Novocure (Nasdaq:NVCR) shares took a hit today on fourth-quarter results that came in mixed compared to the consensus forecast.
Shares of NVCR dipped 4.6% at $78.26 apiece in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 8.1%.
The Root, Switzerland-based tumor-treating fields developer posted losses of $37.3 million. That amounts to 36¢ per share on sales of $128.4 million for the three months ended Dec. 31, 2022.
Novocure posted a 41% bottom-line slide further into the red on a sales decline of 3.6%. The company’s losses per share fell 6¢ behind expectations on Wall Street. However, revenues just topped estimates as analysts projected sales totaling $128.25 million.
“2022 was a year of solid execution for Novocure,” said William Doyle, Novocure executive chair. “In 2022, we generated over half a billion dollars in net revenues, expanded our international footprint, introduced our next-generation arrays and announced results from multiple, successful pilot studies; and we have excellent momentum to start 2023.
“Our teams are executing well and their achievements are building the foundations for the future of Novocure. We are looking forward to an eventful 2023.”
Novocure declined to provide financial guidance for 2023.
Doyle noted that the company’s pivotal Lunar study met its primary survival endpoint. The company also completed enrollment in its pivotal Panova-3 study in pancreatic cancer. It remains two patients away from completing enrollment in a pivotal trial studying brain metastases from non-small cell lung cancer, too.