Photocure reported total group revenues of NOK 45.7 million in the second quarter of 2018 (39.3), with a recurring EBITDA of NOK 0.7 million (-4.4). Net profit was NOK -17.0 million (-4.7), while the cash position ended at NOK 97.9 million. The sales development in the U.S. was strong with a unit sales increase of 49% in the quarter. The revenues in the Nordics declined 8% to NOK 10.8 million (NOK 11.7 million) in the second quarter, driven by reduced billing as distributors have reduced their inventory following the inventory increase in the first quarter. Photocure's in-market unit sales in the Nordic region in second quarter increased 1%. EBITDA for the Hexvix/Cysview commercial franchise ended at NOK 4.8 million in the second quarter of 2018. During the second quarter, Photocure experienced all time high increases in permanent blue light cystoscopes (BLCs), with 17 installations bringing the total to 130 at the end of the quarter.

Photocure believes that in order to increase market share in the U.S., continued investments in the U.S. commercial and medical infrastructure is required during 2018 and the company is fully funded for this market strategy. These investments will enable the company to drive the U.S. revenues in 2020 to a range of USD 20-25 million, however with upside potential driven by added reimbursement and penetration of the surveillance segment. The company will update the market on this outlook later in 2018 when there is better visibility of the effects of the new reimbursement and initial market response in the surveillance segment" says Dahl.



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