Business
Novocure Reports Fourth Quarter and Full Year 2022 Financial Results and Provides Company Update
Full year 2022 net revenues of $538 million and fourth quarter net revenues of $128 million Pivotal LUNAR study in non-small cell lung cancer met primary
About this update from Novocure Limited
[{"type":"text","content":"\nFull year 2022 net revenues of $538 million and fourth quarter net revenues of $128 million\n\nPivotal LUNAR study in non-small cell lung cancer met primary overall survival endpoint and a key secondary overall survival endpoint\n\nNovocure completes enrollment of pivotal PANOVA-3 study in pancreatic cancer\n\n ROOT, Switzerland--(BUSINESS WIRE)--\nNovocure (NASDAQ: NVCR) today reported financial results for the fourth quarter and full year ended December 31, 2022. 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“2022 was a year of solid execution for Novocure,” said William Doyle, Novocure’s Executive Chairman. “In 2022, we generated over half a billion dollars in net revenues, expanded our international footprint, introduced our next generation arrays and announced results from multiple, successful pilot studies; and we have excellent momentum to start 2023. We announced that our pivotal LUNAR study met its primary overall survival endpoint and we have now completed enrollment in our pivotal PANOVA-3 study in pancreatic cancer and are just two patients away from completing enrollment in our pivotal METIS study in brain metastases from non-small cell lung cancer. Our teams are executing well and their achievements are building the foundations for the future of Novocure. We are looking forward to an eventful 2023.”\n\n“In my time at Novocure, I have never felt more engaged or excited,” said Asaf Danziger, Novocure’s Chief Executive Officer. “The positive top-line readout from the pivotal LUNAR study marked the beginning of a transformational 24 months for Novocure. LUNAR is the first of four pivotal studies we expect to read out in the next two years which could dramatically increase the number of patients eligible for Tumor Treating Fields.”\n\nFinancial updates for the full year and fourth quarter ended December 31, 2022:\n\n\nTotal net revenues for the year were $537.8 million, an increase of 1% year-over-year.\n\n\nWe recorded $32 million in revenue from the successful appeal of previously denied claims for Medicare fee-for-service beneficiaries billed prior to established coverage. We believe collections from previously denied claims were largely exhausted in 2022...