downloads
revenue growth
Continued focus on
revenue generation and
operating leverage
Entering 2017, we believe we have established a strong foundation upon which we are building a global oncology business. We realized 2016 net revenues of $82.9 million, an increase of more than 150% versus the prior year. We improved our ability to collect payment by improving coverage and contracting in the U.S., and we saw significant active patient and revenue growth in EMEA.
Regardless of the trajectory of the adoption curve in GBM, our management team strives to improve operating leverage. We believe that our SG&A organization is substantially built and able to support the commercialization of Optune in our currently active markets. Ending the year with $220 million cash on hand and with our infrastructure substantially built, we believe that we have the resources to reach profitability in our GBM business alone and to fund our clinical pipeline to build our business for the future.
80%
active patient growth since 2015
151%
revenue growth 2016 versus 2015
revenue growth
consolidated statement
of operations
| Year ended December 31, | USD Thousands | 2016 | 2015 | 2014 | ||||
|---|---|---|---|---|---|---|---|---|
| Net revenues | $ 82,888 | $ 33,087 | $ 15,490 | |||||
| Cost of revenues | 39,870 | 20,610 | 10,036 | |||||
| Impairment of field equipment | 6,412 | – | – | |||||
| Gross profit | 36,606 | 12,477 | 5,454 | |||||
| Operating costs and expenses: | ||||||||
| Research, development and clinical trials | 41,467 | 43,748 | 40,381 | |||||
| Sales and marketing | 59,449 | 38,861 | 21,177 | |||||
| General and administrative | 51,007 | 33,864 | 24,052 | |||||
| Total operating costs and expenses | 151,923 | 116,473 | 85,610 | |||||
| Operating loss | (115,317) | (103,996) | (80,156) | |||||
| Financial expenses, net | (6,147) | (3,151) | (144) | |||||
| Loss before income taxes | (121,464) | (107,147) | (80,300) | |||||
| Income taxes | 10,381 | 4,434 | 382 | |||||
| Net loss | $ (131,845) | $ (111,581) | $ (80,682) |
“With a growing commercial business in two FDA-approved indications and an advancing clinical pipeline in additional solid tumor cancers, we believe we are establishing Novocure as a global oncology business.”
— WILCO GROENHUYSEN,
CHIEF FINANCIAL OFFICER
corporate officers and
executive leadership
William F. Doyle
Executive Chairman
Asaf Danziger
Chief Executive Officer
Mike Ambrogi
Chief Operating Officer
Wilco Groenhuysen
Chief Financial Officer
Eilon Kirson, M.D., Ph.D.
Chief Science Officer and
Head of Research and Development
Todd Longsworth
General Counsel
Yoram Palti, M.D., Ph.D.
Founder
board of directors
William F. Doyle
Executive Chairman
William Burkoth
Asaf Danziger
Louis Lavigne, Jr.
Kinyip Gabriel Leung
Robert J. Mylod, Jr.
Yoram Palti, M.D., Ph.D.
Gert Lennart Perlhagen
Charles G. Phillips III
William A. Vernon
For more information on novocure executive leadership go to:
novocure.com/leadershipAs far as we’ve come in the last 16 years, we are intensely focused on the future. Treatment with TTFields offers a profoundly different approach to cancer treatment.
We believe that the basic mechanism behind treatment of solid tumor cancers with TTFields may be broadly applicable and is not limited to a specific tumor type or genetic marker. Importantly, we believe TTFields has the potential to increase survival when used in combination with other cancer therapies without significantly increasing side effects. Treatment with TTFields is FDA approved for the treatment of GBM, and we are committed to developing our promising therapy for a broad range of solid tumor types.
