OSLO, Norway, Nov. 17, 2021 /PRNewswire/ -- Photocure ASA
(OSE: PHO) today reported
Hexvix®/Cysview® revenues of
NOK 86.7 million in the third quarter
of 2021 (Q3 2020: NOK 49.6), and
EBITDA of NOK -0.2 million (-5.4),
following the continued successful launch in markets previously
operated by Ipsen Pharma SAS. The Company plans to increase its
investment in commercial activities to further penetrate the large
potential market opportunity for its bladder cancer
treatment.
"Photocure continued to grow its business during the third
quarter of 2021, despite the challenges that arose from the surge
of Covid-19 Delta which impacted medical procedures around the
world. We delivered Hexvix/Cysview revenue of NOK 86.7 million, up 75% compared to the third
quarter of 2020. These results were primarily driven by our
reacquisition of the Hexvix business in continental Europe and our focus on territories where
healthcare access improved in the third quarter. Importantly,
demand for blue light cystoscopy (BLC) equipment remains strong
with 14 towers placed in the U.S. in Q3. We remain conservative on
the number of towers that we expect to place over the next couple
of quarters, given Karl Storz's
planned transition to a new high-definition system in 2022. We
believe that launch of the upgraded BLC system is an exciting
opportunity with the potential to significantly increase the
installed base of BLC towers in the U.S. next year and beyond,"
said Daniel Schneider, President
& Chief Executive Officer of Photocure.
Photocure reported total group revenues of NOK 87.4 million in the third quarter of 2021
(NOK 49.9 million), and EBITDA* of
NOK -0.2 million (NOK -5.4 million). Hexvix/Cysview revenues were
NOK 86.7 million (NOK 49.6 million) following the successful
transition of the Ipsen territories and unit sales growth of 6% in
the U.S. EBIT ended at NOK -6.3
million (-16.4) and the cash balance at the end of third
quarter 2021 was NOK 330.1 million,
compared to NOK 321.8 million
reported in the third quarter of 2020.
The installed base of blue light cystoscopes in the U.S. was 302
at the end of the third quarter, an increase of 49 units or 19%
since the same period in 2020. BLC with Cysview in the surveillance
setting is a priority for Photocure in the U.S. market. By the end
of the third quarter, a total base of 45 flexible cystoscopes had
been installed giving more patients access to the procedure with
less constraints.
"We continue to maintain a strong financial position with
NOK 330 million in cash and minimal
debt. We reported break-even EBITDA in the third quarter, as we
continue to manage through what appears to be the tail end of the
pandemic and have begun to invest more aggressively in initiatives
to regain growth in our direct markets. We also reacquired the
commercial rights to Cysview in Canada and are preparing to begin growing that
business in January," Schneider added.
After regaining sales and marketing rights to the European
markets that were previously out-licensed, the Company has
established a strong commercial presence in the largest markets of
the world and believes that it is well-positioned to accelerate
revenues in a post Covid-19 environment. Assuming that the effects
of Covid-19 and its variants can be appropriately managed,
Photocure plans to increase spending back to normalized business
levels in the fourth quarter of 2021, increasing investment
primarily in commercial activities to grow Hexvix/Cysview unit
sales.
"We are optimistic that the challenging conditions of the
pandemic that have persisted for nearly two years will improve
going forward. Our teams are energized to deliver patient value and
revenue growth in 2022, with the expectation of new enhanced BLC
equipment and focus from Karl Storz,
expansion of our business into Canada, the ability of our strengthened
European commercial team to have broader access to our new
customers and territories, the potential to execute on enriching
our portfolio through partnerships or M&A opportunities, and
anticipated progress on the ongoing Phase 3 trial for Cevira. With
the impact of Covid-19 expected to abate in H1 2022, Photocure
remains in a strong position to get back to the growth rates that
we were delivering pre-pandemic, and to capitalize on other
opportunities that can enhance our growth and path toward
sustainable profitability," Schneider
concluded.
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 third quarter 2021 financial report
on page 25.
Photocure will present its third quarter 2021 report on
Wednesday 17 November 2021 at
14:00 CET. The investor presentation
will be streamed live and be hosted by Daniel 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/landingpage/hegnarmedia/20211117_5/
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
Tel: +47 450 55 000
Email: ed@photocure.no
David Moskowitz
Vice President of Investor Relations
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 17
November 2021 at 07:30 CET.
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/photocure/r/photocure-asa--results-for-the-third-quarter-of-2021,c3455106
The following files are available for download:
https://mb.cision.com/Main/17498/3455106/1497310.pdf
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SOURCE Photocure