Photocure (PHO) Q3 2025 earnings summary

Executive summary

• Achieved 12% year-over-year global product revenue growth in Q3 2025, with strong momentum and execution in North America and Europe, and Hexvix/Cysview revenues reaching NOK 134.1 million.

• Positive EBITDA for the 10th consecutive quarter, with consolidated EBITDA of NOK 10.2 million (adjusted up to NOK 16.4 million commercial EBITDA), reflecting improved operating leverage.

• Strategic focus on expanding Blue Light Cystoscopy (BLC) adoption, advancing AI-driven diagnostics, and broadening uro-oncology reach through partnerships and new product launches.

• U.S. market remains underpenetrated, representing the largest growth opportunity with less than 10% market share and active accounts up 23%.

• Ongoing investments in partnerships, technology upgrades, and business development to drive future growth and innovation.

Financial highlights

• Q3 2025 total revenues increased 12% to NOK 135 million, driven by 6% volume growth and higher average pricing.

• Net profit after tax was NOK 4 million, reversing a NOK 3.5 million loss in Q3 last year.

• Year-to-date cash flow from operations was positive NOK 26.4 million, with a strong cash position of NOK 247.8 million and no term debt.

• Share buyback program completed, acquiring 500,000 shares for NOK 29.6 million.

• Negative FX impact on Q3 revenue of NOK 3.4 million, partially offset by positive FX on OpEx.

Outlook and guidance

• Revenue growth guidance narrowed to 8%-10% for 2025 on a constant currency basis, reflecting a cautious approach due to a strong Q4 2024 comparison.

• Expect continued EBITDA improvement and increased operating leverage, with multiple catalysts expected in 2026 including new product launches and regulatory milestones.

• Focus on expanding BLC adoption, technology upgrades, and leveraging regulatory and reimbursement catalysts in the U.S. and Europe.