Photocure (PHO) Q4 2024 earnings summary

Executive summary

• Achieved 13% revenue growth and 11% unit sales growth in Q4 2024, with full-year product revenue up 10% to NOK 487.9 million and positive EBITDA for the seventh consecutive quarter.

• North America led with 20% Q4 revenue growth, while Europe saw 9% growth; global unit sales rose 11% in Q4.

• Maintained a strong cash position of NOK 294 million at year-end 2024, with no term debt.

• Advanced strategic partnerships, including ForTec (mobile strategy) and Richard Wolf (flexible blue light system), and continued investment in new technologies and market access.

• Strategic milestones included regulatory approval and a USD 1.1 million milestone payment for Hexvix in China, and the launch of new BLC equipment in Europe.

Financial highlights

• Q4 Hexvix/Cysview/SISU product revenue reached NOK 128.6 million, up 13% YoY; full-year product revenue was NOK 487.9 million, up 10% YoY.

• Total Q4 revenue was NOK 141.7 million; full-year total revenue was NOK 525.4 million, a 5% increase.

• Q4 EBITDA was NOK 8.5 million; full-year EBITDA was NOK 49.2 million, with commercial EBITDA nearly doubling to NOK 34.3 million.

• Net loss for Q4 was NOK 5.8 million; full-year net loss was NOK 4.8 million.

• Cash flow from operations in Q4 was NOK 15.4 million; year-end cash and equivalents at NOK 293.9 million.

Outlook and guidance

• 2025 guidance: 7–11% product revenue growth and year-over-year EBITDA improvement expected.

• Continued operating leverage and milestone growth anticipated, with expansion in North America and Europe, new product launches, and regulatory milestones as key drivers.

• Focus on increasing kit throughput, tower upgrades, and installations, with national rollout of ForTec mobile towers in the U.S. and Olympus equipment launch in Europe.