Photocure (PHO) Q1 2026 earnings summary

Executive summary

• Achieved 18% global product revenue growth year-over-year (ex FX), with strong momentum and execution in North America and Europe.

• Adjusted EBITDA reached NOK 15.3 million, marking the 12th consecutive quarter of positive EBITDA and an 11% margin.

• Q1 2026 revenues grew to NOK 264.6 million, driven by milestone payments and robust product sales.

• Strategic NOK 28.7 million investment in Vesica Health to expand precision diagnostics portfolio.

• Significant regulatory and commercial milestones achieved, including Cevira approval in China, EMA acceptance in Europe, and FDA reclassification process for BLC equipment to start H2 2026.

Financial highlights

• Total Q1 revenues were NOK 264.6 million, up from NOK 116.2 million in Q1 2025, including NOK 125.6 million in milestone and other revenue.

• Hexvix/Cysview product revenue was NOK 139 million, up 18% year-over-year (ex FX).

• Gross profit increased to NOK 254.3 million, with a stable gross margin of 93%.

• Adjusted EBITDA margin improved to 11% from 8% in Q1 2025.

• Net earnings after tax were NOK 83.4 million for Q1 2026, compared to a loss of NOK 2.4 million in Q1 2025.

Outlook and guidance

• Maintains guidance of 7%-11% product revenue growth (constant currency) and continued adjusted EBITDA margin expansion.

• Focus on increasing account utilization, kit utility, upgrades, and installations, especially in the U.S. and Europe.

• Anticipates significant market expansion from FDA reclassification and new OEM entrants.

• Plans to launch next-generation 4K high-def BLC flex system in 2027.

• Advancing partnerships and supporting new equipment launches and regulatory milestones globally.