Photocure ASA delivers robust fourth‑quarter results, positioning for accelerated growth in precision diagnostics
Photocure ASA (OSE: PHO) announced its fourth‑quarter 2025 financials on 18 February 2026, confirming a revenue trajectory that sits firmly at the upper end of the company’s guidance. Hexvix®/Cysview® sales rose to NOK 135.1 million, up from NOK 128.6 million in Q4 2024, while commercial EBITDA climbed to NOK 8.4 million from NOK 3.9 million. The company’s EBITDA margin for the quarter improved markedly, reflecting disciplined cost management and a widening operating leverage in its core diagnostics business.
Expansion of the blue‑light cystoscopy platform
The quarter witnessed a strategic push into the U.S. market with the installation of seven new Saphira towers—one new account and six upgrades—bringing the total U.S. account base to 384, a 22 % increase over Q2 2024. Across Europe, 60 Olympus Visera Elite III blue‑light cystoscopy systems have been deployed since the Q1 2025 launch, further cementing Photocure’s role as the foundation of the bladder‑cancer diagnostic ecosystem.
Revenue outlook and operating leverage
Photocure projects product‑revenue growth of 7 % to 11 % on a constant‑currency basis for 2026. The company expects this growth to be underpinned by continued operating‑leverage flow‑through in the Hexvix®/Cysview® core. CEO Daniel Schneider emphasized that “the uro‑oncology landscape is rapidly shifting toward personalized treatment pathways, increasing the need for accurate, real‑time diagnostics.” This shift is anticipated to drive demand for Photocure’s blue‑light technology and associated consumables.
Financial health and cash position
Cash and cash equivalents stood at NOK 238.9 million at the end of the quarter, providing a solid liquidity buffer to support ongoing investments in sales, marketing, and research & development. EBIT for the quarter was ‑NOK 5.5 million, down from NOK 1.2 million in Q4 2024, largely attributable to the exclusion of a milestone payment that inflated the 2024 figure. Group EBITDA was NOK 1.9 million versus NOK 8.5 million the prior year, reflecting the absence of that milestone and the company’s focus on sustainable operating profitability.
Market positioning and future prospects
With a market capitalization of NOK 1.65 billion and a price‑earnings ratio of 797.67, Photocure trades at a premium that reflects investor confidence in its growth pipeline. Beyond Hexvix®/Cysview®, the company is developing Visonac for moderate to severe acne and Cevira for human papillomavirus (HPV) infection and precancerous cervical lesions, offering diversification into dermatology and gynecologic oncology. These products, once commercialized, could broaden revenue streams and reduce concentration risk.
Conclusion
Photocure’s fourth‑quarter performance demonstrates that disciplined execution and strategic expansion of its blue‑light cystoscopy platform are translating into tangible financial gains. As the company continues to scale its core diagnostics business while advancing its pipeline, the outlook for 2026 remains bullish, with steady revenue growth and strengthening profitability underpinning long‑term shareholder value creation.
