Strong Product Growth
Photocure experienced a 12% product growth globally, with North America delivering 14% unit growth and 12% product revenue growth. The installed base of Saphira Blue Light equipment increased with 7 new tower placements and 7 upgrades in the U.S.
Significant European Market Expansion
Revenue in Europe was up 11%, with strong growth in the Nordics and DACH regions driven by Olympus upgrades of the Visera III system. Active accounts increased by 23% year-over-year to 373 accounts.
Positive Financial Metrics
Photocure reported a positive EBITDA of NOK 10.2 million, marking the 10th consecutive quarter of positive EBITDA. The company has a strong balance sheet with NOK 247.8 million in cash and no term debt.
Strategic Partnerships and Innovations
Photocure announced a strategic partnership with Intelligent Scopes Corporation to develop AI software for real-time tumor detection using Blue Light Cystoscopy. The ENABLE clinical study is initiated in both the U.S. and Europe.
Operational Leverage and Cash Flow
Achieved improved operating leverage with year-to-date cash flow from operations positive at NOK 26.4 million. Excluding the share buyback program, Photocure had a positive net cash flow of NOK 16.5 million year-to-date.