Earnings

Novocure Lifts 2026 Adjusted EBITDA Outlook After Record Quarter

The Tip Desk · November 1, 2026 · 3 min read

Third-quarter net revenues reached $193.4 million as the company raised full-year adjusted EBITDA guidance to $24 million–$34 million.

Novocure (NVCR), the global oncology company commercializing Tumor Treating Fields devices, reported third-quarter net revenues of $193.4 million, up 16% from a year earlier, and raised its full-year 2026 outlook.

The company said the increase was primarily driven by 19% growth in active patients worldwide. That patient-growth rate was 18% in the second quarter, when net revenues were $183.6 million and also up 16% year-over-year.

Chief Executive Frank Leonard said the quarter was driven by continued growth in Optune Gio and by products launching in new markets, producing a record number of active patients. He said the company had achieved record-high quarterly net revenue and, based on the results, had raised 2026 financial guidance.

Full-year 2026 net revenue guidance was lifted to $736 million–$743 million from $710 million–$725 million. Adjusted EBITDA guidance was lifted to $24 million–$34 million from $0 million–$15 million. The company said the outlook assumes mid-to-high single-digit net revenue growth from Optune Gio, combined Optune Lua and Optune Pax net revenue of $30 million–$34 million, foreign-exchange rates as of September 30, 2026, and quarterly gross margin in the mid-to-high 70s percent.

Adjusted EBITDA for the quarter ended September 30, 2026, was $15.7 million, compared with $10.8 million in the second quarter. Net loss narrowed to $10.4 million, or $0.09 a share, from a $15.7 million loss, or $0.13 a share, in the prior quarter.

Gross margin was 77%, compared with 73% a year earlier. The company said the improvement was primarily driven by higher net revenue from higher active-patient volumes and lower cost of revenues per active patient, driven primarily by improved array utilization and manufacturing efficiencies.

The United States, Germany, France and Japan contributed $111.9 million, $24.9 million, $18.7 million and $14.5 million of net revenue, respectively, with other active markets contributing $18.8 million. One-time benefits related to increases in claims-approval rates in the United States and Germany added $4.4 million.

Combined net revenue from Optune Lua and Optune Pax was $11.9 million, up from $7.0 million in the second quarter. Recognized revenue from Optune Lua was $8.2 million, with the United States, Germany and Japan contributing $2.3 million, $1.8 million and $4.1 million. Recognized revenue from Optune Pax was $3.7 million, substantially all from sales in the United States. Revenue in Greater China from the Zai Lab partnership totaled $4.5 million.

As of September 30, 2026, there were 5,260 total active patients on TTFields therapy, up from 5,128 at June 30. Optune Gio had 4,729 active patients, up 11% from the year-earlier period. Optune Lua had 255 active patients. Optune Pax had 276 active patients. Prescriptions for Optune Pax received in the quarter were 238, down from 418 in the second quarter.

Research, development and clinical study expenses were $58.1 million, which the company said was primarily driven by an increase in clinical trial expenses mostly attributable to KEYNOTE D58. Sales and marketing expenses were $53.3 million, and general and administrative expenses were $43.6 million.

Cash, cash equivalents and short-term investments were $463.5 million as of September 30, 2026.

In October 2026, Optune Pax received approval from Japan’s Ministry of Health, Labour and Welfare for adult patients with unresectable locally advanced pancreatic cancer, concomitant with gemcitabine and nab-paclitaxel. Novocure also entered a clinical-trial collaboration and supply agreement with Verastem Oncology to evaluate TTFields with chemotherapy and VS-7375 in locally advanced pancreatic cancer.

The company said it anticipates a U.S. FDA decision on a premarket approval application for TTFields in brain metastases from non-small cell lung cancer in the fourth quarter of 2026 and completion of enrollment in the Phase 3 KEYNOTE D58 trial in newly diagnosed glioblastoma in the same period.

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