Problemet er vel at den er unĂždvendig stor. Det sies at det er rundt 40 selgere? Og det plasseres ut rekordlite skop for tiden.
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Er den unĂždvendig stor? Hvor stor andel av disse kostnadene/personene kunne man fjernet, men likevel holde eksisterende accounts i gang + drive utilization samt noe nysalg?
Hvordan skal vi da ha nok folk til fremtidige triggere (reclassification, flere scope-produsenter, fleksibel BLC)?
Sett i retrospekt kunne man nok hatt en del fÊrre folk, men er nÄ riktig tid Ä redusere basen pÄ?
Dick Peters svarte pÄ dette spÞrsmÄlet i forbindelse med Q-rapport, og han hadde ikke fordelingen pÄ hva som er arbeid i forbindelse med eksisterende accounts og salg. Uansett godt Ä se at det har vÊrt ganske flatt siden Q4 2022 som Rosk viser her.
Synes svaret pĂ„ âother & allocationsâ er litt spesielt. Virket som at jo mer âcontributionâ USA har, jo mer kostnader allokeres dit. SĂ„ tror âcontributionâ og totalen er viktigere Ă„ se pĂ„ enn SegmentâEBITDA.
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S&M som prosent av omsetningen i NA er pĂ„ 77%. Det er svakt. Den gĂ„r dog i riktig retning, og falt 1,3 prosentpoeng, men for Ă„ nĂ„ nivĂ„et til Europa-segmentet med dagens kostnadsbase mĂ„ omsetningen i NA opp 79 %. Det er fem Ă„r med 12 % vekst, forutsatt at S&M stĂ„r stille. Det gjĂžr den ikke. Salgsapparatet er dimensjonert for en langt stĂžrre omsetning enn den har. Da blir jeg samtidig litt overrasket da DS sier de trolig mĂ„ Ăžke organisasjonen nĂ„r de gĂ„r fra Ă„ vĂŠre et enkeltprodukt-selskap til et selskap med bred portefĂžlje. Det sier seg selv hvilken vei dette gĂ„r de neste 1-3 Ă„rene. Ăkte kostnader kommer fĂžr potensielle inntekter.
Med usikkert utfall i voldgiftsaken, og litt skuffende salg av Cevira i Kina, proposed order drĂžyer, Ăžkte kommersialiseringskostnader for AssureMDx og/eller utsatt refusjon, er ikke emisjon 100% utelukket. Og det er ganske utrolig.
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Min mening er at vi har ekstremt lav visibilitet og styre og ledelse fremstÄr som de har 0% sense of urgency pÄ shareholder returns. Alle penger fra cevira skal brukes pÄ et binÊrt bet pÄ at et startup pÄ en hÄndfull personer skal utkonkurrere et produkt som allerede er i markedet
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SÄ sÄ, det er det BESTE produktet i markedet by far de skal introdusere.
( det mÄ bare godkjennes fÞrst)
Er overrasket over at ingen spurte DS om nÄr han tror at de vil motta fÞrste royalty betaling fra Asieris og hva som er avtalt om betalingene, om det er Ärlige betalinger eller flere betalinger per Är.
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Hvordan vet du at ingen sendte inn det spÞrsmÄlet?
Det er i sÄ fall ogsÄ overraskende hvis spÞrsmÄlet ble stilt og man unnlot Ä svare pÄ det.
As things stand today, we believe investors should primarily value Photocure based on the business we control and are actively building around BLC in bladder cancer. We view the Asieris partnership as an attractive source of potential upside that can contribute meaningfully to future financial results, but not as the core investment thesis for Photocure.
Overhode ikke overraskende, man unngÄr jo konsekvent Ä svare pÄ vanskelige eller uvelkomne spÞrsmÄl.
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Hysterisk hele sjappa
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Dear Investor Relations Team,
I am contacting you as a shareholder in Photocure.
There is a growing frustration among many Norwegian investors regarding the lack of concrete information surrounding the partnership with Asieris. A significant number of us have invested in Photocure specifically because of the potential embedded in Cevira and the expanded collaboration around Cysview.
Therefore, it is disappointing that management shares so little information regarding the financial expectations of this agreement. We are missing concrete estimates on what Photocure anticipates receiving in royalties moving forward.
We would like clarity on how the executive team evaluates this asset: Does management actually view Cevira as a potential major revenue generator for the company in the years ahead?
For long-term investors, it is crucial to understand if, and when, these royalty revenues will contribute significantly to the companyâs bottom line. As the situation stands now, the agreement appears to be a âblack box.â This makes it unnecessarily difficult to price the stock and assess its true fundamental potential.
Why does management choose to keep its cards so close to its chest regarding this matter? Can the market expect more transparency and specific guidance on the future royalty streams from Asieris during upcoming quarterly presentations?
I look forward to your response.
Sincerely,
Xxx
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Thank you for your email.
We appreciate your interest in the Asieris partnership. Please understand that Asieris is a publicly listed company with its own disclosure obligations. As such, we are not in a position to comment on or provide expectations regarding its commercialization plans, sales forecasts, or anticipated royalty streams beyond information that has already been publicly disclosed by Asieris.
We will continue to communicate material developments relating to the partnership in accordance with our own disclosure obligations. More broadly, we would note that Photocureâs investment case is built first and foremost on our commercial bladder cancer business and our strategy to drive growth in that business. While the Asieris partnership represents a valuable strategic asset with potential future milestone and royalty income, it should be viewed as complementary to our core business rather than the primary driver of Photocureâs value.
We do believe Cevira has meaningful long-term potential, and we continue to view the partnership with Asieris as an important strategic asset for Photocure. The timing and magnitude of future royalty revenue, however, will depend on a number of factors that are outside of Photocureâs direct control, including the pace of commercialization, market adoption, reimbursement, pricing, and execution by our partner. For these reasons, we are not in a position to provide specific forecasts or guidance regarding future royalty revenues and can only communicate material developments as they occur while avoiding speculation on outcomes that remain uncertain.
I hope you can understand and revise your investment thesis accordingly as well as on expectations on what Photocure can communicate.
Best,
Priyam Shah
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Dear Priyam
Thank you for your response and for clarifying managementâs perspective.
While I understand the regulatory boundaries regarding Asieris as a separate publicly listed company, I must admit the pushback is surprising. Telling a shareholder to ârevise their investment thesisâ because they request clarity on a major partnership is quite unusual.
Many investors built their thesis precisely because Photocure has historically highlighted Cevira and the Asieris deal as a significant catalyst. Downplaying it now as merely âcomplementary to the core businessâ rather than a potential major driver of the bottom line feels like a shift in narrative. Even if the execution is in Asierisâ hands, Photocure owns the financial rights to the royalty percentages, which directly impacts your valuation.
If the timing and magnitude of these royalties are completely out of your control and omitted from your core value proposition, it leaves the market to price this asset at zero.
Given that Cevira represents meaningful long-term potential, as you state, we hope management will at least proactively communicate the framework of how these royalties will flow into the financial statements once Asieris achieves their commercial milestones, even if specific numbers cannot be guided on. In that regard, could you please clarify whether the 10% royalty will apply immediately from the very first sale, or if there are certain thresholds or milestones that must be met before Photocure starts receiving royalty payments?
Thank you for your time.
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I understand the perspective, and I agree that a 10% royalty is fair to apply right away. The challenge is that 10% of an unknown future revenue base is inherently difficult to quantify.
Admittedly, Iâve only been with the company for nine months, so Iâm not the best person to comment on prior communications or the historic investment thesis.
That said, we are always happy to discuss the Photocure core business in depthâour BLC franchise (Hexvix/Cysview), AssureMDx, our commercial strategy, and the opportunities we are building around bladder cancer. However, we are simply not in a position to provide additional visibility on a divested asset or our partnerâs commercialization efforts until Asieris chooses to disclose more information publicly.
As things stand today, we believe investors should primarily value Photocure based on the business we control and are actively building around BLC in bladder cancer. We view the Asieris partnership as an attractive source of potential upside that can contribute meaningfully to future financial results, but not as the core investment thesis for Photocure.
Best,
Priyam Shah
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Haltopen
âlitt skuffende salg av Cevira i Kinaâ
Hva mener du med det? Kun vĂŠrt i salg noen uker - hva hadde du forventet??
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sÄ de bekrefter 10% royalty fra fÞrste salg?
Det er da noe, jeg var usikker pÄ om man risikerte vise salgstall etc fÞr royalty slo inn, men her virker det jo som det gjelder fra fÞrste salg.
Det er nettopp det investorene gjÞr, hvilket gjenspeiles i den begredelige kursutviklingen. Vi ligger nÄ Ä kaver pÄ samme nivÄ som for 8 Är siden.
Det var jo bare det som manglet pÄ denne elendige dagen, ytterligere 265 000 opsjoner til vÄrt fantastiske executive leadership team.
