Photocure ASA · OSL:PHO
Photocure ASA — Q3 2023 Earnings Presentation
17 slides from Photocure ASA's earnings presentation, Nov 8, 2023
Slide 1: Photocure ASA 3rd Quarter 2023 Results
Photocure ASA 3rd Quarter 2023 Results November 8, 2023 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: 3rd Quarter 2023 Highlights
3rd Quarter 2023 Highlights: Growth limited as flexible BLC phase down continues; positive milestones achieved in Q3 Product Revenue +11% EBITDA NOK 3.3 million Key news and Unit sales -1% year-over-year NOK 3.9M ex-BD expense milestone events 21 Saphira™ Towers Installed Q3: OPEX mostly level exclu
Slide 4: Segment Trends
Segment Trends North America and Europe markets Photocure – presentation of 3rd quarter 2023 results 4
Slide 5: Loss of Flex in U.S. Pressured Growth, Europe Steady
Loss of Flex in U.S. Pressured Growth, Europe Steady Regional 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 Q1 Q2 Q3 2022 2023 2022 2023 Photocure – presentation of 3rd qu
Slide 6: Q3 2023 Trends in North America
Q3 2023 Trends in North America Q3 revenues increased 2%, in-market unit sales declined 9%; Phase down of flexible BLC usage outweighed Cysview sales growth in the TURBT segment Continued expansion of blue light tower installed base: 15 new Saphira™ installations, 6 upgrades in Q3 (100+ quotes) Dema
Slide 7: Saphira now 35% of rigid BLC installed base in U.S.
Saphira™ now 35% of rigid BLC installed base in U.S. 21 installations in Q3 2023: 15 new account placements & 6 upgrades Annual New BLC Tower Installations (Rigid Only) Cumulative Installed Base in U.S. (Rigid Only) 50 400 47 46 Karl Storz New 45 Blue Light SaphiraTM Launch 41 350 40 Surgical & Surv
Slide 8: Q3 2023 Trends in Europe
Q3 2023 Trends in Europe Q3 revenues increased 17% year-over-year, driven by the positive effect of price increases, continued growth in Germany and more broadly the DACH region, as well as a benefit from foreign exchange in the quarter. Unit sales volume increased 2% compared to the same period in
Slide 9: Significant progress with our partner Asieris
Significant progress with our partner Asieris Hexvix China Q3 & Recent News Going forward Primary Endpoint Strong Results Phase III Trial Successfully Met; (p<0.0001) Expect China NDA Photocure Enrollment Data presented First RCT Trial Submission eligible for Completed at SIU Congress Conducted with
Slide 10: Q3 Financials
Q3 Financials Photocure – presentation of 3rd quarter 2023 results 10
Slide 11: Consolidated Income Statement Third Quarter 2023
Consolidated Income Statement Third Quarter 2023 Amounts in NOK million Q3 ‘23 Q3 ‘22 Change YTD ‘23 YTD ‘22 Change Revenue Hexvix/Cysview Revenue 107.3 96.9 11% 329.1 278.2 18% Q3 total revenue increased YoY 1%. Q3 2022 revenue was positively impacted by a USD 1.0 million milestone payment from Oth
Slide 12: Segment Performance Third Quarter 2023
Segment Performance Third Quarter 2023 North America Segment Europe Segment Amounts in NOK million Q3 ‘23 Q3 ’22 Change YTD ‘23 YTD ‘22 Change Amounts in NOK million Q3 ‘23 Q3 ’22 Change YTD ‘23 YTD ‘22 Change Total revenues 43.6 42.9 2% 132.0 112.1 28% Total revenues 63.4 54.0 17% 196.7 165.6 19% G
Slide 13: Cash Flow & Balance Sheet Third Quarter 2023
Cash Flow & Balance Sheet Third Quarter 2023 Cash Flow Amounts in NOK million Q3 ‘23 Q3 ‘22 YTD ‘23 YTD ‘22 Operations Cash Flow 8.7 21.3 28.7 -2.7 Net cash flow from operations in Q3 NOK 8.7 million, driven by EBITDA Earnings before tax -8.7 -6.3 -6.8 -42.6 adjusted for non-cash cost items Deprecia
Slide 14: Summary
Summary Photocure – presentation of 3rd quarter 2023 results 14
Slide 15: Summary of Q3 results
Summary of Q3 results 11% revenue growth / -1% unit sales growth YoY; several initiatives to reaccelerate unit sales momentum 21 Saphira™ towers installed in U.S. (15 new, 6 upgrades) Saphira™ now 35% of rigid towers in U.S.; Strong pipeline for HD BLC equipment remains, 100+ quotes issued EBITDA of
Slide 16: Anticipated Milestones & Corporate Objectives
Anticipated Milestones & Corporate Objectives 2023 Guidance: 65-75 new Saphira™ blue light tower installations assuming delivery of an anticipated large PO in Q4; consolidated product revenue growth in the range of 17-20% including the impact of FX and the ongoing flexible BLC phase down; and positi
Slide 17: Leading change in bladder cancer Q&A
Leading change in bladder cancer Q&A Photocure – presentation of 3rd quarter 2023 results 17