Novocure (NSDQ:NVCR) shares took a dive today on second-quarter results that came up short of the consensus forecast.
NVCR shares were down -11.7% at $160.67 in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.9% on the day.
The St. Helier, N.J.-based oncology company posted losses of -$14.6 million, or -14¢ per share, on sales of $133.5 million for the three months ended June 30, 2021, for a bottom-line slide into the red despite sales growth of 15.2%.
Novocure’s -14¢ loss per share came in 15¢ behind projections on Wall Street, where analysts were looking for sales of $141.9 million.
“We delivered another quarter of strong performance, generating $134 million in net revenues with a 79% gross margin,” Novocure CEO Asaf Danziger said in a news release. “The performance of our core GBM business continues to provide our company with the financial resources to aggressively pursue multiple potential growth initiatives. We believe these investments in commercial, clinical and engineering capabilities will enable organizational readiness as we strive to extend patient survival in multiple solid tumor cancers through our Tumor Treating Fields platform.”
Novocure did not offer financial guidance for the coming quarters or the full year.