NVCR - NovoCure slips after Q3 miss and extended timeline for pivotal trial
NovoCure (NVCR -6.6%) shares are trading sharply lower in the morning hours after the company lagged expectations with its Q3 2021 financials and forecasted a prolonged timeline for a final data readout from a pivotal study. The maker of Optune Tumor Treating Fields delivery system, generated $133.6M in revenue for the quarter, indicating only ~1% YoY growth, compared to the ~34% YoY average over the past four quarters. With gross margin falling to ~77% from ~79% in the prior-year quarter, the company recorded ~13.1M in net loss for the third consecutive quarter. Notably, it now expects to generate final data from a phase 3 pivotal PANOVA-3 trial for locally advanced pancreatic cancer in 2024 from the previously announced 2023 timeline. The company cited several reasons for the prolonged duration, including a shortage of nab-paclitaxel impacting chemotherapy supply at clinical sites. In its 10-Q filing, NovoCure (NASDAQ:NVCR) added that the study will not expand in China
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NovoCure slips after Q3 miss and extended timeline for pivotal trial