OSLO, Norway, March 3, 2021 /PRNewswire/ -- Photocure
ASA (OSE: PHO) reports
Hexvix®/Cysview® revenues of
NOK 97.7 million in the fourth
quarter of 2020 (Q4 2019: NOK 58.8).
Product revenues increased 20% in FY2020 representing strong
execution in an unprecedented year. Due to the ongoing pandemic,
the Company suspends guidance for its 2023 revenue ambition in the
range of NOK 1 billion. Photocure
plans to re-issue financial guidance once the impact from Covid-19
is significantly diminished and physician practices and patient
flow have normalized in both the U.S. and Europe.
"Photocure grew sales in 2020 despite the significant
operational challenges during a major global pandemic," says
Dan Schneider, President & Chief
Executive Officer of Photocure. "Despite the limited access
to hospitals and physicians due to Covid-19, we still achieved
positive growth in the U.S. Key accomplishments for the year
included: continuing to generate growth in Cysview product sales
and installations of BLC equipment in the U.S.; successfully
integrating the European Hexvix business and launching commercial
operations on 1 October; generating value with our partner,
Asieris, who is advancing Cevira through Phase III development, and
working with our licensing partners to expand Hexvix use
worldwide."
Photocure reported total group revenues of NOK 97.9 million in the fourth quarter of 2020
(NOK 115.6 million) with an EBITDA
before restructuring of NOK 15.2
million (NOK 54.8 million),
and where the corresponding period in 2019 included sign-on fee and
milestone payments of NOK 56.5
million. Hexvix/Cysview revenues were NOK 97.7 million (NOK 58.8
million). Growth in the U.S. market continued, despite
limited access to hospitals and physicians due to the Covid-19
pandemic, with in-market unit sales up 11%, while European revenues
grew 83.8% following a successful launch of the Company's
commercial organization in markets previously operated by Ipsen
Pharma SAS.
The installed base of cystoscopes in the U.S. was 268 at the end
of the fourth quarter, an increase of 45 units or 20% since the end
of 2019. Blue Light Cystoscopy (BLC®) in the
surveillance setting is a key priority for Photocure in the U.S.
market. By the end of the fourth quarter, a total base of 38
flexible cystoscopes have been installed representing a 46%
increase over the prior year, giving more patients access to blue
light cystoscopy procedures with less constraints in the
office-based setting.
"I am pleased with how we managed through these unprecedented
times and proud of our employees for adapting to changing working
conditions and continuing to serve our patients and customers. Our
performance in dealing with the business volatility throughout
2020, including the rebound in the third quarter, gives me
confidence in the periods ahead," Schneider adds.
The ongoing Covid-19 pandemic adds continued uncertainty to
Photocure's near-term business forecast, which impacts the
reliability of financial estimates. However, the Company believes
that the benefits of blue light cystoscopy with Hexvix/Cysview
offering superior detection and management of bladder cancer will
continue to be adopted and become the standard of care. Procedures
are expected to rebound back to pre-Covid-19 growth rates in the
U.S. in places where bladder cancer patient care has been disrupted
by Covid-19. In the newly acquired European markets, the Company
also expects to see significant growth opportunities.
"Given the ongoing pandemic conditions, we have suspended our
guidance for 2023 revenues in the range of NOK 1 billion. However, we plan to re-issue
financial guidance once the impact of Covid-19 is significantly
diminished and physician practices and patient flow have normalized
in both the U.S. and Europe.
Importantly, we are continuing to execute on our business plan to
become a leader in the bladder cancer treatment segment, and we
remain well-prepared to return to our prior growth trajectory when
the pandemic is resolved," 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 fourth quarter 2020 financial report on
pages 26-27.
Photocure will present its fourth quarter 2020 report on
Wednesday 3 March 2021 at
14:00 CET. The investor presentation
will be streamed live and be hosted by Dan
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/landingpage/hegnarmedia/20210303_1.
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
David Moskowitz
Head of Investor Relations
Tel: +1 202 280 0888
Email: david.moskowitz@photocure.com
Media 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-fourth-quarter-of-2020,c3299060
The following files are available for download:
https://mb.cision.com/Main/17498/3299060/1381539.pdf
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Release
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https://mb.cision.com/Public/17498/3299060/9bfba0a4911e7a12.pdf
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Photocure Q4
2020
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https://mb.cision.com/Public/17498/3299060/8fb8da72eba416e1.pdf
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PHO Q4 2020 REP
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