NovoCure (NVCR) investor relations material

Executive summary

• Net revenues for Q1 2026 increased 12% year-over-year to $174.1 million, driven by global growth, strong commercial execution, and new product launches, including Optune Pax for pancreatic cancer following FDA approval.

• Active patient base grew 12% to 4,791 globally, with notable increases in Germany, France, and Japan, and significant expansion in Optune Gio and Optune Lua usage.

• Strategic roadmap includes launching new indications, expanding the global footprint, and advancing clinical and product development to balance growth and profitability.

• Early signals from the LUNAR launch in Japan and Optune Pax in the U.S. are highly encouraging.

• Key regulatory and reimbursement milestones achieved in the U.S., Japan, Czechia, and Canada.

Financial highlights

• Q1 2026 net revenue was $174.1 million, up 12% year-over-year, with significant contributions from Germany and France and a $5.6 million FX tailwind.

• Gross margin improved to 78% from 75% in Q1 2025, attributed to lower array costs, improved utilization, and supplier pricing.

• Net loss was $71.1 million, or -$0.62 per share, primarily due to a one-time $43 million share-based compensation expense triggered by FDA approval of Optune Pax.

• Adjusted EBITDA was -$0.3 million, a significant improvement from -$5 million in Q1 2025.

• Cash, cash equivalents, and short-term investments totaled $432.0 million as of March 31, 2026.

Outlook and guidance

• Full-year 2026 net revenue guidance raised to $690–$710 million (from $675–$705 million), representing 5%–8% growth.

• Adjusted EBITDA guidance improved to a range of -$15 million to breakeven.

• Guidance assumes mid-single digit growth for Optune Gio and $15–$25 million combined revenue from Optune Lua and Optune Pax.

• Expect annual gross margin in the mid-70s as Optune Pax ramps up prior to broad reimbursement.

• Anticipated milestones include Phase 3 TRIDENT topline data (Q2 2026) and FDA decision on TTFields for brain metastases from NSCLC (Q4 2026).