1 ste kvartal 2021

sokaratest
PHO 19.05.2021 kl 08:19 1358

Photocure ASA: Results for the first quarter of 2021
Oslo, Norway, 19 May 2021: Photocure ASA (OSE:PHO), the Bladder Cancer Company, today reported Hexvix®/Cysview® revenues of NOK 81.6 million in the first quarter of 2021 (Q1 2020: NOK 54.4 million), and EBITDA of NOK 18.1 million (NOK -4.8 million), following the continued successful launch in markets previously operated by Ipsen Pharma SAS. The third Covid-19 wave impacted operations in the quarter, but a strong March performance indicates the environment is improving.
“For the first quarter of 2021, Photocure delivered a 50% YoY increase in Hexvix/Cysview sales, unit growth in our U.S. segment, and positive EBITDA driven by the added revenue in Europe, cost containment, and the payment from Asieris to license Hexvix in China and Taiwan. I am pleased with this performance, particularly given the negative impact from the third wave of Covid-19 in January and February of this year, foreign currency headwinds during the quarter, and the difficult comparison to the same period last year when pandemic lockdowns and limited access to care did not occur until mid-March. While access is still closed or significantly restricted in many areas, strong performance in the last month of the quarter in both our U.S. and European segments suggests that the environment is improving,” says Daniel Schneider, President & Chief Executive Officer of Photocure.
sokaratest
19.05.2021 kl 08:27 1329

Kraftig vekst
Topplinjevekst på 60 prosent og EBITDA fra minus til pluss i første kvartal.


1.KVARTAL: Daniel Schneider, CEO i Photocure.
Helse
Odd Steinar Parr
07:07 - 19. mai | Oppdatert 07:23

ANNONSE

(Saken oppdateres)
SE DIREKTE: Webcast fra kvartalspresentasjonen kl. 14.00
Hexvix/Cysview-inntekter på 81,6 millioner løfter topplinjen opp i 88,2 millioner kroner for Photocure i første kvartal, tilsvarende en topplinjevekst på 60 prosent fra første kvartal i fjor. Årsveksten i Hexvix/Cysview-inntekter kom inn på 50 prosent.
I tillegg bokføres 6,1 millioner kroner i signeringsbonus fra Asieris for kommersialiseringen av Hexvix i Fastlands-Kina og Taiwan.
Driftsresultatet før av- og nedskrivninger (EBITDA) og restrukturering gikk fra minus 4,8 millioner til pluss 18,1 millioner kroner.
– Jeg er fornøyd med resultatene, særlig gitt den negative effekten fra tredje coronabølge i januar og februar, valutatap gjennom kvartalet og den vanskelige sammenligningen med samme periode i fjor da nedstengninger og begrenset tilgang til pleie ikke oppsto før medio mars, sier toppsjef Daniel Schneider i en kommentar.
Rapporten her.
Photocure
(Mill. kr) 1. kv./21 1. kv./20
Driftsinntekter 88,2 55,0
Driftsresultat (EBIT) 12,3 (8,6)
Resultat før skatt 20,3 (4,8)
Resultat etter skatt 15,2 (17,7)
sokaratest
19.05.2021 kl 08:55 1219

Strong 1Q EBITDA, growth to accelerate

Photocure delivered solid figures in a challenging quarter and guides for growth to accelerate as the COVID-19 restrictions are gradually lifted. This supports our positive stance towards the stock, and we are likely to raise our estimates and TP somewhat.

Solid quarterly figures in a pandemic quarter
Photocure delivered better-than-expected 1Q figures this morning. Sales of NOK 82m were almost spot on expectation, while EBITDA of NOK 18m was much better than our estimate of NOK 5m (both figures include the NOK 6m gain from Hexvix-related milestone from Asieris). We highlighted the uncertainty ahead of the quarterly numbers due to the pandemic and are positively surprised about how the company managed to control costs, while maintaining solid sales in a challenging environment.

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BLC installations continue at high pace and further acceleration seen
There were 12 new Blue Light Cystoscopes installed during 1Q in the US, 3 flexible and 9 rigid. This was in line with our projections and is an impressive pace having in mind still rather heavy restrictions due to the pandemic with access to hospitals limited in the US. The company sees further acceleration of BLC installations in 2Q and throughout 2021. Interestingly, contracting led to first multi-hospital system agreement which included 5 rigid towers in 4 hospitals from a key health system in the Mid-Atlantic Region.
sokaratest
21.05.2021 kl 07:43 945

Growth to accelerate as the pandemic ebbs

Photocure delivered solid 1Q figures in a challenging quarter and guides for growth to accelerate as the COVID-19 restrictions are gradually lifted. This supports our positive stance towards the stock, and we raise our 2021/22 estimates, while keeping long-term projections largely intact. Therefore, we reiterate Buy at a bit higher TP of NOK 155/sh.

Solid figures in a pandemic quarter
Photocure delivered better-than-expected 1Q figures on Wednesday. Sales of NOK 82m (88m incl. Asieris milestone) were almost spot on expectation, while EBITDA of NOK 18m was much better than our estimate of NOK 5m (both EBITDA figures include the NOK 6m gain from Hexvix-related milestone from Asieris). We highlighted the uncertainty ahead of the quarterly numbers due to the pandemic and are positively surprised about how the company managed to control costs, while maintaining solid sales in a challenging environment.

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BLC installations continue at high pace and further acceleration seen
There were 12 new Blue Light Cystoscopes installed during 1Q in the US, 3 flexible and 9 rigid. This was in line with our projections and is an impressive pace having in mind still rather heavy restrictions due to the pandemic with access to hospitals limited in the US. The company sees further acceleration of BLC installations in 2Q and throughout 2021. Interestingly, contracting led to first multi-hospital system agreement which included 5 rigid towers in 4 hospitals from a key health system in the Mid-Atlantic Region.

Europe ahead of plan
There are encouraging signs in Europe as well. PHO indicates the business is exceeding expectations. Importantly, the large growth markets like the UK, Italy and France are showing first signals of turnaround in sales, which is encouraging, especially so having in mind the pandemic-related challenges in hospital access and traveling. These challenges will still mostly be present during 2Q, but gradual improvement should be seen.

Growth to accelerate and Buy is reiterated
As the COVID-19 restrictions are slowly being lifted in the US and Europe during 2Q and likely more in 3Q, the company expects growth to accelerate. This was already visible in stronger growth towards end of 1Q. It seems that PHO is well prepared for this development and demand seems to be solid even in the pandemic environment. We have raised our estimates for 2021 and 2022 due to lower cost expectations but keep our long-term estimates largely intact. This led us to increase our TP to NOK 155/sh (150) and we reiterate our Buy recommendation. Photocure will benefit immensely as the pandemic fades and is prepared for a major acceleration in growth once that happens.


Analyst

Tomas Skeivys, CFA
+47 55 55 91 35
tomas.skeivys@norne.no