Q4 2024 Photocure ASA Earnings Call Transcript
Key Points
- PhotoCure ASA (PHCUF) reported a strong Q4 with 13% revenue growth and 11% unit sales growth.
- The company achieved 20% product revenue growth in the US and 9% growth in Europe for Q4.
- PhotoCure ASA (PHCUF) generated positive EBITDA for the seventh consecutive quarter.
- The company ended 2024 with a strong cash position of NOK 294 million and no term debt.
- The collaboration with Richard Wolf is advancing, with the interim solution for flexible blue light cystoscopy now available in Europe.
- Operating expenses increased by 12.6% year-over-year in Q4, driven by investments and indirect inventory cost adjustments.
- The decline in Cysview usage in the flexible BLC setting in the US negatively impacted sales.
- The company faces ongoing challenges with the reclassification efforts for blue light equipment in the US.
- Italy experienced a setback due to equipment failure at a major center, affecting growth in that market.
- The flexible blue light cystoscopy market in Europe is not fully developed, requiring further infrastructure and adoption efforts.
All right. Well, good afternoon, good morning. I'm Dan Schneider, President CEO of Photocure ASA. Welcome to the fourth quarter, full year, and 2024 results. Next slide, disclaimers are in place for today's presentation. Next slide. So Q4, just to kind of review its key priorities and initiatives in the first block, our intention was to deliver on our financial guidance for growth and revenue in EBITDA this year and to continue generating operating leverage.
We want to drive the mobile strategy for tech in the US, increasing penetration in our priority growth markets in Europe, plus additional image quality upgrades throughout the continent of Europe. And expand our geographic footprint and leverage our distribution partnerships. We believe we, we've done and moved the needle on all three of those.
In the second block, we talk about positioning and access, positioning BLC as a primary diagnostic tool to facilitate early and appropriate use of non-muscle invasive bladder cancer therapeutics. It is really heating up in this space, and I'm
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