Product Revenue Growth (Hexvix/Cysview)
Q4 Hexvix/Cysview product revenue NOK 135 million, highest ever; Q4 product revenue +9% year-over-year in constant currency and full-year product revenue NOK 530 million (+10% YoY in constant currencies), at the top end of guidance.
North America Strong Performance
North America Q4 revenue +17% in constant currencies driven by 13% unit growth and ~4% price increases; North America rigid/mobile volumes up substantially with rigid surgical market unit growth +19% in Q4.
Expanding Account Base and Mobile Access (ForTec)
Active accounts increased ~22% year-over-year to 384; ForTec mobile solution reached 134 accounts with >230 trained physicians, underpinning access expansion and contributing materially to U.S. unit growth.
Europe Momentum and Equipment Upgrades
Europe Q4 revenue +4% and units +4%; Olympus Visera III rollout gaining traction with 60 installs through Q4, driving double-digit uplift in priority markets (DACH, Nordic, France, Italy, U.K.).
Improved Profitability and Operating Leverage
Commercial EBITDA (ex-BD and milestones) improved: Q4 NOK 5.9 million vs NOK 1.6 million in Q4 2024; full-year EBITDA (ex-BD/milestones) NOK 46.2 million vs NOK 24.0 million in 2024; 11 consecutive quarters of positive EBITDA and demonstrated operating leverage (commercial EBITDA margin up from 7% to 11% over 3 years).
Strong Balance Sheet
Year-end cash balance NOK 238.9 million and no term debt; equity NOK 484 million (68% of total assets), providing runway for growth and M&A focus in 2026.
Strategic Partnerships and Technology Initiatives
Partnerships progressing: Richard Wolf collaboration for flexible 4K BLC (on-track, interim flexible solution introduced in EU) and Claritas/Intelligent Scopes collaboration to develop BLC AI (ENAiBLE study initiated), adding a potential high-margin software component.
Asieris Milestones and China Progress
Photocure has received over USD 18 million in milestones from Asieris across Hexvix and Cevira programs; Hexvix has marketing authorization in China with commercial launch expected following device approval; Asieris's Chinese pivotal trial showed BLC detected additional lesions in 43.3% of patients using modern high-def equipment.