Photocure ASA (OSE:PHO) has reported an 11% year-on-year increase in Q3 2023 revenues from Hexvix/Cysview, reaching NOK 107.3 million ($12.1 million), and an EBITDA of NOK 3.3 million ($372,000), according to the company's recent financial statements.
The Norwegian pharmaceutical company has revised its 2023 guidance, now expecting between 65 and 75 new installations of its Saphira™ blue light tower. The revised guidance also anticipates a consolidated product revenue growth of 17-20%, taking into account foreign exchange impacts and the ongoing phase-down of flexible Blue Light Cystoscopy (BLC). The anticipated positive EBITDA for the year is projected to be in the range of NOK 45-50 million ($5.1-$5.6 million), excluding business development spending.
The third quarter saw Photocure advancing its business, announcing successful Phase III clinical trial outcomes for two assets in collaboration with partner Asieris. These assets include Cevira for pre-cervical cancer treatment and Hexvix for commercialization in China. The total group revenues for Q3 were NOK 107.5 million ($12.1 million), driven by price increases and foreign exchange benefits, although offset by lower unit volumes in the U.S.
By the end of Q3, there was a 23% increase in the installed base of rigid BLC systems in the U.S., with a total of 342 towers, marking an addition of 65 towers since Q3 2022. This figure does not include approximately 30 active flexible cystoscopy towers still in use in the U.S. Despite challenges from the phase-down of flexible equipment, Photocure believes that Blue Light Cystoscopy with Hexvix/Cysview will continue to be adopted as a standard of care.
Throughout 2023, Photocure collaborated with blue light equipment manufacturers to open 56 new accounts and upgrade components or full towers in over 150 accounts internationally. The company anticipates that the reclassification of BLC equipment from Class 3 to Class 2 in the U.S. will facilitate the entry of other manufacturers into the U.S. market. In addition, Photocure is implementing a global strategy to reintroduce flexible blue light cystoscopy equipment to rebuild the larger surveillance segment of the market worldwide.
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