NovoCure (NVCR) Q2 2026 earnings summary

Executive summary

• Achieved record net revenues of $183.6 million in Q2 2026, up 16% year-over-year, driven by 18% global active patient growth and strong international performance.

• Net loss for Q2 2026 narrowed to $15.7 million, or $0.13 per share, reflecting higher revenues and improved cost efficiencies.

• Adjusted EBITDA turned positive at $10.8 million for Q2 2026, compared to a loss in Q2 2025.

• Strategic focus on expanding indications, scaling through new launches, and advancing clinical innovation in key markets.

• CE Mark received for Optune Pax in Europe; Germany was the first EU launch market.

Financial highlights

• Net revenues for Q2 2026 were $183.6 million, a 16% increase year-over-year; six-month revenues totaled $357.6 million, up 14%.

• Gross margin improved to 78% from 74% in Q2 2025, aided by tariff refunds and manufacturing efficiencies.

• Adjusted EBITDA was $10.8 million, compared to -$9.9 million in Q2 2025.

• Cash, cash equivalents, and short-term investments totaled $440.6 million as of June 30, 2026.

• Net loss for Q2 2026 was $15.7 million; operating loss improved to $10.6 million from $39.5 million in Q2 2025.

Outlook and guidance

• Full-year 2026 net revenue guidance raised to $710–$725 million, with $20–$30 million expected from Optune Lua and Optune Pax.

• Full-year adjusted EBITDA guidance updated to $0–$15 million.

• Gross margins expected to remain in the mid-70s through year-end 2026.

• Cash reserves expected to support operations for at least the next 12 months.

• Optune Gio projected for mid- to high-single-digit revenue growth from FY 2025.