Photocure ASA · OSL:PHO
Photocure ASA — FY2022 Earnings Presentation
21 slides from Photocure ASA's earnings presentation, Feb 23, 2023
Slide 1: Photocure ASA 4th Quarter & FY 2022 Results
Photocure ASA 4th Quarter & FY 2022 Results February 23, 2023 Dan 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: 4th Quarter & FY 2022 Highlights
4th Quarter & FY 2022 Highlights: Unit sales light in Q4, record blue light tower installations support growing demand +10% Revenue growth EBITDA NOK -16.9 million Key news and events -8.0% Hexvix®/Cysview® unit sales NOK-7.8M ex-Business Dev. Expense Record number of new tower Commercial investment
Slide 4: Segment Trends
Segment Trends North America and Europe markets Photocure – presentation of 4th quarter & FY 2022 results 4
Slide 5: Q4 challenges in post-pandemic environment
Q4 challenges in post-pandemic environment A Public Health Crisis: Staffing Shortages in Healthcare Keck School of Medicine USC – 15 October 2022 A Public Health Crisis: Staffing Shortages in Health Care | USC MPH Staffing Hosp. Budget Shortages Pressures Hospital Volumes Under Pressure As Labor Cri
Slide 6: Q4 2022 Trends in North America
Q4 2022 Trends in North America Q4 revenues up 12%/unit sales off 11% YoY; unit sales have rebounded so far in Q1 2023; Q4 impacted by staffing shortages, lower procedure volumes, and focus on significant Saphira™ tower placements Record blue light tower placements in Q4: 57 installations including
Slide 7: U.S. Unit Sales Trend by Quarter
U.S. Unit Sales Trend by Quarter Atypical Q4 unit sales pattern, signs of rebound in Q1 2023 US Quarterly Trend for Last 3 Years Monthly Unit Sales Trend 4000 1600 3500 1400 1200 3000 1000 2500 800 2000 600 1500 400 1000 200 500 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0 2020 2021 2022 Q1 Q
Slide 8: North American Unit Sales in Jan. & Feb. (to date)
North American Unit Sales in Jan. & Feb. (to date) Last 3 Years with February 2023 Projection Cysview Unit Sales 1350 Projected1 1200 1050 900 750 600 450 300 150 2021 2022 2023 2021 2022 2023 0 JAN FEB 1. Projected with 6 days remaining in February Photocure – presentation of 4th quarter & FY 2022
Slide 9: U.S. blue light cystoscope placements
U.S. blue light cystoscope placements Record number of quarterly placements; 57 including OPP (31 new account placements) Annual New Installations Karl Storz New Cumulative install base continues strong trend Blue Light 70 SaphiraTM Launch 400 65 59 350 60 69 54 Surgical & Surveillance Approvals 300
Slide 10: Q4 2022 Trends in Europe
Q4 2022 Trends in Europe Q4 revenues and unit sales down 5% and 8% respectively; unit sales in February 2023 appear to be recovering: Phasing of year-end German hospital orders, staffing shortages and hospital budget tightening across European markets impacted Q4 performance 2023 anticipated to be f
Slide 11: Europe Unit Sales Trend by Quarter
Europe Unit Sales Trend by Quarter Proactive German hospital behavior (Ipsen merger, end of year budget spending, Hexvix price increase) Europe Quarterly Trend Last 3 Years Monthly Unit Sales Trend 16 000 6 000 14 000 5 000 12 000 4 000 10 000 3 000 8 000 2 000 6 000 1 000 4 000 2 000 0 Jan Feb Mar
Slide 12: European Unit Sales in Jan. & Feb. (to date)
European Unit Sales in Jan. & Feb. (to date) Last 3 Years with February 2023 Projection Hexvix Unit Sales (in Market) 5000 4500 Projected1 4000 3500 3000 2500 2000 1500 1000 500 2021 2022 2023 2021 2022 2023 0 JAN FEB 1. Projected with 6 days remaining in February Photocure – presentation of 4th qua
Slide 13: Untapped Potential in European Market
Untapped Potential in European Market Established Large European Priority Hexvix Markets Growth Markets* Nordics: ~40% penetration France/ UK/ I taly 2400 2200 2000 Active Hexvix 1800 Markets 1600 DACH: ~30% penetration 1400 Benelux: ~10% penetration 1200 COVID-19 1000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 14: Q4 Financials
Q4 Financials Photocure – presentation of 4th quarter & FY 2022 results 14
Slide 15: Consolidated Income Statement Fourth Quarter 2022
Consolidated Income Statement Fourth Quarter 2022 Revenue Q4 Hexvix/Cysview revenue 1% above last year, driven by price Amounts in NOK million Q4 ‘22 Q4 ‘21 Change FY ‘22 FY ‘21 Change and FX, partly offset by volume Hexvix/Cysview Revenue 94.9 94.2 1% 373.0 351.4 6% Q4 total revenue 10% above last
Slide 16: Segment Performance Fourth Quarter 2022
Segment Performance Fourth Quarter 2022 North America Segment Europe Segment Amounts in NOK million Q4 ‘22 Q4 ‘21 Change FY ‘22 FY ‘21 Change Amounts in NOK million Q4 ‘22 Q4 ‘21 Change FY ‘22 FY ‘21 Change Total revenues (1) 38.7 34.6 12% 150.8 125.2 20% Total revenues 56.2 59.4 -5% 221.8 225.8 -2%
Slide 17: Cash Flow & Balance Sheet Fourth Quarter 2022
Cash Flow & Balance Sheet Fourth Quarter 2022 Amounts in NOK million Q4 ‘22 Q4 ‘21 FY ‘22 FY ‘21 Cash Flow Operations Cash Flow 0.7 6.3 -2.0 23.9 Net cash flow from operations in Q4 NOK 0.7m, impacted by Earnings before tax -28.6 -33.0 -71.1 -31.7 EBITDA NOK -7.8m, business development expenses NOK
Slide 18: Summary
Summary Photocure – presentation of 4th quarter & FY 2022 results 18
Slide 19: Summary of results
Summary of results 10% rev growth/8% unit sales decline in Q4; Saphira™ delay, staffing shortages, Q4 headwinds affected FY 2022 57 new BLC towers placed in U.S. during Q4 (31 new account installs: 24 Saphira™ & 7 flexible BLC towers) Pipeline of new Saphira™ towers indicates strong future demand fo
Slide 20: 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 execute on Saphira™ launch to significantly expanding the base of BLC® capital equipment in North America, as well as raising visibil
Slide 21: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A Photocure – presentation of 4th quarter & FY 2022 results 21