OSLO, Norway, Nov. 10, 2020 /PRNewswire/ -- Photocure
ASA (OSE:PHO) today reported
Hexvix®/Cysview® revenues of
NOK 49.6 million in the third quarter
of 2020 (Q3 2019: NOK 51.1), with the
U.S. market continuing the COVID-19 rebound with a 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-COVID-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 1st 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.
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/photocure/r/photocure-asa--results-for-the-third-quarter-of-2020,c3234070
The following files are available for download:
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PHO Q3 2020 REP
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Photocure Q3 2020
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SOURCE Photocure