Photocure (PHO) Q2 2026 earnings summary

Executive summary

• Product revenue grew 11% year-over-year at constant currency in Q2 2026, with North America up 12% and Europe up 10%, driven by strong unit sales, equipment upgrades, and mobile BLC adoption.

• Strategic focus on expanding blue light cystoscopy (BLC) adoption, precision diagnostics, and platform growth through acquisitions and partnerships, including Vesica Health and ArteraAI.

• Completed Vesica Health acquisition, adding a leading urine-based biomarker test (AssureMDx) to the portfolio.

• FDA reclassification process for BLC equipment expected to expand U.S. market access and accelerate adoption in H2 2026.

• Active U.S. accounts increased 20% year-over-year, with significant momentum in ForTec mobile BLC solutions and new equipment installations.

Financial highlights

• Q2 2026 total revenue reached NOK 142.5 million, up from NOK 135.6 million in Q2 2025.

• Gross profit was NOK 132.1 million, with Hexvix gross margin stable at 93%.

• Operating expenses rose 21% year-over-year to NOK 134.1 million, mainly due to business development and inflation.

• Adjusted EBITDA was NOK 27.2 million (19% margin), while reported EBITDA was NOK -2 million, reflecting investments in business development.

• Net earnings for the quarter were NOK -0.7 million.

• Cash balance at quarter-end was NOK 162.4 million, with no debt.

Outlook and guidance

• Raised guidance to 8%-11% top-line growth for 2026, with continued adjusted EBITDA margin expansion and improved operating leverage.

• Expect initial AssureMDx revenues in 2027 and positive EBITDA contribution from Vesica Health by 2030, assuming Medicare reimbursement by mid-2028.

• Targeting consolidated revenue growth above 25% annually from 2026–2030 and adjusted EBITDA margins above 25% by 2030.

• U.S. market expected to remain the fastest-growing segment, driven by increased BLC adoption and regulatory changes.