Photocure (PHO) Q4 2025 earnings summary

Executive summary

• Q4 2025 Hexvix/Cysview product revenue rose 9% YoY (ex FX) to NOK 135.1 million, with North America up 17% and Europe up 4%, driven by strategic initiatives and strong execution.

• Full-year product revenue grew 10% (ex FX) to NOK 530.1 million, with North America up 14% and Europe up 7%; commercial EBITDA increased 63% to NOK 55.9 million.

• Operating leverage improved, with commercial EBITDA margin expanding from 7% to 11% for the year and 11 consecutive quarters of positive EBITDA.

• Installed base of BLC equipment in the U.S. increased by 15%, and active U.S. accounts rose 22% to 384.

• 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% ex FX YoY); FY revenue: NOK 530.1 million (+10% ex FX YoY).

• Q4 total revenue: NOK 136.7 million (-4% YoY, due to lower milestone/other revenue); FY total revenue: NOK 532.6 million (+1% YoY).

• Q4 gross profit: NOK 125.7 million, gross margin 92%; FY gross profit: NOK 490.6 million, gross margin 92%.

• Q4 EBITDA: NOK 1.9 million (NOK 5.9 million ex-BD ex-Milestones); FY EBITDA: NOK 28.7 million.

• Q4 net earnings: NOK -8.0 million; FY net earnings: NOK -1.5 million; EPS for 2025: NOK -0.06.

Outlook and guidance

• 2026 guidance: 7–11% product revenue growth (constant currency), continued operating leverage, and focus on expanding BLC adoption.

• North America expected to grow at high teens percentage, Europe at mid-single digits, with priority EU markets growing double digits.

• Flex system development on track, with potential approval in Europe and U.S. by 2027.

• Anticipated CMS reimbursement changes could significantly impact U.S. profitability by 2027.

• Advancing partnerships and next-generation diagnostic system development.