Photocure ASA: Results for the third quarter of 2017
November 08 2017 - 1:15AM
Oslo, Norway, 7 November 2017: Photocure ASA
(OSE:PHO), today reported a revenue growth of 45% for the important
US market in the third quarter of 2017, contributing to
Hexvix/Cysview revenues of NOK 35.5 million (Q3 2016: NOK 31.6) and
an EBITDA of NOK -0.2 million for the commercial franchise.
Following the new Medicare reimbursement from 2018, Photocure
increases the annual revenue ambition for 2020 to a range of USD 20
to 25 million.
"Our third quarter report demonstrates continued
significant progress in our US business. The new reimbursement of
Blue Light Cystoscopy with Cysview for Medicare patients, as well
as the potential to expand Cysview's label in the US show our
commitment to this important market. It also confirms our desire to
deliver patients better access to bladder cancer treatment. We
expect the new reimbursement to drive significant growth in the
future," says Kjetil Hestdal, President and Chief Executive Officer
of Photocure.
Photocure reported total group revenues of NOK
35.6 million in the third quarter of 2017 (35.2), with a recurring
EBITDA of NOK -9.6 million (-1.6). Net profit was NOK -10.1 million
(0.1), while the cash position ended at NOK 123.1 million. Global
in-market unit sales of Hexvix/Cysview increased 3% in the third
quarter, impacted by a reduction of the partner business of 1% in
the quarter. The sales development in the US was strong with a unit
sales increase of 39%. The EBITDA for the Hexvix/Cysview commercial
franchise ended at NOK -0.2 million in the third quarter of
2017.
Photocure has built considerable
experience in the urology sector through its Hexvix/Cysview
franchise and sees significant long-term value creation potential
in this market segment. The company aims to capitalize on the
inclusion in the AUA guidelines, as well as the increased patient
awareness and the changes to reimbursement of Cysview in the
outpatient setting, to significantly increase penetration in the US
market. CMS (United States Centers for Medicare & Medicaid
Services) released in November the Final Rule stating that it will
reimburse hospital outpatient departments for certain Blue Light
Cystoscopy (BLC) with Cysview procedures from January 1, 2018.
"Photocure believes that in order
to increase market shares in the US, an investment in the US
commercial and medical infrastructure is required. As stated
previously, the company plans to double its salesforce from 2016
and increase sales and marketing expenses towards the end of 2017.
The goal of these efforts is to quadruple the revenues from the US
operations by 2020 before the impact of Medicare reimbursement. The
added reimbursement will have a positive effect on future revenues,
however, the full implications of this positive change are not
expected to be fully known before second half of 2018. Currently
the company estimates that the added reimbursement will drive the
US revenues in 2020 to a range of USD 20-25 million", says
Hestdal.
Photocure reported in May this
year that the Phase 3 study of Hexvix/Cysview in the surveillance
patient segment met its primary endpoint and other major endpoints.
Based on this, the company submitted asupplemental New Drug
Application (sNDA) to the US FDA, and in October FDA accepted for
review and granted priority review status to the sNDA for Cysview.
A decision on the approval by the FDA during the first half of
2018.
Please find the full financial
report and presentation enclosed.
Photocure will present its third
quarter report on Wednesday 8 November 2017 at Hotel Continental,
Oslo, Norway. The presentation will begin at 08:30 (CET) and
representatives from the company will be Kjetil Hestdal, President
& CEO and Erik Dahl, CFO. The presentation will be held in
Norwegian.
The presentation will be publicly
available at www.photocure.com. It will be possible to follow the
presentation through
http://webtv.hegnar.no/presentation.php?webcastId=67473710.
A light snack will be served from
08:00 (CET). The presentation is scheduled to conclude at 09:15
(CET).
Photocure will additionally host
an audio webcast and conference call
(http://webtv.hegnar.no/presentation.php?webcastId=67473875) the
same day in English at 17:00 CET / 16:00 GMT / 11:00 EST.
Please join the event conference
5-10 minutes prior to the start time using the number and
confirmation code below:
-
NORWAY: +47
2350 0296
-
UK:
+44(0)330 336 9411
-
USA:
+1 323 794 2094
Confirmation code: 6929135
It is possible to listen to a
replay of the conference call on the following numbers:
-
NORWAY +47 2350
0077
-
UK
+44 (0)207 984 7568
-
USA
+1 719 457 0820
Confirmation code: 6929135
For further information, please
contact:
Photocure
Kjetil Hestdal
President & CEO
Tel: + 47 913 19 535
Email: kh@photocure.no
Erik Dahl
Chief Financial Officer
Tel: +47 450 55 000
Email: ed@photocure.no
Notes to
editors
About Photocure
ASA
Photocure, headquartered in Oslo
Norway, is a specialty pharmaceutical company focusing on urology.
Based on its unique proprietary Photocure Technology® platform,
Photocure is committed to developing and commercializing highly
selective and minimally invasive solutions to improve health
outcomes for patients worldwide. The company is listed on the Oslo
Stock Exchange (OSE: PHO). More information about Photocure is
available at www.photocure.com, www.hexvix.com, www.cysview.com
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
3Q2017 Report
3Q2017 Presentation
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Photocure ASA via Globenewswire
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