NovoCure (NVCR) investor relations material

Executive summary

• Q3 2026 net revenue reached a record $193.4M, up 16% YoY, supported by 19% growth in global active patients; Adjusted EBITDA was $15.7M versus a $3.0M loss.

• FY 2026 revenue and Adjusted EBITDA guidance increased; portfolio priorities include adoption in approved indications, expansion, clinical and product development, and pursuing profitability to fund growth.

Financial highlights

• Q3 operating loss narrowed to $6.2M from $36.0M; net loss narrowed to $10.4M from $37.3M, with diluted loss per share of $0.09 versus $0.33.

• Q3 gross profit was $148.9M versus $122.5M; gross margin was 77% versus 73%.

• R&D and clinical study expenses rose 8% to $58.1M; sales and marketing fell 9% to $53.3M, and G&A fell 5% to $43.6M.

• Nine-month net loss narrowed to $97.2M from $111.7M; operating cash flow was $17.3M provided versus $31.0M used.

• Q3 revenue included a one-time $4.4M benefit from higher U.S. and Germany claims approval rates.

Outlook and guidance

• FY 2026 net revenue guidance increased to $736M–$743M from $710M–$725M; Adjusted EBITDA guidance rose to $24M–$34M from $0M–$15M.

• Guidance assumes mid-to-high-single-digit Optune Gio revenue growth versus FY 2025, $30M–$34M combined Lua and Pax revenue, and quarterly gross margin in the mid-to-high 70s.

• KEYNOTE D58 enrollment is expected to finish by year-end 2026; the U.S. FDA decision on Optune Mya for NSCLC brain metastases is also expected in Q4.

• LUNAR-2 design changes are being explored to shorten trial timing, reduce costs and potentially reduce sample size.

• Cash was considered sufficient for at least 12 months; operating expenses are expected to rise over several years and may outpace gross profit, potentially requiring additional capital.