Photocure (PHO) Q4 2025 earnings summary

Executive summary

• Strategy centers on strengthening core business, advancing blue light cystoscopy (BLC) as standard of care, expanding into uro-oncology and precision diagnostics, and leveraging collaborations and partnerships for innovation and market reach.

• Achieved 9% Q4 and 10% full-year product revenue growth (ex-FX), with strong U.S. and European performance, and 11 consecutive quarters of positive EBITDA.

• U.S. market remains under-penetrated, with less than 10% market share and significant growth runway; installed BLC equipment base in the U.S. increased by 15%, and active accounts rose 22%.

• Commercial EBITDA margin expanded from 7% to 11% over three years, with full-year commercial EBITDA up 63% to NOK 55.9 million.

• Completed 500,000 share buyback in Q2 2025 and received the 2025 Innovation Prize from the Norwegian Cancer Society.

Financial highlights

• Q4 Hexvix/Cysview product revenue reached NOK 135.1 million, up 9% YoY in constant currency; full-year product revenue was NOK 530.1 million, up 10% YoY in constant currency.

• Q4 total revenue was NOK 136.7 million, down 4% YoY due to lower milestone/other revenue; full-year total revenue was NOK 532.6 million, up 1% YoY.

• Q4 EBITDA (excluding milestones and business development) was NOK 5.9 million; full-year EBITDA was NOK 46.2 million, with commercial EBITDA for Q4 at NOK 8.4 million and full-year commercial EBITDA at NOK 55.9 million.

• Net loss of NOK 8 million in Q4 and NOK 1.5 million for the year; earnings per share for 2025 was NOK -0.06.

• Cash and equivalents at year-end were NOK 238.9 million, with no term debt.

Outlook and guidance

• 2026 guidance: 7–11% product revenue growth (constant currency) and continued operating leverage.

• North America projected to grow at high teens percentage, Europe at mid-single digits, with priority markets in Europe expected to deliver double-digit growth.

• Focus on increasing kit throughput, tower upgrades, mobile tower rollout in the U.S., and new equipment launches in Europe.

• Flex system development on track, with market readiness targeted for 2027.

• Anticipated catalysts include improved CMS reimbursement, new OEM entries, regulatory milestones, and next-generation diagnostic system development.