Photocure ASA · OSL:PHO
Photocure ASA — Q4 2010 Earnings Presentation
19 slides from Photocure ASA's earnings presentation, Feb 17, 2011
Slide 1: Photocure ASA – Presentation of fourth quarter 2010 results
Brilliance in photodynamic technology TM Photocure ASA The world leader in photodynamic technology Presentation of fourth quarter 2010 results 17 February 2011 Kjetil Hestdal, President & CEO Christian Fekete, CFO
Slide 2: Disclaimer
Disclaimer The information included in this Presentation contains certain forward-looking statements that address activities, events or developments that Photocure ASA (“the Company”) expects, projects, believes or anticipates will or may occur in the future. These statements are based on various as
Slide 3: Highlights
Highlights • Signed partnership agreement with Salix for Lumacan® • Hexvix® end user sales up by 31% in the quarter & 32% for the full year 2010 • Fourth quarter: • Sales revenues NOK 20.9 million (15.0) & total revenues 44.3 million (15.0) • Operating loss NOK 19.7 million (NOK 26.9 million) • Full
Slide 4: Financials
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Slide 5: Profit & Loss
Profit & Loss Fourth quarter and full year 2010 • Sales revenue: Numbers in NOK million Q4 2010 Q4 2009 FY 2010 FY 2009 • Up 34% in Q4 Sales revenue 20.9 15.0 70.5 51.5 • Up 25% in 2010 Signing fee & milestone revenues 23.4 0.0 106.8 0.0 • Reclassified deferred payments and Total revenues 44.3 15.0
Slide 6: Balance sheet – assets
Balance sheet – assets • NOK 389.2 million in cash & cash Numbers in NOK million 31.12.2010 30.09.2010 31.12.2009 equivalents at 31.12.2010 • Milestone payment of EUR 10 million Intangible assets, software 0.5 0.5 0.4 from GE Healthcare was received in Machinery & Equipment 1.5 1.7 1.8 Q4 Other inve
Slide 7: Balance sheet - equity & liabilities
Balance sheet - equity & liabilities • Shareholder’s equity of NOK 458.9 Numbers in NOK million 31.12.2010 30.09.2010 31.12.2009 million Share capital 11.0 11.0 11.0 • Other paid-in capital includes own Other paid-in capital 72.1 77.9 88.2 shares of NOK 37.5 million per 31.12.2010 Retained earnings
Slide 8: Cash Flow
Cash Flow Fourth quarter and full year 2010 Numbers in NOK thousand Q4 2010 Q4 2009 FY 2010 FY 2009 • Net change in cash NOK 78.4 million in Q4 2010 Profit/ loss before tax (16.7) (22.2) 18.1 312.4 • Positive net cash flow from Depreciation and amortisation 0.5 0.3 1.3 1.5 operations in 2009 and 201
Slide 9: Operational Update
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Slide 10: Hexvix - Europe
Hexvix - Europe Key sales figures Hexvix units sold per quarter Unit sales Nordic (Own sales): 12 000 • Q4: +19% to 1.614 units Own sales Partner sales +31% • 2010: +25% to 5.991 units 10 000 • 27% market share 8 000 • 14% growth in equipment placement Unit sales outside Nordic (Partner sales): 6 00
Slide 11: Cysview - USA
Cysview - USA • FDA approved Hexvix in May 2010 under the tradename Cysview • GE Healthcare and Karl Storz introduces Cysview/ blue light scopes • Identified high potential hospital accounts for targeting • Training of sales force completed • 13 experience centres in process of being set up • Formul
Slide 12: Hexvix/Cysview – way forward
Hexvix/Cysview – way forward • Support GE Healthcare in their efforts to increase sales of Hexvix/Cysview • Germany; Continue momentum in hospital and work on office segment • France; Train more clinics and communicate clinical benefit • Italy; Work to secure reimbursement on a national level • UK;
Slide 13: Cevira
Cevira Treatment of HPV & pre-cancerous lesions in cervix • Final results from phase IIa study reported: • Double blind placebo-controlled multicenter in 5 countries in Europe • Complete response of intracervical lesions in 57% of patients in trial vs. 25% placebo (histology and cytology) • Cevira w
Slide 14: Lumacan
Lumacan Improved detection of Colorectal Cancer • Lumacan licenced to Salix in October 2010 • Exclusive worldwide license - excluding the Nordic region • Development, registration and commercialisation • Signing fee of USD 4 million and milestone payments of up to USD 126.5 million • Royalties on ne
Slide 15: US Dermatology Formation
US Dermatology Formation Preparing Allumera launch • Positive results from 5 months consumer trial, RevitAll™ • Significant improvement in objective and subjective measures • Cosmetic trial program to support launch (GLOW) • Significant interactions with Key Opinion Leaders in dermatology • Recent m
Slide 16: Expanding Dermatology Franchise
Expanding Dermatology Franchise Develop Visonac® for treatment of acne • Recent market research confirm the need for a novel topical treatment in more severe acne where systemic treatments is standard treatment. • Positive feedback for use of occlusion combined with acceptable incubation time. • Rec
Slide 17: Summary & Outlook
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Slide 18: Following our strategic path
Following our strategic path • Photocure’s main strategic objective is to build a specialty pharma company, by • Maximising the potential of the Photodynamic Technology Platform, and • Develop, register and commercialise new products in Dermatology and Cancer • Dermatology • Develop own PDT-based pr
Slide 19: Summary and milestones
Summary and milestones • Sales: • Sales revenues +34% in the quarter and +25% for 2010 • Hexvix end-user sales in units +31% in the quarter and +32% for 2010 • Corporate development in line with strategy: • Signed license agreement with Salix for Lumacan in October • Established US subsidiary – hire