Novocure (Nasdaq:NVCR) shares rose slightly today on third-quarter results that came in ahead of the consensus forecast.
The St. Helier, Jersey–based tumor-treating fields developer posted losses of $26.6 million for the quarter. That amounts to losses of 25¢ per share on sales of $131 million for the three months ended Sept. 30, 2022.
Novocure registered bottom line fell more than twice as far into the red on a sales decline of 2%. Its losses per share came in 1¢ ahead of expectations on Wall Street, however. Analysts expected revenues of $130.1 million.
“In the third quarter, we showed consistent execution in service of our mission to extend survival in some of the most aggressive forms of cancer,” said William Doyle, Novocure’s executive chair. “We are diligently working to reach additional patients in our current markets, expand into new markets, enhance our products and treat patients in new indications throughout the body. We are investing aggressively to prepare Novocure for the future and are eager to treat many more patients in the coming years.”
The company expects a “transformational” period ahead, CEO Asaf Danziger added. In January, it plans to release multiple datasets over a two-year period from TTFields pivotal studies.
Novocure did not provide financial guidance for the remainder of the year.
NVCR shares ticked up 0.7% at $68.18 apiece as the market opened this morning. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 1.3%.