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NovoCure Reports Second Quarter 2017 Financial Results And Provides Company Update



7/27/2017 6:53:54 AM

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ST. HELIER, Jersey--(BUSINESS WIRE)--Novocure (NASDAQ: NVCR) today reported financial results for the three and six months ended June 30, 2017, highlighting year-over-year and sequential growth in active patients and net revenues. Novocure is an oncology company developing a profoundly different approach to cancer treatment utilizing a proprietary therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. TTFields is an approved treatment for adults with glioblastoma. We believe the mechanism of action of TTFields shows promise for a variety of solid tumors.

Second quarter 2017 highlights include:

Three months ended Six months ended
June 30, June 30,
2017 2016 % Change 2017 2016 % Change
Non-financial
Prescriptions received in period(1) 1,059 657 61 % 1,953 1,412 38 %
Active patients at period end(2) 1,460 891 64 %
Financial, in millions
Net revenues $ 38.4 $ 17.9 114 % $ 73.3 $ 31.0 137 %
Net loss $ (21.2 ) $ (40.6 ) 48 % $ (39.2 ) $ (76.0 ) 48 %
Cash and cash equivalents at the end of period $ 80.2 $ 80.9

Short-term investments at the end of period

$ 104.2 $ 120.0

(1) A “prescription received” is a commercial order for Optune that is received from a physician certified to treat patients with Optune for a patient not previously on Optune. Orders to renew or extend treatment are not included in this total.
(2) An “active patient” is a patient who is on Optune under a commercial prescription order as of the measurement date, including patients who may be on a temporary break from treatment and who plan to resume treatment in less than 60 days.

Read at BioSpace.com

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