17498/3564496/87c4aabe11288780.pdf
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Photocure Q1 2022
Earnings Slide Deck - Final
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