Oslo, Norway, 23 February 2023 Photocure ASA (OSE:PHO) today reported
Hexvix[®]/Cysview[®] revenues of NOK 94.9 million in the fourth quarter of 2022
(Q4 2021: NOK 94.2 million), and an EBITDA of minus NOK 16.9 million (NOK -5.5
million). The total revenues increased 10% to NOK 104.2 million and there were
57 blue light towers placed in the quarter, a record high for expanding the
installed base of blue light cystoscopes. Photocure expects to deliver new
SaphiraT blue light tower installations in the range of 65 to 75, consolidated
product revenue growth above 20%, and positive EBITDA (ex-business development
spending) in 2023.

"The fourth quarter of 2022 was highlighted by a record number of Saphira tower
installations in the U.S., demonstrating ongoing high demand for blue light
capital equipment and serving as a leading indicator of the growth opportunity
ahead for Hexvix/Cysview. The fourth quarter also had its challenges as did the
full year of 2022, including a multi-quarter delay in the launch of Saphira,
healthcare worker staffing shortages which pressured urology procedure volumes,
and hospital budget tightening as staffing shortages exacerbated broader
inflationary pressures,"  says Dan Schneider, President & Chief Executive
Officer of Photocure.

Photocure reported total group revenues of NOK 104.2 million in the fourth
quarter of 2022 (NOK 94.5 million), and an EBITDA* of minus NOK 16.9 million
(NOK -5.5 million). The Hexvix/Cysview revenues ended at NOK 94.9 million in the
quarter (Q4 2021: NOK 94.2 million). The EBIT was NOK -23.1 million (NOK -11.5
million) and the cash balance at the end of the third quarter 2022 was NOK 268.1
million.

"I am proud of our commercial team's ability to facilitate the placement of the
highest number of towers ever recorded by Photocure in a single quarter, 57
installations of BLC towers. The logistics of placing this many systems in one
quarter, with most new account installations occurring toward the end of Q4,
required our commercial team to commit the majority of their time and focus on
customer relations and training. Even with the unprecedented number of new
Saphira and flexible BLC installations in the fourth quarter, the demand for
blue light capital equipment remains strong,"  Schneider adds.

During the quarter, 31 new blue light towers were installed