Photocure ASA · OSL:PHO
Photocure ASA — Q2 2023 Earnings Presentation
17 slides from Photocure ASA's earnings presentation, Aug 9, 2023
Slide 1: Photocure ASA 2nd Quarter 2023 Results
Photocure ASA 2nd Quarter 2023 Results August 9, 2023 Dan Schneider, President and CEO Erik Dahl, CFO David Moskowitz, VP Investor Relations
Slide 2: Disclaimer
Disclaimer By reading this company presentation (the “Presentation”) or attending any meeting or oral presentation held in relation thereto, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. The Presentation has been produced by Photocure ASA (the “Company”)
Slide 3: 2nd Quarter 2023 Highlights
2nd Quarter 2023 Highlights: Sequential growth from Q1’ 2023 recovery despite phase down of flexible BLC +16% Revenue growth EBITDA NOK 23.4 million Key news and events Units up 2% excl. German stocking prior year NOK 6.1M ex-BD exp. & Asieris payment Hexvix/Cysview revenue up 9% Asieris Cevira mile
Slide 4: Segment Trends
Segment Trends North America and Europe markets Photocure – presentation of 2nd quarter 2023 results 4
Slide 5: Sequential Growth Achieved in Both Territories
Sequential Growth Achieved in Both Territories Q1 & Q2 Hexvix/Cysview Unit Sales by Region (Last 3 Years) North America Europe (*German hospital stocking in Q2 2022) 4 500 16 000 4 000 14 000 * 3 500 12 000 3 000 10 000 2 500 8 000 2 000 6 000 1 500 4 000 1 000 500 2 000 0 0 Q1 Q2 Q1 Q2 2021 2022 20
Slide 6: Q2 2023 Trends in North America
Q2 2023 Trends in North America Q2 revenues & in-market unit sales increased 19% & 3%, respectively; Unit sales rose 4% sequentially Q2’23/Q1’23; Higher unit sales in new and upgraded Saphira™ accounts were partially offset by the phase down of flexible BLC usage Continued expansion of blue light to
Slide 7: Saphira now 28% of rigid BLC installed base in U.S.
Saphira™ now 28% of rigid BLC installed base in U.S. 13 Installations in Q2 2023: 8 new account placements & 5 upgrades Annual New BLC Tower Installations (Rigid Only) Cumulative Installed Base in U.S. (Rigid Only) 50 350 47 46 Karl Storz New 45 Blue Light SaphiraTM Launch 300 40 Surgical & Surveill
Slide 8: Q2 2023 Trends in Europe
Q2 2023 Trends in Europe Q2 revenues increased 14%, unit sales off 5% (up 0.5% ex-stocking); Unit sales rose 6% sequentially Q2’23/Q1’23; Positive effects of price increases and FX outweighed significant stocking by German hospitals in the 2022 comparable period and further unit sales decline in Den
Slide 9: Growth acceleration in Europe expected
Growth acceleration in Europe expected Q2 2023 • Continuous Investment in Commercial Established Markets • Steady Growth in DACH Excellence continues Nordic (excl. DK)/DACH • Good Penetration, Guidelines & Procedure Funding • Outdated equipment in 26% to 58% range of • Germany/Austria (70% of EU uni
Slide 10: Q2 Financials
Q2 Financials Photocure – presentation of 2nd quarter 2023 results 10
Slide 11: Consolidated Income Statement Second Quarter 2023
Consolidated Income Statement Second Quarter 2023 Amounts in NOK million Q2 ‘23 Q2 ‘22 Change YTD ‘23 YTD ‘22 Change Revenue Hexvix/Cysview Revenue 115.9 99.9 16% 221.8 181.2 22% Q2 total revenue increased YoY 44%, driven by Hexvix/Cysview and a milestone payment from Asieris Other Revenue 28.4 0.7
Slide 12: Segment Performance Second Quarter 2023
Segment Performance Second Quarter 2023 North America Segment Europe Segment Amounts in NOK million Q2 ‘23 Q2 ’22 Change YTD ‘23 YTD ‘22 Change Amounts in NOK million Q2 ‘23 Q2 ’22 Change YTD ‘23 YTD ‘22 Change Total revenues 46.2 38.7 19% 88.3 69.2 28% Total revenues 69.7 61.1 14% 133.3 111.6 19% G
Slide 13: Cash Flow & Balance Sheet Second Quarter 2023
Cash Flow & Balance Sheet Second Quarter 2023 Cash Flow Amounts in NOK million Q2 ‘23 Q2 ‘22 YTD ‘23 YTD ‘22 Operations Cash Flow 29.1 -1.9 20.0 -24.1 Net cash flow from operations in Q2 NOK 29.1 million, mainly driven by Earnings before tax 12.0 -9.1 1.9 -36.3 milestones received Depreciation & amo
Slide 14: Summary
Summary Photocure – presentation of 2nd quarter 2023 results 14
Slide 15: Summary of Q2 results
Summary of Q2 results 16% rev. growth/+2% unit sales excl. German stocking; 9% sequential rev. growth despite U.S. Flex phase down 13 Saphira™ towers installed in U.S. (8 new, 5 upgrades); 40 quotes/12 new BLC tower POs so far in Q3 Saphira™ now 28% of rigid towers in U.S.; New technology cycle, str
Slide 16: 2023 Anticipated Milestones & Corporate Objectives
2023 Anticipated Milestones & Corporate Objectives Deliver 65-75 Saphira™ installs, product revenue growth above 20%, and generate positive EBITDA in 2023 Continue to grow the base of rigid blue light towers in North America, upgrade BLC® image quality throughout Europe, and pursue strategy to estab
Slide 17: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A Photocure – presentation of 2nd quarter 2023 results 17