Q2 2024 Novocure Ltd Earnings Call Transcript
Key Points
- NovoCure Ltd (NVCR) reported a record number of 3,963 active patients on therapy, the highest since commencing commercial operations.
- The French GBM launch continues to be a significant growth driver, contributing $14 million in net revenue this quarter.
- Real-world evidence from trials like TIGER and analyses by Dr. Mrugala and Dr. Kumthekar support the efficacy and safety of TTFields therapy.
- The company is making significant progress towards the approval and launch of Optune Lua for metastatic non-small cell lung cancer, with regulatory submissions filed in major markets.
- NovoCure Ltd (NVCR) generated $150 million in Q2 net revenue, an increase of 19% year over year, and achieved positive adjusted EBITDA of $1 million.
- The new MDR process in Europe has lengthened timelines for regulatory approvals, delaying the expected CE Mark approval to the second half of 2024.
- The company experienced a net loss of $33 million or $0.31 per share for the second quarter.
- There are concerns about the sustainability of the sequential improvement in the US active patient number, which improved for the first time in a year.
- The $8 million benefit in Q2 net revenues from prior period claims and a private payer in the UK is not expected to recur, impacting future revenue projections.
- Enrollment in the KEYNOTE B36 trial has been slow, raising concerns about the pace of enrollment for the LUNAR-2 trial.
Good day and thank you for standing by. Welcome to the Novocure Q2 2024 earnings conference appearance. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Ingrid Goldberg. Please go ahead.
Good morning. And thank you for joining us to review Novocure's second-quarter 2024 performance. I'm joined this morning by our Executive Chairman, Bill Doyle; our CEO, Asaf Danziger; and our CFO, Ashley Cordova. Other members of the executive leadership team will be available for Q&A.
For your reference, slides accompanying this earnings release can be found on our website, www.Novocure.com on our Investor Relations page under Quarterly Report.
Before we start, I would like to remind you that our discussions during this conference call will include forward-looking statements, and actual results could
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