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:
Photocure
Kjetil Hestdal
President & CEO
Tel: + 47 913 19 535
Email: kh@photocure.no
Erik Dahl
Chief Financial Officer
Tel: +47 450 55 000
Email: ed@photocure.no
Notes to
editors
About Photocure
ASA
Photocure, 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
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.