Photocure Shines with Strong Q4, Eyes AI-Powered Growth in Diagnostics

OSLO, Norway – February 18, 2026 – Photocure ASA, known as The Bladder Cancer Company, announced a strong financial close to 2025, underscored by growing revenues for its flagship product and a strategic pivot towards an AI-integrated future for uro-oncology. The company reported robust fourth-quarter results that exceeded expectations and laid out a confident growth trajectory for 2026, signaling both operational strength and a forward-looking vision for precision diagnostics.

In its Q4 2025 earnings report, the Oslo-based firm revealed that revenues for its Hexvix®/Cysview® diagnostic agent reached NOK 135.1 million, a notable increase from NOK 128.6 million in the same period of 2024. More impressively, commercial EBITDA—a key indicator of profitability from its core business—more than doubled to NOK 8.4 million from NOK 3.9 million year-over-year. This performance contributed to an eleventh consecutive quarter of positive EBITDA, highlighting sustained operational efficiency.

"Photocure delivered a strong fourth quarter, finishing the year at the top end of guidance on revenue," said Dan Schneider, President & Chief Executive Officer of Photocure. "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."

While total group revenues saw a slight dip to NOK 136.7 million compared to NOK 141.7 million in Q4 2024, the company clarified this was due to a significant one-off milestone payment received in the prior year. With a healthy cash reserve of NOK 238.9 million and no term debt, Photocure enters 2026 with considerable financial flexibility. The company projects product revenue growth between 7% and 11% for the coming year on a constant currency basis.

Expanding the Blue Light Footprint

Central to Photocure's success is the expanding adoption of its Blue Light Cystoscopy (BLC®) technology. The procedure utilizes the Hexvix®/Cysview® imaging agent, which is absorbed by cancerous tissues in the bladder. When a specialized blue light is used during a cystoscopy, the cancer cells glow a distinct bright pink, allowing urologists to identify and resect tumors more accurately than with traditional white light alone. This enhanced detection is critical for improving patient outcomes and reducing recurrence rates.

Photocure's market penetration efforts showed significant progress in Q4 2025. In the United States, the company installed 7 new Saphira BLC towers, bringing its total number of active accounts to 384—a 22% increase since the second quarter of 2024. This expansion is crucial for making the advanced diagnostic procedure more accessible to American patients.

Across Europe, the momentum is equally strong. Since the launch of the Olympus Visera Elite III system in the first quarter of 2025, a total of 60 of these BLC-capable systems have been installed. This partnership with a leading equipment manufacturer demonstrates a key strategy for embedding BLC as the standard of care across major healthcare systems.

Pioneering the Future with AI and Precision Diagnostics

Beyond strengthening its core business, Photocure is aggressively positioning itself at the forefront of the next wave of medical innovation. The company is evolving from a single-product success story into a comprehensive diagnostics platform by integrating cutting-edge technologies like artificial intelligence, biomarkers, and digital pathology.

"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 noted.

A cornerstone of this strategy is a pivotal partnership with Intelligent Scopes Corporation (ISC), a subsidiary of Claritas HealthTech. Together, they are co-developing AI software designed to work in tandem with BLC. The goal is to create a tool that assists physicians in real-time, further enhancing the accuracy of cancer detection and improving the completeness of tumor removal. Initial tests based on over 80,000 images have already shown promising results.

To advance this initiative, Photocure is launching a multi-center clinical study named ENAiBLE (NCT07144319) in the U.S. and Europe to gather the extensive data needed to train and validate the AI. A beta version of the software is anticipated within 12 to 18 months, representing a move into a high-margin, scalable software business model that complements its existing franchise.

"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," Schneider added.

Catalysts on the Horizon: Regulation and Global Partnerships

Photocure's growth strategy is further supported by several potential catalysts. The company is closely watching developments with CMS reimbursement in the U.S. and is advocating for an FDA reclassification of BLC systems, which could lower barriers to entry for new equipment manufacturers and accelerate adoption.

Furthermore, a partnership with Richard Wolf to develop a next-generation flexible 4K blue light system promises to enhance surveillance capabilities in the outpatient setting, a key area for growth.

Perhaps one of the most significant long-term value drivers is its licensing agreement with Asieris Meditech for Cevira®, a photodynamic therapy for HPV-induced cervical precancerous lesions. The deal, which could be worth up to USD 250 million in milestone payments plus royalties, took a major step forward in 2024 when Asieris's New Drug Application for Cevira® was accepted by regulators in China. Asieris, which is funding the development, also holds the rights to commercialize Hexvix® in China, opening a vast and untapped market for Photocure's core technology.

As Photocure moves into 2026, it does so with a proven record of execution and a clear, multi-faceted strategy for future growth that combines disciplined financial management with pioneering technological innovation.

"Entering 2026, we are confident in Photocure's momentum and trajectory," Schneider concluded. "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."