PhotoCure ASA (PHCUF) Q4 2025 Earnings Call Highlights: Strong Revenue Growth and Strategic …

GuruFocus News

Thu, February 19, 2026 at 4:01 AM GMT+9 4 min read

In this article:

PHCUF

0.00%

This article first appeared on GuruFocus.

**Product Revenue Growth:** 9% growth in Q4, 10% for the full year in constant currency.

**North America Product Revenue Growth:** 17% growth in Q4, excluding foreign exchange impacts.

**Europe Revenue Growth:** 4% increase in Q4.

**EBITDA:** Positive EBITDA of 1.9 million NOK in Q4, marking the 11th consecutive quarter of positive EBITDA.

**Cash Balance:** 238.9 million NOK with no term debt.

**Net Loss:** 8 million NOK for Q4, 1.5 million NOK for the full year.

**Operating Expenses:** 119.9 million NOK in Q4, a 2% reduction year over year.

**Cash Flow from Operations:** 0.5 million NOK in Q4, 26 million NOK for the full year.

**Installed Base Growth:** 1 new tower placement and 6 upgrades in the US in Q4.

**Active Accounts Growth:** 22% increase year over year to 384 active accounts.

**Unit Growth in North America:** 19% in the rigid surgical market in Q4.

**Unit Growth in Europe:** 4% increase in Q4.

**Gross Profit Expansion:** 39% increase over the last three years.

**Commercial EBITDA Improvement:** From 35 million NOK to 56 million NOK over the last three years.

Warning! GuruFocus has detected 2 Warning Sign with PHCUF.

Is PHCUF fairly valued? Test your thesis with our free DCF calculator.

Release Date: February 18, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

PhotoCure ASA (PHCUF) reported a 9% product revenue growth in Q4 and 10% for the full year, marking 11 consecutive quarters of positive EBITDA.

The company achieved a 19% unit growth in the North American rigid surgical market, indicating strong demand for their products.

PhotoCure ASA (PHCUF) has a strong balance sheet with 238.9 million NOK in cash and no term debt, providing financial stability.

The company is actively expanding its geographic footprint, with recent expansions in Spain and ongoing efforts in high-priority growth markets in Europe.

PhotoCure ASA (PHCUF) is advancing its technology through partnerships, such as with Richard Wolf and Intelligent Scopes Corporation, to develop high-definition and AI-enabled diagnostic tools.

Negative Points

The US dollar weakened in the quarter, resulting in a $5.6 million unfavorable impact on revenue from foreign exchange.

The flexible BLC market in the US continues to decline, now representing less than 5% of the total US business.

Total revenue growth was impacted by the absence of milestone revenues in 2025, compared to $34 million in 2024.

Cost of goods sold increased due to sales volume, one-time IFRS inventory value adjustments, and FX movements.

The company reported a net loss of 8 million NOK for Q4 and 1.5 million NOK for the full year, indicating financial challenges.

 






Story continues  

Q & A Highlights

Q: Can you provide some insight into the tower development in the fourth quarter? A: Daniel Schneider, President and CEO, explained that Carl Stors initiated a promotional program in the latter half of 2025, which is expected to result in some installations flowing into the first quarter of this year. The focus is on throughput of existing towers, with a 22% account growth in the fourth quarter, indicating strong performance.

Q: Have there been discussions with Ibsen to pay a one-time amount and remove their earnout? A: Erik Dahl, CFO, confirmed that discussions have taken place, but they did not reach an agreement on the amount and yield.

Q: Can you clarify what “continued operating leverage flow through” means in your guidance? A: An unidentified company representative explained that the HECSU commercial business has strong operating leverage, meaning a significant portion of incremental revenue flows directly to commercial EBITDA due to fixed costs. This was demonstrated in 2025 with commercial EBITDA margins increasing from 7% to 11%.

Q: How do you see the growth rate in North America versus Europe for 2026? A: Daniel Schneider stated that growth rates are expected to be similar to 2025, with high 10s growth in North America driven by rigid and mobile solutions, and mid single-digit growth in Europe, with significant double-digit growth in priority markets.

Q: When do you expect Flex approval? A: Daniel Schneider mentioned that they are 15 months into a 2-year development process for the Flex system, with a potential submission later this year and possible approval in Europe and the US by 2027.

Q: Has any new OEM scope manufacturer filed with the FDA for clearance? A: Daniel Schneider stated that they are not aware of any filings yet but expect it to happen this year.

Q: Could you elaborate on the CMS reimbursement discussion and its potential impact? A: Daniel Schneider explained that they are seeking to decouple the reimbursement for blue light cystoscopy with Cysvie from the procedure itself, similar to the Radio Pharma business. This would allow separate reimbursement for Cysvie, potentially impacting the business significantly if successful by 2027.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Terms and Privacy Policy

Privacy Dashboard

More Info