Novocure Ltd
Change company Symbol lookup
Select an option...
NVCR Novocure Ltd
PVL Permianville Royalty Trust
BEST BEST Inc
FUPBY Fuchs Petrolub SE
JACK Jack in the Box Inc
NH NantHealth Inc
PWSC PowerSchool Holdings Inc
AEHL Antelope Enterprise Holdings Ltd
POR Portland General Electric Co
CUBI Customers Bancorp Inc
Go

Health Care : Health Care Equipment & Supplies | Mid Cap Growth
Based in Jersey
Company profile

NovoCure Limited is an oncology company. The Company is principally engaged in the development, manufacture and commercialization of Tumor Treating Fields (TTFields) devices, including Optune and Optune Lua, for the treatment of solid tumor cancers. TTFields therapy is a treatment that uses electric fields tuned to specific frequencies to disrupt cancer cell division. TTFields therapy is delivered through a portable medical device. Optune is approved by the United States Food and Drug Administration (FDA) for the treatment of adult patients with newly diagnosed glioblastoma (GBM) together with temozolomide, a chemotherapy drug, and for adult patients with GBM following confirmed recurrence after chemotherapy as monotherapy treatment. Optune Lua is approved by the FDA for the pathway for the treatment of malignant pleural mesothelioma (MPM) together with standard chemotherapies. It markets its products to United States, European Union, Germany, Japan and certain other countries.

Price
Delayed
$85.52
Day's Change
0.56 (0.66%)
Bid
--
Ask
--
B/A Size
--
Day's High
86.29
Day's Low
83.60
Volume
(Light)

Today's volume of 130,273 shares is on pace to be much lighter than NVCR's 10-day average volume of 449,431 shares.

130,273

Novocure Reports Second Quarter 2022 Financial Results

7:00 am ET July 28, 2022 (BusinessWire) Print

Novocure (NASDAQ: NVCR) today reported financial results for the quarter ended June 30, 2022. Novocure is a global oncology company working to extend survival in some of the most aggressive forms of cancer by developing and commercializing its innovative therapy, Tumor Treating Fields (TTFields).

"The second quarter was a period of solid progress, further solidifying the fundamentals of our business," said William Doyle, Novocure's Executive Chairman. "We generated $141 million in net revenues in the quarter, released promising data from our gastric cancer pilot study, announced a new pivotal trial collaboration with Merck, and advanced our late-stage clinical studies. The future is bright for Novocure, and we are hopeful our progress will enable us to treat many more cancer patients in the near future."

"Novocure is entering a transformational period," said Asaf Danziger, Novocure's Chief Executive Officer. "In the next 18 months, we expect to reach a number of clinical and product development milestones, including data releases from multiple pivotal trials and the limited release of our new flex arrays. We are eager to continue exploring the potential of our platform therapy, and I would like to thank my Novocure colleagues for their passion and determination in advancing the science and adoption of Tumor Treating Fields."

Financial updates for the second quarter ended June 30, 2022:

Total net revenues for the quarter were $140.9 million, an increase of 6% compared to the same period in 2021. The United States, EMEA and Japan contributed $108.2 million, $18.5 million, and $8.3 million in quarterly net revenues, respectively. German revenue was impacted by a reduction in German active patient numbers and approval rates as a result of updated coverage criteria. Revenue in Greater China from Novocure's partnership with Zai Lab totaled $5.9 million. Gross margin for the quarter was 80%. Research, development and clinical studies expenses for the quarter were $57.1 million, an increase of 13% from the same period in 2021. Sales and marketing expenses for the quarter were $44.7 million, an increase of 31% compared to the same period in 2021. This reflects increased investments in early commercial and market access capabilities. General and administrative expenses for the quarter were $31.7 million, a decrease of 3% compared to the same period in 2021. Net loss for the quarter was $24.0 million with loss per share of $0.23. Adjusted EBITDA* for the quarter was $7.3 million. Cash, cash equivalents and short-term investments were $948.5 million as of June 30, 2022.

Operational updates for the second quarter ended June 30, 2022:

As of June 30, 2022, there were 3,454 active patients on therapy. Active patients from North America, EMEA and Japan contributed 2,229, 879 and 346 active patients, respectively. 1,383 prescriptions were received in the quarter. Prescriptions from North America, EMEA and Japan contributed 954, 334 and 95 prescriptions, respectively.

Quarterly updates and achievements:

Today, we are announcing that top-line data from the LUNAR pivotal study will be distributed in early Q1 2023 versus the final week of 2022 to ensure optimal visibility and timing for all audiences. Our clinical operations and data collection efforts remain on track. In May 2022, we entered into a clinical trial collaboration agreement with MSD, a tradename of Merck & Co., Inc., ("MSD") to conduct a double-blind, placebo-controlled study of TTFields concomitant with pembrolizumab and maintenance temozolomide for the treatment of newly diagnosed GBM. We intend to engage the FDA in pre-submission discussions in the near-term regarding the parameters of the KEYNOTE D58 trial protocol design. In June 2022, we announced results of the phase 2 pilot EF-31 study evaluating the use of TTFields together with standard-of-care (chemotherapy alone or in combination with trastuzumab for HER2-positive patients) as first-line treatment for gastric cancer. Initial analysis was conducted with a median follow-up period of 8.6 months. The primary endpoint, confirmed objective response rate, was 50%. Median progression-free survival was 7.8 months. Duration of response was 10.3 months. Median overall survival had not yet been reached with a one-year survival rate of 72%. We look forward to further exploration of these potential benefits as we look ahead to a randomized phase 3 clinical study. In June 2022, we announced the first patient has been enrolled in the phase 2 pilot KEYNOTE B36 study, conducted in collaboration with MSD. KEYNOTE B36 is designed to evaluate the safety and effectiveness of TTFields together with pembrolizumab for the treatment of locally advanced or metastatic intrathoracic NSCLC that expresses PD-L1.

Anticipated clinical milestones:

Data from phase 2 pilot EF-33 study with high-intensity arrays in recurrent GBM (2022) Last patient enrollment in phase 3 pivotal METIS study in brain metastases (2022) Data from phase 3 pivotal LUNAR study in NSCLC (early Q1 2023) Last patient enrollment in phase 3 pivotal PANOVA-3 study in locally advanced pancreatic cancer (2023) Data from phase 3 pivotal INNOVATE-3 study in recurrent ovarian cancer (2023) Data from phase 3 pivotal METIS study in brain metastases (2023) Data from phase 3 pivotal PANOVA-3 study in locally advanced pancreatic cancer (2024)

Conference call details Novocure will host a conference call and webcast to discuss second quarter 2022 financial results at 8 a.m. EDT today, Thursday, July 28, 2022. Analysts and investors can participate in the conference call by using the following registration link, and dial-in details will be provided.

The webcast, earnings slides presented during the webcast and the corporate presentation can be accessed live from the Investor Relations page of Novocure's website, www.novocure.com/investor-relations, and will be available for at least 14 days following the call. Novocure has used, and intends to continue to use, its investor relations website, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Novocure Novocure is a global oncology company working to extend survival in some of the most aggressive forms of cancer through the development and commercialization of its innovative therapy, Tumor Treating Fields. Novocure's commercialized products are approved in certain countries for the treatment of adult patients with glioblastoma and malignant pleural mesothelioma. Novocure has ongoing or completed clinical studies investigating Tumor Treating Fields in brain metastases, gastric cancer, glioblastoma, liver cancer, non-small cell lung cancer, pancreatic cancer and ovarian cancer.

Headquartered in Root, Switzerland and with a growing global footprint, Novocure has regional operating centers in Portsmouth, New Hampshire and Tokyo, as well as a research center in Haifa, Israel. For additional information about the company, please visit Novocure.com and follow @Novocure on LinkedIn and Twitter.

*Non-GAAP Financial Measurements We measure our performance based upon a non-U.S. GAAP measurement of earnings before interest, taxes, depreciation, amortization and shared-based compensation ("Adjusted EBITDA"). We believe Adjusted EBITDA is useful to investors in evaluating our operating performance because it helps investors compare the results of our operations from period to period by removing the impact of earnings attributable to our capital structure, tax rate and material non-cash items, specifically share-based compensation.

Forward-Looking Statements In addition to historical facts or statements of current condition, this press release may contain forward-looking statements. Forward-looking statements provide Novocure's current expectations or forecasts of future events. These may include statements regarding anticipated scientific progress on its research programs, clinical study progress, development of potential products, interpretation of clinical results, prospects for regulatory approval, manufacturing development and capabilities, market prospects for its products, coverage, collections from third-party payers and other statements regarding matters that are not historical facts. You may identify some of these forward-looking statements by the use of words in the statements such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe" or other words and terms of similar meaning. Novocure's performance and financial results could differ materially from those reflected in these forward-looking statements due to general financial, economic, environmental, regulatory and political conditions as well as issues arising from the COVID-19 pandemic and other more specific risks and uncertainties facing Novocure such as those set forth in its Annual Report on Form 10-K filed on February 24, 2022, as amended to date, with the U.S. Securities and Exchange Commission. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Furthermore, Novocure does not intend to update publicly any forward-looking statement, except as required by law. Any forward-looking statements herein speak only as of the date hereof. The Private Securities Litigation Reform Act of 1995 permits this discussion.

Consolidated Statements of Operations
USD in thousands (except share and per share data)
                                                                                                                                                                                                                         
                                                                                                          Three months ended June 30,                                                               Six months ended June 30,                                           Year ended December 31,
                                                                                               ----------------------------------------------------------------------------------                          ----------------------------------------------------------------------------------                          ----------------------------------------
                                                                                          2022                               2021                               2022                               2021                                    2021
                                                                                               -------------------------------                       -------------------------------                       -------------------------------                       -------------------------------                       ----------------------------------------
                                                                                                                   Unaudited                                                                                Unaudited                                                           Audited
                                                                                               ----------------------------------------------------------------------------------                          ----------------------------------------------------------------------------------                          ----------------------------------------
Net revenues                                                                                                      $     140,866                      $     133,517                      $     278,413                      $     268,212                      $              535,031
Cost of revenues                                                                                      28,503          28,599          56,230          54,984                  114,877
                                                                                               -------------------- -----------                      -------------------- -----------                      -------------------- -----------                      -------------------- -----------                      -------------------- --------------------
Gross profit                                                                                         112,363         104,918         222,183         213,228                  420,154
                                                                                               -------------------- -----------                      -------------------- -----------                      -------------------- -----------                      -------------------- -----------                      -------------------- --------------------
                                                                                                                                                                  
Operating costs and expenses:                                                                                                                                                        
Research, development and clinical studies                                                            57,075          50,315          99,309          96,231                  201,303
Sales and marketing                                                                                   44,750          34,138          82,634          65,495                  137,057
General and administrative                                                                            31,666          32,760          62,174          63,885                  126,127
                                                                                               -------------------- -----------                      -------------------- -----------                      -------------------- -----------                      -------------------- -----------                      -------------------- --------------------
Total operating costs and expenses                                                                   133,491         117,213         244,117         225,611                  464,487
                                                                                               -------------------- -----------                      -------------------- -----------                      -------------------- -----------                      -------------------- -----------                      -------------------- --------------------
                                                                                                                                                                  
Operating income (loss)                                                                             (21,128)        (12,295)        (21,934)        (12,383)                 (44,333)
Financial expenses (income), net                                                                       2,228             940           3,937           3,586                    7,742
                                                                                               -------------------- -----------                      -------------------- -----------                      -------------------- -----------                      -------------------- -----------                      -------------------- --------------------
                                                                                                                                                                  
Income (loss) before income taxes                                                                   (23,356)        (13,235)        (25,871)        (15,969)                 (52,075)
Income taxes                                                                                             652           1,406           2,784           2,800                    6,276
                                                                                               -------------------- -----------                      -------------------- -----------                      -------------------- -----------                      -------------------- -----------                      -------------------- --------------------
Net income (loss)                                                                                                 $    (24,008)                      $    (14,641)                      $    (28,655)                      $    (18,769)                      $             (58,351)
                                                                                               ==================== ===========                      ==================== ===========                      ==================== ===========                      ==================== ===========                      ==================== ====================
                                                                                                                                                                  
Basic net income (loss) per ordinary share                                                                        $      (0.23)                      $      (0.14)                      $      (0.27)                      $      (0.18)                      $               (0.56)
                                                                                               ==================== ===========                      ==================== ===========                      ==================== ===========                      ==================== ===========                      ==================== ====================
Weighted average number of ordinary shares used in computing basic net income (loss) per share   104,627,789     103,484,866     104,408,164     103,061,557      
                                                                                                                                                                                                                                                                                                                                  103,433,274
                                                                                               ==================== ===========                      ==================== ===========                      ==================== ===========                      ==================== ===========                      ==================== ====================
Diluted net income (loss) per ordinary share                                                                      $      (0.23)                      $      (0.14)                      $      (0.27)                      $      (0.18)                      $               (0.56)
                                                                                               ==================== ===========                      ==================== ===========                      ==================== ===========                      ==================== ===========                      ==================== ====================
Consolidated Balance Sheets
USD in thousands (except share data)
                                 
                             June 30,                      December 31, 2021
                                                  2022
                                    ------------------------------                       ------------------------------
                             Unaudited                          Audited
                                    ------------------------------                       ------------------------------
ASSETS                                              
CURRENT ASSETS:                                     
                                                       $    367,014                      $    208,802
   Cash and cash equivalents
                                         581,503        728,898
   Short-term investments
                                             749            807
   Restricted cash
                                          97,563         93,567
   Trade receivables, net
                                          18,195         17,025
   Receivables and prepaid expenses
                                          29,531         24,427
   Inventories
                                    -------------------- ----------                      -------------------- ----------
Total current assets                   1,094,555      1,073,526
                                    -------------------- ----------                      -------------------- ----------
LONG-TERM ASSETS:                                   
                                          26,561         22,693
   Property and equipment, net
                                          12,377         12,923
   Field equipment, net
                                          18,281         18,267
   Right-of-use assets
                                          10,898         12,086
   Other long-term assets
                                    -------------------- ----------                      -------------------- ----------
Total long-term assets                    68,117         65,969
                                    -------------------- ----------                      -------------------- ----------
Consolidated Balance Sheets
USD in thousands (except share data)
                                                                                                                  
                                                                                                            June 30,                          December 31, 2021
                                                                                                                                 2022
                                                                                                                 ----------------------------------                       ----------------------------------
                                                                                                            Unaudited                              Audited
LIABILITIES AND SHAREHOLDERS' EQUITY                                                                                                 
                                                                                                                                     
   CURRENT LIABILITIES:
                                                                                                                                    $         79,910                      $         72,600
   Trade payables
                                                                                                                           55,489             70,002
   Other payables, lease liabilities and accrued expenses
                                                                                                                 -------------------- --------------                      -------------------- --------------
                                                                                                                          135,399            142,602
   Total current liabilities
                                                                                                                 -------------------- --------------                      -------------------- --------------
                                                                                                                                     
   LONG-TERM LIABILITIES:
                                                                                                                          563,846            562,216
   Long-term debt, net
                                                                                                                            4,541              6,477
   Deferred revenue
                                                                                                                           13,377             12,997
   Long-term leases
                                                                                                                            3,598              4,543
   Employee benefit liabilities
                                                                                                                              239                166
   Other long-term liabilities
                                                                                                                 -------------------- --------------                      -------------------- --------------
                                                                                                                          585,601            586,399
   Total long-term liabilities
                                                                                                                 -------------------- --------------                      -------------------- --------------
                                                                                                                          721,000            729,001
   TOTAL LIABILITIES
                                                                                                                 -------------------- --------------                      -------------------- --------------
                                                                                                                  
                                                                                                                                     
   COMMITMENTS AND CONTINGENCIES
                                                                                                                  
                                                                                                                                     
   SHAREHOLDERS' EQUITY:
                                                                                                                                     
   Share capital -
                                                                                                                   --     --
      Ordinary shares no par value, unlimited shares authorized; issued and outstanding:
      104,727,685 shares and 103,971,263 shares at June 30, 2022 (unaudited) and December 31, 2021, respectively
                                                                                                                        1,158,348          1,099,589
   Additional paid-in capital
                                                                                                                          (2,095)            (3,169)
   Accumulated other comprehensive income (loss)
                                                                                                                        (714,581)          (685,926)
   Retained earnings (accumulated deficit)
                                                                                                                 -------------------- --------------                      -------------------- --------------
                                                                                                                          441,672            410,494
   TOTAL SHAREHOLDERS' EQUITY
                                                                                                                 -------------------- --------------                      -------------------- --------------
Non-U.S. GAAP financial measures reconciliation
USD in thousands
                                                                                                                  
                                                             Three months ended June 30,                                                                                       Six months ended June 30,
                                      --------------------------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------------------------
                                2022                            2021               % Change                2022                            2021               % Change
                                      ----------------------------                       ----------------------------                       --------                      ----------------------------                       ----------------------------                       --------
Net income (loss)                                        $ (24,008)                      $ (14,641)       64 %                      $ (28,655)                      $ (18,769)       53 %
Add: Income tax                              652        1,406     (54) %        2,784        2,800      (1) %
Add: Financial expenses (income), net      2,228          940      137 %        3,937        3,586       10 %
Add: Depreciation and amortization         2,654        2,480        7 %        5,264        4,850        9 %
                                      -------------------- --------                      -------------------- --------                                                    -------------------- --------                      -------------------- --------
EBITDA                                                   $ (18,474)                      $  (9,815)       88 %                      $ (16,670)                      $  (7,533)      121 %
Add: Share-based compensation             25,823       27,881      (7) %       50,868       46,744        9 %
                                      -------------------- --------                      -------------------- --------                                                    -------------------- --------                      -------------------- --------

View source version on businesswire.com: https://www.businesswire.com/news/home/20220728005226/en/

SOURCE: Novocure">

Investors: 
Ingrid Goldberg
investorinfo@novocure.com 
610-723-7427

Media: 
Leigh Labrie
media@novocure.com 
610-723-7428
comtex tracking

COMTEX_411153521/1006/2022-07-28T07:00:11

Earnings Calendar and Events Data provided by |Terms of Use| © 2022 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., ,, and

Copyright © 2022. All rights reserved.