Photocure - Firing on all cylinders

Photocure announced very strong Q419 results, with 27% revenue growth for the Hexvix/Cysview franchise (vs Q418) to NOK58.8m, an acceleration from the 18% growth seen last quarter. The United States continued to be the main sales driver with revenues of NOK27.8m in Q419, which were up 51% compared to the same quarter last year. Importantly, the company has now indicated that it is targeting US revenues of $70m (NOK658m at current exchange rates) in 2023. While ambitious, this would equate to less than 5% penetration of its addressable market.