Photocure Reports Strong Q4 2025, Expands BLC Installations
Event summary
- Photocure reported Q4 2025 Hexvix®/Cysview® revenues of NOK 135.1 million, up from NOK 128.6 million in Q4 2024.
- Commercial EBITDA improved to NOK 8.4 million from NOK 3.9 million year-over-year.
- Installed 7 new Saphira towers in the U.S. and 60 Olympus Visera Elite III systems in Europe in Q4 2025.
- Expects 7% to 11% product revenue growth in 2026 with continued operating leverage.
The big picture
Photocure's Q4 2025 results highlight its disciplined execution in expanding its blue light cystoscopy (BLC) installations and improving operational efficiency. The company is positioning itself as a foundational diagnostics platform in bladder cancer, leveraging strategic partnerships and regulatory developments to drive long-term growth. The shift toward personalized treatment pathways in uro-oncology underscores the increasing need for accurate, real-time diagnostics, aligning with Photocure's strategic initiatives.
What we're watching
- Regulatory Catalysts
- Whether CMS reimbursement developments and potential FDA reclassification of BLC will accelerate growth.
- Strategic Partnerships
- How the Claritas partnership and other initiatives in cytology, biomarkers, and digital pathology will expand Photocure's addressable market.
- Operational Execution
- The pace at which Photocure can sustain its operating leverage and margin expansion while scaling its core business.