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Novocure slides on Q3 earnings, revenue misses

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novocure logoNovocure (NSDQ:NVCR) shares slid this morning on third-quarter results that fell short the consensus forecast.

NVCR shares were down -7.3% at $102.68 per share in mid-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — remained virtually unchanged.

The St. Helier, Jersey-based developer of electric fields for treating tumors posted losses of -$13.1 million, or -13¢ per share, on sales of $133.6 million for the three months ended Sept. 30, 2021, for a bottom-line slide from profits of $9.3 million last year into the red on sales growth of 0.7%.

Novocure’s losses of -13¢ per share were 6¢ behind Wall Street, where analysts were looking for sales of $141.2 million.

“The third quarter was another period of solid execution at Novocure,” Novocure Executive Chairman William Doyle said in a news release. “We generated $134 million in net revenues and invested $48 million across our research, clinical and product development initiatives. We recently completed enrollment in our phase 3 Innovate-3 trial and our phase 2 EF-31 trial, and announced a new collaboration with global oncology leader, Roche.

“The fundamentals of our business are strong, and we are energized by the opportunities before us to help many more cancer patients and to drive the growth of our company.”

Novocure did not offer 2021 financial guidance.

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