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:
President & CEO
Tel: + 47 913 19 535
Chief Financial Officer
Tel: +47 450 55 000
Notes to editors
About Photocure ASAPhotocure, 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