Oslo, Norway, 18 February 2026 - Photocure ASA (OSE:PHO) today reported
Hexvix®/Cysview® revenues of NOK 135.1 million in the fourth quarter of 2025 (Q4
2024: NOK 128.6 million), and a commercial EBITDA of NOK 8.4 million (Q4 2024:
NOK 3.9 million) for the company. In 2026, Photocure expects product revenue
growth in the range of 7% to 11% on a constant currency basis and continued
operating leverage flow-through in its core Hexvix®/Cysview® commercial
business.
"Photocure delivered a strong fourth quarter, finishing the year at the top end
of guidance on revenue. Operating leverage was proven with commercial EBITDA
margins expanding from 7% to 11% for the full year. We executed with discipline
across our core business while accelerating strategic initiatives that reinforce
Photocure's position as a foundational diagnostics platform in bladder cancer,"
says Dan Schneider, President & Chief Executive Officer of Photocure.
The company continued to execute on its plan to expand blue light cystoscopy
(BLC®) use in Q4 2025 with the installation of 7 new Saphira towers in the U.S.
- 1 new account and 6 blue light tower upgrades. Photocure had 384 active
accounts in the U.S. at the end of the quarter, an increase of 22% versus the
second quarter of 2024. Across Europe, a total of 60 Olympus Visera Elite III
blue light cystoscopy (BLC) capable systems were installed since the launch in
Q1 2025.
Total revenues ended at NOK 136.7 million in the fourth quarter of 2025, down
from NOK 141.7 million in Q4 2024 which included a milestone payment, with a
group EBITDA of NOK 1.9 million (NOK 8.5 million). The EBIT ended at NOK -5.5
million (NOK 1.2 million). Cash and cash equivalents were NOK 238.9 million at
the end of the period.
"We made important progress advancing Photocure's next phase of growth in
precision diagnostics. The uro-oncology landscape is rapidly shifting toward
personalized treatment pathways, increasing the need for accurate, real-time
diagnostics that inform clinical decision-making across the patient care
continuum," Schneider added and continues:
"Our partnership with Claritas, together with other strategic initiatives
spanning cytology, biomarkers, and digital pathology, represents a natural
evolution of our platform and expands our addressable opportunity. By layering
AI software, enhanced data, and biomarker-driven diagnostic capabilities onto
our existing leading franchise, we are building an integrated molecular-digital
ecosystem designed to drive differentiation and scalability, while maintaining
high gross margins and supporting operating leverage."
Photocure sees multiple drivers supporting continued growth of the base
business, including sustained rigid kit adoption, expansion of mobile BLC, and
ongoing equipment upgrades that increase utilization across the installed base.
The company also appreciates several potential catalysts that could further
enhance the growth trajectory, including CMS reimbursement developments, the
reintroduction of flexible BLC solutions, additional equipment manufacturing
partnerships, and a potential FDA reclassification of BLC. In addition, the
licensing agreement with Asieris for Cevira includes a significant milestone
payment upon regulatory approval in China, with future royalties and milestone
payments based on sales and other regional approvals.
"Entering 2026, we are confident in Photocure's momentum and trajectory. We
expect product revenue growth of 7% to 11% on a constant currency basis, and
continued operating leverage within the core commercial business, reflecting
disciplined execution and scalable growth as we build long-term shareholder
value," Schneider concludes.
Please find the full financial report and presentation enclosed.
EBITDA* and other alternative performance measures (APMs) are defined and
reconciled to the IFRS financial statements as a part of the APM section of the
fourth quarter 2025 financial report on page 25.
The quarterly report and presentation will be published at 07:00 CET and will be
publicly available at www.photocure.com. Dan Schneider, CEO, Erik Dahl, CFO, and
Priyam Shah, VP of IR will host a live webcast at 14:00 CET.
The presentation will be held in English and questions can be submitted
throughout the event. The streaming event is available through:
https://qcnl.tv/p/0MElVGJID9j2vJqcZ9_SbA
The presentation is scheduled to conclude at 14:45 CET.
For further information, please contact:
Dan Schneider
President and CEO
Photocure ASA
Email: ds@photocure.com
Erik Dahl
Chief Financial Officer
Tel: +47 450 55 000
Email: ed@photocure.no
Priyam Shah
Vice President Investor Relations
Tel: +1 7176815072
Email: priyam.shah@photocure.com
Geir Bjørlo
Corporate Communications (Norway)
Tel: +47 91540000
Email: geir.bjorlo@corpcom.no (geir.bjorlo@corpcom.no
)
About Photocure ASA
Photocure: The Bladder Cancer Company delivers transformative solutions to
improve the lives of bladder cancer patients. Our unique technology, making
cancer cells glow bright pink, has led to better health outcomes for patients
worldwide. Photocure is headquartered in Oslo, Norway and listed on the Oslo
Stock Exchange (OSE: PHO). For more information, please visit us at
www.photocure.com/news
All trademarks mentioned in this release are protected by law and are registered
trademarks of Photocure ASA.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. This stock exchange
announcement was published by Tolv Hillestad, Photocure ASA, on 18 February 2026
at 07:00 CET.