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Photocure ASA: Results for the second quarter of 2024

OSLO, Norway, Aug. 7, 2024 /PRNewswire/ -- Photocure ASA (OSE: PHO), The Bladder Cancer Company, today reported Hexvix®/Cysview® revenues of NOK 122.4 million in the second quarter of 2024 (Q2 2023: NOK 115.9 million) and EBITDA of NOK 27.8 million (NOK 23.4 million). Photocure reiterates its 2024 financial guidance of product revenue growth of 6% to 9% in constant currency and positive EBITDA excluding business development expenses. Photocure now expects new and upgraded Saphira™ installations in the U.S. in the range of 55 to 70 towers for the full year, up from the previous range of 40 to 70 towers. "Photocure had a productive second quarter as we delivered Hexvix/Cysview revenue growth of 6% year-over-year and EBITDA of NOK 27.8 million. Year-to-date, we have reported 8% revenue growth, on track with our top-line guidance for the year. Once again, both our North American and European business segments had positive contributions during the period as we continue to grow revenues and contain our expenses. We also initiated key business development activities to accelerate our growth in the coming quarters and years,"  says Dan Schneider, President & Chief Executive Officer of Photocure. Photocure reported total group revenues of NOK 145.4 million in the second quarter of 2024 (NOK 144.3 million), and EBITDA* of NOK 27.8 million (NOK 23.4 million), driven by revenue growth and a milestone payment from Asieris for the NDA acceptance of Cevira® in China. Hexvix/Cysview revenues were NOK 122.4 million in the quarter (Q2 2023: NOK 115.9 million). The EBIT was NOK 20.7 million (NOK 16.8 million) and the cash balance at the end of the period was NOK 267.0 million. "During the second quarter, 20 new Saphira towers were installed including 5 new account placements, 3 accounts that upgraded to Saphira, and 12 mobile BLC towers delivered to ForTec Medical. High-definition Saphira systems now represent approximately 46% of the installed base of rigid BLC towers in the U.S. In early June, we announced our ...