NovoCure (NSDQ:NVCR) shares took a hit today, despite lower-than-forecast losses, after the company reported financial results that missed expectations for third-quarter sales.
Losses were up 1.7% to -$11.7 million, or -13¢ per share, on sales growth of 29.2% to $64.8 million for the three months ended Sept. 30, compared with Q3 2017. The consensus estimate on Wall Street was for losses of -15¢ on sales of $65.4 million.
“We delivered record quarterly revenue of $64.8 million in the third quarter, representing 5% quarter-over-quarter growth, driven by both active patient growth and ongoing improvements in our gross-to-net spread,” CEO Asaf Danziger said in prepared remarks. “Prescriptions for patients with newly diagnosed [glioblastoma] continued to grow, reflecting increased demand from radiation oncologists and neurosurgeons in our global active markets. We also finalized a strategic collaboration with Zai Lab which enables commercial access to China and establishes a development partnership intended to progress Tumor Treating Fields in multiple solid tumor indications.”
“In September, we presented final data from our Stellar trial and have now submitted an [humanitarian device exemption] application to the FDA in malignant pleural mesothelioma, which we believe brings us one step closer to our first indication outside of the brain,” added chairman William Doyle. “We continue to increase our investments in research and development with three ongoing Phase III pivotal trials creating the potential for multiple interim or final data readouts within the next three years.”
NVCR shares were down-12.7% to $36.23 today in late-morning trading.
