Photocure Reports Q4 2025 Revenue Growth & Positive 2026 Outlook
OSLO, Norway – Norwegian diagnostics company Photocure ASA reported fourth-quarter 2025 revenues of NOK 135.1 million for its Hexvix®/Cysview® products, a rise from NOK 128.6 million in the same period of 2024, according to a press release issued Wednesday.
The company also announced a commercial EBITDA of NOK 8.4 million, significantly up from NOK 3.9 million in the fourth quarter of 2024. Total revenues for the quarter reached NOK 136.7 million, a decrease from NOK 141.7 million the previous year, which included a one-time milestone payment.
Photocure anticipates product revenue growth of 7% to 11% in 2026, driven by continued adoption of its blue light cystoscopy (BLC®) technology. The company installed seven new Saphira towers in the U.S. During the quarter – one new account and six upgrades – bringing the total number of active U.S. Accounts to 384, a 22% increase since the second quarter of 2024. In Europe, 60 Olympus Visera Elite III BLC systems were installed following their launch in the first quarter of 2025.
“Photocure delivered a strong fourth quarter, finishing the year at the top end of guidance on revenue,” said Dan Schneider, President &. Chief Executive Officer of Photocure. “Operating leverage was proven with commercial EBITDA margins expanding from 7% to 11% for the full year. We executed with discipline across our core business whereas accelerating strategic initiatives that reinforce Photocure’s position as a foundational diagnostics platform in bladder cancer.”
The company’s group EBITDA for the fourth quarter was NOK 1.9 million, down from NOK 8.5 million in the same period of 2024. The EBIT ended at NOK -5.5 million, compared to NOK 1.2 million in the fourth quarter of 2024. Photocure reported cash and cash equivalents of NOK 238.9 million at the end of the period.
Schneider highlighted the company’s strategic partnerships, including one with Claritas, as key to its future growth. “Our partnership with Claritas, together with other strategic initiatives spanning cytology, biomarkers, and digital pathology, represents a natural evolution of our platform and expands our addressable opportunity,” he stated. Photocure is also pursuing potential catalysts for growth, including developments in CMS reimbursement, the potential reintroduction of flexible BLC solutions, and a possible FDA reclassification of BLC.
A licensing agreement with Asieris for Cevira includes a potential milestone payment upon regulatory approval in China, with future royalties and milestone payments tied to sales and regional approvals.
Photocure will host a live webcast at 14:00 CET to discuss the results further, featuring CEO Dan Schneider, CFO Erik Dahl, and VP of Investor Relations Priyam Shah.