Photocure (LON:0IMTol) has announced results for Q118 with 14% revenue growth compared to Q117. Revenue growth was particularly strong in the US market where Hexvix/Cysview sales increased 27% (up 36% on a constant-currency basis). Importantly, the company also announced that it has initiated the commercial launch of Hexvix/Cysview in the surveillance setting, which greatly expands the addressable market. There are an estimated 1.2–1.4m surveillance-related procedures per year, compared to 325,000 transurethral resection of bladder tumour (TURBT) procedures, where the company has historically been focused.
Hexvix/Cysview launch in the surveillance setting
In mid-February, the FDA approved an expanded indication for Cysview, which includes the surveillance setting. Hexvix/Cysview sales may have significant upside if the product successfully expands into the US bladder cancer surveillance market, which has an estimated 1.2–1.4m procedures per year, compared to its current market of 325,000 TURBT procedures. The commercial launch officially began in mid-May so there should be a small impact on Q2 revenues and a greater impact in the second half of the year.
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