Novocure Reports Second Quarter 2022 Financial Results

About this update from Novocure Limited

[{"type":"text","content":"\nQuarterly net revenues of $140.9 million, a 6% increase year-over-year\n\n ROOT, Switzerland--(BUSINESS WIRE)--\nNovocure (NASDAQ: NVCR) today reported financial results for the quarter ended June 30, 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“The second quarter was a period of solid progress, further solidifying the fundamentals of our business,” said William Doyle, Novocure’s Executive Chairman. “We generated $141 million in net revenues in the quarter, released promising data from our gastric cancer pilot study, announced a new pivotal trial collaboration with Merck, and advanced our late-stage clinical studies. The future is bright for Novocure, and we are hopeful our progress will enable us to treat many more cancer patients in the near future.”\n\n“Novocure is entering a transformational period,” said Asaf Danziger, Novocure’s Chief Executive Officer. “In the next 18 months, we expect to reach a number of clinical and product development milestones, including data releases from multiple pivotal trials and the limited release of our new flex arrays. We are eager to continue exploring the potential of our platform therapy, and I would like to thank my Novocure colleagues for their passion and determination in advancing the science and adoption of Tumor Treating Fields.”\n\nFinancial updates for the second quarter ended June 30, 2022:\n\n\nTotal net revenues for the quarter were $140.9 million, an increase of 6% compared to the same period in 2021.\n\n\nThe United States, EMEA and Japan contributed $108.2 million, $18.5 million, and $8.3 million in quarterly net revenues, respectively.\n\n\nGerman revenue was impacted by a reduction in German active patient numbers and approval rates as a result of updated coverage criteria.\n\n\nRevenue in Greater China from Novocure’s partnership with Zai Lab totaled $5.9 million.\n\n\nGross margin for the quarter was 80%.\n\n\nResearch, development and clinical studies expenses for the quarter were $57.1 million, an increase of 13% from the same period in 2021.\n\n\nSales and marketing expenses for the quarter were $44.7 million, an increase of 31% compared to the same period in 2021. This reflects increased investments...

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