Exhibit 99.1

Novocure Reports Third Quarter 2018 Financial Results and Provides Company Update

 

Quarterly net revenues of $64.8 million, representing 29 percent growth versus the third quarter 2017 and 5 percent growth versus the second quarter 2018

 

Humanitarian device exemption (HDE) application submitted to FDA for approval in malignant pleural mesothelioma

 

St. Helier, Jersey – Novocure (NASDAQ: NVCR) today reported financial results for the three and nine months ended September 30, 2018. The company highlighted continued revenue growth supported by commercial momentum in newly diagnosed GBM and continued clinical development progress.

 

Third quarter 2018 highlights include:

 

Three months ended

September 30,

 

Nine months ended

September 30,

 

 

2018

 

 

2017

 

% Change

 

 

2018

 

 

2017

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-financial

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active patients at period end(1)

 

2,252

 

 

1,683

 

34%

 

 

2,252

 

 

1,683

 

34%

Prescriptions received in period(2)

 

1,243

 

 

1,076

 

16%

 

 

3,745

 

 

3,029

 

24%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial, in millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

$

64.8

 

$

50.1

 

29%

 

$

178.4

 

$

123.4

 

45%

Gross profit

$

45.8

 

$

35.0

 

31%

 

$

121.4

 

$

83.4

 

46%

Net loss

$

(11.7

)

$

(11.5

)

-2%

 

$

(47.9

)

$

(50.7

)

6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at the end of period

$

123.0

 

$

82.1

 

 

 

 

 

 

 

 

 

 

Short-term investments at the end

of period

$

104.7

 

$

104.5

 

 

 

 

 

 

 

 

 

 

(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.

 

“We delivered record quarterly revenue of $64.8 million in the third quarter, representing 5% quarter-over-quarter growth, driven by both active patient growth and ongoing improvements in our gross-to-net spread,” said Asaf Danziger, Novocure’s Chief Executive Officer. “Prescriptions for patients with newly diagnosed GBM continued to grow, reflecting increased demand from radiation oncologists and neurosurgeons in our global active markets. We also finalized a strategic collaboration with Zai Lab which

 


The following information was filed by Novocure Ltd (NVCR) on Thursday, October 25, 2018 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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