Novocure Reports Third Quarter 2024 Financial Results
Novocure (NVCR) reported Q3 2024 financial results with net revenues of $155.1 million, up 22% year-over-year. The company achieved record 4,113 active patients on therapy and received FDA approval for Optune Lua® for metastatic non-small cell lung cancer treatment. The quarter showed a net loss of $30.6 million ($0.28 per share). Key market revenues included US ($98.3M), Germany ($17.0M), France ($15.2M), and Japan ($8.6M). The company maintains strong liquidity with $959.9 million in cash and investments. CEO Asaf Danziger announced retirement, to be succeeded by CFO Ashley Cordova effective January 2025.
Novocure (NVCR) ha riportato i risultati finanziari del terzo trimestre del 2024 con entrate nette di 155,1 milioni di dollari, in aumento del 22% rispetto all'anno precedente. L'azienda ha raggiunto un record di 4.113 pazienti attivi in terapia e ha ricevuto l'approvazione della FDA per Optune Lua® per il trattamento del cancro polmonare non a piccole cellule metastatico. Nel trimestre si è registrata una perdita netta di 30,6 milioni di dollari (0,28 dollari per azione). Le entrate chiave di mercato includevano Stati Uniti ($98,3M), Germania ($17,0M), Francia ($15,2M) e Giappone ($8,6M). L'azienda mantiene una buona liquidità con 959,9 milioni di dollari in contanti e investimenti. Il CEO Asaf Danziger ha annunciato il suo ritiro, e sarà succeduto dal CFO Ashley Cordova, con effetto da gennaio 2025.
Novocure (NVCR) reportó los resultados financieros del tercer trimestre de 2024 con ingresos netos de 155,1 millones de dólares, un aumento del 22% en comparación con el año anterior. La empresa logró un récord de 4.113 pacientes activos en terapia y recibió la aprobación de la FDA para Optune Lua® en el tratamiento del cáncer de pulmón no microcítico metastásico. El trimestre mostró una pérdida neta de 30,6 millones de dólares (0,28 dólares por acción). Los ingresos clave del mercado incluyeron EE. UU. ($98,3M), Alemania ($17,0M), Francia ($15,2M) y Japón ($8,6M). La compañía mantiene una fuerte liquidez con 959,9 millones de dólares en efectivo e inversiones. El CEO Asaf Danziger anunció su jubilación, que será sucedida por la CFO Ashley Cordova a partir de enero de 2025.
Novocure (NVCR)는 2024년 3분기 재무 결과를 발표했으며, 순수익이 1억 5,510만 달러로 전년 대비 22% 증가했습니다. 이 회사는 치료 중인 4,113명의 활성 환자라는 기록을 세웠으며, 비소세포 폐암 전이 치료를 위한 Optune Lua®에 대해 FDA 승인을 받았습니다. 이번 분기에는 3,060만 달러의 순손실 ($0.28 주당 손실)이 발생했습니다. 주요 시장 수익은 미국 ($9830만), 독일 ($1,700만), 프랑스 ($1,520만) 및 일본 ($860만)을 포함했습니다. 이 회사는 9억 5,990만 달러의 현금 및 투자로 강력한 유동성을 유지하고 있습니다. CEO Asaf Danziger는 은퇴를 발표했으며, 2025년 1월부터 CFO Ashley Cordova가 후임하게 됩니다.
Novocure (NVCR) a annoncé les résultats financiers du troisième trimestre 2024 avec des revenus nets de 155,1 millions de dollars, en hausse de 22% par rapport à l'année précédente. L'entreprise a atteint un record de 4 113 patients actifs en traitement et a obtenu l'approbation de la FDA pour Optune Lua® dans le traitement du cancer du poumon non à petites cellules métastatique. Le trimestre a montré une perte nette de 30,6 millions de dollars (0,28 dollars par action). Les revenus clés du marché comprenaient les États-Unis (98,3 millions de dollars), l'Allemagne (17 millions de dollars), la France (15,2 millions de dollars) et le Japon (8,6 millions de dollars). L'entreprise maintient une forte liquidité avec 959,9 millions de dollars en liquidités et investissements. Le PDG Asaf Danziger a annoncé sa retraite, il sera remplacé par la CFO Ashley Cordova à partir de janvier 2025.
Novocure (NVCR) berichtete über die finanziellen Ergebnisse des 3. Quartals 2024 mit netto Einnahmen von 155,1 Millionen Dollar, was einem Anstieg von 22% im Vergleich zum Vorjahr entspricht. Das Unternehmen erreichte einen Rekord von 4.113 aktiven Patienten in Behandlung und erhielt die FDA-Zulassung für Optune Lua® zur Behandlung von metastasierendem nicht-kleinzelligem Lungenkrebs. Im Quartal wurde ein Nettoverlust von 30,6 Millionen Dollar (0,28 Dollar pro Aktie) verzeichnet. Die wichtigsten Marktumsätze umfassten die USA ($98,3M), Deutschland ($17,0M), Frankreich ($15,2M) und Japan ($8,6M). Das Unternehmen hält eine starke Liquidität mit 959,9 Millionen Dollar in bar und Investitionen. CEO Asaf Danziger kündigte seinen Rücktritt an, die Nachfolge tritt CFO Ashley Cordova ab Januar 2025 an.
- 22% year-over-year revenue growth to $155.1 million
- Record 4,113 active patients on therapy
- FDA approval for Optune Lua in metastatic non-small cell lung cancer
- Strong cash position of $959.9 million
- 8% increase in prescriptions compared to Q3 2023
- 77% gross margin in Q3 2024
- Net loss of $30.6 million in Q3 2024
- One-time revenue benefit of $4.7M from prior period claims not expected to recur
Insights
The Q3 results show significant growth with
The operational metrics are encouraging with 4,113 active patients (record high) and
The FDA approval of Optune Lua for metastatic non-small cell lung cancer represents a significant therapeutic expansion. NSCLC is one of the most common and deadly cancers, making this approval particularly impactful for market potential. The Breakthrough Device designation for brain metastases from NSCLC further strengthens the company's oncology portfolio.
The pipeline momentum continues with multiple late-stage trials, notably the PANOVA-3 trial in pancreatic cancer with results expected in Q4 2024. This diversification across multiple aggressive cancers demonstrates the platform's versatility. The growing active patient base validates the therapy's clinical adoption and real-world effectiveness.
Quarterly net revenues of
FDA approves Optune Lua® for the treatment of metastatic non-small cell lung cancer
After 22 years as CEO, Asaf Danziger announces planned retirement at year end, will be succeeded by current CFO Ashley Cordova
Christoph Brackmann appointed Chief Financial Officer, effective January 1, 2025
ROOT,
“This was a period of strong execution and achievement at Novocure,” said William Doyle, Novocure’s Executive Chairman. “We secured FDA approval and launched Optune Lua for the treatment of patients with metastatic non-small cell lung cancer, achieved significant year-over-year revenue growth across our major markets, and solidified our management team to drive our next stage of growth. It is an exciting time to be at Novocure as we pursue opportunities to make a difference in the lives of our patients.”
Financial updates for the third quarter ended September 30, 2024:
-
Total net revenues for the quarter were
, an increase of$155.1 million 22% compared to the same period in 2023. This increase is primarily driven by our successful launch inFrance and improvedU.S. approval rates.-
The
U.S. ,Germany ,France andJapan contributed ,$98.3 million ,$17.0 million and$15.2 million , respectively, with other active markets contributing$8.6 million .$11.3 million -
Improved approval rates in the
U.S. resulted in of increased net revenue from prior period claims during the quarter. We do not expect this benefit to recur.$4.7 million -
Revenue in
Greater China from Novocure’s partnership with Zai Lab totaled .$4.6 million
-
The
-
Gross margin for the quarter was
77% . -
Research, development and clinical studies expenses for the quarter were
, a decrease of$51.9 million 3% from the same period in 2023. -
Sales and marketing expenses for the quarter were
, an increase of$59.8 million 3% compared to the same period in 2023. -
General and administrative expenses for the quarter were
, a decrease of$40.1 million 4% compared to the same period in 2023. -
Net loss for the quarter was
with loss per share of$30.6 million .$0.28 -
Adjusted EBITDA* for the quarter was
.$1.7 million -
Cash, cash equivalents and short-term investments were
as of September 30, 2024.$959.9 million
Operational updates for the third quarter ended September 30, 2024:
-
1,586 prescriptions were received in the quarter, an increase of
8% compared to the same period in 2023. Prescriptions from theU.S. ,Germany ,France andJapan contributed 934; 217; 171 and 99 prescriptions, respectively, with the remaining 165 prescriptions received in other active markets. -
As of September 30, 2024, there were a record 4,113 active patients on therapy. Active patients from the
U.S. ,Germany ,France andJapan contributed 2,200; 570; 393 and 437 active patients, respectively, with the remaining 513 active patients contributed by other active markets.
Quarterly updates and achievements:
-
In October, based on the results from the Phase 3 LUNAR trial, the
U.S. Food and Drug Administration (FDA) approved our Premarket Approval (PMA) application for Optune Lua for concurrent use with PD-1/PD-L1 inhibitors or docetaxel for the treatment of adult patients with metastatic NSCLC who have progressed on or after a platinum-based regimen. Our commercial launch in theU.S. is underway with physician certification ongoing and first prescription received shortly after approval. -
In October, the
U.S. FDA granted Breakthrough Device designation for the use of TTFields therapy for brain metastases from non-small cell lung cancer. Breakthrough Device designation gives us more frequent, faster and interactive access to the FDA review team and senior management during the review process, priority review of our marketing application upon filing, and expedited review of pre-PMA manufacturing and quality systems compliance inspections. - In September, we announced the retirement of Chief Executive Officer (CEO) Asaf Danziger, effective January 1, 2025. Mr. Danziger will be succeeded by Chief Financial Officer (CFO) Ashley Cordova. In October, we appointed Christoph Brackmann to succeed Ms. Cordova as CFO, effective January 1, 2025. In addition, we announced the promotion of Mukund Paravasthu to the role of Chief Operating Officer, effective October 1, 2024.
Anticipated clinical milestones:
- Top-line data from Phase 3 PANOVA-3 clinical trial in locally advanced pancreatic cancer (Q4 2024)
- Data from Phase 2 PANOVA-4 clinical trial in metastatic pancreatic cancer (2026)
- Data from Phase 3 TRIDENT clinical trial in newly diagnosed glioblastoma (2026)
Conference call details
Novocure will host a conference call and webcast to discuss third quarter 2024 financial results at 8:00 a.m. EDT today, Wednesday, October 30, 2024. To access the conference call by phone, use the following conference call registration link and dial-in details will be provided. To access the webcast, use the following webcast registration link.
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, non-small cell lung cancer, malignant pleural mesothelioma and pleural mesothelioma. Novocure has several additional ongoing or completed clinical trials exploring the use of Tumor Treating Fields therapy in the treatment of glioblastoma, non-small cell lung cancer and pancreatic cancer.
Novocure’s global headquarters is located in Root Switzerland, with
*Non-GAAP Financial Measurements
We measure our performance based upon a non-
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 trial 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 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 22, 2024, and subsequent filings with the
NOVOCURE LIMITED AND SUBSIDIARIES
|
|||||||||||||||||||
|
|||||||||||||||||||
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
Year ended December 31, |
||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2023 |
||||||||||
|
Unaudited |
|
Unaudited |
|
Audited |
||||||||||||||
Net revenues |
$ |
155,095 |
|
|
$ |
127,321 |
|
|
$ |
443,954 |
|
|
$ |
375,554 |
|
|
$ |
509,338 |
|
Cost of revenues |
|
35,372 |
|
|
|
32,092 |
|
|
|
103,715 |
|
|
|
95,724 |
|
|
|
128,280 |
|
Gross profit |
|
119,723 |
|
|
|
95,229 |
|
|
|
340,239 |
|
|
|
279,830 |
|
|
|
381,058 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
||||||||||
Research, development and clinical studies |
|
51,882 |
|
|
|
53,623 |
|
|
|
158,435 |
|
|
|
168,754 |
|
|
|
223,062 |
|
Sales and marketing |
|
59,830 |
|
|
|
57,964 |
|
|
|
171,652 |
|
|
|
167,621 |
|
|
|
226,809 |
|
General and administrative |
|
40,103 |
|
|
|
41,887 |
|
|
|
117,344 |
|
|
|
124,609 |
|
|
|
164,057 |
|
Total operating costs and expenses |
|
151,815 |
|
|
|
153,474 |
|
|
|
447,431 |
|
|
|
460,984 |
|
|
|
613,928 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (loss) |
|
(32,092 |
) |
|
|
(58,245 |
) |
|
|
(107,192 |
) |
|
|
(181,154 |
) |
|
|
(232,870 |
) |
Financial income (expenses), net |
|
10,507 |
|
|
|
10,023 |
|
|
|
31,236 |
|
|
|
27,948 |
|
|
|
41,130 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) before income tax |
|
(21,585 |
) |
|
|
(48,222 |
) |
|
|
(75,956 |
) |
|
|
(153,206 |
) |
|
|
(191,740 |
) |
Income tax |
|
8,985 |
|
|
|
1,263 |
|
|
|
26,749 |
|
|
|
6,758 |
|
|
|
15,303 |
|
Net income (loss) |
$ |
(30,570 |
) |
|
$ |
(49,485 |
) |
|
$ |
(102,705 |
) |
|
$ |
(159,964 |
) |
|
$ |
(207,043 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted net income (loss) per ordinary share |
$ |
(0.28 |
) |
|
$ |
(0.46 |
) |
|
$ |
(0.95 |
) |
|
$ |
(1.51 |
) |
|
$ |
(1.95 |
) |
Weighted average number of ordinary shares used in computing basic and diluted net income (loss) per share |
|
108,247,716 |
|
|
|
106,772,814 |
|
|
|
107,679,501 |
|
|
|
106,219,194 |
|
|
|
106,391,178 |
|
Consolidated Balance Sheets
|
|||||
NOVOCURE LIMITED AND SUBSIDIARIES
|
|||||
|
|||||
|
September 30,
|
|
December 31,
|
||
|
Unaudited |
|
Audited |
||
ASSETS |
|
|
|
||
CURRENT ASSETS: |
|
|
|
||
Cash and cash equivalents |
$ |
185,422 |
|
$ |
240,821 |
Short-term investments |
|
774,476 |
|
|
669,795 |
Restricted cash |
|
3,777 |
|
|
1,743 |
Trade receivables, net |
|
67,060 |
|
|
61,221 |
Receivables and prepaid expenses |
|
25,437 |
|
|
22,677 |
Inventories |
|
39,096 |
|
|
38,152 |
Total current assets |
|
1,095,268 |
|
|
1,034,409 |
LONG-TERM ASSETS: |
|
|
|
||
Property and equipment, net |
|
73,251 |
|
|
51,479 |
Field equipment, net |
|
12,913 |
|
|
11,384 |
Right-of-use assets |
|
28,330 |
|
|
34,835 |
Other long-term assets |
|
12,224 |
|
|
14,022 |
Total long-term assets |
|
126,718 |
|
|
111,720 |
TOTAL ASSETS |
$ |
1,221,986 |
|
$ |
1,146,129 |
Consolidated Balance Sheets
|
|||||||
|
September 30,
|
|
December 31,
|
||||
|
Unaudited |
|
Audited |
||||
The accompanying notes are an integral part of these unaudited consolidated financial statements. |
|||||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
||||
CURRENT LIABILITIES: |
|
|
|
||||
Convertible note |
$ |
557,333 |
|
|
|
— |
|
Trade payables |
|
91,319 |
|
|
$ |
94,391 |
|
Other payables, lease liabilities and accrued expenses |
|
86,350 |
|
|
|
84,724 |
|
Total current liabilities |
|
735,002 |
|
|
|
179,115 |
|
LONG-TERM LIABILITIES: |
|
|
|
||||
Convertible note |
|
— |
|
|
|
568,822 |
|
Senior secured credit facility, net |
|
97,149 |
|
|
|
— |
|
Long-term leases |
|
21,144 |
|
|
|
27,420 |
|
Employee benefit liabilities |
|
7,892 |
|
|
|
8,258 |
|
Other long-term liabilities |
|
18 |
|
|
|
18 |
|
Total long-term liabilities |
|
126,203 |
|
|
|
604,518 |
|
TOTAL LIABILITIES |
|
861,205 |
|
|
|
783,633 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
||||
|
|
|
|
||||
SHAREHOLDERS' EQUITY: |
|
|
|
||||
Share capital - |
|
|
|
||||
Ordinary shares no par value, unlimited shares authorized; issued and outstanding: 108,100,392 shares and 107,075,754 shares at September 30, 2024 (unaudited) and December 31, 2023, respectively |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
1,454,367 |
|
|
|
1,353,468 |
|
Accumulated other comprehensive income (loss) |
|
(5,378 |
) |
|
|
(5,469 |
) |
Retained earnings (accumulated deficit) |
|
(1,088,208 |
) |
|
|
(985,503 |
) |
TOTAL SHAREHOLDERS' EQUITY |
|
360,781 |
|
|
|
362,496 |
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
1,221,986 |
|
|
$ |
1,146,129 |
|
Non- |
|||||||||||||||||||||
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||||||||
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
||||||||||
Net income (loss) |
$ |
(30,570 |
) |
|
$ |
(49,485 |
) |
|
(38 |
)% |
|
$ |
(102,705 |
) |
|
$ |
(159,964 |
) |
|
(36 |
)% |
Add: Income tax |
|
8,985 |
|
|
|
1,263 |
|
|
611 |
% |
|
|
26,749 |
|
|
|
6,758 |
|
|
296 |
% |
Add: Financial expenses (income), net |
|
(10,507 |
) |
|
|
(10,023 |
) |
|
5 |
% |
|
|
(31,236 |
) |
|
|
(27,948 |
) |
|
12 |
% |
Add: Depreciation and amortization |
|
2,458 |
|
|
|
2,803 |
|
|
(12 |
)% |
|
|
8,131 |
|
|
|
8,246 |
|
|
(1 |
)% |
EBITDA |
$ |
(29,634 |
) |
|
$ |
(55,442 |
) |
|
(47 |
)% |
|
$ |
(99,061 |
) |
|
$ |
(172,908 |
) |
|
(43 |
)% |
Add: Share-based compensation |
|
31,364 |
|
|
|
26,346 |
|
|
19 |
% |
|
|
97,278 |
|
|
|
98,170 |
|
|
(1 |
)% |
Adjusted EBITDA |
$ |
1,730 |
|
|
$ |
(29,096 |
) |
|
(106 |
)% |
|
$ |
(1,783 |
) |
|
$ |
(74,738 |
) |
|
(98 |
)% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030502767/en/
Investors:
Ingrid Goldberg
investorinfo@novocure.com
Media:
Catherine Falcetti
media@novocure.com
Source: Novocure
FAQ
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