Photocure ASA · OSL:PHO
Photocure ASA — Q2 2021 Earnings Presentation
25 slides from Photocure ASA's earnings presentation, Aug 11, 2021
Slide 1: Photocure ASA Results for 2nd Quarter 2021
Photocure ASA Results for 2nd Quarter 2021 August 11, 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: Second Quarter 2021 Highlights
Second Quarter 2021 Highlights: Progress in both commercial regions despite Covid-19 3 Study Partnership +66% EBITDA of NOK 5.8 Publications: U.S. Registry: activity: Asieris: First patient in Europe smoking/recurrence risk dosed in Cevira Phase 3 Trial Hexvix®/Cysview® million BLC in the detection
Slide 4: COVID-19 Update
COVID-19 Update Access restrictions continue due to 3rd and 4th waves U.S. Access restrictions continued in most of the U.S. during Q2 Large metropolitan cities showed less access restriction in May & June of Q2 (Los Angeles/New York City regions hardest hit during 2020 outbreak) Europe Severe lockd
Slide 5: Hexvix/Cysview Revenue Development
Hexvix/Cysview Revenue Development Quarterly Reported Product Revenue by Segment (NOK mill) Covid-19 Pandemic 100.0 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 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 Q2 '21 Europe - Hexvix U.S. - Cysview Photoc
Slide 6: Segment Trends
Segment Trends U.S. and Europe markets Photocure – Presentation of Q2 2021 Results © Photocure - Confidential 6
Slide 7: Q2 2021 Momentum in U.S.
Q2 2021 Momentum in U.S. Q2 of 2021 started slow due to Covid-19 resurgence, however improved accesses led to 53% unit growth vs Q2 2020 and 26% unit growth vs Q2 2019 Sequential 19% unit growth vs. Q1 2021 Access restrictions lifted in Q2 with procedural volumes picking up across the United States;
Slide 8: Favorable Trend Continues in U.S.
Favorable Trend Continues in U.S. Q2 2021 exceeds pre-COVID levels 4 000 Monthly Unit Sales Trend 1 400 3 441 3 500 1 200 3 000 2 902 2 730 2 784 1 000 2 500 2 380 2 245 800 2 000 600 1 500 400 1 000 200 500 0 0 Jan Feb Mar Apr May Jun 2019 2020 2021 Q1 Q2 Q1 Q2 2018 2019 2020 2021 Photocure – Prese
Slide 9: U.S.: Continued blue light cystoscope placements
U.S.: Continued blue light cystoscope placements 20 new tower installations in H1 2021 Annual New Installations Cumulative Installation Base 70 350 65 60 300 54 42 50 250 38 Surgical & Surveillance Approvals 45 Inclusion in Guidelines 26 40 New Commercial Team/Leadership 200 Improved Reimbursement 3
Slide 10: Key Initiatives to Drive Growth in the U.S.
Key Initiatives to Drive Growth in the U.S. CONTRACTING REFRESHED CYSVIEW CAMPAIGN Ongoing contracting with key health systems and New campaign tailored to key physician segments & community-based Urology Groups to educate on the disadvantage of using WLC alone VETERANS AFFAIRS PEER-TO-PEER Recent t
Slide 11: Q2 2021 Momentum in Europe
Q2 2021 Momentum in Europe Second Quarter unit volume up 9% vs. First Quarter, catching up to Pre-COVID Levels comparing to Q2 2019 Successfully (re)connecting with leading European KOL community “as Photocure”: Top experts agreed to participate in Photocure’s Faculty to cascade education on high qu
Slide 12: Favorable Trend Continues in Europe
Favorable Trend Continues in Europe Q2 2021 reaches pre-COVID levels of 2019 Monthly Unit Sales Trend 16 000 6 000 14 000 13 57513 195 13 232 13 165 12 094 5 000 12 000 10 393 10 000 4 000 8 000 3 000 6 000 2 000 4 000 1 000 2 000 0 0 2019 2020 2021 Jan Feb Mar Apr May Jun Q1 Q2 Q1 Q2 2019 2020 2021
Slide 13: Large Untapped Potential in European Market
Change of Trend in Large European Large Untapped Potential in Future Growth Markets during H1 European Market 2500 2000 1500 Established Hexvix Markets 1000 Nordics: ~40% penetration France 500 0 Active Hexvix Markets Q1 Q2 2018 Q3 Q4 Q1 Q2 2019 Q3 Q4 Q1 Q2 2020 Q3 Q4 Q1 2021 Q2 DACH region: ~30% pe
Slide 14: Key Initiatives to Drive Growth in Europe
Key Initiatives to Drive Growth in Europe ESTABLISH ADVOCACY HEXVIX (RE)LAUNCH CAMPAIGN Identify the strongest advocates for BLC among Impactful campaign to clarify potential misconceptions European top experts and leverage their experience about Hexvix in formerly neglected/new territories BLC EQUI
Slide 15: Q2 2021 Financials
Q2 2021 Financials Photocure – Presentation of Q2 2021 Results 15
Slide 16: Segment Performance Second Quarter 2021
Segment Performance Second Quarter 2021 U.S. Segment Europe Segment Amounts in NOK million Q2 ‘21 Q2 ‘20 Change YTD ‘21 YTD ‘20 Change Amounts in NOK million Q2 ‘21 Q2 ‘20 Change YTD ’21 YTD ‘20 Change Total revenues 31.4 13.6 131% 58.6 41.8 40% Total revenues (1) 57.6 39.9 44% 111.9 66.1 69% Gross
Slide 17: Consolidated Income Statement Second Quarter 2021
Consolidated Income Statement Second Quarter 2021 Revenue Amounts in NOK million Q2 ‘21 Q2 ‘20 Change YTD ‘21 YTD ‘20 Change FY ‘20 Q2 revenue driven by inclusion of European operations, Hexvix®/Cysview® Revenue 88.9 53.5 66% 170.5 107.9 58% 255.2 lower Covid-19 impact, partly offset by negative FX
Slide 18: Cash Flow & Balance Sheet Second Quarter 2021
Cash Flow & Balance Sheet Second Quarter 2021 Amounts in NOK million Q2 ‘21 Q2 ‘20 YTD ‘21 YTD ‘20 FY ‘20 Cash Flow Operations Cash Flow 8.4 11.4 0.2 14.4 15.6 Cash flow from operations in Q2 driven by Earnings before tax -7.6 -13.8 12.8 -18.7 -33.2 positive EBITDA and working capital development De
Slide 19: Strategy for Shareholder Value Creation
Strategy for Shareholder Value Creation Photocure – Presentation of Q2 2021 Results 19
Slide 20: 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 21: 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 22: 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 23: Summary
Summary Photocure – Presentation of Q2 2021 Results 23
Slide 24: Summary
Summary Continuing to execute despite ongoing Covid-19 impact Delivered strong Hexvix/Cysview revenue growth in Q2 2021, despite Covid-19 & FX headwinds Achieved positive EBITDA; Cash position increased by NOK 10.8M to NOK 340.2M in Q2 8 new BLC towers placed in Q2; 4 were delayed due to component b
Slide 25: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A Photocure – Presentation of Q2 2021 Results 25