Photocure (PHO) Q3 2026 earnings summary

Executive summary

• Hexvix/Cysview Q3 product revenue was NOK 134.2m, up 7% at constant currency and flat reported; growth came from North America and Europe.

• U.S. active BLC accounts rose 20% YoY to 454 as mobile BLC, equipment access and tower upgrades advanced.

• Vesica Health added AssureMDx, extending the diagnostic portfolio; FDA proposed reclassifying applicable cystoscopic systems from Class III to Class II, pending final determination.

Financial highlights

• Q3 total revenue was NOK 140.9m, up 4% reported and 12% at constant currency; YTD revenue was NOK 548.0m, up 38% reported and 51% at constant currency.

• Q3 gross profit was NOK 131.0m; operating expenses were NOK 127.0m.

• Reported EBITDA was NOK 4.0m versus NOK 10.2m; adjusted EBITDA was NOK 18.5m versus NOK 18.9m.

• Q3 net loss was NOK 26.2m versus net income of NOK 4.0m; net financial items were NOK -24.8m, mainly reflecting unrealized FX losses and acquisition-related interest.

Outlook and guidance

• FY 2026 product revenue growth guidance rose to 10%–12% at constant currency from 8%–11%, with adjusted EBITDA margin expansion expected.

• Consolidated revenue is projected to exceed 25% CAGR from 2026 to 2030, with adjusted EBITDA margin above 25% by 2030; AssureMDx targets margins above 30% after modest near-term operating losses.

• Initial AssureMDx revenue is expected in 2027, with reimbursement targeted in H1 2027.

• Richard Wolf is developing a next-generation flexible BLC system for global markets; launch readiness is targeted by end-2027.