Q4 2025 Photocure ASA Earnings Call Transcript
Key Points
- PhotoCure ASA (PHCUF) reported a 9% product revenue growth in Q4 and 10% for the full year, marking 11 consecutive quarters of positive EBITDA.
- The company achieved a 19% unit growth in the North American rigid surgical market, indicating strong demand for their products.
- PhotoCure ASA (PHCUF) has a strong balance sheet with 238.9 million NOK in cash and no term debt, providing financial stability.
- The company is actively expanding its geographic footprint, with recent expansions in Spain and ongoing efforts in high-priority growth markets in Europe.
- PhotoCure ASA (PHCUF) is advancing its technology through partnerships, such as with Richard Wolf and Intelligent Scopes Corporation, to develop high-definition and AI-enabled diagnostic tools.
- The US dollar weakened in the quarter, resulting in a $5.6 million unfavorable impact on revenue from foreign exchange.
- The flexible BLC market in the US continues to decline, now representing less than 5% of the total US business.
- Total revenue growth was impacted by the absence of milestone revenues in 2025, compared to $34 million in 2024.
- Cost of goods sold increased due to sales volume, one-time IFRS inventory value adjustments, and FX movements.
- The company reported a net loss of 8 million NOK for Q4 and 1.5 million NOK for the full year, indicating financial challenges.
(audio in progress) taking a deeper dive in the first pillar, accelerating discipline growth in revenue and EPITA in our core business and continue generating operating leverage. We also need to drive the BLC mobile strategy for tech in the US.
That hits the hospital markets or the hospitals who otherwise wouldn't have access to blue light cystoscopy. And in the EU it's important we increase our penetration in our high priority growth markets through BLC expansion and additional image quality upgrades throughout the continent and also expand our geographic footprint, for example, most recently Spain last year, and leverage our distribution partnerships throughout the globe.
In the second pillar, positioning and access, we are building the foundations for BLC as a primary precision diagnostic tool to facilitate early and appropriate use of new NMIBC therapeutics detection, surveillance, and therapeutic monitoring. We also need to support high-def BLC technologies that are entering the market, upgrades of key OEM
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