Photocure ASA reported total revenues of NOK 142.5 million for the second quarter of 2026, rising from NOK 135.6 million in the second quarter of 2025. The Oslo-based uro-oncology diagnostics company also posted an adjusted EBITDA of NOK 27.2 million, compared to NOK 27.0 million in the prior year period. Driven by sustained commercial momentum in its core Hexvix/Cysview business, Photocure raised its full-year 2026 product revenue growth guidance to a range of 8% to 11% on a constant currency basis, up from the previously stated 7% to 11%. The company expects continued expansion of its adjusted EBITDA margin for the year.

The financial results reflect strong operational execution across key markets. In the United States, Photocure installed six new Saphira towers during the quarter, including four new accounts and two blue light tower upgrades. This activity brought the total number of active U.S. accounts to 436 at the end of the quarter, representing a 20% increase versus the second quarter of 2025. In Europe, the company expanded its footprint with the installation of 87 Olympus Visera Elite III BLC-capable systems since the launch in the first quarter of 2025, alongside 20 upgraded rigid systems year-to-date from partners Karl Storz, Richard Wolf, and Stryker.

Strategic developments during the quarter included the acquisition of Vesica Health, following an initial minority investment earlier in the year. Vesica has developed AssureMDx, a multi-omic urine-based biomarker test for early bladder cancer detection. Photocure stated that AssureMDx is expected to generate initial revenue in 2027, with reimbursement anticipated by mid-2028, though an earlier pathway as soon as 2027 remains possible. Additionally, the company announced a research collaboration with Artera to evaluate AI-enabled digital pathology using Photocure’s BLC registry and the ArteraAI Bladder Test.

Regulatory tailwinds continue to support long-term growth prospects. Following the U.S. Food and Drug Administration’s response to the Karl Storz Citizen Petition earlier this year, the agency confirmed plans to initiate the proposed reclassification of BLC (FDA product code OAY) under its own initiative during the second half of 2026. Dan Schneider, President and Chief Executive Officer of Photocure, noted that this milestone establishes a more predictable regulatory framework, potentially expanding the addressable market by enabling broader participation from equipment manufacturers.

What the Numbers Show

While adjusted EBITDA remained stable at NOK 27.2 million, reported EBITDA declined significantly to NOK -2.0 million from NOK 14.8 million in the prior year quarter. This divergence highlights the impact of non-operating expenses or accounting adjustments excluded from the adjusted metric, which is reconciled in the company’s financial report. Despite the reported loss, cash and cash equivalents stood at NOK 162.4 million at the end of the period, providing sufficient liquidity to fund ongoing operations and strategic initiatives such as the Vesica integration.

Photocure ASA and Artera have launched a joint research initiative to validate the ArteraAI Bladder Test using data from Photocure's U.S. blue light cystoscopy (BLC) registry. The collaboration aims to leverage real-world evidence to help urologists more effectively identify bladder cancer and manage its treatment. This partnership underscores the growing demand for advanced precision diagnostics in uro-oncology.

The research will provide Artera with access to high-quality clinical practice data from Photocure's BLC registry. The primary objective is to develop, evaluate, and optimize the performance of Artera's multimodal AI (MMAI) histopathology biomarkers in patients with non-muscle invasive bladder cancer (NMIBC). The joint research seeks to validate the prognostic and predictive capabilities of the ArteraAI Bladder Test by addressing critical clinical questions.

Strategic Objectives

By pairing BLC-captured specimens with the ArteraAI Bladder Test, the companies aim to accurately determine the grade and stage of disease. The initiative also intends to provide insights on whether patients are optimal candidates for specific follow-up drug therapies. This approach aims to streamline decision-making for pathologists and urologists, setting patients on the right course of bladder cancer management.

Executive Commentary

Anders Neijber, Chief Medical Officer of Photocure, emphasized the potential of the collaboration to utilize the BLC registry for advancing precision diagnostics. Andre Esteva, Co-founder and CEO of Artera, expressed excitement about expanding their MMAI algorithms into genitourinary cancers beyond prostate. Dan Schneider, President and CEO of Photocure, highlighted the company's vision to develop a complementary suite of precision diagnostic solutions to accelerate personalized care.