Photocure ASA · OSL:PHO
Photocure ASA — Q1 2021 Earnings Presentation
23 slides from Photocure ASA's earnings presentation, May 19, 2021
Slide 1: Photocure ASA Results for 1st Quarter 2021
Photocure ASA Results for 1st Quarter 2021 19 May 2021 Daniel Schneider, President and CEO Erik Dahl, CFO
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: First Quarter 2021 Highlights
First Quarter 2021 Highlights: Progress in both commercial regions despite Covid-19 Two Partnership +50% EBITDA of NOK 18 Publications: World Journal of Urology: activity: Asieris: Licensed rights to Cost compare BLC vs. WLC Hexvix in China Hexvix®/Cysview® revenue growth million from claims data in
Slide 4: COVID-19 Update
COVID-19 Update Access restrictions continue due to “third wave” U.S. Significant access restrictions continued in Eastern states during Q1, access remains limited in certain areas (several waves of re-openings & closings) Large metropolitan cities beginning to loosen in Q2 (Los Angeles/New York Cit
Slide 5: Hexvix/Cysview Revenue Development
Hexvix/Cysview Revenue Development Quarterly Reported Product Revenue by Segment (NOK '000) 120 000 Covid-19 Pandemic 100 000 80 000 60 000 40 000 20 000 0 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 US - Cysview Europe - Hexvix Other 5
Slide 6: Segment Trends
Segment Trends U.S. and Europe markets Photocure – Presentation of Q1 2021 Results © Photocure - Confidential 6
Slide 7: Improving Trend in Both Regions Exiting Q1
Improving Trend in Both Regions Exiting Q1 First Quarter Hexvix/Cysview Units Last 3 Years by Month U.S. Europe 1400 6000 5520 1200 1152 1168 5000 4831 4582 4568 4425 1000 3930 3811 891 4000 3799 851 843 841 814 3448 781 800 725 3000 600 2000 400 200 1000 0 0 JAN FEB MAR JAN FEB MAR 2019 2020 2021 2
Slide 8: Q1 2021 Momentum in U.S.
Q1 2021 Momentum in U.S. 12 new towers installed in Q1 2021, backlog suggests acceleration in Q2 and throughout 2021 Unit volume up 4.2% in Q1 vs. prior year where Covid-19 surge occurred late March 2020 Access restrictions are lifting in Q2 and procedural volumes starting to pick up across the Unit
Slide 9: U.S.: Continued blue light cystoscope placements
U.S.: Continued blue light cystoscope placements Strong Start with 12 Installations in Q1 2021 Despite Access Restrictions Annual New Installations Cumulative install base continues strong trend Tower Placement By Year Cumulative Tower Install 70 300 64 60 41 54 250 38 50 Surgical & Surveillance App
Slide 10: Key Initiatives Will Drive Growth for the U.S.
Key Initiatives Will Drive Growth for the U.S. CONTRACTING REFRESHED CYSVIEW CAMPAIGN Ongoing contracting with key health systems such New campaign tailored to key physician segments & as Kaiser and community-based Urology Groups to educate on the disadvantage of using WLC alone VETERANS AFFAIRS PEE
Slide 11: Q1 2021 Momentum in Europe
Q1 2021 Momentum in Europe European business exceeded forecast from original business plan Successfully re-connecting with leading European KOL community “as Photocure” Introduced our commercial/medical team as the sponsor of Hexvix in priority markets Very positive response to future cooperation wi
Slide 12: Large Untapped Potential in European Market
First Signals of Turn-Around Large Untapped Potential in in Large European European Market Future Growth Markets 1900 France 1800 1700 1600 Established Hexvix Markets 1500 1400 Nordics: ~40% penetration 1300 1200 1100 Active Hexvix Markets 1000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 DACH region:
Slide 13: Q1 2021 Financials
Q1 2021 Financials Photocure – Presentation of Q1 2021 Results 13
Slide 14: Segment Performance First Quarter 2021
Segment Performance First Quarter 2021 U.S. Segment Europe Segment Amounts in NOK million Q1 ’21 Q1 ‘20 Change Amounts in NOK million Q1 ’21 Q1 ‘20 Change Total revenues 27.3 28.2 -3% Total revenues (1) 54.3 26.2 107% Gross profit 26.6 26.7 -% Gross profit 50.0 21.9 128% % of revenue 98% 95% % of re
Slide 15: Consolidated Income Statement First Quarter 2021
Consolidated Income Statement First Quarter 2021 Revenue Amounts in NOK million Q1 ‘21 Q1 ‘20 Change FY ‘20 Revenue driven by inclusion of European operations Hexvix®/Cysview® Revenue 81.6 54.4 50% 255.2 Foreign exchange impact: USD down 10% Other Revenue 6.6 0.6 1.3 Sign-on fee from Asieris of NOK
Slide 16: Cash Flow & Balance Sheet First quarter 2021
Cash Flow & Balance Sheet First quarter 2021 Amounts in NOK million Q1 ‘21 Q1 ‘20 FY ‘20 Cash Flow Operations Cash Flow -8.2 3.0 15.6 Comparison with Q1 ‘20 mainly driven by improved EBITDA Earnings before tax 20.3 -4.8 -33.2 from the European operation and from Asieris milestone Currency gain, unre
Slide 17: Strategy for Shareholder Value Creation
Strategy for Shareholder Value Creation Photocure – Presentation of Q1 2021 Results 17
Slide 18: Hexvix/Cysview – ambition to become standard of care in a $1.9 billion TAM
Hexvix®/Cysview® – ambition to become standard of care in a $1.9 billion total addressable market** POSITION IN THE LIFE CYCLE KEY SUCCESS FACTORS Penetration 100% APPROVAL SURGICAL & SURVEILLANCE 75% ACCEPTANCE MAJOR & LOCAL GUIDELINES* 50% PERMANENT AND FAVORABLE Nordic ACCESS REIMBURSEMENT DACH 2
Slide 19: Our Mission: Delivering transformative solutions to improve the lives of bladder cancer patients
Our Mission: Delivering transformative solutions to improve the lives of bladder cancer patients Photocure’s four step strategy to deliver on our mission & vision 4 3 Transform Build a global Bladder 2 Cancer Company Acquire Build pipeline – Partner and in-license partner/ acquisitions 1 Expand Gene
Slide 20: Anticipated Milestones & Corporate Priorities
Anticipated Milestones & Corporate Priorities Regain prior sales momentum once Covid-19 is in significant decline Continue geographic expansion by penetrating untapped European markets, and through additional Hexvix licensing agreements ROW Further execute on contracting with Group Purchasing Organi
Slide 21: Summary
Summary Photocure – Presentation of Q1 2021 Results 21
Slide 22: Summary
Summary Continuing to execute; positioned for growth Managed well through a challenging quarter Achieved Hexvix/Cysview sales growth in Q1 2021, despite Covid-19 & foreign currency headwinds Added 12 new towers in Q1; run-rate above 2020 and current backlog suggests acceleration in 2021 Continued to
Slide 23: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A Photocure – Presentation of Q1 2021 Results 23