Photocure ASA (PHS) Q3 2026 Earnings Report
DE:PHS Q3 2026 EPS Results
- Actual EPS
- -EUR 0.09
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- EUR 0.01
DE:PHS Q3 2026 Revenue Results
- Actual Revenue
- EUR 13.66M
- Expected Revenue
- EUR 13.66M
- Beat/Miss
- Missed by -EUR 6,396.126
- YoY Revenue Growth
- +4.43%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 28, 2026
DE:PHS Upcoming Earnings
Photocure ASA's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:PHS Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive. Photocure reported 7% constant-currency product revenue growth, strong unit and active-account expansion, improving adjusted EBITDA, continued European and North American momentum, progress on FDA reclassification and OEM access, and multiple long-term growth initiatives. The main negatives were foreign-exchange pressure, a quarterly net loss, higher operating expenses, pending CMS and FDA decisions, expected near-term AssureMDx operating losses, and uncertainty around potential generic competition. Management nevertheless raised 2026 guidance and reiterated substantial long-term growth and margin targets.
Company Guidance
Photocure raised its guidance to 10% to 12% top line product growth with adjusted EBITDA expansion, while continuing forecasting improved operating leverage for 2026; AssureMDx is expected to have modest operating losses in the near-term before scaling towards EBITDA margins above 30%, the Richard Wolf global flexible solution is expected to be launch ready by the end of 2027, draft Novitas LCD supports potential CMS coverage by mid-2027, consolidated revenue is expected to reach more than 25% CAGR from '26 to '30, and adjusted EBITDA margins are expected to be above 25% by 2030 with further upside potential.
- Product Revenue GrowthQ3 product revenue increased 7% at constant currency to NOK 134.2 million for Hexvix and Cysview. Total revenue was NOK 140.9 million, compared with NOK 135 million in Q3 2025.
- North America Growth and Account ExpansionNorth American product revenue grew 9% at constant currency, in-market units increased 9%, and rigid unit growth was 10%. Active accounts increased 20% year-over-year to 454.
- North American Tower Installations and UpgradesPhotocure installed 9 new Saphira towers and completed 4 tower upgrades in the U.S. Karl Storz continued to grow its installed base, while upgrades were described as producing a double-digit uplift in sales.
- ForTec Mobile Solution ExpansionForTec's national mobile fleet increased from 24 to 31 towers and covered more than 200 accounts. Approximately 350 physicians were trained, and the mobile solution represented 19% of the business according to management.
- European Unit GrowthEuropean product revenue increased 6% at constant currency and in-market units increased 8%. Growth included 11% in the DACH countries and 8% in the priority growth markets of France, the U.K. and Italy.
- European Equipment Upgrade MomentumThere were 87 Olympus Visera III blue-light cystoscopy installations in the field since launch and 29 upgrades of other equipment year-to-date. Stryker blue-light-enabled equipment also commercially launched in Europe in Q2.
- Improved Adjusted EBITDA and Gross MarginAdjusted EBITDA was NOK 18.5 million, with an 11% Q3 margin, while year-to-date adjusted EBITDA was 14%, comparable to last year. Hexvix and Cysview gross profit margin was 93% of sales, up from 92% last year.
- Positive Regional ProfitabilityNorth American contribution margin increased to NOK 12.6 million, or 22% of revenue versus 18% last year, and North American EBITDA was slightly positive at NOK 0.3 million. European EBITDA increased to NOK 26.4 million from NOK 19.7 million.
- Strong Cash Position and No Interest-Bearing DebtThe company ended the quarter with NOK 162.4 million in cash and no interest-bearing debt. Q3 operational cash flow was NOK 19.4 million.
- Cevira Commercialization Partnership and Royalty IncomeAsieris entered into an exclusive licensing agreement with Theramex covering Europe, Australia, New Zealand and Turkey for Cevira. Photocure received NOK 4.8 million in first royalty payments related to Cevira sales in China and stated that its royalty agreement remains 10% to 20% of net sales, with 10% used as the near-term modeling assumption.
- FDA Reclassification ProgressThe FDA initiated a proposed process to reclassify cystoscopy systems used as an aid for bladder-cancer detection from Class III to Class II. The public-comment period closed the prior week, and all four reported submissions were supportive of reclassification. Management said the change could open access to 65% of the U.S. market that has been difficult to reach because Karl Storz does not have access to those hospitals.
- Additional U.S. OEM PathwaysManagement said two manufacturers are pursuing alternative regulatory pathways to enter the U.S. market and intend to be in the market next year, subject to FDA review. The company expects additional OEM participation to expand access to blue-light cystoscopy.
- Flexible Blue-Light Cystoscopy DevelopmentPhotocure expects the Richard Wolf global flexible blue-light solution to be launch-ready by the end of 2027, targeting the larger recurring surveillance opportunity in the U.S. and Europe.
- AssureMDx Commercialization PreparationFollowing the Vesica Health acquisition, Photocure moved from transaction integration toward AssureMDx commercialization. PLA coding is effective, a draft Novitas LCD supports potential CMS coverage by mid-2027, pricing review is underway, and the company is preparing laboratory infrastructure, its commercial team, and clinical and health-economic evidence.
- Expansion into Precision DiagnosticsAssureMDx extends Photocure upstream into the initial hematuria evaluation and bladder-cancer diagnostic pathway, while partnerships with Claritas and Artera support the company's broader biomarker and AI strategy.
- ENAiBLE AI Study MilestoneThe Claritas-Photocure ENAiBLE AI cystoscopy study enrolled its 100th patient. Fifteen of 16 North American sites were expected to be activated by the end of October, supporting continued enrollment and development of an AI-assisted blue-light cystoscopy evidence base.
- Raised 2026 Guidance and Long-Term TargetsPhotocure raised guidance to 10% to 12% top-line product growth with adjusted EBITDA expansion. Management expects consolidated revenue to exceed a 25% CAGR from 2026 to 2030 and adjusted EBITDA margins above 25% by 2030, with further upside potential.
- Strategic Investment in Growth InitiativesThe company continued investing in key growth initiatives, including AssureMDx integration and commercialization, AI partnerships with Claritas and Artera, flexible cystoscopy development, health-economic evidence generation, and other precision-diagnostics initiatives.
DE:PHS Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 24, 2027 | 2026 (Q4) | ―- | -0.03 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | ―-0.09 | 0.01 | -748.00% (-0.11) | |
| Jul 29, 2026 | 2026 (Q2) | 0.00-0.00 | 0.01 | -142.86% (-0.01) | |
| May 07, 2026 | 2026 (Q1) | -0.00-0.05 | -0.01 | -422.22% (-0.04) | |
| Feb 18, 2026 | 2025 (Q4) | -0.03-0.03 | -0.02 | -35.14% (-0.01) | |
| Oct 29, 2025 | 2025 (Q3) | -0.010.01 | -0.01 | 215.38% (+0.03) | |
| Jul 30, 2025 | 2025 (Q2) | -0.000.01 | 0.04 | -84.51% (-0.04) | |
| May 08, 2025 | 2025 (Q1) | -0.00-0.01 | -0.03 | 69.07% (+0.02) | |
| Feb 19, 2025 | 2024 (Q4) | 0.02-0.02 | 0.04 | -148.26% (-0.07) | |
| Nov 13, 2024 | 2024 (Q3) | -0.02-0.01 | -0.02 | 26.14% (+0.00) |
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