Photocure ASA · OSL:PHO
Photocure ASA — Q4 2023 Earnings Presentation
17 slides from Photocure ASA's earnings presentation, Feb 21, 2024
Slide 1: Photocure ASA 4th Quarter 2023 Results
Photocure ASA 4th Quarter 2023 Results February 21, 2024 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: 4th Quarter 2023 Highlights
4th Quarter 2023 Highlights: Continued growth and execution on key initiatives despite flexible BLC phase down Product Revenue +20% EBITDA NOK 29.9 million Key news and Unit sales +4% year-over-year NOK 29.6M ex-BD expense milestone events Expanding U.S. Saphira™ footprint OPEX mostly level excl. FO
Slide 4: Segment Trends
Segment Trends North America and Europe markets Photocure – presentation of 4th quarter 2023 results 4
Slide 5: Hexvix/Cysview Growth In 2023
Hexvix/Cysview Growth In 2023 Regional In-Market Unit Sales Year-Over-Year by Quarter North America Europe 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 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2022 2023 Photocure – presentation of 3rd quarter 2
Slide 6: Saphira now 39% of rigid BLC installed base in U.S.
Saphira™ now 39% of rigid BLC installed base in U.S. 17 installations in Q4 2023: 10 new account placements & 7 upgrades Annual New BLC Tower Installations (Rigid Only) Cumulative Installed Base in U.S. (Rigid Only) 60 400 Karl Storz New Blue Light SaphiraTM Launch 51 350 50 47 Surgical & Surveillan
Slide 7: Q4 2023 Trends in North America
Q4 2023 Trends in North America Q4 revenues increased 21%, in-market unit sales rose 7%; Cysview unit sales growth outweighed the ongoing effects of flexible BLC phase down during the quarter Highest number of rigid towers placed per year in history: 51 new Saphira™ installs and 30 upgrades in FY 20
Slide 8: Q4 2023 Trends in Europe
Q4 2023 Trends in Europe Q4 revenues increased 19% year-over-year driven by unit growth and a benefit from foreign exchange in the quarter. In-market unit sales increased 4% compared to the same period in 2022. Investment in priority growth markets paying off. UK and Italy both demonstrating consist
Slide 9: Significant progress with our partner Asieris
Significant progress with our partner Asieris Hexvix China Recent News Going forward Primary Endpoint Strong Results NDA Submitted Successfully Met; November 2023; Phase III Trial (p<0.0001) Photocure Chinese FDA Enrollment Data presented First RCT Trial (NMPA) Review eligible for Completed at SIU C
Slide 10: Q4 Financials
Q4 Financials Photocure – presentation of 4th quarter 2023 results 10
Slide 11: Consolidated Income Statement Fourth Quarter 2023
Consolidated Income Statement Fourth Quarter 2023 Amounts in NOK million Q4 ‘23 Q4 ‘22 Change FY ‘23 FY ‘22 Change Revenue Hexvix/Cysview Revenue 114.2 94.9 20% 443.3 373.0 19% Q4 total revenue increased YoY 37%. The revenue increase is driven by 20% product sales growth and a milestone payment Othe
Slide 12: Segment Performance Fourth Quarter 2023
Segment Performance Fourth Quarter 2023 North America Segment Europe Segment Amounts in NOK million Q4 ‘23 Q4 ’22 Change FY ‘23 FY ‘22 Change Amounts in NOK million Q4 ‘23 Q4 ’22 Change FY ‘23 FY ‘22 Change Total revenues 46.7 38.7 21% 178.6 150.8 18% Total revenues 66.8 56.2 19% 263.5 221.8 19% Gro
Slide 13: Cash Flow & Balance Sheet Fourth Quarter 2023
Cash Flow & Balance Sheet Fourth Quarter 2023 Cash Flow Amounts in NOK million Q4 ‘23 Q4 ‘22 FY ‘23 FY ‘22 Operations Cash Flow 19.6 0.7 48.3 -2.0 Q4 net cash flow from operations in Q4 was NOK 19.6 million, driven Earnings before tax 16.6 -28.6 9.7 -71.1 by EBITDA adjusted for non-cash cost items a
Slide 14: Summary
Summary Photocure – presentation of 4th quarter 2023 results 14
Slide 15: Summary of Q4 results
Summary of Q4 results 20% Product rev. gr. / 4% unit sales growth YoY; several initiatives to accelerate unit sales momentum in 2024 EBITDA of NOK 29.9 million; Commercial business contribution-positive in Q4 17 Saphira™ towers installed in U.S. (10 new, 7 upgrades); Large rigid tower order anticipa
Slide 16: Anticipated Milestones & Corporate Objectives
Anticipated Milestones & Corporate Objectives 2024 Guidance: 6-9% product revenue growth (constant currency), positive EBITDA, 40-70 Saphira™ installs (new + upgrades) Increase Hexvix®/Cysview® kit throughput, continue to grow rigid BLC tower base in U.S. and image quality upgrades in Europe, pursue
Slide 17: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A Photocure – presentation of 4th quarter 2023 results 17