Novocure (NVCR) Misses Q1 EPS by 6c, Revenues Miss

Novocure (NASDAQ: NVCR) reported Q1 EPS of ($0.04), $0.06 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $134.7 million versus the consensus estimate of $139.36 million.

For the quarter ended March 31, 2021, net revenues were $134.7 million, representing 32% growth compared to the first quarter 2020.

• In the United States, net revenues totaled $85.9 million in the quarter ended March 31, 2021, representing 24% growth compared to the same period in 2020.
• In Germany and other EMEA markets, net revenues totaled $35.0 million in the quarter ended March 31, 2021, representing 43% growth compared to the same period in 2020.
• In Japan, net revenues totaled $8.3 million in the quarter ended March 31, 2021, representing 28% growth compared to the same period in 2020.
• In Greater China, net revenues totaled $5.5 million in the quarter ended March 31, 2021, representing 237% growth compared to the same period in 2020.

“Over the last several months, we have made progress across multiple clinical development programs intended to determine Tumor Treating Fields’ optimal use,” said William Doyle, Novocure’s Executive Chairman. “We continued to increase our understanding of the potential benefits of Tumor Treating Fields when used together with immunotherapies and continued to enroll patients in five late-stage clinical trials in multiple solid tumor types. The accelerated interim analysis of the LUNAR trial and the upcoming HEPANOVA data presentation represent the beginning of what we expect to be an exciting few years of data readouts from our pipeline.”

“Our track record of consistent execution and financial strength continued in the first quarter of 2021,” added Asaf Danziger, Novocure’s Chief Executive Officer. “We generated $135 million in net revenues with an 80% gross margin, and we invested $46 million in research and development intended to fuel future growth. With 3,454 active patients on therapy at the end of the quarter, we have treated nearly 20,000 patients globally, to date.”

For earnings history and earnings-related data on Novocure (NVCR) click here.

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