Novocure shares dip on Q4, 2018 earnings miss

Shares in Novocure (NSDQ:NVCR) fell slightly today after the medical device maker missed expectations on Wall Street with its fourth quarter and full year 2018 earnings release.

The St. Helier, Jersey-based company posted losses of $15.6 million, or 17¢ per share, on sales of $69.7 million for the three months ended December 31, seeing losses grow 42.8% while sales grew 29.8% compared with the same period during the previous year.

Losses per share were just behind the 13¢ consensus on Wall Street, where analysts expected to see sales of $71.4 million, which the company also missed.

For the full year, Novocure posted losses of approximately $63.6 million, or 69¢ per share, on sales of $248.1 million, seeing losses grow 3.1% while sales grew 40.1% compared with the previous year.

Losses per share were behind the 65¢ consensus on Wall Street, where analysts expected to see sales of $249.9 million, which the company also missed.

“2018 was an extremely productive year for Novocure. Highlights included annual revenue growth of 40 percent, the presentation of our STELLAR data in mesothelioma, the first patient enrollment in our PANOVA-3 phase 3 trial for pancreatic cancer and our collaboration agreement with Zai Labs in China. We continued to grow our glioblastoma business globally and invested more than $50 million in research and development in 2018. At Novocure, we are working to extend survival in some of the most aggressive forms of cancer by developing and commercializing Tumor Treating Fields. With 2018 revenues approaching $250 million, four indications in our late stage pipeline and significant cash on hand, we believe we enter 2019 well-positioned to deliver both continued near-term growth and significant long-term value,” exec chair William Doyle said in a press release.

Last December, Novocure touted the results of a retrospective sub-group analysis of its EF-14 Phase III pivotal trial in patients with newly diagnosed glioblastoma.