Exhibit 99.1

 

Novocure Reports Third Quarter 2017 Financial Results and Provides Company Update

 

Third quarter 2017 net revenues of $50.1 million, reflecting 131 percent growth versus third quarter 2016 and 31 percent growth versus second quarter 2017

 

1,683 active patients at September 30, 2017, an increase of 71 percent from September 30, 2016, and 15 percent from June 30, 2017

 

Third quarter 2017 cash flow from operations of $2.5 million, the first quarter with positive cash flow from operations in Novocure’s history

 

St. Helier, Jersey – Novocure (NASDAQ: NVCR) today reported financial results for the three and nine months ended September 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 Tumor Treating Fields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Tumor Treating Fields is an approved treatment for adults with glioblastoma. We believe Tumor Treating Fields shows promise for a variety of solid tumors.

 

Third quarter 2017 highlights include:

 

 

Three months ended

September 30,

 

Nine months ended

September 30,

 

 

2017

 

 

2016

 

% Change

 

 

2017

 

 

2016

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-financial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active patients at period end(1)

 

1,683

 

 

985

 

71%

 

 

 

 

 

 

 

 

Prescriptions received in period(2)

 

1,076

 

 

690

 

56%

 

 

3,029

 

 

2,102

 

44%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial, in millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

$

50.1

 

$

21.7

 

131%

 

$

123.4

 

$

52.6

 

134%

Net loss

$

(11.5

)

$

(33.6

)

66%

 

$

(50.7

)

$

(109.7

)

54%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at the end of period

$

82.1

 

$

115.8

 

 

 

 

 

 

 

 

 

 

Short-term investments at the end

of period

$

104.5

 

$

119.7

 

 

 

 

 

 

 

 

 

 

(1)

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.

(2)

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.

 

 

 


The following information was filed by Novocure Ltd (NVCR) on Thursday, October 26, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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