"As in the previous two quarters, Photocure continued to grow sales revenues in third quarter. The Hexvix/Cysview sales revenue increase for the quarter and first nine months was double digit. It is encouraging to see the positive momentum of volume growth and increased adoption of Cysview in the US, both in the quarter and year to date," says Kjetil Hestdal, president and CEO.
Photocure reported total revenues of NOK 35.2 million in the third quarter of 2016 (35.9), with an EBITDA of NOK -1.6 million (-1.6). Net profit was NOK 0.1 million (-5.0), while the cash position ended at NOK 93.9 million. The underlying sales revenue growth of 17 % for the Hexvix/Cysview franchise was driven by increased demand in the US, price increases and foreign exchange rates. Total Hexvix/Cysview global in-market sales increased 12% to NOK 181 million year to date with a year to date in-market unit sales growth of 5%
In the US, third quarter revenue increased 46% and year to date revenue increased 43% compared to same periods the prior year. The increase was driven by volume growth, positive foreign exchange rates and price increase. In constant currency, year to date revenue grew 35% compared to the same period in 2015.
"The US growth was driven both by the number of permanent blue light cystoscopes (BLCs) installed at leading US hospitals/urology centers and by increased average usage per center. In addition, several new and key medical publications on the medical benefits of Blue Light Cystoscopy with Hexvix/Cysview were announced in the third quarter, including studies published in Bladder Cancer, World Journal of Urology and The Journal of Urology, documenting clinical benefits for bladder cancer patients by using Hexvix/Cysview," says Hestdal.
Photocure expects to increase unit sales for Hexvix/Cysview through continued positive sales development of Cysview in the US, launch in new markets as well as growth in key mature markets. The company will continue to expand its commercial presence in urology by furthering the Hexvix/Cysview opportunity in the bladder cancer surveillance market with finalization of the new phase 3 clinical trial.
The company expects this trial to cost USD 7.5 million in total, down from originally planned USD 8.5 million. Photocure is entitled to receive EUR 4 million from Galderma in the fourth quarter of 2016, as the final payment related to the 2009 Metvix asset purchase agreement.
"The patient enrollment in the phase 3 clinical study of Blue Light Flexible Cystoscopy with Cysview is progressing according to plan and expected to be fully recruited by the end of 2016. Our cash position is expected to remain solid throughout 2016 including committed deferred payments and milestones. We are also working closely with our advisor and remain fully committed to establish strategic partnerships for our non-urology pipeline products, Visonac and Cevira", says Hestdal.
Photocure ASA will present its interim report today at Hotel Continental, Oslo, Norway. Continental, Oslo, Norway. The presentation will begin at 08.30 (CET) and representatives from the company will be Kjetil Hestdal, President & CEO, Erik Dahl, CFO. The presentation will be publicly available at www.photocure.com. It will be possible to follow the presentation through a live webcast.
Photocure will additionally host an audio webcast and conference call today in English at 17:00 CET / 16:00 GMT / 12:00 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)20 7026 5967
- USA: +1 719 325 2213
Confirmation code: 9330000
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: 9330000