EarningsQ2 2026 Earnings Report
DE:PHS Q2 2026 EPS Results
Actual EPS>-€0.01
Consensus EPS<€0.01
Beat/MissMissed by -<€0.01
One Year Ago EPS<€0.01
DE:PHS Q2 2026 Revenue Results
Actual Revenue€13.30M
Expected Revenue€13.22M
Beat/MissBeat by +€82.24K
YoY Revenue Growth+5.06%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeBefore Open
Conference CallWednesday, July 29, 2026
DE:PHS Upcoming Earnings
Photocure ASA's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:PHS Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented multiple clear commercial and strategic positives: double-digit product growth ex-FX in both North America and Europe, increasing installed base and active accounts, a healthy gross margin (~93%), completion of the Vesica acquisition to expand into precision diagnostics, major partnerships (Artera AI, Claritas), regulatory progress (FDA reclassification initiation and China approvals), and a raised near-term guide plus ambitious long-term growth and margin targets. Offsetting these were near-term profitability and cash impacts from investments: reported EBITDA and a small net loss in the quarter, increased operating expenses driven by business development, negative net cash flow in Q2 due to the Vesica acquisition, FX headwinds reducing reported U.S. growth, and a legal dispute with Asieris with outstanding milestone payments. Overall, the strategic and operational momentum and the high-quality margin profile of the core product line, combined with the potential upside from Vesica and regulatory catalysts, outweigh the near-term financial and execution risks highlighted.Company Guidance
Product Revenue Growth (ex FX)
Overall product revenue grew 11% ex FX in Q2 2026. North America product revenue grew 12% ex FX with in-market unit sales up 10% (rigid +13%). Europe product revenue grew 10% ex FX with in-market units up 8%.
Installation and Account Momentum
U.S. installed base increased with 4 new tower placements and 2 tower upgrades in Q2; active U.S. accounts grew ~20% year-over-year to 436 accounts. ForTec mobile rentals reached 24 towers nationally and now cover over 200 accounts and >350 physicians.
Mobile (ForTec) Rapid Adoption
ForTec mobile BLC delivered ~70% year-over-year unit growth and mobile now represents 17% of North American sales in Q2 2026 (vs 11% prior year), expanding access where capital budgets are constrained.
Adjusted EBITDA and Margins for Core Business
Adjusted EBITDA for Q2 was NOK 27.2 million with an adjusted EBITDA margin of 19% (Q2 2025: 20%). Year-to-date adjusted EBITDA margin was 15% vs 14% prior year, indicating improving operating leverage in the Hexvix/Cysview core business.
Revenue, Gross Profit and Strong Gross Margins
Hexvix/Cysview product revenue was NOK 140.0 million in Q2; total revenue was NOK 142.5 million (vs NOK 135.6 million in Q2 2025). Gross profit was NOK 132.1 million with a gross margin of ~93% for Hexvix/Cysview.
Cash Position and Balance Sheet Strength
Cash balance at end of Q2 was NOK 162.4 million and the company reported no debt on the balance sheet; shareholder equity represented ~67% of assets.
Strategic M&A and Partnerships
Acquisition of Vesica Health completed in June, adding a multi-omic urine biomarker (AssureMDx) to the portfolio. Partnership with Artera AI signed to evaluate AI-powered digital pathology using Photocure's registry. These expand the precision diagnostics strategy.
Regulatory and Market Access Milestones
FDA announced plans to begin reclassification process for BLC equipment in H2 2026 (expected to expand U.S. addressable market over time). Richard Wolf's blue light system approved in China for use with Hexvix; Stryker commercially launched CE-marked BLC system in Europe; Olympus Visera III reached 87 installs in EU.
Clinical and Health-Economic Evidence
BRAVO study showed blue light cystoscopy achieves cost neutrality vs white light via lower recurrence and downstream cost reductions. Journal of Medical Economics showed cost-effectiveness vs narrowband imaging; AUA presentations highlighted improved detection and lower 5-year recurrence-related costs.
Upgraded Guidance and Long-Term Targets
Company raised guidance to target 8%–11% top-line growth for near term and reiterated a longer-term consolidated revenue growth target of >25% annually from 2026–2030 with a target adjusted EBITDA margin above 25% by 2030 (Vesica expected to drive material contribution).
DE:PHS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed