Key Highlights

  • Loss of USD 0.09 per share was narrower than the consensus estimate of a USD 0.23 loss per share.
  • Net revenues of USD 193.4 million rose 16% and topped the consensus estimate of USD 182.28 million for the quarter.
  • Gross Margin reached 77% against 73% a year earlier, and adjusted EBITDA turned positive at USD 16 million.
  • Full year Revenue guidance rose to USD 736 to 743 million, and adjusted EBITDA to USD 24 to 34 million.

NovoCure Limited (NASDAQ:NVCR) reported third quarter 2026 net revenues of USD 193.4 million, up 16% from USD 167.2 million and above the consensus estimate of USD 182.28 million. The net loss was USD 10.4 million, or USD 0.09 per share, a smaller loss than the consensus estimate of a USD 0.23 loss and well below the USD 37.3 million loss of the prior year quarter.

The company said the increase in revenue came from a 19% rise in active patients and a one time benefit of about USD 4 million from higher approval rates in the United States and Germany, partly offset by a USD 2 million currency headwind.

Launch Products and Cost Lines

Active glioblastoma patients on Optune Gio reached 4,729, an 11% increase and the highest count to date. Optune Lua, launched in Japan for non small cell lung cancer, ended the quarter with 255 active patients and USD 8 million of net revenue, of which Japan contributed 110 patients and USD 4 million. Optune Pax, the pancreatic cancer product, had 276 active patients and USD 3.7 million of revenue. Chief Executive Officer Frank Leonard said the U.S. Pax launch slowed after the introduction of the drug diraxonrasib, which has limited access to practices for detailing.

Research, development and clinical studies expense rose 8% to USD 58.1 million on the KEYNOTE D58 trial, sales and Marketing fell 9% to USD 53.3 million, and general and administrative expense fell 5% to USD 43.6 million. Adjusted EBITDA of USD 16 million compared with a loss of USD 3 million a year earlier, and the chief financial officer called it the strongest adjusted EBITDA quarter in over four years.

Guidance and Regulatory Milestones

The company now guides to 2026 net revenue of USD 736 million to USD 743 million, representing growth of 12% to 13%, including USD 30 million to USD 34 million from Lua and Pax combined. Adjusted EBITDA guidance is USD 24 million to USD 34 million, and gross margin is projected to remain in the mid to high 70s through the fourth quarter. The chief financial officer described a three step path to profitability that begins with adjusted EBITDA breakeven, followed by Cash Flow breakeven and then Net Income breakeven, and cautioned that quarterly results can fluctuate.

A final decision on the premarket approval application for Optune Maya in brain metastases from non small cell lung cancer is targeted by year end, with a potential launch in early 2027. Enrollment in KEYNOTE D58 is scheduled to finish by year end. Cash and investments stood at USD 463 million as of September 30.

Dated Items on the Calendar

Four items carry dates. The Maya approval decision is targeted by year end, and KEYNOTE D58 enrollment is due to finish in the same window. Updated NCCN guidelines for pancreatic cancer, typically published at year end or early in a new year, bear on Pax payer discussions, with one coverage policy already in place at Elevance. Japanese reimbursement for Pax is targeted for the first half of 2027, and the PANOVA-5 and PANOVA-6 safety and feasibility trials, which pair Pax with KRAS inhibitors, are scheduled to begin in the first half of 2027.