Photocure ASA (PHCUF) Q2 2026 Earnings Call Transcript

Good afternoon, good morning. I'm Dan Schneider, President and CEO of Photocure. Welcome to today's presentation of second quarter 2026 results. With me today is Priyam Shah, our Vice President of Investor Relations; and Dick Peters, our Vice President of Finance and IT. Just a reminder that the usual disclaimers are in effect for today's presentation. So the slide you've seen before, this is Photocure's corporate strategy. It's centered on 3 priorities that guide execution and capital allocation. First is strengthening the core, drive disciplined growth in Hexvix and Cysview franchise by expanding blue light cystoscopy tower installations, upgrades and the U.S. mobile BLC adoption while increasing penetration across key markets. The second is leading the standard, establish BLC as a standard of care across non-muscle invasive bladder cancer detection, surveillance and treatment monitoring through next-generation high-def systems, expanded market access and global flexible BLC adoption. And third, expand the platform, build a broader uro-oncology and precision diagnostic platform through biomarkers, artificial intelligence, partnerships and strategic M&A. Recent examples include the acquisition of Vesica Health and our partnership with Artera AI. Together, these priorities are designed to drive near-term growth while strengthening our long-term competitive position in non-muscle invasive bladder cancer. So some highlights from Q2. Product growth. Overall, we had 11% product revenue growth ex FX. In North America, we delivered 12% product revenue growth minus foreign exchange and 10% unit growth. And by the way, rigid growth was 13%. The installed base of Saphira upgraded blue light equipment continued to increase with 4 new tower placements and 2 tower upgrades in the U.S. And for the second half of this year, Karl Storz is running a