Photocure ASA: Results for the third quarter and the first nine months 2013
Oslo, Norway, 23 October 2013: Photocure (OSE: PHO), a Norwegian specialty pharmaceutical company focused on photodynamic technologies in dermatology and cancer, announces its results for the third quarter and first nine months of 2013.
Highlights include:
(Numbers in brackets are for the corresponding period in 2012)
· Hexvix/Cysview total in-market volume growth 11% in the third quarter.
· Total sales revenues of Hexvix/Cysview at NOK 18.0 million (NOK 17.8 million) in the third quarter. Revenue up 10% for the first nine months to NOK 53.4 million driven by continued underlying customer demand in key markets.
· Total revenues of NOK 19.2 million in the third quarter were lower than last year (NOK 23.0 million) due to lower milestone revenues and sales of API. Total revenues for the first nine months were NOK 57.3 million (NOK 86.5 million).
· Operating loss from continued operations before restructuring was NOK 14.9 million (NOK 22.3 million loss), which was lower than last year mainly due to lower operating expenses partly offset by lower milestone revenues and sales of API. The operating loss for the first nine months was NOK 52.5 million (NOK 41.7 million loss).
· Cash and cash equivalents of NOK 182 million.
· Photocure hosted a symposium at the Congress of the Scandinavian Association of Urology and Urological Nurses on August 21. Excellent bladder images and possible benefits when using Hexvix in combination with blue-light flexible cystoscopes in the surveillance of bladder cancer patients in the out-patient setting were highlighted.
Key figures:
| Figures in NOK million | 3Q 2013 | 3Q 2012 | Change | YTD 2013 | YTD 2012 | FY 2012 |
| Sales revenues Hexvix / Cysview | 18.0 | 17.8 | 1 % | 53.4 | 48.4 | 67.5 |
| Sales revenues API | 0.1 | 2.4 | 0.7 | 7.0 | 7.6 | |
| Signing fee & milestone revenues | 1.1 | 2.9 | -62 % | 3.2 | 31.1 | 58.7 |
| Total revenues | 19.2 | 23.0 | -17 % | 57.3 | 86.5 | 133.8 |
| Gross profit | 17.7 | 20.0 | -11 % | 52.4 | 78.8 | 124.4 |
| Research and development expenses | 8.5 | 13.1 | -35 % | 24.2 | 36.8 | 50.1 |
| Sales and marketing expenses | 15.4 | 20.9 | -25 % | 53.6 | 51.5 | 70.2 |
| Operating result (EBIT) recurring | -14.9 | -22.3 | -52.5 | -41.7 | -39.2 | |
| Operating result incl. non-recurring | -14.8 | -22.3 | -56.5 | -41.7 | -39.2 | |
| Net profit/loss continued operations | -13.0 | -20.7 | -49.5 | -35.8 | -30.1 | |
| Earnings per share, diluted (NOK) | -0.62 | -1.20 | -2.34 | -2.40 | -2.24 |
President & CEO Kjetil Hestdal, M.D. Ph.D. comments:
"We are pleased to report continued customer demand for Hexvix/Cysview across all key markets. Sales in the Nordics are particularly encouraging as is the positive development in the increased number of blue light cystoscopes installed during the quarter in the US.
In addition, we have had positive feedback from leading urologists who have trialed Hexvix in combination with blue-light flexible cystoscopes in the surveillance of bladder cancer patients. The early experience and excellent bladder images highlight the possible benefits of using Hexvix in this segment."
Please find the full financial report and presentation enclosed.
Photocure ASA will present its third quarter and first nine months 2013 report today 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 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 16.00 CET / 15.00 GMT / 10.00 EST.
Please make sure to dial in 5-10 minutes prior to scheduled conference call start time on one of the following numbers:
- NORWAY: +47 2316 2787
- UK: +44 (0)20 3427 1906
- USA: +1 646 254 3366
Confirmation code: 3706896
It is possible to listen to a replay of the conference call on the following numbers:
- NORWAY +47 2100 0498
- UK +44 (0)20 3427 0598
- USA +1 347 366 9565
Confirmation code: 3706896
For further information, please contact:
Photocure
President & CEO Kjetil Hestdal
Tel: + 47 913 19 535, Email: kh@photocure.no
CFO Erik Dahl
Tel: +47 450 55 000, Email: ed@photocure.no
Hume Brophy
Mary Clark
Tel: +44 20 3440 5653
Email: photocure@humebrophy.com
About Photocure
Photocure, headquartered in Oslo Norway, is a specialty pharmaceutical company and world leader in photodynamic technology. Based on our unique proprietary Photocure Technology(TM) platform, Photocure develops and commercializes highly selective and effective solutions within disease areas with high unmet medical need, such as bladder cancer, HPV and precancerous cervical lesions, colorectal cancer and skin conditions. Our aim is to provide solutions which can improve health outcomes for patients worldwide. Photocure is listed on the Oslo Stock Exchange (OSE: PHO). Information about Photocure is available at www.photocure.com.
All trademarks mentioned in this release are protected by law and registered trademarks of Photocure ASA.