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Photocure (PHO) investor relations material
Photocure Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Achieved 12% year-over-year global product revenue growth in Q3 2025, with strong performance in North America and Europe, and Hexvix/Cysview revenues reaching NOK 134.1 million.
EBITDA reached NOK 10.2 million (NOK 14.1 million adjusted; commercial EBITDA NOK 16.4 million), reflecting improved operating leverage and profitability.
Strategic partnerships in AI and diagnostics, including collaboration with Intelligent Scopes Corporation for AI-driven tumor detection and BLC diagnostics; ENABLE clinical study initiated.
Installed base of BLC equipment expanded, with 14 new Saphira towers in the U.S. and 49 Olympus Visera III systems in Europe.
Cevira Phase III results published, showing significant efficacy for non-surgical treatment of cervical lesions; NDA under review in China.
Financial highlights
Q3 2025 total revenue increased 12% year-over-year to NOK 135 million, with Hexvix/Cysview revenue at NOK 134.1 million.
Gross profit: NOK 123.1 million, gross margin 91.2%.
Adjusted EBITDA was NOK 14.1 million; commercial EBITDA NOK 16.4 million; reported EBITDA NOK 10.2 million.
Net profit after tax was NOK 4 million, compared to a loss of NOK 3.5 million in Q3 last year.
Cash and cash equivalents: NOK 247.8 million at quarter end; completed 500,000 share buyback.
Outlook and guidance
Revenue growth guidance narrowed to 8%-10% for 2025 on a constant currency basis, reflecting caution after a record Q4 last year.
Expect continued EBITDA improvement and increased operating leverage.
Focus on expanding BLC adoption, new product launches, and leveraging regulatory and reimbursement catalysts.
Flexible BLC: new equipment timeline
Cevira China approval status and next steps
AI software for BLC: commercialization plan
What is the timeline for BLC AI FDA/CE submissions?
How will the new flexible BLC system unlock the $1.3B TAM?
What is the most impactful U.S. market catalyst for 2026?
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Frequently asked questions
Photocure ASA is a specialty pharmaceutical company engaged in the research, development, production, distribution, marketing and sale of pharmaceutical products. The Company's product portfolio consists of solid and semi-solid dosage forms including tablets, capsules, ointments and creams based on its patented drug delivery technologies. The Company has developed and commercialized proprietary formulations for medicines that are targeted primarily at cardiovascular indications.
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