Shares in Novocure (NSDQ:NVCR) fell today after the medical device maker missed expectations on Wall Street with its first-quarter results.
The St. Helier, N.J.-based company posted a net loss of -$20.7 million, or -23¢ per share, on sales of $52.1 million for the 3 months ended March 31, for bottom-line loss of -14.8% on sales growth of 49% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -23¢, behind consensus on The Street, where analysts were looking for sales of $56.7 million.
“We had more than 2,000 patients on therapy at quarter end, representing thirteen consecutive quarters of active patient growth since the initial presentation of our EF-14 data in newly diagnosed glioblastoma. We delivered $52.1 million in first quarter 2018 revenues and approached $200 million in trailing twelve-month revenues, further establishing our position as a global oncology company with increasing commercial scale,” CEO Asaf Danziger said in prepared remarks.
NVCR shares were trading at $23.20 apiece today in pre-market activity, down -3.9%.
Last month, Novocure touted positive top-line data from its Phase II pilot mesothelioma trial and revealed that it plans to submit a humanitarian device exemption application to the FDA for approval.
The company reported that patients who received treatment with its “Tumor Treating Fields” system plus chemotherapy experienced clinically meaningful improvements in overall survival and progression-free survival compared to historical control data.
Novocure’s device delivers low-intensity, intermediate frequency, alternating electric fields to inhibit cancer cell replication.
