Lol, men de gidder ikke å legge ut PDF til kundene sine 
DNB:
Q1 report PHO. Sales were split between Europe (NOK83.4m; Q1 2025: NOK76.8m) and North America (NOK54m; Q1 2025: NOK48.6m). In North America, growth was driven by higher rigid kit utilisation and continued expansion of the installed base. Total unit sales increased 26%, with rigid kits up 29%. Photocure installed 11 Saphira towers in the US (four new accounts, seven upgrades), while a 24-unit mobile fleet supported broader BLC access. Active US accounts increased 23% to 413. In Europe, unit sales rose 8% on broader BLC adoption and growing uptake of next-generation imaging platforms. The Olympus Visera Elite III reached 75 installations, with further OEM traction. Upgraded accounts now exceed 15% of the base and remain a key growth driver. Adjusted EBITDA (excluding milestone payments, business development expenses, severance payments, and stock-based compensation and options) was NOK15.3m compared with NOK9.7m in Q1 2025. Photocure remains on solid financial footing, in our view, with cash and cash equivalents of NOK192.7m at end-Q1.
Investment in Vesica Health. During the quarter, Photocure invested NOK28.7m (USD3m) in Vesica Health to support its precision diagnostics strategy in bladder cancer. The investment complements existing partnerships in flexible cystoscopy and AI-based diagnostics, advancing an integrated BLC ecosystem. Vesica Health is developing a multi-omic urine test for early bladder cancer detection.
| PhotoCure |
BUY |
| Target NOK 80 |
|