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growth of 20%. Photocure has successfully launched the European Hexvix
operations and reiterates the strong outlook and 2023 ambitions.
President & CEO Daniel Schneider comments: "The important U.S. market continued
to rebound in the third quarter with a 17% increase in YOY unit sales as fewer
procedures were postponed and business disruptions eased. We have deliberately
maintained our full commercial capabilities throughout the uncertainty of the
COVID pandemic in order to maximize the agility and flexibility necessary to
engage our customers personally, virtually and digitally. Photocure expects
continued changes in business conditions, but we are well positioned to
capitalize on opportunities through various methods. For this reason, we are
confident that we will weather the disruptions well and business will return to
the pre-COIVD-19 strong growth rates once the pandemic resolves.
We also concluded a successful transition of Ipsen’s European operations to
Photocure and launched our European commercial operations on October 1. We have
invested in our European commercial organization, establishing an efficient
distribution and third-party logistics network throughout Europe. The entire
European team has worked tirelessly to ensure we hit the ground running, and I
am very pleased with the seamless transition. We are deploying our full
commercial capabilities to grow and expand these new markets".
Photocure reported total group revenues of NOK 49.9 million in the third quarter
of 2020 (NOK 60.8 million), with an EBITDA before restructuring of NOK -5.4
million (NOK 8.3 million). The Hexvix/Cysview revenues were NOK 49.6 million
(NOK 51.1 million). The demand in the U.S. market continued to rebound during
the quarter, with the in-market unit sales up 17 per cent, while the Ipsen
transition contributed to a one-off revenue reduction of NOK 8.9 million in the
European market and had a negative EBITDA impact of approximately NOK 7 million.
The installed base of rigid cystoscopes in the U.S. was 253 at the end of the
third quarter, an increase of 42 units or 20% since the same quarter last year.
Blue Light Cystoscopy (BLC[®]) in the surveillance setting is a key priority for
Photocure in the U.S. market. By the end of the 3rd quarter, a total base of 33
flexible cystoscopes have been installed giving more patients access to the
procedure with less constraints.
“We experience a solid underlying development across markets. In Europe, the
preparations for the commercial Hexvix operations had a one-off impact on the
revenues in the third quarter and the growth will be evident from the last
quarter of the year, while the sales development in the U.S. continues to
accelerate. By maintaining our commercial resources during the Covid-19 pandemic
we can ensure a rapid recovery as the situation improves,” Schneider adds.
Over the past six months, Photocure has built the commercial infrastructure to
launch direct to market operations for Hexvix in the European markets formerly
operated by Ipsen. The successful transition and launch of European Hexvix
operations on October 1[st] has created a robust platform for accelerated growth
and expansion for Photocure.
The Hexvix rights were transferred to Photocure with the official launch of the
commercial operations beginning 1 October 2020. Photocure has paid Ipsen EUR 15
million for regaining the Hexvix rights and Ipsen will also receive earn-out
payments in the range of 10 -15% of sales (years 1-7 post-transfer) and 7.5% of
sales (years 8-10) in the former Ipsen markets.
“The U.S. and Europe are Photocure’s main growth markets, with large untapped
opportunities, and the Ipsen agreement is expected to be EBITDA accretive from
the full-year 2021 and beyond. Based on the outlook and strategic opportunities,
Photocure maintains its group revenue ambitions for 2023 in the range of NOK 1
billion, with EBITDA margins of approximately 40%,” 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
third quarter 2020 financial report on page 22-23.
Photocure will present its third quarter 2020 report on Tuesday 9 November 2020
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/hegnarmedia/#!/hegnarmedia/20201110_3. 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
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 subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
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