On February 17, 2026 Photocure ASA (OSE:PHO) reported Hexvix/Cysview revenues of NOK 135.1 million in the fourth quarter of 2025 (Q4 2024: NOK 128.6 million), and a commercial EBITDA of NOK 8.4 million (Q4 2024: NOK 3.9 million) for the company. In 2026, Photocure expects product revenue growth in the range of 7% to 11% on a constant currency basis and continued operating leverage flow-through in its core Hexvix/Cysview commercial business.

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"Photocure delivered a strong fourth quarter, finishing the year at the top end of guidance on revenue. Operating leverage was proven with commercial EBITDA margins expanding from 7% to 11% for the full year. We executed with discipline across our core business while accelerating strategic initiatives that reinforce Photocure’s position as a foundational diagnostics platform in bladder cancer," says Dan Schneider, President & Chief Executive Officer of Photocure.

The company continued to execute on its plan to expand blue light cystoscopy (BLC) use in Q4 2025 with the installation of 7 new Saphira towers in the U.S. — 1 new account and 6 blue light tower upgrades. Photocure had 384 active accounts in the U.S. at the end of the quarter, an increase of 22% versus the second quarter of 2024. Across Europe, a total of 60 Olympus Visera Elite III blue light cystoscopy (BLC) capable systems were installed since the launch in Q1 2025.

Total revenues ended at NOK 136.7 million in the fourth quarter of 2025, down from NOK 141.7 million in Q4 2024 which included a milestone payment, with a group EBITDA of NOK 1.9 million (NOK 8.5 million). The EBIT ended at NOK -5.5 million (NOK 1.2 million). Cash and cash equivalents were NOK 238.9 million at the end of the period.

"We made important progress advancing Photocure’s next phase of growth in precision diagnostics. The uro-oncology landscape is rapidly shifting toward personalized treatment pathways, increasing the need for accurate, real-time diagnostics that inform clinical decision-making across the patient care continuum," Schneider added and continues:

"Our partnership with Claritas, together with other strategic initiatives spanning cytology, biomarkers, and digital pathology, represents a natural evolution of our platform and expands our addressable opportunity. By layering AI software, enhanced data, and biomarker-driven diagnostic capabilities onto our existing leading franchise, we are building an integrated molecular-digital ecosystem designed to drive differentiation and scalability, while maintaining high gross margins and supporting operating leverage."

Photocure sees multiple drivers supporting continued growth of the base business, including sustained rigid kit adoption, expansion of mobile BLC, and ongoing equipment upgrades that increase utilization across the installed base. The company also appreciates several potential catalysts that could further enhance the growth trajectory, including CMS reimbursement developments, the reintroduction of flexible BLC solutions, additional equipment manufacturing partnerships, and a potential FDA reclassification of BLC. In addition, the licensing agreement with Asieris for Cevira includes a significant milestone payment upon regulatory approval in China, with future royalties and milestone payments based on sales and other regional approvals.

"Entering 2026, we are confident in Photocure’s momentum and trajectory. We expect product revenue growth of 7% to 11% on a constant currency basis, and continued operating leverage within the core commercial business, reflecting disciplined execution and scalable growth as we build long-term shareholder value," Schneider concludes.

Please find the full financial report and presentation enclosed.

EBITDA* and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as a part of the APM section of the fourth quarter 2025 financial report on page 25.

The quarterly report and presentation will be published at 07:00 CET and will be publicly available at www.photocure.com. Dan Schneider, CEO, Erik Dahl, CFO, and Priyam Shah, VP of IR will host a live webcast at 14:00 CET.

The presentation will be held in English and questions can be submitted throughout the event. The streaming event is available through: View Source

The presentation is scheduled to conclude at 14:45 CET.

(Press release, PhotoCure, FEB 17, 2026, View Source [SID1234662723])