OSLO, Norway, Feb. 27, 2020 /PRNewswire/ -- Photocure ASA (OSE:
PHO), today reported a revenue growth of 51% for the U.S. market in
the fourth quarter of 2019, contributing to Hexvix/Cysview revenues
of NOK 58.8 million (Q4 2018:
NOK 46.3) and a recurring EBITDA of
NOK 1.6 million (NOK 1.3 million).
Based on the outlook and strategic opportunities, Photocure
targets U.S. revenues in the range of USD 70
million in 2023, and sees significant continued revenue
growth and profit opportunities in the U.S. market beyond 2023
"Photocure continued its strong U.S. sales momentum and solid
growth in the fourth quarter. We are making great progress in
penetrating this high potential market, providing a solid platform
for further short- and long-term growth," says Daniel Schneider, President & Chief
Executive Officer of Photocure.
Photocure reported total group revenues of NOK 115.6 million in the fourth quarter of 2019
(NOK 49.9 million), with an EBITDA,
exclusive restructuring, of NOK
54.8 million (NOK -4.1
million) and a cash position of NOK
125.3 million at the end of the period. The Hexvix/Cysview
revenues ended at NOK 58.8 million in
the fourth quarter of 2019 (NOK 46.3
million), while other revenues of NOK
56.8 million followed the signing fee from Asieris for the
world-wide license to develop and commercialize Cevira for the
treatment of HPV induced cervical precancerous lesions. The main
growth driver for the commercial operations was the U.S. market
with a revenue growth of 39% in local currency. The installed base
of blue light cystoscopes in the U.S. was 223 at the end of the
fourth quarter, an increase of 66 or 42% since the same quarter
last year. The installed base includes 26 flexible cystoscopes.
In February 2020, Photocure was
granted a US patent from the United States Patent and Trademark
Office covering the use of Blue Light Cystoscopy with
Hexvix/Cysview as neoadjuvant therapy in the treatment of bladder
cancer in patients who are scheduled for a cystectomy.
"We are also very excited about the recent patent protection
until 2036 and will further investigate Hexvix/Cysview for its
potential therapeutic effect, " Schneider adds.
Photocure delivers transformative solutions which improve the
lives of bladder cancer patients. Based on experience and the
performance of the breakthrough bladder cancer product
Hexvix/Cysview, Photocure has embarked on a stepwise approach for
continued growth. Photocure sees significant long-term potential in
the global bladder cancer market and has a defined growth
strategy:
- Accelerating - Drive the breadth and depth of Hexvix/Cysview
usage in key accounts
- Expanding - Generate sales in new geographies and product
enhancements
- Acquiring - Products used in the management of bladder cancer
patients
- Transforming - Partner and in- license assets to strengthen the
bladder cancer portfolio
"The U.S. continues to represent the primary growth market for
Photocure with large untapped market opportunities exceeding 1
million procedures per year. Based on the outlook and strategic
opportunities, Photocure targets U.S. revenues in the range of
USD 70 million in 2023, and sees
significant continued revenue growth and profit opportunities in
the U.S. market beyond 2023," 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 fourth quarter 2019 financial report on
pages 20-21.
Photocure will present its fourth quarter report on Thursday
27 February 2020 at Hotel
Continental, Oslo, Norway. The
presentation will begin at 08:30 (CET) and representatives from the
company will be Daniel Schneider,
President & CEO and Erik Dahl,
CFO. The presentation will be held in English.
It will be possible to follow the presentation through
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20200227_3
A light snack will be served from 08:00 (CET). The presentation
is scheduled to conclude at 09:15 (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
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 was brought to you by Cision
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The following files are available for download:
https://mb.cision.com/Main/17498/3047107/1201665.pdf
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Release
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https://mb.cision.com/Public/17498/3047107/bc59db7dbd12c87c.pdf
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PHO Q4 2019
Report
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https://mb.cision.com/Public/17498/3047107/981971fe47a5e363.pdf
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PHO Q4 2019
Presentation
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SOURCE Photocure