NovoCure Limited (NVCR) 30 Apr 202020 Q1 Earnings call transcript

Company Profile

Participants

Ashley Cordova	Senior Vice President of Finance & Investor Relations
William Doyle	Executive Chairman
Asaf Danziger	Chief Executive Officer
Wilco Groenhuysen	Chief Financial Officer
Pritesh Shah	Chief Commercial Officer
Ely Benaim	Chief Medical Officer
Vijay Kumar	Evercore ISI
Difei Yang	Mizuho Securities Co., Ltd
Esther Rajavelu	Oppenheimer & Co. Inc.
Cory Kasimov	JPMorgan Chase & Co.
Gregory Fraser	SunTrust Robinson Humphrey, Inc.
Jason Bednar	Piper Sandler Companies

Call transcript

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Novocure First Quarter 2020 Earnings Conference Call. [Operator Instructions]

I would now like to turn the conference to your speaker today, Ashley Cordova, Senior Vice President of Finance & Investor Relations. Please go ahead, ma'am.

Ashley Cordova

Good morning, everyone and thank you for joining us to review Novocure's first quarter 2020 performance. entire you we face well of COVID-XX the begin like the of the wishing by as pandemic. behalf Novocure would team, to challenges On we collectively healthy your ones and unprecedented you that during this hope are We staying and safe time. loved

we Asaf mind, today’s conducting our CFO, Shah, the Groenhuysen. Danziger; on and in am Chairman, Bill our call our Pritesh Officer; Benaim, phone our Chief by for safety are Executive I and Chief Doyle; joined also are and With call virtually. the Q&A. Officer our Ely Commercial CEO, Medical Wilco on available

This viewed Relations provide morning located will our on on by clicking our our presented link quarter on will on COVID-XX. section our updates Investor slides response first website first results our www.novocure.com to first financial we the quarter XXXX standard performance. in on we be And for Events can then the page. The focus today

of our those and time forward-looking statement control described by are uncertainties required risks during that I law. not start, could would we a discussions in to actual from which filings. and in forward-looking from update including time differ Before We call SEC publicly any and uncertainties our these do remind materially some results statements to risks those like beyond you will number intend These involve statements projected include our this except statements. to of conference as

X-K appendix we XX-Q, measures Relations the to can remarks which refer measures X today. financial Form financial press are released to prepared our website, both today the open available page line are GAAP and of with release accessed the XXXX www.novocure.com. non-GAAP our Where supplemental the and also non-GAAP evaluate from this months the Investor and morning. included we be our of Following our in These XX, for will of in our measures accompanying our appropriate, slides materials earlier in filed presentation release questions. March will SEC the for we our ended Financials press this Reconciliations financial of business. to on

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

William Doyle

Thank morning good and you, everyone. Ashley

While the prospects realities had we believe to adapt unchanged. our have last conduct business adapt the way as the we evolving of unprecedented pandemic, That have the said, we to global COVID-XX the months situation. COVID-XX for to X been fundamental business to the are adjust we

organization to world. patients virus, or the to have therapy not for in We minimize Tumor who effort to are instituted patient support. protecting continue Treating work-at-home our spread In while an of the implemented employees the policies operations directly around involved community across Fields have the measures delivering Novocure we

open, we contact. Our have global minimize operation but centers centers segregated to person-to-person zones into remain these

supply ensure our the elements We an maintain key inventories of all effort we global of to are monitoring adequate in chain products.

Our continue field-based when our patient conduct patients and in-person serve to technology appropriate leverage virtually. support to visits teams to

a to a award provide phone week. nCompass e-mail hours X continues team XX support days Our winning and day, on-call

clinical existing will trial devote site trial continue sites specifically to efforts, ongoing has trials. these materially enroll COVID-XX, our significant clinical We and impacted expansion has patients adversely enrollment COVID-XX. we been Notwithstanding current to as clinical resources at trial patients sites trial treat and clinical been to in delayed be believe by new six clinical continue to

resiliency and direct-to-patient remain model, intact. value Fields platform, the business the of our our Tumor the of long-term business potential of believe the We Treating

intended to XXX to development of most of of Over built cancer. product have in forms an performing mesothelioma, XX dedicated survival Tumor programs the patients to Fields, and the glioblastoma colleagues aggressive our delivering Treating or therapy we extend dedicated last some life-extending organization with years, to clinical and

achieve lives these with covered globally. company than XXX more in to COVID-XX, by revenues, active presented important passed in our first number X,XXX of a we million to goals. on Despite than net $XXX milestones patients quarter million more challenges The the than and continue more programs the advance therapy,

strength continue the believe financial innovation, industry. allows investing in to navigate affecting us positions well uncertainty we and substantial us Our to through our it

proposition The this cancers Fields treat are Tumor our on the pipeline does patients need later strategy, in and confident not COVID-XX, fundamental Treating with our more lessen to details share I'll platform. on morning's in aggressive with call. we and our team, the clinical value of

the on quarter to over Asaf turn events. his share and call the to I'll first, perspective But recent

Asaf?

Asaf Danziger

record of XXXX. Thank XX% you, in a global growth Bill. top net In QX with delivered revenues, another quarter million line strong up QX $XXX XXXX Novocure versus

revenue net the ended expanding XX% increase active therapy, by active X,XXX We reimbursement for X% growth representing growth was continued first sequential Optune. an by year-over-year patient increase. on driven Our with and patients quarterly quarter and

performance in grew. mix believe also near serving highlights commitment to ingenuity volume team's received GBM Prescription and families. of remained the their and QX, our We QX XX%. We total X,XXX our patients prescriptions prescriptions and our newly-diagnosed

COVID-XX but mode. is in how interact changing with providers, customer focused teams engagement healthcare and execution remain we our

on are research serve. cancer visitors We restrictions the we institutional external at institutions all respecting and centers, hospitals,

resulted connections, has in engage many instances this to opportunities decreased it customers. creating new in in-person While is

give an connect second and on To professionals webcast information a launched face We of and enable with examples, quick competing many on managing GBM to remotely. treatment to multiple sharing. with series physicians, connect limiting We part evening the in recently priorities engagement were treatment delivering Tuesday conducted their of outpatient and develop whom healthcare telemedicine, virtual MPM some we both TTFields series setting to utilizing Optune availability. the X-part tools to just

home-based and particularly to population. the treatments, programs vulnerable patient of host speaker virtual benefits for highlight We continue

new these team clinical lead roundtable a affairs managing care define guidelines discussion Our to plan will medical times. in for patient challenging

patient Maintaining MPM. into important between with have the patients, to physicians. program to [ph] virtual ambassadors We and GBM healthcare wave capability the provider Optune experience patients or patient our who and way this available setup is dialogue diagnosed are for also caregivers, chat access resource an to teams

sales to to related continue we and advance our COVID-XX, efficacy currently usability. to program we development to are intended distancing regulatory marketing improve product to social our efforts, evaluating In launch accelerated remote allow and patient Beyond originally the response patient's options our to data for without will in-person us from visit. capabilities approval TTFields [ph] download generator an download planned. a need sooner technology This remotely than MyLink

significantly in We cancer. forms product our to survival aggressive development to of ongoing potential work most have believe that programs of the as extend patient the we outcomes some improve

senior continues you focused we Our as us TTFields. ever for as situation of can monitor COVID-XX development a our is sites. but development I driving to are on commercialization assure and global challenging ensure the The team and across coordinated response the to management of all,

on call I turn our that, to With the clinical will over trials. share some to data Bill back

William Doyle

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

Tumor all consistent decades to effect. our then clinical date, demonstrated Our scientific a two and research preclinical Fields anti cancer of spans research Treating has and

week recurrent real American versus Research to by Results Virtual GBM from for Fields Treating EF-XX, post in our One. XXXX Annual of latest the EF-XX Cancer earlier The study Meeting clinical at of Tumor trial care FDA best for the approval standard presented efficacy the mandated dataset setting. life confirm Association the this were was

standard XXX reduce recurrent trial. the EF-XX In adverse EF-XX as compared to the care of compared death studied chemotherapy to Optune patients monotherapy treatment of the a in registration best GBM with Novocure's recurrent of events standard care for EF-XX, GBM received XXX patients Optune risk monotherapy in best fewer of who chemotherapy.

signals and For course safety of X.X effectiveness Optune's noted. were Optune clinical received of survival GBM data months. median EF-XX strengthen No by further new patients at a profile confirm the safety least the indication. who one in prolong therapy, Optune The and

a Tumor through additional multiple provide Treating extensive clinical solid and upon foundation types. which strategy advance Our to research preclinical studies Field clinical the tumor are we evidence executing across

pivotal including pancreatic cancer. We are of trial Phase six in cell trial brain conducting is the trials. cancer INNOVATE-X lung Tumor non randomized and ovarian LUNAR Fields, trial and Treating the the metastases, trial evaluating And cancer, the clinical that in use in small PANOVA-X four currently X programs

in Entering trial number for our on the sites patient projections accelerate clinical of to increases the PANOVA-X LUNAR enrollment. and enrollment quarter, relied

the trials enrollment. we investigators the METIS as to also been delayed materially resources to countries quarter, As footprint to engage clinical have significant expand study plans COVID-XX. expansions initiated additional devote accelerate The site sites throughout we into

evaluate regulations and While local initiation accordance trial clinical for were site to these of new using we continue framework to policies, with in sites on-board trials March. we able new a based sites risk in two only

engagement with continue and to and to contract organizations We local clinical advance order processes studies. maintain our to our to refine in closely work research research institutions, authorities

implemented through continue site remote expect We and patient initiation the capabilities. and challenges monitoring with site to clinical developed these we least have at Notwithstanding quarter. virtual second visits enrollment have efforts, initiation

now we data delays, in these As METIS a result of final from project XXXX.

analysis trials anticipate the will impact LUNAR Additionally, our health from are XXXX. care XXXX planned well both data driven based of as enrollment the PANOVA-X be systems. in on on phase available final COVID-XX of interim the as These in global anticipated with projections pandemic current we now and enrollment

site driving our enrollment trial trial on networks as X our centers. enrollment patient enrollment trial continue with network facilitating cancer timeline. GOG expansion an the in quarter, trends in clinical clinical in European us pivotal delays the acceleration oncological to outpace are for leading Notwithstanding and gynecological, INNOVATE-X third-party The first the and global related pandemic, to expectations anticipated COVID-XX groups, collaborating trial our Foundation Phase INNOVATE-X

key expect INNOVATE-X driven in the years. remain data Fields to from the enrollment the expand interim next Tumor for significantly final XXXX Treating readouts now X of potential optimistic in anticipated an We market about analysis We over XXXX. with with sets data addressable

We the environment. regarding as gain will of the on clinical continue the COVID-XXs we updates duration in trial to provide clarity future impact

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

Wilco Groenhuysen

ended quarter position. Novocure Bill. a you, in Thank first strong the financial

progress revenues revenue in the improving by million, quarter growth an United rates, XX% active versus of continue our revenue and the in improvement growth by benefited make revenues patient. was patients per patient in both in a An first driven XX% particularly quarter The commercial increase from first to average business, representing active in increase net delivering reimbursement States. of We per booked year-over-year net XX% XXXX. developing $XXX

of Access We our March, Joint demonstrates to in consider comprehensive reimbursement therapy revenue active expansion assessment. Committee, the a or insurers growth. to German believe active In further continued an our of G-BA newly-diagnosed Fields. lever important Federal value in for health by which following continues Optune currently the markets, national benefit an established in Treating Tumor GBM, we markets, of for recognition our increasing reimbursement grow

in recognized we coverage revenues Medicare million $X Specifically, first positive the beneficiaries policy. for built under net quarter

September after working net the effective At claims. our beneficiaries end Medicare XXXX, are Medicare our improve with for of the ramp the X, revenues further the experience We coverage of Medicare and started expect to from policy. half processing gain Medicare as active patients typical of up treatment the date administrative we quarter,

Moving reflecting down gross the P&L, in million, to a XX% profit margin. $XX quarter was first gross

unchanged capital commitment $XX in clinical value reflecting Our investments R&D the long-term continue our part priorities quarter multiple quarter extend as solid and XX% up ongoing invest versus first our product to development XXXX, innovation of are survival in expenses the and allocation totaled intended in tumor creation we of strategy. in million, to to cancers.

to will in We programs. we advance continue quarters increase anticipate as development these R&D future expenses

marketing Our commercial $XX our of SG&A XX% support increase Optune primarily of quarter in growing XXXX, versus related the to expenses and launch to business. expenses increased costs personnel quarter the Novo by first first up million, were an driven

result benefit income a of in In tax impacts U.S. of backs COVID-XX. net we pursuant the economic $XX the operating of changes million, U.S. loss in the first tax to response as quarter, enacted code, the to carry an in recorded

$X.XX consecutive income. $X net positive was quarter million with income of net third in share, earnings a Our per

line in for months X or and for We taxes, EBITDA driven XX, reevaluate $X execution. on from measurement March $XX EBITDA, the before financial by XXXX performance million also by XX, ended depreciation, months operating XXXX. XXX% disciplined X growth amortization $XX This share-based ended our top earnings increased compensation. million, March a the fundamental million improvement was performance to interest, non-GAAP and adjusted based of Adjusted

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

slow interest the to because continued The everyone for we we our ever who treat I Before operator and not the would for on that delivering patients on therapy us. hand rely like their I aggressive to the over thank focused to on phone as Novocure. the cancers COVID-XX Q&A, as remain in call of do

real-time this we ensure to [indiscernible] to adapt innovation Innovation the they is one need. in and and is values, tangible Novocure's therapy as patients of have access support,

our mitigate of potential plans potential monitor will as as We gain we to adept knowledge. continue risks COVID-XX new needed the and to impacts

Our commercial of record first continued the quarter and financial track across highlights business performance with execution the progress strength.

that the on our unlock clinical unchanged focus product and strengthening future fundamental business existing programs foundation We and believe Thank our this are our development your value. of is you prospects for to morning. intended advancing and time unwavering

over turn With call questions. the to that, I will operator the for

Operator

Instructions] Larry with Thank comes first Fargo. from Our question you. [Operator Biegelsen Wells

now open. is line Your

Unidentified Analyst

two growth Hi, everyone. last questions. was Kevin you weeks now curious understanding mentioned, March cancers the in in TRx. to need one I'm looking first you Thanks just this as parse came versus for This the taking just QX. growth for better out exit Larry in fundamental could It of January/February expected My the treat aggressive does COVID-XX, the than on And how trending total rate. if is at with lessen is the not morning. as

color geography you're curious you if you could I'm same is too, in Thank the assume could April Rx it or have if roughly seeing far, And then be it. I the on it's If thus provide March your Is any by rate? just thoughts to than it growth fair helpful. frame follow-up. worse share can one would you. you up also it just

William Doyle

Yes. Kevin. Good This Bill. morning, is

literally are mentioned the As top Ashley around the the different all at call, spots of we remote world. in

Pritesh, typical maybe the to for all because makes to more on So, Kevin's and the it TRx’s to room. you be Q&A little comment in sense going same directive I'm questions trends. related not we're a than in

Pritesh Shah

Sure. the question. for Kevin, thank you

prescriptions We a as the QX and million that in first and than parse XXX continue forward. GBM business growth. we you our revenues, is we covered. saw than QX shared our don't With was the of capabilities in shared of with So, We important treat opening million do a is more core more milestone quarter, change we commercial we more from out on material X,XXX and something X,XXX in we standpoint in activate that net to a to $XXX passed This MPM. more also over XXXX, lives received anticipate And that representing X% that, month-by-month. organization sequential one strengthens in commercial patients further than growth aggregate, and sort impact on comments commercial QX. no what business material our in today, know we based moving not of year-over-year things the with happening in kind X% that in what's a patients,

finished second Now the just that’s -- the we're realizing a third quarter. we of

today. that's So, share with can we're on we based you. what what seeing This is

Unidentified Analyst

helpful. That’s on then is just clinical And my the Perfect. follow-up update.

of standpoint so a X hit have interim each in have coming from Phase trials three when of sense analyses Do the of You of you a timing XXXX. Thanks year? those cadence next may much.

William Doyle

Yes.

goal. to So, understand we that's project think important recruitment things we a the of is trial, a initiate when I one that

that specific levers engagement of including We expansion. site order don't the and site trials. pull today of during a number have project we trial, those We the

We will clear. and we situation XXXX the detail with COVID-XX the sites of additional enter the and provide situation becomes trial as

Unidentified Analyst

helpful. Okay. one Thank you. was on Actually, if in. could curious more I That’s I this. just sneak

in should seeing impact it In COVID active active patients different U.S addition by had mentioned. words, behaviors patients there? in starts? so patient You're as and QX, the death new new much. starts well? a impact expect trends in patients geography you Any as Thanks we other in Does to

William Doyle

Yes.

surgeries being which point. talked postponed clearly being -- -- are is a unbelievably colleagues of So arena, important impacts surgery been optional because other our MedTech Kevin, this even the we to very and to considered make, at heart is dramatic there's this this they point in some when

that Our with remaining our extremely these we've real-time And way adjustments we in are aggressive patients cancers interact made therapy. remain -- with and caregivers. patients on we the

includes and any so, our don't commercial starts. treat are see patient and that And patients trial on our maintaining we in our interruption patients. And to clinical therapy, ability our we patients

to to an or in just I commercial COVID-XX. change don't a that's So, as a see mention, expect said, think business too, result Pritesh of what we point complementing on important our so building

Unidentified Analyst

questions, for taking Thanks the guys. Perfect.

Operator

Thank you.

with question Kumar from next comes Evercore Our Vijay ISI.

open. Your line is now

Vijay Kumar

question. Thanks my guys. for Hey, taking

of one we know Bill, also if global it's had some going because So so push we Interestingly, is If we this had outs, LUNAR comments So, 'XX. on think half that's pull versus I I dig think more the the do trial first a the be the enrollment Is your into forward, the I think there. would maybe on but LUNAR? side, release X half an trial don't points, perhaps second had out forwards. clinical number as timelines indication faster? pull timeline why any And some helpful. it, you bullet ovarian in press versus of

William Doyle

Good Yes. morning, Vijay.

let all, release projected projections, during timeline. I on pull order me we press previously, levers have The assumptions, make be certain we these of clear. bearing first start and And certain trials, So said trial. in the we certain we when as has the that no

highlight sometimes you are sometimes they’re underestimates. perfect overestimates a our projections and example So, of

adjust. the initial timing. and is moving ahead trials we in normal case, mentioned of things the been we details As the And clarity with that engagement the as thrown have clearly this sites, we COVID-XX. and We in to times INNOVATE curveball of have is that of site progress, what begin you But again, onto number stated, projection. in the fact more get we --

Vijay Kumar

And in really Thank I one lockdowns this given you. given is in. the any that, I cancer, would kicks treating April were ability lifted, should Got is be just patient's to statement the [indiscernible] once there -- may. lag case, physicians, visit fair good. just script assume comeback channel if their really, the some to that's physicians. impact your if on you. assume there volumes, a And Is is it

William Doyle

many said Yes. a the what businesses, has based need not just treat patients know just today, impact earlier we going what don't or we repeat material most Vijay, to to been this. commercial Unlike with forward. anticipate our And MedTech I'll COVID-XX. Pritesh on cancers affected emphasize aggressive to with business

Vijay Kumar

Thanks, That's extremely helpful. guys.

Operator

Thank you.

with question Difei next Yang from comes Our Mizuho.

open. is now line Your

Difei Yang

questions. for first great Congrats Hi. Thanks my Good the taking quarter. morning. on

new you bit curious patient get are So a to little couple to us then secondarily, to questions. [Indiscernible] you what's sequence patients It's could you phenomenal. a regards what on give differently start what impressive. And they more if did us the very work? with keep the is with started? are I'm information China. you doing of approval to that? happening Would Are post-COVID events back just give update in GBM

William Doyle

Sure.

moving morning, turn the I'm for we're to the good to maybe questions. Pritesh thanks And want congratulations Difei. extremely specific we're you But quickly do thanks about the that to doing. So congratulate to teams to going things some and for the Pritesh changes and questions can what I our describe answer your implement differently. doing for call of

Pritesh Shah

Bill, of the And we've in adapted. for Thank our things taken. you I'm quickly a how you, extremely we've us few and question. adaptation, actually the thank to take Sure. that proud were steps leading

patients we GBM second, to foremost, treated for we ensure of care as wanted wanted to And were and First continuity MPM. and safety. being ensure

our having patients to because also technology very treat options And of included COVID patients provinces for up support to required and teams different exposure, So of we wanted local against active virtual days clinicians we different to markets early who one of sets with accordance options our to Optune. we with this starts. regulations. wanted make different in across And regions leverage sure those in were regulations, that had the

with first example, example, to isolated that is We for able one platform were from in the start quite the it's U.S. to achieve So had way patients. not our for where but virtual Hawaii, meeting mainland remote, we go in using definitely this,

allowed So virtual we've adapt experience setting. the to that other us in starts gave which then us conducted some that to

two to can patients they ensure So platform. for is to this One that offer today opportunities virtual we start continue leverage to treatment.

equipment. live full The with personal are protective we is second still conducting starts

of the patients. as two of care pivot team, allowing sort well to are options us to as these the So needs

health available patients. as have also and who that virtually support need providing. remains them that also finally, that support the the team resources they to our tools over as And for patients. and team the individuals phone provider providers feel sure over this as the providers On making see live care front, education On the then well sure telephone. And of making engaging the we’re front, nCompass offering and they that and our virtually we're they the patients we're and for well opportunities we're need to this as is supporting are the

that patients that So we've ensured care of for ways our these some we're ensuring adapted really are continuity treatment. need and who

William Doyle

our not open will an everyone, are in with to Difei, than to has are GBM, actively have changed in Zai And, With to work our Hong Kong. in ever. preparing in the I'll Mainland near-term. Pritesh. addition open is Thanks, the they're they GBM cancer operations gastric we approval I with a say respect commercial stronger they sentiment remind Zai, -- in in and And partnership the and respect Zai for partners launch in China for trial potential China, now clinical

Difei Yang

regards the Bill. EF-XX study. a A you, to -- follow-up just Thank question with

addition study, elaborate the plan compliance regulatory to you So just how the in outcome with requirements? that of to would in

William Doyle

for thanks So question. the

our everyone, long a to monotherapy trial EF-XX received we care was time best trial when trial I'll our was our was recurrent that when a ago, compared first of since approval results standard on PMA up it this in chemotherapy. based remind a that So, -- to GBM.

we was the we used it those mandated a approval or shouldn't dealt they overall. the very So this read post and AACR That it Optune with case earlier clinical as pleased say and meeting so they've trial, FDA and trial in approved, the because out time post was Optune not Optune was described first that general and profile in requested at life was safety trial. with to combination data were monotherapy. showed release of our the do superiority approval In chemotherapy, and a real requested, we not week, used data in the had that were setting press as this presented clinical think controls. data the it When the this effectiveness confirms I in -- annual strengthens

We our with We that's yet that's benefit. confirmation course, GBM. the moved patients. for value combination Optune has of in therapy newly-diagnosed chemotherapy. think patients think But Of focus just the where now another is to derive of most this GBM

Difei Yang

Bill. just Yes. if the question. last Do newly-diagnosed Thank you, for I study expect you may, And GBM? to do similar a

William Doyle

The newly-diagnosed GBM [ph] FDA Optune which The Trident describe to that did press in to the shortly that begin on not and which we mandate And expect that with a we trial in enrollment using follow-up planned first Optune evaluate we'll the radiation using study GBM. patient radiation. after compared release next study in have is -- will newly-diagnosed study, would study.

Difei Yang

Thank you, Bill.

Operator

Thank you.

question Our from next with comes Esther Oppenheimer. Rajavelu

Your is open. now line

Esther Rajavelu

taking and morning questions. my thank you for Good

couple me. from a Just

your and us give you patients color on can your in your patients numbers? new -- market, Medicare the and split U.S the in some active for First, scrip

William Doyle

Sure.

the U.S. patients I'm of versus So it on to Esther. thanks, mix comment to Medicare turn maybe will who commercial Wilco, in going the

Wilco Groenhuysen

Yes. But general comparable population in Thanks, seeing the XX% the mix and effectively Esther. would newly-diagnosed we're it's say. of Esther. unchanged, trend, recurrent the talked that's it's is about Good today to GBM. We morning, somewhat Bill. past also population, versus so what with the overall I The

now on Medicare the of expect [indiscernible] directly future. coverage revenue X XX% the go in after it further is at therapy the and that considerable And mentioned we are we're script, we active population, up effective. that that is in with for that patients and to started approximately when recognizing correlated noting, the worth the near making of policy number think rate course, September became progress we, I

Esther Rajavelu

And and any you. -- death oncology in on the you insights terms maybe can life they’re of these then situation. Thank impact, and trials are COVID-XX share

maybe the versus enrollment in that and your the can timeline your So trial be ongoing? may of you other generally oncology compare some trials in impact

William Doyle

have them with we others follow etcetera. you on completely. we don't follow-ups some as of comment and their we mean, I and them difficulty have read patients, Others see Again, stopped do, that trials. had

treat enroll that's sites as we clearly said, clinical our clearly are patients this existing distracted our in morning. distracted sites, many new to projections why patients for COVID-XX. said, our are continuing trial we As That six we we at we or current are changed continue And to trial did clinical and of trials. the them trial

Esther Rajavelu

Okay.

it assume would be that guess, the sites it is enrollment timeline? to boarding that new would more be delay on accurate are enrolled are that's accurate rate sites or It's I So the there more the affecting the in open, -- already fine.

William Doyle

reason they in is delay the place, you delay. the the It's in over centers pandemic. the onboarding new regions their sites where principal all for and the the depending where are the vary with imagine, But the as can world on are to respect of specifics

that answer. blanket question a has not it's a So

Esther Rajavelu

you temporary doing of some view shipping potentially those as and products, essentially about think be think views that do your maybe of on my you or permanent efficiencies? changes changes sales in those of And the driving it. with you're marketing those -- terms you to changes the infrastructure last some Got and as with -- are question, are those

William Doyle

Yes.

is, populations. of are organization have very answer our our And exposure to maintain that and accelerated one are the on another. simple that And have employees all, changed within know we centers, forward scale these departments again, legal, be organization. The our not of things our we're of changes. organization, we're required are Those build congratulating to large So, to as materials to are package I'm are first ability will And commercial in it's had to continue of across working that we many way and operation going The -- receive leveraging well. the there organization. the we as of the improved. things doing our think start and organization, just the various all by It's our our organization. financial, clinical the I as office Even from we've you to I of that to many the have pandemic. efficiency minimize ship not go your home, or dramatic to across technology make post question the operations

Esther Rajavelu

you Thank Great. so much. Congrats.

Operator

you. Thank

Our JPMorgan. with comes Cory next from question Kasimov

Your now line open. is

Cory Kasimov

are first Hey, taking my for potential to to in predominantly line. possibility line versus breakdown mix enrolling you third good more second of that line on setting questions. LUNAR, evolve. continues of the morning, Are guys. a And take now? actually on or expecting of the Curious guess, your how I’ve all, this get I of plus Thanks treatment follow-up. a still patients second given landscapes

William Doyle

Yes.

remind know, with studying, treatment is Fields cancer that and inhibitors second absolutely line small cancer. changing or docetaxel that That an LUNAR landscape competitive. always Treating the you being of PD-X is cell of you best with care synergism. everyone never Cory, Treating Fields lung accumulative for is it's small non seen adaptivity for Tumor understand We is seen said, as We've used cell or pharmacology. I'll So, standard the designed Tumor we've be lung know to toxicity non what and

regardless as was clinically outcomes. of generate that care. the The we be them So we believe of designed multiple for meaningful study whatever of emergence data patients, will standard that And best line. with expect used are to this the ultimate contemplates all

Cory Kasimov

nurse type on on questions ways, how doing different earlier one physician your follow-up is I than offering rather or patients in Okay. a which I of some at the interactions. to Optune And then many it company product obviously trains mean, TTFs, patient the home of office. a wanted the of in

to environment? complexity what to So guess, are another in approach this finding an adding here be you around? you advantage we're in I that now have of this or kind all of work layer through living is resonating

William Doyle

Yes.

further of I to strategy development, that do beginning for comment. But So, underline very to a selling the we not point hospitals. were turn to Pritesh to want -- our Cory, over to did I’m commercial from where going be the through want in we it position

doesn't or And direct-to-patient but inventory. doctor's the model so office maintain receive where a we to scripts, have have we the hospital

Pritesh, field. I inventories disinfected, that world you And all a this in where can bit So clearly you served direct-to-patient we well. with more us the model, bypass imagine to received, time what doing but which in we're our for other have clearly instituted that can we pandemic business of talk think with the very reasons, is at little shipped, maybe be about

Pritesh Shah

Sure. Cory, question. thank you for that

resonating with have for option. it's but sentiment the from Optune We're for the us clinic. We're support a understand how a And therapy administered been, fits virtual hearing back not at the disruption and lie, feedback in a patients. into this working patients, to you're and has strengths that as we're continuing doing advisory asking meetings has hearing from them also core it's back we're of provides. feedback resonate express is helping that virtual patients, board pivoted or to support their advisers patient what that us to well hey, model we is their adding One patient Novocure it physician the

gives plans that more in that that us right So the the confidence we place plans. are put

what versus what And more works our as we're Bill continue and mentioned processes learn these to on have from already may been. going adaptations made effectively thoughts learning to earlier, we some initial as we're

are we're way. think So way we practicing I model. as they well fit the along are needs more that products that into medicine. into that that that would minor the And practicing we and such tweaks believe more they're telemedicine, like their physicians that But fit making do

learning allows in manner, on a physicians more. front, done So continue Optune patients. about positive for thinking our suggests we've to what that their But to early we're experience that date

Cory Kasimov

are Okay. will morning, a third. people And so guess then this I many since asking questions ask I

the work disruption interests trying or the based recognizing line to open I'm educate to the [indiscernible] the center that just there's patients to if is just enthusiasm ongoing are of a So you still you other as of your of of broad around? to finding we're the was function certainly lot Are to of that trying -- is if the it the as clinical back COVID of the bottom elements understand have physician or if, guys I'm enroll level to the GBM? I delays a early about still there you in you can non-GBM the the guess seeing trials? lifting to trials Thanks. a trial in purely and disruption here days wondering clinical front pandemic, talk I’m heavy trial of

William Doyle

Yes.

little Ely, Chief a turn over you going So can bit to and thanks, talk Cory. our the maybe it he clinician asked. Officer, to Medical I’m about questions that

Ely Benaim

call. continue. just that before you, right and is commercial depends think education both think would novel -- you on I was say we all the have There I physician enthusiasm we really acceptance that technology will it trial very the came thank seen But behavioral requires for well question, see. significant answer and and your as Cory, the I in clinical play it -- [ph] a Remember of this -- I ramping interest the and morning to this lot on have Good on COVID-XX setting. And really trials. the we of up these it change. Hi. lot out the Novo in a ovarian believe also of the seen also cancer and that,

general, resources the invested trials. think say would correct. of moving even by has in in situated, and even COVID-XX are physicians, parts regions, affected there's the they enroll where I it's a lot to countries I and ongoing or So depends significant that how do it really we’ve not geographically [indiscernible]

may in same some busy. that type very city, in be see patients can You differences have in the of this sees are But putting more centers that hospital a academic community continue there patients of trials. also larger

and these say So how are. it investigators busy it depends the But I enthusiasm I of think there will depends. is

virtual monitoring We are -- the this continue data. and the doing doing of been we're SIBs

clinical this our continue for will, passes. And this better So us will if even I pushing trials. think get once we have this all any,

Cory Kasimov

for the Thanks great. questions. taking Okay,

William Doyle

Cory. Thanks,

Operator

you. Thank

with Greg SunTrust. Our next Fraser from comes question

Your now line is open.

Gregory Fraser

Gregg on taking Thanks. you in and morning. expanding of number to that for is It active can Greg for growing questions. Good the Fraser Gilbert. of the is the of U.S., is you base Optune that whether prescribers On Thanks priority? prescribers number speak the and still have

William Doyle

Yes.

we this about information you for patients. is So, goal is we to opportunity work scripts all our help to think want that in about if specific we're providers. XX% think of penetration, number with continue the And potential patients What that's that we know of and us do we for do what give say U.S significant that really educate a don't in is to is there to terms and receiving prescribers. the market the round continued of

We geographic also and and believe in that Germany this U.S. the have point complete in at coverage. our Japan, key we markets,

longer of of versus penetration So it's greater of no in one the another. country clinicians an issue part

Gregory Fraser

are comment with add on then trial and aligned adopted how can that TTF up following curious sort patient where are the centers you enrollment it. Got on generally And to the have that many I'm been? has And last question, sites looking GBM. clinical on sites study, the then of for LUNAR you

William Doyle

Yes.

with GBM than every answers. of quick part in patients are our virtually to trial sites These the that in just large compared U.S. So sees METIS Again, site now GBM groups exception are clinician GBM different sites. the our

new know we I communities there's a we correlation in progress enthusiasm say much enthusiasm indications. clearly that of the describe all GBM. So not the the benefited TTF. will And certainly does big made by that the there. the new is in about don't They

started Just to groups. in completely is new GBM, this these like we when clinician

trial. questions the answering specifically, all sites do education. to this about additional we in to active have And your for XXX add expect do we So

Gregory Fraser

you. Great. Thank

William Doyle

me. I XXX to meet additional Not sites, Pardon timelines. misspoke. total our sites Having

Operator

you. Thank

William Doyle

XXX a sites. That’s total

Sorry, Greg.

Operator

from question with Jason Bednar Piper next Our comes Sandler.

is line open. now Your

Jason Bednar

launches? when anything anything blights? with P&L once respect but we study then should Bill, is the and mindful Thanks. maybe the you approval Good to mentioned study, can be briefly to there posted, newly-diagnosed morning, talk with this updates see know you everyone. is Thanks for to to details about back earlier. the expected maybe response size taking And the we'll there or I Difei's all in respect question morning. you for of the GBM post going questions today trial that

William Doyle

Okay.

there things. So two I are think

So study, the patients active the with one XXX the care. received who to this group respect XXX of EF-XX compared standard in clinical to was best

not was about a low the this if to study, study. don't again was another So was launch confirmation of profile kind it -- us And was was to know a This for nonetheless study. make to a but the of completion see it have a of once this study Pritesh, study. I excited ability data because of exciting want set. about maybe, a impact you And commercial our the comment yet a

Pritesh Shah

newly-diagnosed here sorry, combination about to just question I with but that's the to interrupt, in -- launching study mean going the was radiotherapy. Bill, more don't be

William Doyle

Okay. Private study. Yes.

been up just had It the study in. and So, has signed we're is again, patient this been designed. sites -- currently awaiting first have

Jason Bednar

treatment there other software. you items, just, discuss Maybe for launch me. can your and I playing pipeline new one then maybe anything either with array your guess plans launch one And to respect of Is symmetry [indiscernible] on couple of has COVID Okay. a the product or rollout those the and the impacted for timing items? there

William Doyle

mind, also stand. know product with the that on we're products comment that front [ph] Asaf is let work I'll very Maybe the [indiscernible]. the and of I where new MyLink doing but much we our

Operator

you. Thank

William Doyle

Asaf, think may you muted. I be

Asaf Danziger

Thank you questions. for the

for mute. sorry And being

opportunity significant believe So it's Optune on that working to it. a do we improve we efficacy and are

on is continue we to and many it [indiscernible]. for years working Our engineer will

MyLink delay our in new launch new the not expected. we planning around, products, development we launch to at basically of expecting are sooner any all [ph] our than are We to if or gather it

actually So all launch shape. are engineering any in COVID all, or by earlier. way to affected are engineering are that in other them going reported [indiscernible] we that not There around

Operator

to you. at time. Doyle any Thank like for I'm remarks. back to I the not would questions further showing over this now closing turn call Bill

William Doyle

So, everyone first interest I all, want in Novocure their therapy. of for our to thank continued and

I'll at start were -- Ashley beginning. the start thoughts Our

disruptions the you of that know to And with during is you. we facing in world time. with are everyone now. corner this their Our significant thoughts of almost all lives every We are

of all able has disruption made the on that the of don't the were continuity. the the don't of significant a tremendous of care change That's very today expect any and progress part achievement safety company. team on any announce in to expect fundamental business health in team. really value we proposition the we of patients employees. our has I'm we that that continuity been and focus we've our that Our our the and for made proud And our

all thank interest going I'm in And to there. leave think it I your for again, you Novocure.

Operator

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

You may now disconnect.

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