Q2 2020 Photocure ASA Earnings Call Transcript
Good afternoon to those of you in Norway and Europe, and good morning to those of us in the U.S. I'm Dan Schneider, President and CEO, broadcasting from my home in Philadelphia, Pennsylvania. With me today is Erik Dahl, CFO for Photocure, and he is presenting from Oslo.
Next slide. Just a reminder, today's disclaimers are in place.
Next slide. So I thought I'd start with a real high overview of why I believe it was a very strong second quarter despite the effects of COVID.
From a financial growth highlight perspective, we had positive revenue growth in Q2 despite the pandemic with a growth of 3%. Q2 revenue declined in the U.S., driven by the COVID-19 pandemic, but year-to-date unit -- year-to-date sales are just 2% below last year. We started the quarter impacted significantly with an excess of 50% decrease in revenues, but came roaring back by June, and we're able to make up all that lost revenue. We've significantly improved our financial position with a cash balance of NOK 499 million. We had 2 private placements, one
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