NovoCure Limited reported its financial results for the third quarter and nine months ended September 30, 2024, showing significant revenue growth and improvements in net loss compared to the same periods in 2023. The company generated net revenues of $155.1 million for Q3 2024, a 22% increase from $127.3 million in Q3 2023. For the nine months ended September 30, 2024, net revenues reached $444.0 million, up 18% from $375.6 million in the prior year. The growth was attributed to increased patient usage of its Tumor Treating Fields (TTFields) devices, particularly the Optune Gio and Optune Lua, and improved approval rates in the U.S. and France.
Despite the revenue increase, NovoCure reported a net loss of $30.6 million for Q3 2024, an improvement from a net loss of $49.5 million in Q3 2023. For the nine-month period, the net loss was $102.7 million, down from $160.0 million in the same period last year. The company’s gross profit for Q3 2024 was $119.7 million, compared to $95.2 million in Q3 2023, resulting in a gross margin of 77%, up from 75% year-over-year.
Operating expenses for the third quarter included $51.9 million in research and development, $59.8 million in sales and marketing, and $40.1 million in general and administrative costs. The total cash, cash equivalents, and short-term investments as of September 30, 2024, amounted to $959.9 million, reflecting an increase of $49.3 million from $910.6 million at the end of 2023.
Strategically, NovoCure has made significant moves, including the launch of new arrays for TTFields therapy in multiple European countries and the granting of a license to Zai Lab for commercialization in Greater China. The company also announced a restructuring plan in November 2023, which involved a workforce reduction of approximately 200 employees, or 13% of its staff, with restructuring costs of $369,000 reported for the nine months ended September 30, 2024.
In terms of leadership changes, CEO Asaf Danziger is set to retire at the end of 2024, with CFO Ashley Cordova succeeding him. Mukund Paravasthu transitioned to Chief Operating Officer, and Christoph Brackmann will take over as CFO in January 2025.
The company continues to focus on its clinical trials, with the PANOVA-3 trial fully enrolled and top-line data expected in Q4 2024. Additionally, the FDA recently approved Optune Lua for use with specific treatments for metastatic non-small cell lung cancer, which is anticipated to enhance revenue potential moving forward.
About NovoCure Ltd
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