Business
Novocure Reports Fourth Quarter and Full Year 2021 Financial Results and Provides Company Update
Full year 2021 net revenues of $535 million, an increase of 8% year-over-year Invested record $201 million in 2021 in research and development initiatives
About this update from Novocure Limited
[{"type":"text","content":"\nFull year 2021 net revenues of $535 million, an increase of 8% year-over-year\n\nInvested record $201 million in 2021 in research and development initiatives intended to advance Tumor Treating Fields science and technology\n\n ST. HELIER, Jersey--(BUSINESS WIRE)--\nNovocure (NASDAQ: NVCR) today reported financial results for the fourth quarter and full year ended December 31, 2021. Novocure is a global oncology company working to extend survival in some of the most aggressive forms of cancer by developing and commercializing its innovative therapy, Tumor Treating Fields (“TTFields”).\n\n“We founded Novocure to exploit the novel observation that electric fields can be harnessed to disrupt cancer cell division,” said William Doyle, Novocure’s Executive Chairman. “More than two decades later, we continue to build our knowledge and capabilities to optimize the Tumor Treating Fields therapy platform and to bring Tumor Treating Fields therapy to cancer patients. Last year, we generated over half a billion dollars in net revenues and invested two hundred million dollars in R&D. With multiple pivotal clinical studies set to read out in the coming 24 months, we are nearing a key inflection point for cancer patients and our business.”\n\nFinancial updates for the full year and fourth quarter ended December 31, 2021:\n\n\nTotal net revenues for the year were $535.0 million, an increase of 8% year-over-year.\n\n\nTotal net revenues for the quarter were $133.2 million. The company did not recognize material revenue from its Medicare backlog in the quarter. This compares to $11 million received from the successful appeal of previously denied Medicare claims in the fourth quarter of 2020.\n\n\nThe United States, EMEA and Japan contributed $92.0 million, $26.5 million, and $8.8 million in quarterly net revenues, respectively. Revenue in Greater China from Novocure’s partnership with Zai Lab totaled $5.8 million.\n\n\nGross margin for the quarter was 78%.\n\n\nResearch, development and clinical studies expenses for the quarter were $56.9 million.\n\n\nSales and marketing expenses for the quarter were $39.0 million.\n\n\nGeneral and administrative expenses for the quarter were $31.0 million.\n\n\nNet loss for the quarter was $26.5 million with loss per share of $0.25.\n\n\nAdjusted EBITDA* for the quarter was $1.7 million.\n\n\nCash, cash equiv...