NVCR - Earnings call transcript Q4 2019

Due to licensing restrictions, you must log in to view earnings call transcripts.

Ashley Cordova

Good morning everyone and thank you for joining us to review Novocure's Fourth Quarter and Full Year 2019 Performance. I am joined today by our Executive Chairman, William Doyle; our CEO, Asaf Danziger; and our CFO, Wilco Groenhuysen. Pritesh Shah, our Chief Commercial Officer; and Ely Benaim, our Chief Medical Officer are also on the call.

The slides presented today can be viewed on our website www.novocure.com by clicking on the link for fourth quarter and full year 2019 financial results located in the Events section on our Investor Relations' page.

Before we start, I would like to remind you that our discussions during this conference call will include forward-looking statements and actual results could differ materially from those projected in these statements.

in number our and and control from to a which some uncertainties involve time beyond filings. are including time statements of uncertainties risks of described These SEC our those risks do required law. as intend statement by update any publicly We forward-looking not except to

we Financials December release Following prepared which XXst, both available our press questions. XXXX in morning. we three our and of the line will are earlier our the open XX and XX-K, today for remarks this for released months ended in

we will today. our our the are of release appropriate, X-K Form GAAP financial refer Where press measures to the appendix in measures to business. measures supplemental filed with non-GAAP slides evaluate also financial non-GAAP our the financial included accompanying in Reconciliations SEC this of and and to presentation

With now will to the over call that, I Bill Doyle. turn

William Doyle

everyone. cell good harnessed can Novocure Ashley cancer cause cancer morning the you, disrupt fields to We Thank electric insight be fundamental death. started and that division and with cell

extend forms some of we survival intended the most innovation of supporting XX therapy colleagues difficult and extending dedicated advancing Over the Tumor dedicated execution XXX more programs development glioblastoma in mesothelioma a product of growth life delivering of our company. our to believe We cycle and cancer. years, of in organization last are and or Fields, virtuous to Treating patients the to than with to clinical an built future we've

market in Treating global clinical Tumor $XX therapy. strength, operations. programs our financial preclinical commercial generated With million provided from investments the Fields to million funded expand development XXXX, In flow and business and significant addressable intended we net cash for $XXX in oncology in revenue this

ultimately of development patient propel to evidence to body efficacy and further and current programs growing and intended future growth. product indications a Additionally, usability for improve inform

mesothelioma X initiated now with pivotal momentum trial patients in an ovarian we our indication. are Phase and We four HDE extraordinary enrolling received pathway first via FDA XXXX. XXXX approval start XXXX malignant FDA-approved cancer from INNOVATE-X the our trials. torso pleural recurrent We In substantial in for

Medicare partnership Treating We researchers. There congresses with GBM. newly-diagnosed at established XXX Tumor by the on key initial through Lab. our China majority were medical coverage of steps more presentations Optune Fields into than for Zai took independent

adding advancements of oncology We our radiation revenue enhance made a with balance ongoing detailing Treating by Notably, significant to and sheet. dependence Journal dose this XX% into of our Red growing efficacy our publication million with while net software. and accomplished more $XX treatment Fields all to we investments planning the Tumor than

and product who I the will Asaf over want on expand commercial our to will progress in the turn I about but morning, quarter. our this clinical speak call development later to programs first,

Asaf Danziger

record revenues of of Thank the quarter more quarter the a our therapy, net data. you, Bill. XX% quarter patients delivered strong in active with on growth the million our quarter versus global since with fourth than XXXX. patient XXth QX up in topline Novocure of EF-XX consecutive another growth initial $XX presentation We ended X,XXX

versus QX GBM. its X% the near to-date, received central patients Leading Optune remained newly-diagnosed indicators for and the than treated GBM GBM established treatment more grew role prescription With in of Total were in mix strong. XX,XXX QX of has also prescriptions XX%.

markets to new As groundwork in access the our proud growth near-term as progress GBM. active to we levers in into are and drive penetrate believe remain laying further of are to-date, plan we our multiple markets. We for

as are and disease. in innovation. and that are through as patient and to been this newly difference product physician confident provide making extend survival quality duration ever patients education I Also we treatment with long-term we proven GBM has Optune to through to remain working a diagnosed

at quarter with progress Moving U.S. on therapy the in three MPM launch end. to to continues our patients MPM, active

teams We our required the educating MPM remain IRB multidisciplinary team sales processes approval they care have on and treat onboarded and the radiation certifying fully supporting oncologists that focused and patients. training

are community. We encouraged from the physician by the response MPM initial

treatment a to community our high centers centers include MPM In that cases. see of XXXX, we volume broaden will target

to support the IRB continue have tools process. and this centers will processes developed help believe will We required approval accelerate we

community We advocacy in medical are with at building educating partnership the congresses physician and patient are key patient awareness groups.

satisfied there currently benefit can that patients Fields on quality believe will are therapy long-term not to who eligible continue more are and opportunity for patients offered than survival. Tumor a Treating be We are until from all we great many

programs. discuss With that, development and I our will turn product back to to clinical Bill the call

William Doyle

Thank broadly Fields tumor cancers. action you, solid Treating believe the Asaf. mechanism is of Tumor We applicable to

fundamental research Fields Treating preclinical our anti-mitotic decades consistent Tumor research to in and two has date, spans scientific Our all a effect. demonstrated of

types. Our extensive a provides Phase multiple we Phase III which evidence the pivotal Fields to upon Tumor preclinical trials are foundation Phase advance executing tumor II strategy through trials, pilot postmarketing across IV studies solid Treating and

oncology optimistic Treating including III trials. our teams working in may patients programs, Phase Fields enroll clinical Tumor and to six We where randomized in are go about hard pivotal four are

about expand excited datasets key with the market We addressable the of for to anticipated the over significantly readouts are Fields next three potential Tumor Treating years.

with mets. options of METIS cell brain lung are patients radiosurgery there available in Today, testing is treatment for brain limited with effectiveness trial plus metastases from Tumor Our Treating cancer. the stereotactic patients Fields non-small

metastatic certain outside the effective in While within brain. the agents limits of disease can effectiveness blood-brain agents these treating systemic be brain, barrier second-line the of the

is last patient extend recruit X.XX. within data to experience months after to with clinical trial designed about leading ratio the in. analyzed by typically XXXX. to months. six into patients onboard progression time designed eight were sites XX intracranial Patients METIS is progression approximately XXX of The majority of equating intracranial to hazard months this METIS a

enrollment site investigators possible. to effectively We are the as the at communicate eligible to patients trial resources and on ensure, are needed tools now accelerating focused closely working with they and clinical many protocol as have each to

torso. the to Moving

aims docetaxel treatment of cell of testing Fields non-small patient of XXX checkpoint with of extend effectiveness approximately designed to overall the to is analyzed survival months, for X.XX. trial patients inhibitor choice ratio LUNAR second-line the Tumor physician's XX to lung cancer. months with LUNAR enroll the with Treating patients LUNAR hazard by is Our equating after data a or in. five last immune

in clinical Europe and study trial more We we the than Europe XX have to additional XX% this and North intend and more and accelerate sites of additional by America than across to countries to increase include footprint Asia enrollment. Eastern sites

an inhibitor between choose to combination Tumor physicians in allows Treating checkpoint or docetaxel with immune Fields. LUNAR

this outcomes, The to patients vary clinically choice or platinum-based from after which, will believe treatment. be contraindications first-line that and will while be of therapy. for expect disease data We progresses, we this generated on based whose meaningful contemplates multiple all geography, on trial

Moving to pancreatic cancer.

is Treating of Fields, gemcitabine Our testing for PANOVA a is the and patients only effectiveness most U.S., survival cancer-related of a survival most the trial cancer cause first-line as frequent X%. XX in lethal of months a three locally the and with rate advanced with and Pancreatic with overall median treatment cancers one death Tumor nab-paclitaxel, third five-year pancreatic of the is of adenocarcinoma. approximately

XX equating is PANOVA approximately recruit designed XXX anticipate trial patients ratio to number we to onboard. the five months, XXXX, by the of of is of to total At sites clinical three to last hazard XX data bringing end PANOVA a sites We XXX months extend designed analyzed survival had in. year-end. with approximately X.XX. overall of by expansion the in study after international patient XXXX, sites three

We about unmet are which high with patients potential to extend a for significantly optimistic such terrible of need. medical there the still disease survivals this is

cancer of resistance ranks effectiveness deaths Treating with the testing Tumor the prognosis paclitaxel this recurrent Nearly, is remains trial women all in INNOVATE-X platinum fifth patients with for Our the cancer population patients in with cancer. weekly develop and ovarian among cancer Ovarian in poor. Fields ovarian U.S. platinum-resistant

centers detect X.XX. us INNOVATE-X recruit to hazard leading survival four collaborating Europe. an XX benefit cancer gynecological, facilitate in group of to patients XXX this of aims The oncological at with patient analyzed network data months, on to approximately months enrollment in. trial INNOVATE-X after INNOVATE-X with is last of is for trial overall ratio the a European to equating designed

initial by view enrollment, enthusiasm a of investigator encouraged community. which as of are We from the speed the we sign

on product improve focus therapy by Tumor total The of innovation. to time through energy Beyond believe, field driven is clinical a have which delivered, on Fields opportunity and systems Treating for Treating Tumor considerable intensity. we our a our development, response function dose delivery Fields electric we is

cancer. patient's our tumor these some by outcomes, to bed. strength, to financial investments each aggressive survival believe both engineering energy therapy significantly on extend to programs intended Supported we patient in time We are the to forms of we to improve most delivered as work in maximize potential the have enhancements the of increasing and improve

as in our products believe, than more own rights we XXX we With find those well rights the ways our into products. and innovative extend positioned continue we commercialization improve to patents, global future to to are issued to oncology

new innovation to alone. resulted applications XXXX commitment Our XX in in patent

that turn call discuss update, to our With financial Wilco development progress. over I'll to the

Wilco Groenhuysen

Novocure's million, This of reported year year. Bill. growth. consecutive $XXX an the have is revenues least continued versus at increase financial revenue you, performance sixth double-digit Annual commercial drove net were in execution XXXX. Thank that prior strengthening XX% the we

flexibility. operations in million hand flow with balance in ending flow XXXX. million on XXXX cash We cash cash in added our cash compared $XX the in from financial to $XX $X used and million during million in We year operations strategic providing generated sheet to $XXX

fourth net were revenues and XX% X%, million the quarter, year-over-year $XX to sequentially. Specific growing

towards increase and of mix to Our shifts increased year-over-year both by revenue GBM. a newly the average active growth by patients therapy in diagnosed due an was driven duration patient XX%

patient rates of revenue in average also Germany U.S. We and Sweden. revenue in the from improvement per reimbursement impact increased and a significant the drove initial in Medicare

for on million months three defined became under X, coverage recognized we the ended built September Medicare XX, net policy, December beneficiaries which effective in XXXX, revenues newly XXXX. the $X For

expect We processing typical further as for beneficiaries and revenues are we experience our gain to with Medicare improve working net administrative through claims. the Medicare ramp-up

record with markets, reimbursement grow our growth. by national an lever markets believe continues for Fields. we of sustainable is track our health expansion an active revenue that insurers currently newly-diagnosed is GBM. continues important of value with active Treating XXXX another coverage demonstrates of of a reimbursement Optune increasing our therapy in continued global and execution patients We Access established the for Ministry believe Israel Last for of to which Our recognition the further decision. Tumor pricing in month Health into to in our

P&L. for down XX% Gross reflecting drove cost scale of quarter initiatives fourth fourth the quarter patients $XX approximately the decrease to the in Efficiency XX% gross $X,XXX and a active profit margin. Moving XXXX. was million, of a per to in revenues

$XX reflecting XXXX and an the of fourth core ongoing value R&D million remains quarter to up product long-term XX% in quarter totaled in strategy. anticipate We expenses to increase creation we commitment to clinical Innovation cancers. expenses intended versus to programs clinical advance the investments will further propel tumor R&D extend in meaningful development quarters survival to as product multiple solid and growth. in future our continue intended innovations

quarter fourth expenses versus were growing million primarily up fourth XX% commercial the and support expenses quarter SG&A marketing of to personnel business. costs increased $XX XXXX, by our Our driven

XX% net fourth XXXX percentage reflecting fourth ongoing in in approach growth as of compared a revenues expenses SG&A support and GBM an of to were we XX% of XXXX to MPM. commitment in disciplined to spending the as commercial the quarter quarter a maintain

income our was earnings in in of with income. $X positive $X.XX quarter the net net second per Our million share quarter,

compensation. the non-cash believe impact compensation. tax it before evaluating We first time earnings that of interest Adjusted including capital and calculation in EBITDA share-based measurement investor adjusted useful depreciation, performance note is an amortization non-GAAP a structure, are the specifically attributable adjusted communications. removes rate material to EBITDA earnings items for share-based as taxes will EBITDA operating our our and of in You we is

XXXX. EBITDA for three $XX or from December to Adjusted XX, fundamental driven increased ended by $XX execution. This top-line by December in million XXX% growth performance $X months for was financial and disciplined XX, months improvement million three ended million XXXX the the

a cash, remain the balanced $XXX We focus We committed liquidity. operational ended quarter improving across increase by the from efficiency and growth prior quarter. of with profitability and to capital in million and equivalents an cash maintaining financial, million $XX short-term investments

foundation proposition, ever reinforces objectives executing to and business execution strengthening in performance and our is disciplined value the to XXXX on core existing patients, operational potential unwavering employees long-term shareholders. than strength confidence Tumor our Treating growth our focus strategic the platform. financial deliver stronger of Fields With and our our on our compelling is Our and our a

time to your turn I for you the over will Thank With for that this call operator questions. morning. the

Operator

Thank comes Instructions] you. our [Operator with And Kumar from question Evercore first Vijay ISI.

is Your line open.

Unidentified Analyst

for Hey, guys. It's on today. Jon Vijay

of ones. Just quick a couple

the but how you guys the the you years of trajectory? about XX% is little Street bit I the couple where but know around guys And growth. last give had you guidance the are Street you for revenues don't sub-XX% modeling So level comfortable with thinking a is? just And are

William Doyle

to Good Wilco Jon. the question So we'll ask take morning.

Unidentified Analyst

Good morning.

Wilco Groenhuysen

rate I been think a in of that's quarters consecutive look talking number at our quite uninterrupted. for and active about quarters you it remains patients growth. of what growth of number consecutive shown We've when a we've

We in above scripts We U.S. sure expect it show of X,XXX We X% had I'm to prescriptions. quarter first in year-over-year continue. as noticed. you've growth our the

top talked reimbursements the statements substantial realizing line We of little So we think of with et continued in including that that number others including improvement independent Israel, unprecedented opportunity one the potential about Medicare, with designation our Category substantial bit publications we the coming for drive see long-term have data cetera. We IST growth say up, front of NCCN which a to terms on there's think of like et a that remaining in multiple survival growth. us. data top in to that we -- with basically we're working line I'd national a think growth things we in and cetera, levers pre-recorded attest studies improvement

Unidentified Analyst

That's Thank you. helpful. Okay.

about to other there? about regarding feeling of lung. had interim one that time was in-depth? you're be there to can bless Or Is of you're for the information will The we I a more see? that bit readout? going the lines something on update expect little going forward willing headline? we you any And guys it can any have you to how for expect be kind a for Is what as us what it Do really kind to

William Doyle

Yeah.

is study PD-X LUNAR Treating So just treatment cell cancer. or lung non-small docetaxel for Fields everybody, with Tumor remind our of investigating to second-line inhibitors

of best adding is, that course, You and Fields, the work add a to benefits to we standard therapy inhibitors. we preclinical care Fields significant Treating Tumor chemotherapy of Treating both to all see our recall that whatever pharmacology and is in checkpoint immune Tumor

follow-up. enrolling XXX months minimum are We patients XX with

lines, They to press release. With mentioned the those. respect we specific time in not have the are updated

with mentioned work to and we in increase continue the to continue we very number script to intend of existing here our enrollment expand We hard the centers. as centers to

specific year. have We interim trial. possibility with that of the to study terms safety of the occur three -- just possibility to interim, here in interim this do there's theoretical In futility we end trial. And expect stop outcomes the safety this -- to toward don't you due the signal. an or be the expect some that There's to due to negative

of Number one, with XX work therapy, work strong preclinical work. work all It's very course same years and safety of of we've of of never supported seen X this successful the Phase by in our mechanism issue throughout a is action course this including mesothelioma. in and our

to of for sort likely we'd probability the stopped think like a success. that the expectations. the be I set the continue And is where green is. that's outcome is as can small study trial most And light There

is extremely our trial. that course an high GBM happened with bar. is Of That what

think to anticipate success. it's on I early an so, important And necessarily not stoppage

Unidentified Analyst

it. Got

a the continuation, just So we in deeper under event the Or a can hood? a headline? of we will look get expect

William Doyle

No, under we the look don't get hood. a

you'll headline. get a So,

Unidentified Analyst

you, Thank helpful. Okay.

Operator

Thank you.

Our next Wells Fargo. Biegelsen question Larry from comes with

open. is line Your

Larry Biegelsen

what guys point have on the follow-up? patients In months guys. reached Bill, words, for of Hey, occurs? how many other taking Thanks analysis at have you LUNAR XX disclosed question. the interim kind

William Doyle

Yeah.

the year. protocol analysis So it end we have of XXX And at we expect an event-driven The Larry. specifies this patients. again, interim toward

Larry Biegelsen

pointed you're past, about kind and asked a between consensus. would the you XXXX? gross billing net anything out it. line in top the else highlight it in and there potential your disconnects earlier. Is on know of for at follow-up. expectation -- year Wilco, And I any Got on I you've had today, thinking this And the point to color

Wilco Groenhuysen

the we in administrative take to that expect through Yeah. we going bit -- to -- talked probably the We it's about XXXX the Good ramp-up as to little said that well. come about continue full for script. improve. our past, as a And going we've in talked we morning, in Larry. gross as to fruition quarters net, past, We're the few into a we to it to Well, Medicare.

gross help were as Medicare we -- will while in patients have that we in been the So dialogue net reimbursement. the with CMM to towards treating ongoing CMS

actually and applicable already is on now Same reimbursed Israel, we for are reimbursement where for patients have that national therapy. get

to per bit little terms talked we year call per it the in ago. What below gross for $X,XXX flows a we've from about was So, which to And top the instance. $XXX also for month my COGS in line. margin the active COGS a it where flows in seen about bottom just continued -- is of mind development is that patient improvement

ongoing And COGS. margin improvement gross expect with in would utilization, ongoing you in capacity as volume, further improvement well. That helps

little shorter improvement committed -- far, margin. cut to have So, are just gross a than we and continued I so of done it to very I bit

Larry Biegelsen

me. the China? Thanks, Wilco. optimistic for need lastly Are clinical And won't What's just approval you a question. the trial there, taking still of Bill? for in you status Thanks

William Doyle

Yeah.

still So, require optimistic trial. not clinical we that we will a are

a seen to have our stop situation I'll the in there. interaction obvious not call but due terms it -- We of slowdown a a

still anticipating So, a we approval. delay, we minor think there'll be but are

Larry Biegelsen

Thanks the for taking guys. question,

Operator

you. Thank

Our next Morgan. comes Cory question JP from Kasimov with

open. is line Your

Unidentified Analyst

And footprint? then low a more this America Or broader get the as trying follow-up. Thanks you the questions. Hi. EU? in can function driving one LUNAR accrual well. for Gavin Maybe had one This I just what's in are of Eastern my North discuss We on is geographic just a recruitment Cory. increased and of and taking for a Europe? Is you to had on Asia

William Doyle

fairly is simple. This Yeah.

in that the Those additional and is there's regions, year are focus So help we recruitment. competition where this less sites is our will where trial there really drive those areas are areas add to this overall can us. and

Gavin Scott

on seems a context And than like we were around item Can Thank in but you provide expecting you just quarter. this Great. OpEx, that? then additional came tax from you. benefited little higher a just

Wilco Groenhuysen

Yes. This is Wilco. Good morning.

think you I questions two got sentence. wrapped in

we OpEx, them So as expenses look are to. would R&D we when increasing at like

future. investment in as that We've I and to grow quarters the the that's expectation. we think about in that the our still well that's talked expect R&D expenses past

its quarter a to first that like I'd see SG&A is When for at don't a in we a you revenue. think expenses, percentage as SG&A as look of And good the probably this well. in where that's expense When marketing reason decrease continued SG&A in expenses G&A components we and improvement in in growing improvement you up G&A lower pace split two G&A and at a substantially main leverage, revenue. sales than see then continued

spent, especially yet was a little quarter also the where MPM and the Sales organization we and to course quarter. in the that's to an put place in fourth launch-related having launch marketing mostly for fourth in the It's related of in investment growing MPM related without an have expenses future. and bit revenue

the very make still return think overall we substantial focused much where and making are where investments to execution. future we're expect I investments we So need on disciplined

two A little There were on bit tax. questions.

and Sorry, one second should the answer I well. the answered one I as

as had third the tax similar in quarter. that I fourth the to expenses reducing credit saw some something we expense benefits the quarter us line in tax third where benefited helped think in R&D quarter. We we similarly the

share-based intellectual those property basically there There rights beneficial on from benefited share effect are a deductible exercises the some and compensation tax saw of some we well. in tax United amortization of States. as that also – was that We were

approximately overall million that for to So the quarter. an fourth tax $X benefit led

Gavin Scott

Thank Great. you.

Operator

Thank you.

from with comes Gilbert question next Our Gregg SunTrust.

line open. Your is

Gregg Gilbert

that your this at a commentary few communicated meet – enrollment have do Bill Is need versus I accelerating those ones? previously to or accelerate versus questions. first you. My to objectives? about you sites. one do lines around time enrollment Or Thank is to

William Doyle

Yes.

of and clinical clinical time communicate the haven't But So the focus the pipeline pipeline there's activities of again, the and interest extent trial changed efforts the wanted we what tremendous to since we Gregg. in This principal lines. the the is of is really the developing areas program. one our company obviously – across is

Gregg Gilbert

as intrigued technology. in of later and And it's concept I'm Okay. by then needs Bill enhancing what efficacy That some clinical walk a path us be be just like to the of years seems the pretty paint proven would exciting. science the there? material for then Can issue over what to period forward out through setting. and of It sort you first picture seems and an the us engineering of

William Doyle

Yes.

Gregg. So, thanks,

seen tumor. energy of Fields we've function the the at Tumor the consistently effect by the therapy, the that we per total intensity is the the number on everyone, mean patients the to efficacy, of and long – hours for I how live of That total to times, effect the deliver a day, the So that is energy equal tumor. of time fields Treating

significantly that time really use ago journal the our think we're of and authors we Journal the radiation – a and What with patients is data showed therapy a some these was EF-XX for trial there survivals. publication those the that I what electric We this who longer had the fields. independent year oncologists, in longer intensity correlation last is seminal strong in Red also the showed

why increase is just the generate because power up the at which well, up the system don't maximum skin heat resistance. point existing reason tumor, as is asked, the The we we get can't with of we to turn just turn then? it you it the I

the we on temperature so based power And the skin. limit of the

science that the an you're problem. a that's from engineering Gregg we been now business And prepared I profitable be cycle right, make to that really that in more this I grow that investments. the investors remarks, is now and XXX% important GBM view mentioned us strength the problem cash significant for one our really what significant not built we financial enables businesses, and even but engineering think is we existing virtuous to provide with

delivery the the system that unfold but innovations not next bang The relate asked to number in of over a itself arrays intensities. specific series one you years. here to of envision higher the investments will about and further big that TTFields I investments deliver actually

essentially require development require some of may submission. think which We and and submission others clinical lab will

see really engaged see that we're rolled over as I period years. out and of a fully something So you'll this in today

Gregg Gilbert

Thanks. outside at company are outside at of the others at risk going oncology And scientists early Great. your this looking of too lastly the Bill, or TTF point?

William Doyle

said oncology point types. So of have and four the efficacy an talked XX with we shown full III all different extremely solid Again extensively our programs. Phase I've the We've and tumors. over we've focus tumor about in

Phase cancer. We programs We started just one go also have to in list gastric in liver II from cancer. And a we've there.

That them said, electric electric thinking efficacy medium-frequency, deliver about this we I that that is hints do as And -- other those. areas. fields, fields have we've have alternating And begun these underline early-stage, we in may. may

Gregg Gilbert

Thanks a lot.

William Doyle

Greg. Thanks,

Operator

Thank you.

Our comes Esther Oppenheimer. with Rajavelu from next question

Your line open. is

Esther Rajavelu

good Hey morning.

following enhancements up of bridging study? Or update updates, require any tech just switch question, like these, the do Just technology. would Greg's on regulatory you just a And patients?

William Doyle

just in, there Hi. the all I as said, require by new may We probably mean cut will them answer regulatory And both. -- is of a can't that, I what Esther, submissions. product.

In fact, we change arrays, submissions. the regulatory require even color our of they when

on regulatory so efficacy, to work. bridging in do The of our do trials? words, are require those of change the Anytime they -- differentiator sort is, based big require they we want other work? Or submissions some clinical claims, will the claims laboratory

to improvements bring based in investigations laboratory days the may early by field we're into again, be and -- opportunities region, may, here they vary of the and submissions. regulatory may there there terms on also But

Esther Rajavelu

Okay.

William Doyle

both. to it's So, be going

Esther Rajavelu

can quick you written questions, prior share with then us rad of Thank scripts quarter the oncs, oncs of couple you. a quarter? neuro versus versus housekeeping in this proportion by And

William Doyle

can Pritesh, the... on you comment

Pritesh Shah

question, Sure. Thank you you, Bill. that Thank Esther. for

our like multiple about business we'd physicians. of segments, think in to So,

able in GBM, and segment. U.S. neuro oncologists to oncologists the physicians as primarily, you So know, second are in radiation multiple your being prescribe

heard, In primarily you radiation MPM, as our on focus is oncologists.

they of We in building don't So percentages, flow. that because we're split ebb and out book business.

matters that really is going who life it patient of to that and being cycle on And is in when their prescribe. treatment, seen

radiation we number out break in So don't specific. oncology the

Esther Rajavelu

little million, China? how about product on, revenues. the most lastly talk is then partner But assume has And in your you. reported you that I about, can $X in priced a from Thank you of royalties. China, bit

William Doyle

Sure.

not product has Kong. all launched first has yet, China. of So It the been in Hong in launched Mainland been

so Zai principally our -- As they're pricing. for and responsible is they pricing, report partner. And Lab

price -- as have global the regions is I throughout initially all world. one But I a thing we a in in self-pay, And market say the will it philosophy, the is China. a

Esther Rajavelu

line pricing? partner is sort global your of your And in with

William Doyle

Correct.

Esther Rajavelu

you. thank Okay,

Operator

Thank you.

Our next question from Mizuho Difei from comes Yang Securities.

Your line open. is

Dan Clark

Dan is This for for doing questions. you're in to And for Asia. Difei. trials? recruitment start, carryover Hi. new of is Eastern opening thanks terms just future into my the in guess centers any taking Clark legwork there for on I Europe, And globally

William Doyle

comments in of Yeah. investments one to the Wilco's of and about goes investing are in Again, in things that footprint. this we're and some R&D significant investments, our organization clinical

if with we our center a clinical It's center becomes NovoCure -- support you trials will. network. it a develop DSS a a we relationship time every with And our

creates adds footprint. yes, And so, this and our global to

Dan Clark

might And on on any on torso a Are to on device? the patients be second-gen update therapy launching just then, as adhere follow-up, is Thanks. it lead this staying helpful. year? maybe then how any that this or to planning And Thanks. color there still you would

William Doyle

is second-gen torso to respect with say device I and So download remote will this with capability.

are later still the year. We this expecting commercial launch

Dan Clark

Thanks.

Operator

to, you. time. I'd no Thank showing call back remarks. Bill to any Mr. like for turn questions, Doyle, further at the I'm closing And this

William Doyle

of at extremely the first company. Sure. interest an all is brief for all, time, want for us NovoCure. I everyone And continued their in This of to thank exciting remarks, just

grown organization today his, XXX to of ideas cancer of from an group really a years We of have over treat with groundbreaking handful people, electric XX a Palti fields, on ago, working Professor with colleagues to globally.

XXXX but was XXXX, like into a fall remember, really year just ours. of to now in with terms which momentum company the from We're exceptional

back going work. call So and attention. thank to we're But interest for your, to get and end the you

Operator

Ladies gentlemen, call. this and you today's Thank for conference concludes participating.

You have may Everyone now disconnect. a day. great

NovoCure Limited (NVCR) 27 Feb 202019 Q4 Earnings call transcript