The St. Helier, N.J.-based company posted losses of $11.5 million, or 13¢ per share, on sales of $50.1 million for the 3 months ended September 30, seeing losses on the bottom-line shrink 65.8% while sales grew 131.2% compared with the same period during the previous fiscal year.
Losses per share for the quarter came in under the 17¢ consensus on Wall Street, while sales beat the $43.6 million expectations on The Street.
“The third quarter of 2017 was another period marked by growth across all key commercial metrics in all key markets. Compared to the same quarter in 2016, we achieved 131% revenue growth – our ninth consecutive quarter of triple-digit year-over-year growth – and 71% active patient growth. We significantly improved net revenues as a percentage of gross billings year-over-year and generated positive cash flow from operations for the first time in the company’s history. Optune is the first treatment in more than 10 years to increase median overall survival in newly diagnosed GBM, and we are focused on bringing Optune to as many patients with glioblastoma who may benefit from it,” CEO Asaf Danziger said in a press release.
The company updated on clinical trial milestones, expecting to launch phase 3 pivotal trials in locally advanced pancreatic cancer and recurrent ovarian cancer in the 4th quarter of this year and next year, respectively.
Novocure also laid out expected dates for data collection for existing trials, hoping to see results from its Stellar phase 2 pilot mesothelioma trial by next year, with results from the Metis trial in brain metastases and the Lunar trial in non-small cell lung cancer in 2020 and 2021, respectively.
“Tumor Treating Fields shows promise for a variety of solid tumors and we remain steadfast in our commitment to further investigate the multiple pathways through which Tumor Treating Fields exert their effect and complement other anti-cancer therapies. We are recruiting for two phase 3 pivotal trials in non-small cell lung cancer and brain metastases from non-small cell lung cancer. We plan to open two additional phase 3 pivotal trials in pancreatic cancer and ovarian cancer. We are committed to advancing our clinical pipeline and realizing the full value of our technology across multiple solid tumor indications,” exec chair William Doyle said in a prepared statement.
So far today, shares are up 6.6% at $19.30 as of 9:32 a.m. EDT.