This article first appeared on GuruFocus .
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Net Revenue:$184 million, an increase of 16% year-over-year.
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Optune Geo Active Patient Growth:11% year-over-year.
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Optune Lua Contribution:$5.4 million.
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Optune Pax Contribution:$1.6 million.
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Gross Margin:78%, up from 74% in Q2 2025.
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Research and Development Costs:$51 million, a decrease of 8% compared to Q2 2025.
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Sales and Marketing Expenses:$62 million, up 8% from Q2 2025.
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General and Administrative Costs:$40 million, a decrease of 9% from Q2 2025.
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Net Loss:$16 million, compared to $40 million in Q2 2025.
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Loss Per Share:$0.13.
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Adjusted EBITDA:$11 million, compared to negative $10 million in Q2 2025.
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Cash and Investment Balance:$441 million as of June 30, 2026.
Release Date: July 23, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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NovoCure Ltd ( NASDAQ:NVCR ) reported its strongest commercial quarter to date with record net revenues and active patients on therapy.
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The company saw an 11% year-over-year increase in active patients for Optune Geo, with significant growth in the U.S., Germany, Japan, and global markets.
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NovoCure Ltd ( NASDAQ:NVCR ) successfully launched Optune PACS, receiving 418 prescriptions and having 285 patients on therapy by the end of the quarter.
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The company received a CE mark for Optune Pax for treating locally advanced pancreatic cancer in Europe, expanding its market reach.
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NovoCure Ltd ( NASDAQ:NVCR ) achieved a positive adjusted EBITDA for the first time since 2024, indicating progress towards profitability.
Negative Points
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NovoCure Ltd ( NASDAQ:NVCR ) reported a net loss of $16 million for the quarter, although this was an improvement from the previous year.
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The company faces challenges in contracting with hospitals in Japan for Optune Lua, which could slow market penetration.
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There is uncertainty regarding the long-term sustainability of growth in the pancreatic cancer segment, as the company needs to increase repeat prescriptions.
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NovoCure Ltd ( NASDAQ:NVCR ) is not planning a registrational trial for TT Fields therapy with RAS inhibitors in metastatic pancreatic cancer, which may limit future market opportunities.
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The company is still working through reimbursement hurdles in Germany for Optune Pax, which could delay revenue realization.
Q & A Highlights
Q: Can you provide more details on the growth of the pancreatic cancer launch, specifically regarding the increase in strip volumes and active patients? Is this growth sustainable for the second half of the year? A: Francis Leonard, CEO, explained that the growth in pancreatic cancer is driven by both community and academic practices. About half of the prescriber base has become repeat prescribers, while the other half has initiated treatment once. The focus for the upcoming quarters is to increase the number of repeat prescribers and integrate Optune into routine clinical practice.
Q: What gives you confidence in starting an IDE trial for TT Fields plus RAS inhibitors, and why is it not a registrational study? A: Francis Leonard, CEO, stated that the IDE trial will focus on safety and feasibility signals for TT Fields plus RAS inhibitors. The trial is not registrational because it aims to quickly gather safety data. Uri Weinberg, Chief Medical & Innovation Officer, added that preclinical results show promising signals when combining TT Fields with KRAS inhibitors, which supports the trial's initiation.
Q: Can you discuss the prescribing patterns and patient acceptance for Optune PACS in pancreatic cancer? A: Francis Leonard, CEO, noted that about 50% of prescribers have used Optune PACS more than once. The focus is on increasing repeat prescriptions and integrating Optune into clinical practice. The company is seeing a mix of community and academic practices among high-volume sites, which is a positive development.
Q: How should we think about the revenue guidance for the second half of the year, given the strong Q2 performance? A: Christoph Brackmann, CFO, explained that the revenue guidance was raised to $710 million to $725 million, representing 8% to 11% growth. The high end of the guidance aligns with Q2 results, which included $3 million in one-time items. The company aims to achieve outcomes towards the high end of the guidance range.
Q: What are the expectations for Optune Lua in Japan, and how does the reimbursement process affect growth? A: Christoph Brackmann, CFO, mentioned that the launch in Japan has been strong, with expectations for sequential patient growth. However, the contracting process with hospitals is a gating item that the team needs to work through. The company is optimistic about continued growth in Japan.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
