Our portfolio company Photocure ASA is on the roll in the U.S and reported a revenue growth of 45% for this important market in the third quarter of 2017. Following the new Medicare reimbursement from 2018, Photocure increases the annual revenue ambition for 2020 to a range of USD 20 to 25 million.
“Our third quarter report demonstrates continued significant progress in our US business. The new reimbursement of Blue Light Cystoscopy with Cysview for Medicare patients, as well as the potential to expand Cysview’s label in the US show our commitment to this important market. It also confirms our desire to deliver patients better access to bladder cancer treatment. We expect the new reimbursement to drive significant growth in the future,” says Kjetil Hestdal, President and Chief Executive Officer of Photocure.
Photocure has built considerable experience in the urology sector through its Hexvix/Cysview franchise and sees significant long-term value creation potential in this market segment. The company aims to capitalize on the inclusion in the AUA guidelines, as well as the increased patient awareness and the changes to reimbursement of Cysview in the outpatient setting, to significantly increase penetration in the US market. CMS (United States Centers for Medicare & Medicaid Services) released in November the Final Rule stating that it will reimburse hospital outpatient departments for certain Blue Light Cystoscopy (BLC) with Cysview procedures from January 1, 2018.