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Jun 30, 2022
Novocure Q2 2022 Earnings Report
Reported a solid progress with increased revenues and advancements in clinical studies.
Key Takeaways
Novocure reported a 6% increase in net revenues year-over-year, reaching $140.9 million for the quarter ended June 30, 2022. The company is advancing its clinical studies and anticipates several clinical and product development milestones in the coming quarters.
Total net revenues for the quarter were $140.9 million, a 6% increase compared to the same period in 2021.
Gross margin for the quarter was 80%.
Net loss for the quarter was $24.0 million with loss per share of $0.23.
As of June 30, 2022, there were 3,454 active patients on therapy.
Forward Guidance
Novocure anticipates several clinical milestones, including data releases from multiple pivotal trials and the limited release of new flex arrays.
Positive Outlook
- Top-line data from the LUNAR pivotal study will be distributed in early Q1 2023.
- Entered into a clinical trial collaboration agreement with MSD to conduct a study of TTFields concomitant with pembrolizumab and maintenance temozolomide for the treatment of newly diagnosed GBM.
- Announced results of the phase 2 pilot EF-31 study evaluating the use of TTFields together with standard-of-care as first-line treatment for gastric cancer.
- Announced the first patient has been enrolled in the phase 2 pilot KEYNOTE B36 study.
- Data from phase 2 pilot EF-33 study with high-intensity arrays in recurrent GBM (2022)
Challenges Ahead
- 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)
Historical Earnings Impact
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