Photocure ASA

Photocure reported total Q2 2026 revenue of NOK 142.5 million versus NOK 135.6 million in Q2 2025. Hexvix/Cysview product revenue was NOK 140 million, up 11% at constant currency; gross profit was NOK 132.1 million and Hexvix/Cysview gross margin was 93%. Reported EBITDA was NOK 2 million negative, while adjusted EBITDA was NOK 27.2 million, equal to a 19% margin; year-to-date adjusted EBITDA margin was 15% versus 14% last year. North America revenue increased 12% at constant currency and Europe revenue increased 10% at constant currency. For the full year 2026, management raised guidance to 8%–11% top-line growth and said adjusted EBITDA should expand as operating leverage improves.

Daniel Schneider framed the quarter as evidence that Photocure is progressing from a single-product company toward a broader bladder-cancer precision diagnostics platform. He emphasized the core blue-light cystoscopy franchise, but repeatedly pointed to future growth drivers including FDA reclassification, flexible BLC, AI partnerships, and Vesica Health. His tone was upbeat and confident, while also acknowledging that the company is still in a transition phase and is investing ahead of revenue.

Dick Peters said Q2 included NOK 140 million of Hexvix/Cysview product revenue and NOK 142.5 million of total revenue, with gross profit of NOK 132.1 million and stable 93% product gross margin. Operating expenses were NOK 134.1 million, including NOK 21.8 million of business development costs tied to Vesica and Artera; he said normalized opex growth would have been about 5% year over year. He highlighted adjusted EBITDA of NOK 27.2 million, operating cash flow of NOK 26.8 million, ending cash of NOK 162.4 million, and no debt. He also noted North America contribution margin improved to NOK 12.6 million from NOK 9.2 million, while Europe contribution margin was NOK 44.6 million.

Analysts focused on when the company becomes sustainably profitable, how to interpret adjusted EBITDA versus cash flow, and why the company entered arbitration with Asieris. Management said adjusted EBITDA is meant to show the underlying performance of the core Hexvix/Cysview business during a transformation period, while cash flow is being affected by acquisitions and investment spending. On Asieris, Dan Schneider said Photocure believes it is contractually right, is pursuing legal remedies, and that the dispute does not change the long-term working relationship. Questions on Vesica and reimbursement centered on Novitas and the path to revenue before Medicare coverage; management said early access, commercial sales, and a final LCD expected in early 2027 could support launch before broader reimbursement is established.