NovoCure Limited
- Open
- 17.20
- Day high
- 17.35
- Day low
- 16.01
- Prev close
- 17.29
- Volume
- 1.9M
- Mkt cap
- $1.9B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 5.7
- P/S
- 2.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$940K over the last 3 months (0 open-market buys, 8 sales)
- 🏛Institutions mixed (13F)
NovoCure Limited (NVCR) is a Healthcare company listed on NASDAQ. The stock is down 6% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 8 sales (SEC Form 4).
NovoCure Limited (NVCR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NVCR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $-0.51 | $-0.62 | -21.0% | $174M | +3.7% |
| Feb 26, 2026 | $-0.41 | $-0.22 | +46.4% | $174M | +0.6% |
| Oct 30, 2025 | $-0.42 | $-0.33 | +21.4% | $167M | -4.1% |
| Jul 24, 2025 | $-0.39 | $-0.36 | +7.7% | $159M | -0.0% |
| Apr 24, 2025 | $-0.47 | $-0.31 | +34.0% | $155M | +0.7% |
| Feb 27, 2025 | $-0.34 | $-0.61 | -79.4% | $161M | +9.3% |
| Oct 30, 2024 | $-0.34 | $-0.28 | +17.6% | $155M | +1.3% |
| Jul 25, 2024 | $-0.40 | $-0.31 | +22.5% | $150M | +4.5% |
| May 2, 2024 | $-0.43 | $-0.36 | +16.3% | $139M | +2.0% |
| Feb 22, 2024 | $-0.53 | $-0.45 | +15.1% | $134M | +1.5% |
| Oct 26, 2023 | $-0.52 | $-0.46 | +11.5% | $127M | -1.5% |
| Jul 27, 2023 | $-0.50 | $-0.54 | -8.0% | $126M | +1.4% |
NVCR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | Ben Arye Barakofficer: General Counsel | Grant | 1,299 | $11.15 |
| Jul 1, 2026 | Leonard Frank Xofficer: Chief Executive Officer | Grant | 1,905 | $11.15 |
| Jul 1, 2026 | Danziger Asafdirector | Grant | 268 | $11.15 |
| Jul 1, 2026 | Puri Michal Nathofficer: Chief Human Resources Officer | Grant | 1,905 | $11.15 |
| Jun 5, 2026 | Ocean Allyson Jdirector | Grant | 11,610 | — |
| Jun 5, 2026 | Ocean Allyson Jdirector | Grant | 16,999 | $16.15 |
| Jun 5, 2026 | Scannell Timothy Jdirector | Grant | 16,999 | $16.15 |
| Jun 5, 2026 | Madden Martin J.director | Grant | 16,999 | $16.15 |
| Jun 5, 2026 | HILLEMAN JERYL Ldirector | Grant | 16,999 | $16.15 |
| Jun 5, 2026 | Stafford Kristindirector | Grant | 16,999 | $16.15 |
| Jun 5, 2026 | LEUNG GABRIELdirector | Grant | 11,610 | — |
| Jun 5, 2026 | Leonard Frank Xofficer: Chief Executive Officer | Sell | 34,273 | $17.93 |
| Jun 5, 2026 | Hung Daviddirector | Grant | 16,999 | $16.15 |
| Jun 5, 2026 | Hung Daviddirector | Grant | 11,610 | — |
| Jun 5, 2026 | Madden Martin J.director | Grant | 11,610 | — |
Source: NVCR SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full NVCR insider & 13F page →NovoCure Limited company profile
Overview
NovoCure Limited (NASDAQ:NVCR) is a Jersey-incorporated oncology company founded in 2000 that has developed a novel cancer treatment technology called Tumor Treating Fields (TTFields). The company went public in 2015 and has since established itself as a pioneer in delivering electric field therapy for solid tumor cancers. NovoCure operates globally with commercial presence in the United States, Europe, Japan, and other international markets, focusing on bringing its unique non-invasive treatment modality to cancer patients worldwide.
Business
NovoCure operates in the medical device sector within oncology, specifically developing and commercializing Tumor Treating Fields (TTFields) technology. TTFields represent a fundamentally different approach to cancer treatment compared to traditional methods like chemotherapy, radiation, or surgery. This technology delivers low-intensity, alternating electric fields at specific frequencies to disrupt cancer cell division and proliferation. The company's core products include Optune for treating glioblastoma (an aggressive brain cancer) and Optune Lua for malignant pleural mesothelioma and non-small cell lung cancer. These devices consist of transducer arrays that patients wear on their skin, connected to a portable field generator that delivers the therapeutic electric fields continuously. The treatment is designed to be used alongside standard cancer therapies rather than as a replacement. TTFields work by interfering with the cellular structures involved in cell division, particularly targeting rapidly dividing cancer cells while having minimal impact on healthy, non-dividing cells. The electric fields disrupt the formation of the mitotic spindle during cell division, causing cancer cells to undergo programmed cell death or prevent them from successfully dividing. The company's revenue is primarily generated from two main business segments: 1. Glioblastoma treatment (approximately 85-90% of revenue) - representing the most established and mature market 2. Non-small cell lung cancer and mesothelioma treatment (approximately 10-15% of revenue) - newer indications with significant growth potential NovoCure also maintains an extensive clinical pipeline investigating TTFields in various other cancer types including brain metastases, pancreatic cancer, ovarian cancer, gastric cancer, and liver cancer, representing potential future revenue streams.
Revenue model
NovoCure generates revenue through a medical device rental and service model rather than traditional product sales. Patients or their healthcare providers rent the TTFields devices on a monthly basis, with the company providing ongoing support, maintenance, and consumable components like transducer arrays that need regular replacement. The primary paying customers are healthcare systems, hospitals, and insurance providers who reimburse the treatment costs. In the United States, Medicare and private insurance companies typically cover the therapy for approved indications. Internationally, national health systems and private insurers provide reimbursement, though the approval and reimbursement process varies by country. Revenue is generated through several streams: monthly device rental fees (typically ranging from $15,000-$20,000 per patient per month), replacement transducer arrays, and related services. The company's business model benefits from recurring monthly revenue as long as patients remain on therapy, with average treatment durations varying by indication but typically lasting several months. Several factors influence NovoCure's margins and profitability. Positive margin drivers include economies of scale in manufacturing, improved reimbursement rates, longer patient treatment durations, and geographic expansion into new markets with favorable pricing. The company has achieved gross margins in the mid-to-high 70% range, reflecting the high-value nature of its technology. Margin pressures come from manufacturing costs for new product generations, regulatory compliance expenses, clinical trial investments, and competitive pricing pressures as the market matures. Additionally, the company faces currency exchange risks from international operations and potential changes in reimbursement policies. The introduction of next-generation arrays and expansion into new indications requires significant upfront investment that can temporarily pressure margins before revenue scales.
Competitive moat
NovoCure possesses a moderate to strong competitive moat built primarily on its proprietary technology platform and regulatory barriers. The company's core intellectual property around TTFields technology, including specific frequency protocols and delivery mechanisms, provides significant protection. With over 20 years of development and multiple clinical trials demonstrating efficacy, NovoCure has established substantial barriers to entry for potential competitors. The regulatory moat is particularly strong, as competing technologies would need to complete lengthy and expensive Phase 3 clinical trials to demonstrate safety and efficacy. The FDA approval process for medical devices treating cancer is rigorous and time-consuming, requiring substantial clinical evidence. NovoCure's established relationships with regulatory bodies and clinical expertise in conducting large-scale oncology trials provide additional advantages. However, the moat faces several potential challenges. Competition could emerge from large medical device companies with significant resources who might develop alternative electric field technologies or other non-invasive cancer treatments. Traditional cancer treatment modalities continue to advance, potentially reducing the relative advantage of TTFields therapy. Additionally, as patents expire over time, the intellectual property protection may weaken. The company's moat is also dependent on maintaining strong clinical evidence and physician adoption. If future clinical trials fail to demonstrate continued efficacy or if safety concerns emerge, the competitive position could deteriorate rapidly. The relatively small size of NovoCure compared to major medical device companies also limits its ability to invest in R&D at the same scale as potential competitors, though this is partially offset by its focused specialization in TTFields technology.
Risks & safety
NovoCure presents a moderate margin of safety with mixed financial health indicators that require careful consideration. • Liquidity position: Strong cash position with $929 million in cash and short-term investments as of Q1 2025, providing substantial runway for operations and clinical development • Cash burn: Concerning negative free cash flow of -$46 million in Q1 2025 and -$69 million for full year 2024, indicating ongoing cash consumption • Debt levels: High debt-to-equity ratio of 1.92, though this includes significant non-cash liabilities; current ratio of 1.47 indicates adequate short-term liquidity • Profitability: Company remains unprofitable with negative EBITDA, though showing improvement trends and targeting breakeven around $700 million in annual revenue • Valuation metrics: Trading at 5.4x book value and negative EV/EBITDA due to losses; Graham net-net ratio of 1.37 suggests reasonable asset backing • Revenue growth: Consistent revenue growth of 12-19% annually, though decelerating from higher historical rates • Other considerations: Strong intellectual property portfolio, regulatory approvals providing market exclusivity, but dependency on continued clinical success and reimbursement policies creates execution risk
Recent development
Over the past few years, NovoCure has executed a strategic transformation from a single-indication company to a multi-indication platform. The most significant development was receiving FDA approval for Optune Lua in non-small cell lung cancer in 2024, marking the company's expansion beyond its original glioblastoma focus. This approval was supported by positive results from the LUNAR Phase 3 trial, demonstrating the platform's potential across different cancer types. The company has substantially expanded its clinical pipeline with multiple Phase 3 trials reaching completion or nearing readout. Key programs include the METIS trial for brain metastases, which met its primary endpoint and received FDA breakthrough device designation, and the PANOVA-3 trial for locally advanced pancreatic cancer, with results expected to be presented at major medical conferences. NovoCure has also invested heavily in next-generation technology development, introducing improved transducer arrays with higher field intensity and better patient comfort. These technological advances are designed to improve treatment outcomes while enhancing the patient experience, potentially driving broader adoption. Geographically, the company has expanded its commercial footprint, particularly in European markets like France, which has shown strong growth with 40% patient increases. The company is also preparing for potential launches in Germany and Japan, representing significant market expansion opportunities. Leadership changes have positioned the company for its next growth phase, with Ashley Cordova taking over as CEO and new executives joining in key operational roles. This leadership transition reflects the company's evolution from a development-stage company to a commercial-stage organization managing multiple product lines and international operations.
NVCR company profile · for informational purposes only — not investment advice.
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