Photocure (PHO) Q3 2025 earnings summary

Executive summary

• Achieved 12% year-over-year global product revenue growth in Q3 2025, with strong performance in North America and Europe, and Hexvix/Cysview revenues reaching NOK 134.1 million.

• EBITDA reached NOK 10.2 million (NOK 14.1 million adjusted; commercial EBITDA NOK 16.4 million), reflecting improved operating leverage and profitability.

• Strategic partnerships in AI and diagnostics, including collaboration with Intelligent Scopes Corporation for AI-driven tumor detection and BLC diagnostics; ENABLE clinical study initiated.

• Installed base of BLC equipment expanded, with 14 new Saphira towers in the U.S. and 49 Olympus Visera III systems in Europe.

• Cevira Phase III results published, showing significant efficacy for non-surgical treatment of cervical lesions; NDA under review in China.

Financial highlights

• Q3 2025 total revenue increased 12% year-over-year to NOK 135 million, with Hexvix/Cysview revenue at NOK 134.1 million.

• Gross profit: NOK 123.1 million, gross margin 91.2%.

• Adjusted EBITDA was NOK 14.1 million; commercial EBITDA NOK 16.4 million; reported EBITDA NOK 10.2 million.

• Net profit after tax was NOK 4 million, compared to a loss of NOK 3.5 million in Q3 last year.

• Cash and cash equivalents: NOK 247.8 million at quarter end; completed 500,000 share buyback.

Outlook and guidance

• Revenue growth guidance narrowed to 8%-10% for 2025 on a constant currency basis, reflecting caution after a record Q4 last year.

• Expect continued EBITDA improvement and increased operating leverage.

• Focus on expanding BLC adoption, new product launches, and leveraging regulatory and reimbursement catalysts.