- 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.
For further details see:
Novocure stock down 10% on wider-than-expected Q2 loss