Photocure ASA: Results for the fourth quarter of 2020

Rhea-AI Summary

Photocure ASA (OSE: PHO) reported Hexvix/Cysview revenues of NOK 97.7 million for Q4 2020, up from NOK 58.8 million in Q4 2019. Overall, total group revenues reached NOK 97.9 million, a decrease from NOK 115.6 million in the previous year, with an EBITDA of NOK 15.2 million. Despite operational challenges due to the pandemic, the company achieved an 11% growth in U.S. sales and an 83.8% growth in European revenues. Guidance for 2023 is suspended amid ongoing uncertainty from Covid-19.

Positive

• Hexvix/Cysview revenues increased to NOK 97.7 million in Q4 2020 from NOK 58.8 million in Q4 2019.
• Total group revenues were NOK 97.9 million, demonstrating resilience during the pandemic.
• U.S. market in-market unit sales grew by 11%, indicating ongoing demand.
• European revenues surged by 83.8% due to the successful launch of commercial operations.

Negative

• Total group revenues decreased from NOK 115.6 million in Q4 2019 to NOK 97.9 million in Q4 2020.
• EBITDA fell sharply from NOK 54.8 million to NOK 15.2 million year-over-year.
• Company has suspended guidance for 2023 revenues due to uncertainties surrounding Covid-19.

OSLO, Norway, March 3, 2021 /PRNewswire/ -- Photocure ASA (OSE: PHO) reports Hexvix^®/Cysview^® revenues of NOK 97.7 million in the fourth quarter of 2020 (Q4 2019: NOK 58.8). Product revenues increased 20% in FY2020 representing strong execution in an unprecedented year. Due to the ongoing pandemic, the Company suspends guidance for its 2023 revenue ambition in the range of NOK 1 billion. Photocure plans to re-issue financial guidance once the impact from Covid-19 is significantly diminished and physician practices and patient flow have normalized in both the U.S. and Europe.

"Photocure grew sales in 2020 despite the significant operational challenges during a major global pandemic," says Dan Schneider, President & Chief Executive Officer of Photocure. "Despite the limited access to hospitals and physicians due to Covid-19, we still achieved positive growth in the U.S. Key accomplishments for the year included: continuing to generate growth in Cysview product sales and installations of BLC equipment in the U.S.; successfully integrating the European Hexvix business and launching commercial operations on 1 October; generating value with our partner, Asieris, who is advancing Cevira through Phase III development, and working with our licensing partners to expand Hexvix use worldwide."

Photocure reported total group revenues of NOK 97.9 million in the fourth quarter of 2020 (NOK 115.6 million) with an EBITDA before restructuring of NOK 15.2 million (NOK 54.8 million), and where the corresponding period in 2019 included sign-on fee and milestone payments of NOK 56.5 million. Hexvix/Cysview revenues were NOK 97.7 million (NOK 58.8 million). Growth in the U.S. market continued, despite limited access to hospitals and physicians due to the Covid-19 pandemic, with in-market unit sales up 11%, while European revenues grew 83.8% following a successful launch of the Company's commercial organization in markets previously operated by Ipsen Pharma SAS.

The installed base of cystoscopes in the U.S. was 268 at the end of the fourth quarter, an increase of 45 units or 20% since the end of 2019. Blue Light Cystoscopy (BLC^®) in the surveillance setting is a key priority for Photocure in the U.S. market. By the end of the fourth quarter, a total base of 38 flexible cystoscopes have been installed representing a 46% increase over the prior year, giving more patients access to blue light cystoscopy procedures with less constraints in the office-based setting.

"I am pleased with how we managed through these unprecedented times and proud of our employees for adapting to changing working conditions and continuing to serve our patients and customers. Our performance in dealing with the business volatility throughout 2020, including the rebound in the third quarter, gives me confidence in the periods ahead," Schneider adds.

The ongoing Covid-19 pandemic adds continued uncertainty to Photocure's near-term business forecast, which impacts the reliability of financial estimates. However, the Company believes that the benefits of blue light cystoscopy with Hexvix/Cysview offering superior detection and management of bladder cancer will continue to be adopted and become the standard of care. Procedures are expected to rebound back to pre-Covid-19 growth rates in the U.S. in places where bladder cancer patient care has been disrupted by Covid-19. In the newly acquired European markets, the Company also expects to see significant growth opportunities.

"Given the ongoing pandemic conditions, we have suspended our guidance for 2023 revenues in the range of NOK 1 billion. However, we plan to re-issue financial guidance once the impact of Covid-19 is significantly diminished and physician practices and patient flow have normalized in both the U.S. and Europe. Importantly, we are continuing to execute on our business plan to become a leader in the bladder cancer treatment segment, and we remain well-prepared to return to our prior growth trajectory when the pandemic is resolved," 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 2020 financial report on pages 26-27.

Photocure will present its fourth quarter 2020 report on Wednesday 3 March 2021 at 14:00 CET. The investor presentation will 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/landingpage/hegnarmedia/20210303_1. 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
Head of Investor Relations
Tel: +1 202 280 0888
Email: david.moskowitz@photocure.com

Media 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 subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/photocure/r/photocure-asa--results-for-the-fourth-quarter-of-2020,c3299060

The following files are available for download:

https://mb.cision.com/Main/17498/3299060/1381539.pdf	Release
https://mb.cision.com/Public/17498/3299060/9bfba0a4911e7a12.pdf	Photocure Q4 2020
https://mb.cision.com/Public/17498/3299060/8fb8da72eba416e1.pdf	PHO Q4 2020 REP vf

View original content:http://www.prnewswire.com/news-releases/photocure-asa-results-for-the-fourth-quarter-of-2020-301239325.html

SOURCE Photocure

FAQ

What were Photocure ASA's revenues for Q4 2020?

Photocure ASA reported Hexvix/Cysview revenues of NOK 97.7 million for Q4 2020.

How did the Covid-19 pandemic impact Photocure ASA's business?

The pandemic caused operational challenges, leading to a suspension of guidance for 2023 revenues.

What was the EBITDA for Photocure ASA in Q4 2020?

Photocure ASA reported an EBITDA of NOK 15.2 million for Q4 2020.

What growth did Photocure ASA see in its European revenues?

European revenues grew by 83.8% following the launch of its commercial operations.

What is the stock symbol for Photocure ASA?

Photocure ASA is listed under the stock symbol PHCUF.