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Photocure
Photocure (PHO) investor relations material
Photocure Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
Strategy centers on strengthening the core business, advancing blue light cystoscopy (BLC) as standard of care, and expanding into uro-oncology and precision diagnostics, with key growth drivers including BLC mobile solutions, OEM partnerships, and AI-enabled diagnostics.
Achieved 9% year-over-year Q4 product revenue growth (10% ex-FX), driven by strong U.S. and European performance and execution on strategic initiatives.
U.S. rigid kit sales grew 19%, offsetting declines in flex kits; ForTec mobile tower rollout gained momentum, and active U.S. accounts rose 22%.
Collaborations with Richard Wolf, ForTec, Claritas ISC, and Intelligent Scopes Corporation are advancing new technologies and expanding market reach, including AI for BLC.
Ended Q4 with NOK 238.9 million in cash, completed a 500,000 share buy-back, and maintained no term debt.
Financial highlights
Q4 Hexvix/Cysview product revenue: NOK 135.1 million (+9% YoY ex-FX); full-year product revenue: NOK 530.1 million (+10% ex-FX).
Q4 total revenue: NOK 136.7 million (-4% YoY, due to lower milestone/other revenue); full-year total revenue: NOK 532.6 million (+1% YoY).
Q4 gross profit: NOK 125.7 million, gross margin 92%; full-year gross profit: NOK 490.6 million, gross margin 92%.
Q4 EBITDA: NOK 1.9 million (NOK 5.9 million ex-BD ex-Milestones); full-year EBITDA: NOK 28.7 million; commercial EBITDA for Q4: NOK 8.4 million, full-year: NOK 55.9 million.
Q4 net loss: NOK 8 million; full-year net loss: NOK 1.5 million.
Outlook and guidance
2026 guidance: 7–11% product revenue growth (constant currency), continued operating leverage, and high-teens growth in North America, mid-single digit in Europe.
Focus on increasing kit throughput, tower upgrades, and mobile tower rollout in the U.S.; growth markets and new equipment launches in Europe.
Flex system development on track, with market readiness expected in 2027.
Anticipated catalysts include improved CMS reimbursement, FDA reclassification, and new OEM entries.
Flexible BLC reintroduction timeline
AI software BLC integration commercialization
Cevira China approval commercialization timing
BLC AI system: What is the commercialization strategy?
Quantify the expected impact of CMS decoupling?
How will Flex system re-entry impact US market share?
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Next Photocure earnings date
Q1 20267 May, 2026
Photocure
Next Photocure earnings date
Q1 20267 May, 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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