Rankings Pharma & medtech Photocure
Photocure
59
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−9
- Quality of growth−4
- Product concentration−4
Strengths
- Net cash+2
- Raised guidance+1
How the score is built
From 100 to 59, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 45.45 NOK
- Median analyst target
- 70.00 NOK
- Upside to median
- +54.0%
- Analysts
- 3
- Target range
- 70.00 – 85.00 NOK
- 52-week change
- −21%
- P/E (trailing)
- 25.1
- Forward P/E
- 40.9
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−18 of −30
- −9MarginThe gross margin is 92–94%, but the underlying operating margin is about 0: −0.1% in 2025, 3.9% in 2024, and EBIT in Q2 2026 was −NOK 9.4m. The reported TTM operating result of 108.7m is due to milestones of NOK 125.6m in Q1 2026. Adjusted EBITDA was 27.2m in Q2 (about 19%), but reported EBITDA was −2.0m.
- −4Quality of growthHexvix/Cysview sales grew only 3.2% in NOK in Q2 2026 (140.0 vs 135.6m) after 11% in Q1. Guidance is 8–11% at constant exchange rates. Single-digit to low double-digit growth in a mature product does not lift earnings much.
- −3Capital allocationThe acquisition of Vesica Health (AssureMDx urine test) costs USD 16.75m upfront plus up to USD 13.75m in earn-out for a test that only produces revenue in 2027 and is only expected to be reimbursed by Medicare in mid-2028. The buyback of NOK 29.7m in 2025 was three times larger than FCF (10m).
- −2MoatHexvix/Cysview is the only approved agent for blue-light cystoscopy in the US and Europe and has an installed base of equipment (436 active US accounts, +20%, and Olympus, Storz, Wolf and Stryker systems in Europe). But the product is old, and the moat depends on the equipment partners playing along.
Price
Today's multiples against the company's own history and its peers. · 2 findings−5 of −35
- −3Multiples vs own historyEV/Sales is 1.7 TTM (about 2.1 on product sales alone) vs 2.7-6.8 in 2021-2025, i.e. cheap vs its own history. But on underlying earnings the price is higher: EV of NOK 1,166m vs annual adjusted EBITDA of about 85m (H1 × 2) gives about 14x.
- −2Distorted P/ETrailing P/E of 16.7 is artificially low due to one-off milestones. Analysts' forward P/E is 27, and reported earnings excluding milestones are close to zero.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−13 of −35
- −4Product concentrationHexvix/Cysview accounts for about 99% of product revenue (Europe NOK 319m and North America 227m TTM). One problem with the product, reimbursement or equipment suppliers hits the whole company.
- −4Integration and acquisition costsReported EBITDA fell to −NOK 2.0m in Q2 2026 (14.8m in Q2 2025) due to costs and the Vesica acquisition. Goodwill and intangible assets rose from NOK 252m to 489m, and there is contingent consideration of up to USD 13.75m.
- −3Slow adoption in the USOnly 6 new Saphira towers were installed in the USA in Q2 2026 (4 new accounts and 2 upgrades). Growth in the USA depends on equipment investments at hospitals and on an FDA reclassification, which is only started in H2 2026.
- −2CurrencyAlmost all revenue is in EUR and USD, while the company reports in NOK. Q2 showed only 3% growth in NOK vs guidance of 8-11% at constant exchange rates, so a strong krone depresses the reported figures.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Net cashCash was NOK 162.4m at 30/6-2026, and the only debt is leases of 9.4m. Net cash is about NOK 153m, even after the Vesica acquisition.
- +1Raised guidance2026 product growth guidance was raised from 7–11% to 8–11% at constant exchange rates with continued rising adjusted EBITDA margin.
Caveats
What the score does not capture, or where the data is weak.
Established operating company, not a penny biotech, so runway is set to null (positive operating cash flow and net cash). Stockanalysis' TTM figures are distorted by milestone payments of NOK 125.6m in Q1 2026 (Cevira approval in China and EU application accepted): revenue (678.7m), operating result (108.7m), P/E 16.7 and EV/EBITDA 8.6 look better than the underlying business. Product revenue TTM is NOK 553m, and underlying EBIT is about 0 or negative. The Q2 announcement does not state net result, cash flow and regional breakdown. Market cap is calculated by myself: 26.92m shares × NOK 49.25 = NOK 1,326m = DKK 911m. Top 5 owners and short data (Finanstilsynet) are not verified. Three analysts with 'Strong Buy'.
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