The St. Helier, Jersey-based company posted losses of $18 million, or 21¢ per share, on sales of $34.9 million for the 3 months ended March 31, seeing bottom-line losses shrink 49.1% while sales grew a massive 167.2% compared with the same period in 2016.
Losses per share were ahead of the 24¢ consensus on The Street, while sales fell just short of expectations of $37 million.
“Our growth continued in the 1st quarter 2017. It was the ninth consecutive quarter of active patient growth since the first presentation of our EF-14 data in newly diagnosed glioblastoma. At the end of the quarter, we had more than 1,260 active patients on therapy. Our 167% year-over-year revenue growth was driven by an expanding global base of active patients as well as coverage and contracting success in the U.S. We are pleased with the progress we made this quarter and remain committed to bringing Optune to all the patients who may benefit from it. The final analyses of our EF-14 phase 3 pivotal trial presented at AACR showed a consistent improvement in overall survival when Optune was added to standard temozolomide chemotherapy for the treatment of newly diagnosed GBM. The improvement in overall survival was maintained at two, three, four and five years. The 4 and 5 year survival rates of Optune-treated patients were more than double those of patients treated with temozolomide alone. We believe that Optune plus temozolomide is an essential combination treatment for patients with newly diagnosed GBM.” CEO Asaf Danziger said in a said in a press release.
NovoCure did not release any updated guidance for the coming year with their earnings release.
“Beyond GBM, our data continue to support that TTFields may be well suited for combination with standard of care treatments for a variety of additional solid tumor types. As committed as we are to bringing Optune to patients with GBM, we are equally focused on advancing TTFields for additional solid tumor indications,” exec chair William Doyle said in a prepared statement.
Shares have risen 5% in response, up 55¢ at $11.50 as of 3:09 p.m. EST.