Photocure ASA (PHO.OL) Wednesday reported profit before tax of NOK 2.51 million for the second quarter, lower than NOK 16.16 million in the comparable quarter last year, primarily due to lower revenue.
EBIT or earnings before interest and taxes dropped to NOK 7.46 million from NOK 20.66 million in the prior year.
Net profit decreased to NOK 4.86 million or NOK 0.18 per share from NOK 12.33 million or NOK 0.45 per share a year ago.
EBITDA, or earnings before interest, taxes, depreciation, and amortization declined to NOK 14.76 million from NOK 27.85 million.
Revenue for the quarter decreased to NOK 135.62 million from NOK 145.45 million in the previous year. In the prior-year quarter, the company had recorded fees and milestone revenues of NOK 21.64 million.
Hexvix/Cysview revenue in the second quarter increased 11% to an all-time high of NOK 135.6 million, compared to last year's NOK 122.4 million.
Looking ahead, the company expects product revenue growth in the range of 7% to 11% for the full year.
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