Photocure (PHO) Q2 2025 earnings summary

Executive summary

• Achieved all-time high product revenue of NOK 135.6 million in Q2 2025, up 11% year-over-year, with strong growth in North America and Europe and positive EBITDA for the ninth consecutive quarter.

• North America revenue grew 14% and Europe 8%, both reaching record quarterly revenues, driven by rigid surgical market, ForTec mobile solution adoption, and new installations.

• ForTec mobile solution now represents over 10% of total business, with 70 accounts and 150+ users, expanding access to new hospital segments.

• Strategic expansion into Spain, leveraging Olympus VISERA 3 launch and direct distribution, with expectations for growth as guidelines and equipment are updated.

• Commercial EBITDA (excluding milestones) increased to NOK 24.4 million from NOK 11.8 million in Q2 2024.

Financial highlights

• Q2 2025 product revenue was NOK 135.6 million (+11% YoY); total revenue down 7% YoY due to lower milestone revenue.

• EBITDA was NOK 14.8 million (NOK 22.6 million excluding business development and milestones); commercial franchise EBITDA reached NOK 24.4 million.

• Net profit for Q2 was NOK 4.9 million, down from NOK 12.3 million last year due to absence of milestone payments.

• Operating expenses (excluding business development) decreased by NOK 5.6 million year-over-year; total operating expenses Q2 2025: NOK 110.8 million (flat YoY).

• Cash and cash equivalents at quarter-end were NOK 239.1 million; equity at quarter-end was NOK 479.8 million, representing 70% of total assets.

Outlook and guidance

• Maintains 2025 guidance of 7–11% product revenue growth and continued positive EBITDA improvement.

• Expects further operating leverage and growth from commercial initiatives, new installations, upgrades, and mobile solutions.

• Anticipates milestone revenue from Asieris and Saphira approvals, with potential launch in China in 2026.