Q2 2024 Photocure ASA Earnings Call Transcript
Key Points
- PhotoCure ASA (PHCUF) reported a 6% increase in Hexvix/Cysview revenues year over year, driven by higher average pricing and volume increases in North America.
- The company has raised its guidance for Saphira tower placements in the US to 55-70, reflecting strong growth and market penetration.
- PhotoCure ASA (PHCUF) achieved positive EBITDA of NOK 27.8 million, an improvement from the previous year, indicating effective cost management and revenue growth.
- The company is actively expanding its presence in Europe, with double-digit growth in priority markets and a strategic partnership with Richard Wolf to develop a new Flex Blue Light system.
- The ForTec Mobile strategy is underway, aiming to increase access and affordability of Blue Light Cystoscopy in the US, with 18 systems being deployed.
- The Flex segment in North America is experiencing a phase-down, negatively impacting Cysview usage and requiring offset by rigid market growth.
- PhotoCure ASA (PHCUF) faced challenges in Europe due to hospital strikes in Sweden and shifted purchasing patterns in Germany, affecting Q2 performance.
- The company's revenue guidance remains broad, with uncertainties around the impact of new initiatives like the ForTec rollout and Olympus system launch.
- The development timeline for the Richard Wolf Flex Blue Light system is estimated at 2 to 2.5 years, delaying potential market entry and revenue generation.
- Despite positive developments, the company has not provided specific growth contribution expectations for the ForTec initiative in the second half of the year.
All right. Well, welcome, everyone. Good afternoon. Good morning. Welcome to Photocure ASA's second-quarter 2024 results. I'm Dan Schneider, President and CEO. With me today is Erik Dahl, our CFO; and David Moskowitz, Vice President of Investor Relations.
Next slide. Slide 2, disclaimers -- usual disclaimers are in effect for today's presentation.
Next slide. So a new slide for everyone, talking through the strategic priorities and initiatives. And the first block is the accelerate and expand. We want to deliver on our guidance for revenue, EBITDA, and we have now recently as of today, raised our tower placement guidance, and tightened it up. We want to drive additional image quality upgrades and account activations, we'll talk about that today, initiate Blue Light Cystoscopy Mobile strategy, the ForTec deal, we'll go into some details there, increased penetration in the growth markets and leverage our geographic partnerships.
In the positioning and access block, we want to position BLC as a primary
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