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currency for the U.S. market in the first quarter of 2019, contributing to
Hexvix/Cysview revenues of NOK 51.2 million (Q1 2018: NOK 40.7) and a recurring
EBITDA of NOK -1.5 million (NOK -4.0 million). The company continues to receive
strong endorsement for the use of Blue Light Cystoscopy (BLC) with Cysview and
reiterates the significant revenue growth and profit opportunities in the U.S.
market.
“We are off to a strong start in 2019, continuing the momentum begun in 2018 by
posting another record quarter of results. In particular, the US growth
trajectory continues with an increase of 52% in USD. We are still very early in
the launch phase of Flex in the US with tremendous potential for long term
sustained growth. Our direct efforts in the Nordic countries continue to produce
strong single digit growth as expected in this mature region of the world. And
partnered sales have begun to show improvement with increased expectations and
efforts,” says Daniel Schneider, President & Chief Executive Officer of
Photocure.
Photocure reported total group revenues of NOK 52.2 million in the first quarter
of 2019 (NOK 40.7 million), with a recurring EBITDA of NOK -1.5 million (NOK
-4.0 million). Net result was NOK -4.9 million (NOK -3.0 million), while the
cash position ended at NOK 91.4 million. The sales development in the U.S. was
strong with a unit sales increase of 44% in the quarter. The revenues in the
Nordics increased 8% to NOK 13.1 million (NOK 12.1 million) in the first
quarter. EBITDA for the Hexvix/Cysview commercial franchise ended at NOK 1.7
million in the first quarter of 2019. At the end of the period, the total
installed base of permanent blue light cystoscopes (BLCs) in was 160 the U.S. In
addition,11 flexible cystoscopes for the surveillance setting have been
installed.
Photocure has built considerable experience in the bladder cancer market through
its Hexvix/Cysview franchise and sees significant long-term value creation
potential in this market segment. The company aims to capitalize on a number of
factors including inclusion in the AUA-SUO guidelines, increased patient
awareness and the improved reimbursement of Cysview. These drivers will
significantly increase penetration in the U.S. market. Furthermore, with the
approval of Cysview to be used with flexible cystoscopes, a significant market
opportunity has opened in the surveillance segment.
Given the large untapped market opportunities, the company will continue to
invest in the U.S. commercial and medical infrastructure in 2019. Photocure is
fully funded for this market strategy. The company has a 2020 forecasted revenue
range of USD 20-25 million in the U.S., up from USD 7.8 million in 2018, and
sees significant continued revenue growth and profit opportunities in the U.S.
market beyond 2020.
In April, an Expert Consensus on the optimal use of Blue Light Cystoscopy with
Cysview was announced in Nature Reviews Urology. The consensus opinion was
regarding when and how to use Cysview, to detect bladder cancer using a flexible
cystoscope.
“We have received strong endorsement for the use of BLC with flexible scopes in
the surveillance market through the newly published expert Consensus, further
underscoring the importance BLC should play in the treatment of NMIBC. It is our
ambition to make Hexvix/Cysview a standard of care across the globe. We will
maximize the return on our commercial investment by executing our plans in the
largely untapped U.S. market where we expect to see our greatest returns in the
form of significant and sustainable revenue and profitability growth,” Schneider
concludes.
Please find the full financial report and presentation enclosed.
Photocure will present its first quarter report on Tuesday 14 May 2019 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://webtv.hegnar.no/presentation.php?webcastId=97815786.
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.com
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
http://www.netfonds.no/quotes/release.php?id=20190514.OBI.20190514S11