Diskusjon Triggere Porteføljer Aksjonærlister

Photocure småprat (PHO) 🔦 3

Biotek
#4284

Highlights for fourth quarter 2024 and post-period news

(Numbers in parentheses and comparisons are for the corresponding period in 2023.)

  •  Hexvix®/Cysview® revenue in the fourth quarter of 2024 increased 13%, to an all-time high of NOK 128.6 million, compared to the same period last year (NOK 114.2 million). Year-over-year revenue growth was 20% in North America and 9% in Europe.
  •  North American unit sales increased 12%, while European unit sales increased by 11%, compared to the fourth quarter of 2023.
  •  Strong growth of Cysview kits used for TURBT procedures in the U.S. was partially offset by an expected decline in kits used for flexible cystoscopy. Photocure estimates that U.S. unit sales in the rigid segment grew 17% in the fourth quarter of 2024, while flexible BLC unit sales declined by 16% during the same period.
  •  Commercial EBITDA, which excludes milestones and includes a small allocation for BD expenses, increased 98% YoY from NOK 17.3 million in FY 2023 to NOK 34.3 million in FY 2024, reflecting increased sales and the operating leverage inherent in the Company’s business model.
  •  In the fourth quarter of 2024, commercial EBITDA continued to exhibit strong growth, increasing 22% from NOK 3.2 million in FY 2023 to NOK 3.9 million in FY 2024.
  •  At the end of Q4 2024, the installed base of rigid BLC systems in the U.S. was 390, up 11% since Q4 2023. This includes 18 ForTec Medical mobile towers. Photocure estimates that 25 flexible BLC towers remain in the U.S. market.
  •  On November 5, 2024, Photocure partner Asieris announced that market authorization for Hexvix was granted by China’s National Medicinal Products Administration (NMPA), resulting in a USD 1.1 million milestone payment in Q4 2024 to the Company. Commercialization is dependent upon the approval of Richard Wolf’s blue light equipment, which remains under regulatory review in China.
  •  In the fourth quarter of 2024, Olympus launched its high-definition blue light cystoscopy upgrade for its state- of-the-art Viscera Elite III endoscopic platform, which Photocure believes will increase use of Hexvix in certain Nordic countries and elsewhere in Europe.
  •  In February 2025 (post-period), Photocure provided an update from its collaboration with Richard Wolf disclosing that a flexible BLC interim solution is now available in Europe.
  •  Photocure expects product revenue growth in the range of 7% to 11% and YoY EBITDA improvement in 2025. While the Company is not providing a specific EBITDA guidance range, Photocure expects continued operating leverage flow-through in its core commercial business and significant growth in milestones this year.

DK

2 Likes
#4285

Hold nu op — Drift omksninger slår bunden ud af kassen

Det er sku for vildt

Nok engang reddet af Asireis :face_with_head_bandage:

DK

#4286

Kun to ord trengs om denne rapporten:

wtf opex

image
image884×589 52.1 KB

image
image917×571 5.27 KB

image
image865×599 25 KB

3 Likes
#4287

Selskapet er en vandrende katastrofe
Hvor mye dundrer det ned i dag ?

1 Like
#4288

Tipper de tok mye av Richard Wolf kosten i Q4. Ser om ikke annet ut som de faktisk kan levere litt vekst/pluss i 2025, selv om det er Cevira mine øyne er på.

2 Likes
#4289

Handelsbanken target 120kr
De hadde forecast prod sales 124 mill.

Initiativ med nye produkter og rigid samarbeid koster jo noe å iverksette. Er fornøyd med veksten og selskapet med Hexvix og Cevira produkter i fult fres mot markeder :pray:

https://reonapi.researchonline.se/f/hero_vAqWl-5EPttgHu-Zs1KW7ly6V-88w5JN5dyRbwVe4U4

4 Likes
#4290

“Operating expenses for the commercial franchise in
the fourth quarter increased 12% YoY to NOK 118.1
million (NOK 105.9 million). The increase in operating
expenses is primarily driven by the timing of project
expenses, the negative impact of foreign exchange,
and inflation. Full year 2024 operating expenses were
NOK 426.1 million, an increase of 6% compared to
full year operating expenses of NOK 402.8 million in
2023.”

3 Likes
#4291

Som de skriver: Udviklingsomkostninger og Valuta tab :exploding_head:

Lidt positivt da også:
As of January 1, 2025, Healthcare Reform in Germany went into effect. Photocure continues to see growth in its unit sales to German hospitals through mid-February 2025, and the Company will continue to monitor the Healthcare Reform situation in Germany as it evolves.

DK

2 Likes
#4292

Lite dramatikk i det der (og som antatt koblet til det nye RW-prosjektet).

2 Likes
#4293

HÅBER nogle fra Forum deltager i dag på præsentationen og vil spørge ind til disse udviklingsomkostninger — er det engangs eller kommer der mere af samme slags ??

DK

#4294

Og spør om Cevira nå ligger på 5 plass (reelt 2 plass ?) hos NMPA i Kina🤩?

https://www.cde.org.cn/main/xxgk/listpage/369ac7cfeb67c6000c33f85e6f374044

5 JXHS2400035

Handelsbanken i sin rapport før Q i link tråd synes meget interessant.

«Major upside potential as investors await accelerating growth

We make minor NOK 1-2m earnings estimate changes in our forecast period owing to FX.

The shares are still trading at ~50-70% discounts to Nordic Medtech peers, and we believe this ‘show me story’ is contingent upon accelerating, scalable, growth – a dynamic we expect for 2025 and beyond.»

Og fra dagens rapport fra PHO også meget interessant: « while Hexvix/Cysview revenues grew to NOK 128.6 million in
the quarter (NOK 114.2 million). The EBIT was NOK 1.2 million (NOK 22.5 million)
and the cash balance at the end of the period was NOK 293.8 million (NOK 259.5
million).»

#4295

For å glatte ut tallene litt, så ser glidende snitt av Cysview Revenue og Opex slik ut: (En dag må jeg lære meg hvordan jeg kan tilordne riktig farge til kolonner)

Veldig jevn og fin stigning på revenue, så har opex lenge vært flat men desverre skutt fart.

image
image919×571 9.05 KB

4 Likes
#4296

Glem operating expenses det viktige er at inntektene øker og det var over forventning.

-Drive early adoption of Richard Wolf interim “Flex” solution in Europe. Da fikk vi avklart at dette åpner surveillance markedet i Europa. Estimated Total Addressable
Market: 1.3B USD

5 Likes
#4297

Da får man nesten leve med noen millioner i kortsiktig og allerede meldt prosjektkost.

1 Like
#4298

ja riktig og når vi så at kursen falt fra 110 og ned til 40 på grunn av bortfall av surveillance markedet skulle en tro at når det nå er åpnet opp i Europa at det vil gi en hvis effekt.
Ser og at de nå er mer opptimistiske angående reklassifisering i US
Access to BLC and reclassification in U.S. remains a focus
th
Public comment period for Karl Storz Citizen’s Petition closed by FDA on
December 10
, Awaiting FDA to publish a proposed order in The Federal
Register

2 Likes
#4299

Hva skjer med dette forumet? Er det noen som leser rapporten før det svartmales, eller er det kun meling av sin egen kake og evt. posisjon i forkant av tallene. @Savepig OPEX skutt i taket? Det er vel tidenes overdrivelse? Det er ubetydelig økning. Les side 8 og 9.

4 Likes
#4300

Jeg plotter bare tall. Så blir det opp til ledelsen å sette dette i kontekst og begrunne.

image

(Alle forbehold om at det kunne finnes feil, men er gjort etter beste evne og vilje.)

2 Likes
#4301

Straks kroken på døra!

image

Her burde det være rom for mer tilbakekjøp og/eller utbytter.

4 Likes
#4302

Tall uten kontekst gir ingen mening basert på at alle vet at denne butikken ikke spruter penger. Det er vel ingen som investerer i PHO basert på de vil sprute cash ved å kutte kost? Det må gjøres riktige grep og potensialet er fra mitt ståsted enormt, men det må investeres riktig og da hjelper det ikke å kun ha fokus på kost (spesielt ikke når selskapet har en såpass romslig kontantbeholdning). Jeg opplever at de gjør riktige grep, men ting tar tid.

5 Likes
#4303

Se her ja, der ble det fill av siste planlagte rest pre Cevira. Never change OSE,