Photocure (PHO) Q1 2025 earnings summary

Executive summary

• Achieved 7% year-over-year revenue growth in Q1 2025, with total revenue reaching NOK 125.3 million and positive EBITDA for the eighth consecutive quarter.

• Strong European performance with 11% revenue growth, 30 Olympus Visera Elite III systems installed, and robust DACH region results.

• U.S. rigid kit sales increased, offsetting a 71% decline in FLEX kit sales; ForTec mobile solution now represents about 10% of U.S. units and is growing.

• Active accounts grew 17% year-over-year to 337, with 21 new Saphira installations and 13 upgrades in the U.S.

• Maintained strong cash position with NOK 259.5 million and no long-term debt at quarter-end; completed share buyback of 500,000 shares.

Financial highlights

• Total revenue reached NOK 125.3 million, up 7% year-over-year; gross profit was NOK 116.2 million with a 93% gross margin.

• EBITDA was NOK 1.8 million, down from NOK 7.9 million last year, mainly due to expected decline in FLEX kits and timing of rigid kit orders.

• Net loss narrowed to NOK 2.4 million from NOK 7.9 million year-over-year.

• Operating expenses increased to NOK 114.4 million, mainly due to sales/marketing, FX, inflation, and congress expenses.

• Net cash flow for Q1 was negative NOK 34.3 million, mainly due to share buybacks and earnout payments.

Outlook and guidance

• Reaffirmed 7–11% product revenue growth guidance for 2025 and expects year-over-year EBITDA improvement.

• Anticipates further growth from tower upgrades, ForTec mobile rollout, and new equipment launches in Europe.

• Limited tariff impact expected in 2025 due to pre-shipped stock and no flagged U.S. pharmaceutical tariffs.