NVCR - Novocure stock down 10% on wider-than-expected Q2 loss

• NovoCure ( NASDAQ: NVCR ) is trading ~ 10% down after it posted wider-than-expected loss as costs increased during the quarter.
• The company posted Q2 GAAP EPS of -$0.23, which missed estimates by $0.09.
• NVCR also said top-line data from the LUNAR pivotal study will be delayed and it plan to announce it in early Q1 2023 and not in the final week of 2022.
• Revenue rose +5.5% Y/Y to $140.9M and beat estimates by $5.77M.
• The United States, EMEA and Japan contributed $108.2M, $18.5M, and $8.3M in quarterly net revenues, respectively.
• German revenue was impacted by a reduction in German active patient numbers and approval rates as a result of updated coverage criteria, the company said.
• Research, development and clinical studies expenses for the quarter were $57.1 million, an increase of 13% Y/Y.
• Sales and marketing expenses for the quarter were $44.7 million, an increase of 31% Y/Y.
• The company had cash of $948.5M as of June 30.

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