Novocure (NSDQ:NVCR) shares rose slightly this morning after the cancer-treatment developer reported its preliminary fourth quarter and full-year revenues.
The St. Helier, N.J.-based company said it expects to land $53.7 million in net revenue for the fourth quarter of 2017, up 77% from the same period last year. For the full year, Novocure anticipates it will post sales of $177 million, representing 114% growth year-over-year.
The company’s product, Optune, delivers low-intensity, intermediate frequency, alternating electric fields, called ‘Tumor Treating Fields,’ to inhibit cancer cell replication. The tech, which is usually combined with chemotherapy, has been studied in particularly vicious forms of cancer, like glioblastoma.
The number of active patients using Optune in 2017 grew 68% compared to 2016, Novocure reported. Now, there are 1,834 people using the system.
“The fourth quarter 2017 was the twelfth consecutive quarter of active patient and revenue growth since the presentation of our EF-14 data in newly diagnosed GBM,” executive chairman William Doyle said in prepared remarks.
“We continued to execute on our commercialization strategy, achieving 68% active patient growth compared to the same period last year. Importantly, we also received national government reimbursement in Japan for Optune for the treatment of newly diagnosed glioblastoma during the fourth quarter 2017, a significant milestone that represents our expanding commercial presence in markets across the globe.”
“Tumor Treating Fields shows promise for a variety of solid tumors and we remain committed to realizing the full potential value of the platform across multiple solid tumor indications,” Doyle added. “We continue to recruit patients for two ongoing Phase III pivotal trials: our Lunar trial in non-small cell lung cancer and our METIS trial in brain metastases from non-small cell lung cancer. We have also received U.S. Food and Drug Administration Investigational Device Exemption approval to initiate our Panova 3 Phase III pivotal trial in locally advanced pancreatic cancer.”
NVCR shares were trading at $20.65 apiece today in early-morning activity, up +0.7%.
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