PhotoCure - Public Comps and Valuation Multiples

PhotoCure Overview

About PhotoCure

PhotoCure ASA is a Norway-based business group associated with the research, development, production, distribution, marketing, and sales of pharmaceutical products specialty pharmaceutical companies. Its technology platform is focused on the field of photodynamic diagnosis and treatment of cancer. It has two operating segments of the group the Commercial franchise and the Development portfolio. It generates prime revenue from the Commercial franchise segment, which includes Hexvix and Cysview products. Its geographical segments are Nordic countries, Germany, France, Austria, the United Kingdom, BeNeLux, Italy, Other European countries, and the United States.

Founded

1997

HQ

Employees

102

Website

photocure.com

Sectors

Drug Development & Therapeutics
Medical Devices
BioTech
DeepTech
HealthTech

Financials

LTM Revenue $50.7M

LTM EBITDA $5.1M

EV

$105M

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PhotoCure Financials

PhotoCure has a last 12-month revenue of $50.7M and a last 12-month EBITDA of $5.1M.

In the most recent fiscal year, PhotoCure achieved revenue of $49.7M and an EBITDA of $7.0M.

PhotoCure expects next 12-month revenue of XXX and NTM EBITDA of XXX

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PhotoCure P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$47.3M	$49.7M	XXX	XXX	XXX
Gross Profit	$35.0M	$44.9M	XXX	XXX	XXX
Gross Margin	74%	90%	XXX	XXX	XXX
EBITDA	$6.0M	$7.0M	XXX	XXX	XXX
EBITDA Margin	13%	14%	XXX	XXX	XXX
Net Profit	-$6.8M	$0.1M	XXX	XXX	XXX
Net Margin	-14%	0%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

PhotoCure Stock Performance

As of April 15, 2025, PhotoCure's stock price is NOK 53 (or $5).

PhotoCure has current market cap of NOK 1.4B (or $132M), and EV of NOK 1.1B (or $105M).

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PhotoCure Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$105M	$132M	XXX	XXX	XXX	XXX	$0.02

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PhotoCure Valuation Multiples

As of April 15, 2025, PhotoCure has market cap of $132M and EV of $105M.

PhotoCure's trades at 2.1x LTM EV/Revenue multiple, and 20.7x LTM EBITDA.

Analysts estimate PhotoCure's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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PhotoCure Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$105M	XXX	XXX	XXX
EV/Revenue	2.1x	XXX	XXX	XXX
EV/EBITDA	14.9x	XXX	XXX	XXX
P/E	-291.0x	XXX	XXX	XXX
P/E/Growth	n/a	XXX	XXX	XXX
EV/FCF	16.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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PhotoCure Valuation Multiples

PhotoCure's NTM/LTM revenue growth is 12%

PhotoCure's revenue per employee for the last fiscal year averaged $0.5M, while opex per employee averaged $0.4M for the same period.

Over next 12 months, PhotoCure's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate PhotoCure's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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PhotoCure Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	5%	XXX	XXX	XXX	XXX
EBITDA Margin	14%	XXX	XXX	XXX	XXX
EBITDA Growth	16%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	26%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.5M	XXX	XXX	XXX	XXX
Opex per Employee	$0.4M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	68%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	1%	XXX	XXX	XXX	XXX
Opex to Revenue	90%	XXX	XXX	XXX	XXX

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