04.06.2018 kl 14:16 6472

Fra analysen til Edison

Hexvix/Cysview launch in the surveillance setting
In mid-February, the FDA approved an expanded indication for Cysview, which includes the surveillance setting. Hexvix/Cysview sales may have significant upside if the product successfully expands into the US bladder cancer surveillance market, which has an estimated 1.2–1.4m procedures per year, compared to its current market of 325,000 TURBT procedures. The commercial launch officially began in mid-May so there should be a small impact on Q2 revenues and a greater impact in the second half of the year.

US continues to be the growth engine

Q118 sales in the US increased 27% (up 36% on a constant-currency basis) to NOK12.7m, driven mainly by volume growth (which was helped by improved reimbursement) and price increases. Unit sales increased 29% and nine additional units were installed over the quarter (largest quarterly increase since the launch), bringing the total installed base to 113.

Partner revenue remains an issue

Partner revenue fell 5% to NOK15.8m and was down 12% on a constant-currency basis. France was a major driver due to a loss of reimbursement in Q217 and was responsible for about half of the decline. Germany also saw slowing sales.

Valuation: NOK880m or NOK41 per share

We have adjusted our valuation to NOK880m or NOK41 per basic share from NOK898m or NOK42 per basic share mainly due to a lower cash balance. We are maintaining our revenue estimates for 2018 and 2019 and expect to update them as we have more information on the progress of the surveillance market launch. With NOK111m in cash, Photocure should have enough capital to meet its needs.
Redigert 21.01.2021 kl 08:48

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