NVCR - Earnings call transcript Q4 2020

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the NovoCure’s Fourth Quarter and Full Year 2020 Earnings Conference Call. At this time all participants line are in a listen-only mode. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Gabrielle Fernandes, Director of Investor Relations. Thank you. Ma’am. ahead go Please

Gabrielle Fernandes

Chairman, clicking and of quarter for [Technical and on Ashley our am everyone Danziger; CEO, review our executive for viewed available slides presented The quarter team and Difficulty]. also on website, us year NovoCure��s results leadership our Q&A. joined CFO, XXXX are Executive by phone link fourth our full Other the on Events Doyle; thank morning located our for the joining Relations on www.novocure.com, Asaf full and members in by can you Cordova. page. to I Bill fourth our section Good call be year XXXX the Investor and financial today of the

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

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

William Doyle

innovation morning our commercialization and that good growth harnessed will later, the our in innovated to operations. Fields. cancer Gabby business We Two we most revenues, million Tumor $XXX of our cancer strive electric and a some division. to aggressive annual remains future delivered net decades commercial believe and be flow cash strength virtuous of the of therapy, of development survival nearly We NovoCure Treating cell clear. and fuel you, in to with nearly through company. as Thank novel mission financial the We our In disrupt are everyone. fields in insight that million $XXX extend innovation the can in generates in the our business XXXX, cycle of execution from forms invest started GBM

of Our work sustained initiatives, our investments full in Fields the clinical make potential trial unlock we commercial as to Treating development momentum allows us product on-going significant research to and the continue platform. programs, Tumor to

challenges of prolonged and awareness record to business an pandemic. Treating is throughout education, doing Tumor unanticipated acceptance. significant modality requires Fields treatment We XXXX drive cancer despite continued the track our during execution that the prescriber of COVID-XX emerging

of advance their the commitment we are the to undeterred Fields fundamental Notwithstanding our our in believe mission. Tumor remains health to effectively world. around communicating a heavily these progress to accomplish challenges, extending have approved NMPA GBM partners engaging Tumor Throughout other recurrent reach Optune for optimize combinations newly XXXX, and the Tumor providers drive for nearly Treating China's of virtual our coverage Virtual challenges Treating advance diagnosed new innovation and Treating some to GBM, GBM our to and forward clinical largest made patient trials relied in upon and And care an We indications engagement the markets. For deliver we engagements three the market. to our educational world's year, adoption across to mesothelioma active therapy. poses Fields and unchanged. advance Optune commercial we Fields overarching of platform notable teams our broaden and reimbursement priorities; product our therapy to glioblastoma, objectives. in with value to

which accomplished collaborations the XXXX research year-over-year, to teams and new XX% sheet. of launched clinical to programs development. patients. the Tumor horizon back fourth more our grew two studies Treating Treating product than development of product while But all we Fields. this turn advanced first, and this, We intended want the we and delivery to million three on to added to $XXX clinical to seven I'll come later optimize clinical by of I clinical perspective Notably, balance programs Asaf entered Our net Tumor morning. share trials, innovations involving to his clinical revenues to expand expanded enrolling our actively into Fields We multiple our important quarter.

Asaf?

Asaf Danziger

Bill. representing versus $XXX another growth quarter Thank revenues I'm Novocure fourth the Global million, XX% team totaled the you, who yet to net quarter. delivered grateful XXXX. strong of

therapy, revenue active expanded patient growth an by driven growth reimbursement was and Optune. with the increase year-over-year. than active of ended for XXXX net Our patients more quarter XX% We primarily on

XX,XXX patients more We than globally. have not treated

and an and to expand Federal as well all April list secured decisions effective also positive XXXX. with to in reimbursement Beyond by equipment, recently, temozolomide Optune This for growth, Israel, Optune decision Most therapy, drove X combination recognition our GBM year, among team health options Swiss the Optune reimbursement increasing the reimbursement which incredible access last to national growth. of treatment of of Health establishes broad GBM Public active Germany our active the effort represents revenue of in our remedies newly coverage for markets. we With insurers. Switzerland Office as in benefits patient diagnosed to national for added cover broadening reimbursement of have

industry. innovative prolonged the by the volatility across disruption systems. and increased of year a capacity the Novocure We team resilience across believe was what caused to year underscores cause COVID-XX Our performance healthcare during last continues global our challenging

and of therapy patient regions, influence interaction educated for we impact day fluctuations posed surgeries March, we the have zoom calls. to ability providers our have the our some example, and population challenges on efforts eligible certain around in last some COVID-XX conference to radiation For operations. the despite largely physicians Optune. has Remote partners had on the Since world, our have timing in seen via day engage our to healthcare minimize and to which of

see for we significant in room forward, our business. commercial Looking growth

increased further for education to and rates XX% with range Our globally. focused penetration We academic institutions physician engagement particularly leading among from through car radiation XX% remain efforts, continued penetration on GBM driving oncologists.

launch working approved Health to next Optune submitted expand also to Ministry reimbursement We are a establish for reimbursement package full our markets. GBM of to and coverage. in new to France French in We recently plan access the to indications

market access to indications. actively providing European markets evaluating the future for indications are further loans marketed forward We updates of pathways We additional on to future our currently to look calls. enter expected prior

therapy, following showed TTFields of survival work potential and sensitivity TRIDENT study, benefit overall damage radiation months. radiation. the TRIDENT to to survival nearly of institutions repair. in in radiation therapy patients an of As part detect In academic participate is six of inhibited further we of XXXX, to XXX TRIDENT chemo the with the with extension designed supported TRIDENT trial that reiterate our engage by completion DNA our initiating increased further temozolomide centers the first the I that of diagnosed development to leading year. in the GBM. is IV approximately to strategy, in enrolled December With we randomized committed in tests offers team made the TRIDENT Phase progress newly opportunity our patient by to want versus are extending indications. option GBM I research. proud Novocure am throughout approved conduct committed compared challenging plus how the survivals preclinical

today, For more for your those you the about mission. patient-forward development the detail our on turn call our to call I Bill to commitment to provide With colleagues that, back will pipeline. listening thank

William Doyle

Asaf. you Thank

is Tumor grounded by solid beliefs Treating Our in supported mechanism broadly research. years rationale to scientific XX applicable that is the tumor of action of cancers Fields

and as In continue outcomes clinical in includes only to development believe approved in the we proud to over therapies, optimal Treating million the to Tumor and identify product and $XXX of of generating we have efficacy potential we're to made, financial strategy. our Fields Tumor with oncology. invested our combination to Treating development, data, use improve and we This innovation. utilize and expect to multipronged therapy are optimize through we indications, establish As and scientific effective indications, our safety we XXXX, advance in research in progress new beginning strength to other our Fields

lung cancer, engagement In our clinical our cancer, remain driving and in with expanding in and patients Our our focused ovarian brain sites. trials cancer, cancer, by metastases, we at cell on-going seven sites, all teams clinical footprint non-small site by trial increasing new enrolling global enrollment glioblastoma. gastric of trials, on active are pancreatic

to in our monitor the we among opportunity aligned the to refine growth confident Advancing from and programs as the development priorities. is systems our continue highest globally plans our our we substantial and are needed will continue current closely. uncertainty see to across Although we volatility to And healthcare COVID-XX, persisting clinical that processes continue systems response and situation realize pipeline offer.

multiple Fields therapy to potential anticipated readouts more to programs over data next years. Tumor pipeline patients, extend the many few of create cancer existing with Our reach Treating the the

We final II cancer. in abdominal HEPANOVA, expect thoracic year, programs newsflow advanced a beginning this data with pilot from trial from and cancer Phase liver our

the an upcoming data collection of currently are finalizing plan We at to the medical study present results conference. and

prognosis cancer which to the with with ovarian among of in pivotal of our months, the Treating U.S. platinum-resistance fifth all the for program, recurrent paclitaxel, in Beginning developed abdominal approximately driven INNOVATE-X all hazard of expect our is cancer occur four interim ranks three analyses, to survival with of extension X.XX. equating Additionally, XXX cancer ovarian poor. our Ovarian the ultimately Almost platinum-resistant months. population and patients XX and with cancer. effectiveness of cancer ratio Tumor designed overall Fields have patients INNOVATE-X women next in remains deaths a trials detect this weekly Phase III test to enrollment trial in we

Given first current our to trends, will stage that be project current indication from cancer now the analysis. interim reach enrollment late ovarian pipeline we

months last third in which in after anticipate in occur INNOVATE-X to specifies is interim we analysis last study. in We from XX approximately enrolled the continue the gynaecological, expect data the community. the collaborations the across driven Fields European of and XXXX will growing enrollment facilitate The quarter cancer patient patient protocol clinical The final support networks These and centers. leading enrollment global GOG collaborating for with at network XXXX. oncological trial clinical foundation, Treating highlight are Tumor the third party groups us for trial at to

trial in for which advanced in PANOVA-X our We XXXX. continue in locally pancreatic to final data enroll patients we anticipate cancer,

year. three of enrollment our evolving in who stage therapy. of lung inhibitor, cell we the of thoracic standard-of-care patients, of cell data approximately ratio second trial we oncology. it after multiple important the XXXX. launch to name physicians lung Merck protocol LUNAR cell with a cancer. XX program, immune choice and months meaningful Treating of B-XX of detect Because four will we approximately is of final Fields our MSD, global or extension trial with lung XXXX, four non-small line expanding in together Fields was anticipate The to at LUNAR overall second We forward development expect clinically Tumor an lung hazard cancer the be cancer Fields trial of the to designed principally from survival data is entered clinical with cell of patients The KEYTRUDA combination anti-PD-X for expect XXX line in line docetaxel, treatment second the cancer, treatment is into that Moving fourth of collaboration non-small is patients other to our designed outcomes, enroll use leader first Tumor the in which to in test after the an cancer, quarter last effectiveness line XXXX, to enrolled. checkpoint an to or of is first our stage later for clinical equating contemplate occur non-small specifies for treatments. This program patient a non-small this during progressed platinum-based of treatments in will LUNAR And XXXX. Tumor XX of and generate quarter study cancer designed all analysis with lung intended which patients. interim in develop driven the Treating X.XX. standard-of-care believe with months, to KEYNOTE, expansion into therapy trade for with look the a In Treating U.S. we

extend efforts, initiatives we've main our intended to investment of development chain patients. in life product and addition to quality increased our for clinical In survival

tremendous remain Tumor Our to Treating and in product product initiatives Fields XXXX increase prioritize delivering patient strides teams and that use. dose, make development focused innovations ease on of

opportunities new and intended design optimize in Our to higher larger Tumor arrays intensities can software to and more create support flexible that Fields the are patient centered to populations evaluate continue teams Fields generator, Treating new Treating multiple indications. Tumor deliver

of the the All build expand innovation development and understanding tumor Translational our around at Research inovitro, use Treating both clinic. therapy. and approved conducted grants Fields indications support Tumor trials programs development Treating upon Tumor Novocure our expand efforts other and global in propel projects the the ecosystem. the preclinical community treating research, within scientists and sponsored underway fields optimally investigator research of enrich and and clinical scientific in-vivo, by for the product globe, Fields to

in over to these to ecosystem extend Ashley of as cancer. efforts financial drives our will I of the forms discuss survival some of of the All to are patients results. call service the most aggressive turn now in the

Ashley Cordova

team. XXXX. financial Thank of increase growth. in execution This revenues reported million, seventh disciplined further versus driven XX% the our XXXX the revenue a at have net representing is by position digit strengthened you double delivered Bill. consecutive its $XXX we annual least year of Novocure We

Tumor carrying XXXX, and advance science Fields the $XXX the strength cancers secure outstanding facility We quarter, credit survival a loan, committed term Our lower that a our to $XXX of and at fourth of replaced investments expect long advancement enabled increasing we continued in mission year-over-year. we treat. to extend R&D we million technology In our supporting the three with million significantly financial as an Treating which reached to investments and revolving the XX% in increase repayment cost. remain year

in X% XXXX. in the cash place put $XXX over also period anticipated in million position investments convertible our our senior in growth solid the $XXX in to our and Tumor to development significant year We intended acceptance of in delivered making infrastructure notes few structure prior Fields indications. capital the to due revenues quarter, the well an million XX% future to years. the committed business tumor The Treating for commercial have potential increase hand. advance program net a closed with of We and in as to launches needed ended We million on our quarter, representing GBM multiple Specific next a innovation profitability $XXX improved increase. for fourth year-over-year we remain

and net improvement U.S. in active in net particularly the was increase our growth the revenues in driven patients booked by active revenues active per Our markets, an an in patient, in

with also for in resulting and from revenue gross service Margin the Moving scale. $XXX fee gross previously benefit profit down claims an the fourth XX% to P&L, Medicare reflecting successful appeal improved tempered Gross product denied for by initiatives continues design. has sales of was increasing beneficiaries the and Gross on-going quarter million, Margin efficiency margin. from

clear have we to investing platform. of the maximize committed Treating the Tumor strategically hand, to we growth growth Given the organic in opportunity remain Fields potential

million continued Our full invest execution quarter, bringing research in total allowed development record to to the the $XXX and actions balance for us the solidify in a commercial year. $XX and fourth sheet million to the

versus For the XXXX. represents XX% this full growth year,

across research few development me are scale growth Treating Oncology We we community. and we making moments growth of the our to Because program, development highlighting let continue Tumor and expect investments. programs of into acceptance as where the and of pipeline spend and our a investments advance increase Global XXXX in work our research to Fields

development $XX three For XXXX, of the million trials. invested new to the advance clinical our full year we clinical including programs, launch

XX% Our clinical represents XXXX versus a development programs XXXX. increase investment year-over-year

increase. a efforts Fields affairs of educate for expenses, about Treating total medical Tumor community XX% million Our reflecting clinical to year-over-year the accounted R&D $XX our

We increase innovation nearly the to We investments we preclinical week, action, Tumor Treating mechanism also research further intended to refine our remain use. development delivery our basic invested understanding Last to doubled $XX organizational XX% million, optimal with product therapy, annual initiatives. million its for support in and of a Treating Fields and a Tumor research to of total balancing and our committed of the year. to strategic our to capacity investments our Fields $XX effectively optimize in the execute of

share, $X.XX net net earnings in for $X income earnings with in was $XX per full income $X.XX year with XXXX. Our the and fourth share in per for the million quarter million,

generation, business of proud EPS to is While extremely profitable drive am term growth term short are investments optimizing of priority I R&D building. than higher long we the

value also a of our this taxes, earnings before as operating non-cash performance is we non-GAAP to our We important compensation. it capital specifically an share earnings the believe amortization interest, measure tax depreciation, In removes adjusted and compensation, it million EBITDA, reflects EPS, evaluate generated million was EBITDA fundamental remain based and where driving management based performance driven material same rate by adjusted XXX% $XX on financial and based leverage. in focused Beyond increased metric, the item, on best impact share attributable structure, with of from financial by revenue our SG&A, we for fourth coupled period within XXXX. the This $XX discipline business. improvement growth, the expenses, particularly of quarter, the net to operating by in

balancing and profitability forward, are investments future to Moving growth. we with committed

their Novocure. everyone for the Before call thank Q&A, on phone the I the would hand I for in continued like over operator to to interest

our programs, development and maximize aggressive shareholder potential and term readiness another are circumstances. financial strategy geared in under well Thank our and remain our confident strong. survival long long our of platform believe difficult We investing of cancer. sustain growth we that some continue to performance in this value. of Our Fields of an advancement prospects strong Tumor Treating to the your the year We morning. you product extend business efforts positioned for most And and team, and the of fundamental team the forms the remain term clinical to delivered of organizational time

Now, I will to the turn the questions. back for call over operator

Operator

Thank you Instructions]. [Operator

comes Bednar first from with Piper Our Sandler. question Jason

is Your line open.

Jason Bednar

the really year, the color think updates guess morning. ago trial Thanks or are further a the COVID’s way for you'd updates Bill, what's of today? in enrollment the considering III but variables one meant anyone process. but today? out new gating that challenging laid year Hey, shift pipeline to more are on of the targets Phase site trial follow everyone. that any some truly of morning, the claim would that may these right I I here good studies for off your or help accelerate up. forwards that milestone the Then about What factors you're making backwards can timing, got this

William Doyle

I Good checking, morning, me? everyone just Jason. hear can

Jason Bednar

We can you. hear

William Doyle

terrific. Okay,

the for the case the around last been couple joined calls, world. of by has As my from team I'm

from centers And how will another. will So, generally, questions. order have opening inevitably progressed trial we we've enrollment in reasons start I centers. I make to all an investigators doing described we the a gauge about we for But with little engage as those whenever emceeing say our one We constantly guess, hit We to is targets. to that of a which site move kinds and as be educated start monitor and recruit. would before a projection, various essentially with what as consistent bit we this of answer is trial, we

many a exactly We have to order we sites the to targets. other in get proceed, as And we're able overperform underperform. that sites sites terms and in how we of that of need achieve sense some recruitment

because engaging sites often opening more fewer In been challenges particular world, has just Sometimes that it's requirement new the it's sites. in the that of their protocols. and more have with COVID sites, sites, patients a for more sometimes

in projected. And cancer specifically some actually trial. that's been, in the It's faster specific, than we it's ovarian occurred

for of trials. haven't for the So we those our the the, completion of stage haven't pipeline, late changed in terms targets we changed

open centers, opening we the did last before are site pandemic, trial We the quarter of and the notwithstanding and quarter challenges that.

in in again, the the is cancers. I this patients therapy bring the certainly the highest notwithstanding And other any as company, so, determined, among the And to we're to priority challenges or highest and company. said, this these priorities

Jason Bednar

and during, up back just the versus level trial advancing Maybe picture Okay, could wave a in the your come are about like terms thoughts underway, And but the kind offer new phase helpful, frequently that's obviously really of wondering some some efforts. with Novocure bigger expanding breast the preference here. versus, follow I new you pipeline team indications preclinical the prioritizing, to of data maybe picture, current of next for is question you're we high have on bit how under outcomes. a seen come down And a some if a preclinical And during lot saw that's where you've work doubling belt, Bill. possible bigger the existing indications we've of do twos, that team studies. filling you good up of there you a XXXX. seen option, with as recent cancers know from lot

So and thinking curious of is that item. I picture how guess a option, about more just bigger again, you're

William Doyle

that are fortunate, promising. opportunity pipeline your priorities with solid we Yes, continue to question, priorities. goal all extremely is stage company. opportunity. no advancing In virtually essentially we're, teams. late get large. to also to done, There it teams, the much new pipeline. different our among We're but said, sure we're one have not stop and those here, is platform, these The verb And there. and specific backfill things it get The of And get and And stage evaluate as Tumor the said that's to technological those different therapy, patients. fill treat And that the we continue in innovation. I'm going highest the the set for are we're backfill indications of That be we're And It emerging trials right to the the mean, going our to preference Treating with at the That financial not stage cancers. to trials late the going opportunity and is I to it's Phase know one the dedicated has based to is then II what's thinking on have are trial, data is in switch come offers tumor going improve offers ability indications. they allowed, stage the the are combined group to those trials. science can Novocure Fields The as through to recruiting to recruiting teams strength we our Monday to late Tuesday But on so are are to the therapies. which on that response is highest do all next. think our that about focused if pharmacological that is the both. about trials data, offers I quite on a late our to

Jason Bednar

that's so Bill. great. Thanks right, All much,

Operator

you. Thank

with Our Greg Truist Securities. question next comes Gilbert from

line is Your open.

Gregory Gilbert

Good you. Thank morning.

that points, be research many leads to interim. options how seeing in as highly the lastly, Phase fluidity then any patients guidelines, maybe have Ashley, first fourth to help in and currently investors so plan oncology very your you to those the basis give up the in outside stage to there's a directing are background oncology maybe to Can us set just model Bill Thanks. of time? And But would that or forward exist strong treatment are and the in setting? us treated on setting. the you basic any like of safety on Bill, academics ovarian efforts being then of since First, over on leave And I can or on with follow III focused others there they you after realize little we're lung, a that you going data quarter. quarterly sort tips R&D will any team on you how whether on is

William Doyle

Sure.

to you and cancer expect So will the first ovarian discuss don't on and we'll and Ashley, Ely why R&D then compliment it. then take standard-of-care question how and investment, up Greg's our we

Ashley Cordova

out to Great. as to Thanks Greg, modeling street Because be an for look question. is how the is important has we here. this thanks the one,

As that's you invested in but as you XXXX. don't to expect this million aggressively pace XXXX. saying in in pipeline possible know, activities. priority invest And clear as guys and No, guide effectively our been know, and as we a these as is we as we we accelerated have that in $XXX company advance an R&D to previous [Ph] been

I something as can effectively million is, so And grow, that to as we certainly to that And do we'll that need $XXX honestly, would it. do. expect quickly

William Doyle

Ashley, you. we lost

Ashley Cordova

hear you me? can Oh,

William Doyle

back? you're Now

Ashley Cordova

Okay, did you to hear answer question? the the

William Doyle

We heard half of it.

Ashley Cordova

All right.

Greg that want So of want $XXX we can this that the the this effectively company. grow. investment focus summary certainly everybody clear call. to should R&D be make we're that every million is to greatest in we in was area our And This of we But is pipeline. the making

William Doyle

the great. pick if up question cancer. Ely about can And Okay, ovarian you

Ely Benaim

cancer or patients. of cancer is that she Certainly, the the and you, in cause so This thank you. Ovarian disease. in woman year. of sort diagnosed cancer on Thank Greg, for call. your I'm each in sees or is U.S. quite a difficult a XX,XXX general

are, GBM The what is, patient population. majority of this patients double stage. around call advanced we are the So diagnosed these in of

first is abdomen. usually around the place So they're the metastatic, they're into ovaries the when already metastatic and

have peritoneal they we disease. what So call

chemotherapy. study what are limited. on and And like, in into therapy is pilot these almost fail we available a of our ovarian most the, abdomen treatment show that's a prognosis on we torso are into, like our our Phase platinum-based to then poor. the makes difference. all platinum the, think disease. In the why move And, II that, is INNOVATE this III, will the and on big so, big, the very the sort So for options Alright, patients therapies Phase general, targeted very the previous is promising We, for our acquire very PFS. improvement based general, data in on chemotherapy, of cancer this therapy type of was

lot will been pay that Phase who enrollment, hope motivation of the just times the have we we in of point the in a how, able show, it III to So and in better PFS same investigators. trial on increase and even on survival, is or this field the COVID a make this in spite overall to

We the or GOG largest having is Europe in involved One groups in the oncology the and able spite did U.S. investigative once open oncology have from very, And in really encouraged anchor year when not last wanted, of we're the gynaecological COVID. have we sites, we in foundation world. two the being the this for been community. Once enthusiasm to this, U.S. we we of because

think in we executing success. we of in We up some and that year. all point this the we're at hope just, faster we're trial I planned So set to last have patient the for this QX have

Gregory Gilbert

Thanks Ely.

William Doyle

I'm Uri, on and any Uri. that? science additional the preclinical you to any, just ask data or going have if II the Phase earth comments

Uri Weinberg

fields in Absolutely, that data the when particular, our the And has malignancies, population in overall multiple expand diseases multiple TTFields. at actually and earlier great options, in multiple improve disease, different we have as that think overall. be targets due very tested ovarian compelling. to similar to in similar demonstrating performance chemo combined and addition being an potential TTFields of TTFields toxic, ovarian the the different has agent different of in really augment TTFields which the are effect with synergistic outcome accents. and to effect of this is might the I not patient that the preclinical the disease in to really therapeutic potential And with this And cancer phases extremely in cancer different

William Doyle

your question. third And, thanks, maybe Greg, to Okay, Uri.

to much risk to drugs, back front And are the to different are, I acquire, have, small to fortunate bench, opportunity. in most the larger bundle. them in science potential have to action, our comment, be small go oncology products, hundreds in as successful of the earlier TAM surveying us. they enterprise companies GBM XXXXs, fantastic technology, and that, have Medtech of and than in all to same XX,XXX next And organic order of companies this Most one. of the then back to a constantly therapy. platform even have the even the to same it to said, but and a biotech terrific to go they We to have the good the in have mechanism extremely at We're high and have discovery don't prices huge they bring need taking in the We cancers, we our I company add same order do which applying companies ones. same get hopefully in landscape my

So that's heavily of a in why so our way saying oncology. focused are priorities long

are course, of the different of scientists, is Our things. studying simply our all because so on undoubtedly opportunity Thank you. sorts oncology large. is focus But is,

Gregory Gilbert

you. Thank

Operator

Thank you.

from comes question Wells Larry next Fargo. with Our Biegelsen

is Your open. line

Lawrence Biegelsen

the morning. Good question. for taking Thanks

negatively First, in now. Ashley, assuming GBM any a from How in impacted What the do how to much early business reaction expected consensus quarters your couple think that do the think to of one backlog Ashley much XXXX? Medicare top you seen on you revenue XXXX? what Bill, on you line? guys have million impact it me, or COVID? up. are about And had XXXX? you I And XXX And in We've follow

William Doyle

follow I'll let then and Ashley, you start up. I'll

Ashley Cordova

let more is do what terms see and I'll then penetration, the room looking patient remaining in net COVID academic coverage as the outside. upside the able from But forward reimbursement centers, two that with Alright, will from consistently color. approximately to as the booking and incremental thirds as will I'll LCD of so full that we Switzerland view, Pritesh year we guidance, come which and some from the knows, both XXXX. maybe are growth, we so particularly reimbursement provide for on in don't that have in correct XXXX, with GBM said benefit we the and Israeli up provide post revenues, but currently well Medicare a of that in come the everybody ramp Bill We're start

growth I'm beyond would and questions impossible on-going prescription therapy, factors their point backlog. Pritesh growth provide those any. of just there, from here backlog to extended duration as coming and top activation I to our seeing really Pause want line to to you to maybe forecast. predict Larry. if So specific is, the This contributing XXXX Yeah,

try you contribution to that their these types recommend not predict for claims. of would I so And

we is point I that of can and will the patients to through path committed to But appeal. in to those treated forecasting are claims is the for receiving Medicare no predictable backlog there of revenue. We all you kind therapy course that that of we work for continue

William Doyle

to but I'm say give We're Yes, business. to And the as going unfolded. and pressures, had, visibility, had a specific let early start We then on I ask COVID. we color. pandemic won't me global to, Pritesh some you

Italy. sites trials clinical have in We

in We China. partnerships have active

We have tentacles in the and we're, we're And supply chain and in in China. global. very

treat our difficult. clinical clear unfolded So to the more Asaf QX. because more easier. the of think, much I from we the said, made we commercial the what do It's the everyone difficult in absolutely around quickly. work made not made the And the lives it it virtual transition world made beginning, COVID work team, trials, excuse iPad world, has the mission. zoom, It's failure made any depends better to That any and in the is academic to very room possible. sitting said, for be zoom as an and and knows, That of would in performs a on although fantastic than fantastic and accomplish management education the anybody education for our the delivered face with a patients to our kids we front year is over is living an face not in

So I'm we what of accomplished. terrifically have proud

what Pritesh, let We numbers. programs. But, patients, our we've overcome be excuse. bit expanded not little field you deliver these talk with order in an COVID in maybe had a our that treated about can the you've to We've have to

Pritesh Shah

the thank question. Sure Bill, Larry, And you. for thank you

can in make what business. we in not on guides for eligible appropriately that is XXXX, side. and to pivot left So that behind. with, echo no proved my pride how the ensure all us we COVID. and And successfully mission team commercial continues is to to that to our what flexed Novocure to are entire the butter grow and we we here has this, that patient bread patients And will us sure our able immune help But our I and we're this is were guide dealing And GBM that MPM.

over fluctuate may of region. the to globe, seen tend we centers. what academic of at happening We've within what across because mercy the these specific happens that patient are be Now at the flow course will of that XXXX

them on meet to be those where drive with in support continue to make this our virtualizing now over academic centers with in now and able what the we in we're able glimmer seeing So with focused these U.S. face. business of providers XXXX, certain closely. pivoting we educational where continue during footprint in of can to face our front being what with to with front regions providers, we on actually meet on our the sure both and with monitor efforts, working in to providers is zoom. patient are to is patients we services, providing is physicians we we're be largest times may Germany, able not hope the that And areas, support patients, this and to And a some when

So manner a we're can in make patients. and support mobilizing sure continue our pathway that on the safe teams to to continue we

So we remain optimistic. We remain confident.

again and GBM with XXXX. because in confident team MPM I'm and be work stop will deliver Our COVID does the not to able it

Lawrence Biegelsen

ahead... guys. Go you Thank

William Doyle

interest is highlight, this that wanted the of pandemic. the trial. course thing we I only There's in we to The tremendous of just that open in midst here have TRIDENT mentioned

expect was to centers. it continue the roll in the and in virtual to open in XXX it done this academic And all world. We out

Lawrence Biegelsen

let All guys. I'll Thanks in. for right, others the perfect. taking I'll questions jump let

William Doyle

Thanks, Larry.

Operator

Our Kumar from comes with next question Vijay Evercore ISI.

Your line is open.

Vijay Kumar

guess, the you've back like you on my patients Right. few these about questions million on were CMS on it question was so taking payments quantify issue a QX. in for Thanks that catch I looks had payments at up far? least It When XX received but treated? guys, question. Hey or backlog. can Larry's I comment

color that any treated So with the timeframe, we've this 'XX would payments collected patients 'XX with in be helpful?

Ashley Cordova

Vijay. Yes, certainly

in to treated all the were patients LCD these XXXX. September prior So

multiple correct, you are sampling a there, they there's right. dated years. are So Age, that but

all So September to are prior to these patients XX all XXXX. relates million that treated

Vijay Kumar

And I around you. script volumes trends. versus volume on last the hard level, be at what underlying I mid and been fit the then, should that Any the you shift, guess, hampered? it's script out pandemic growth Got to year GBM GBM? a high with the for on mean, Is figure new you guys. guess was, had comments it's should really sense then, singles. record volumes actually growth there a know be what business I for perhaps in dynamic, I

Ashley Cordova

some we what as remains you context mean, drive Pritesh there. is here. I’ll to touch, will the growth color believe that multiple let to Yes, which do message our there's provide provide, we're keep and clear I I levers in maybe doing can

Pritesh Shah

Yes, absolutely.

participated build to we also our again. academic for front, a in talked and moment educational a academic key I the the key by take engage is, day learning top to investigators. GBM you And the moving clinical So, incorporate TTFields, what R&D opportunity participate about how additional and bit are how to example generating provide Optune centers. thank engagement about sure about will emphasize was about this of talk And important thinking terms making And centers if another forward. that will to therapy. a are on additional And data investigators one they key and centers our question academic we're to IST the efforts to specifically sponsored in you of I how great here the we earlier with in GBM on also think that studies greater signals because our And that's with about here how for we one our support. in specific front,

do reason that today and I a anywhere explored and pembrolizumab greater immunotherapies of adding an other the helping on the have as [ph], and to this clinic. we're entrenched opportunity the study to is eligible we're We again, gives here showing course, to benefit and in product of have here penetrations questions to that up. evaluating talk in they're that XX%. Optune, globe provide the in This, some our And who flagged recommendation, could is a guideline gets based building successfully. patients are the can when guidelines building commercially yet. potential why we confidence therapy the through with XX% can prescribed Can practice, support types today, NCCN response to going also But being in here and from here them IST. X immune a impact facing come category GBM, soft this space. latest these the MPM smaller preclinical for further greater So based further here believe we system, that here. the on confidence our available continue I gives shows heard about a detour not as with it are we clinical be in and you clinicians, data patient on all data of experience existing up tying this is, this the physicians to have to create GBM, The that suggest TTFields across and in a When the that continued now combine they're

on will So this of of do these a education, what in on lot centers, terms our impact of which forward, academic today path call front a of the commercially have key talking in significant about. with we a time we've lot spent working

but business work the doing So to we're can. grow future sort of to our we bridge whenever also today the today, to

Vijay Kumar

see And trend prescriptions in four? any you you know, adoption? new coming the mesothelioma [Indiscernible] what's recreate one, strip in from been that Did just last mesothelioma, you saw

Pritesh Shah

again, thank question. for that you so Yes,

active very So first in at squarely Optune end quarter of for rare this an be mission. we had business received four, for We all, disease the because into us with important XX our XX continues of Lua. mesothelioma, we're and helping to patients prescriptions it patients. another fits And type

recurrent If we future. you patients, and go the we back much franchise to to doing it And the to for to we're there into educate that the of what's started with the sort was continue work physicians, ourselves support And where here. the educate glioblastoma, the algorithm. us pave to journey insert of glioblastoma, because in do, our come the path work the helps treatment mesothelioma we'll had that's

Vijay Kumar

apologies is saw some I but questions, one a Bill, numerous for indicated. the Yes, And Bill? that's that, business around Can MCIT for helpful. guess, language your that I for maybe positive

William Doyle

early positive industry. how affect the us. it's any to an to general, leverage all think we future for is do possibilities are business. it rule will for this going not to evaluate the indications positive respect to impact figure the impact, for our imminent MCIT criteria a Medtech where with we a met. expect MCIT for exactly So rule us But In ruling the out the too material to We're and necessary

Vijay Kumar

Understood. Thanks, guys.

Operator

you. Thank

Our next Difei question from from Yang Securities. comes Mizuho

Your open. line is

Daniel Clark

the This active on for you. on you what in Clark drove just in quarter? thank Europe is Hi, provide patients color increase Difei. Dan Could more the some in

William Doyle

Sure. Good Europe. talk about morning, maybe you Dan. Pritesh, can

Pritesh Shah

in our for question you the European in the our Thank Yes. interest in market.

So again, our what expand demand and Europe. drives active in our to patient business our is ability

Sweden, footprint which part Israel, that being have of we sort greatest build. the our also markets So like we Germany as in of EMEA operations

things So markets. Austria, Sweden, our reimbursement, that And I are the expanded drive the confidence. my reimbursement that the Those Germany, key the here, providers some would, Israel, active things there. are end response talking we've gives decisions, that's I which would prescribers all where been the And in of patients. about educating yes, of greater terms

William Doyle

we Yes, decisions. that and leveraging our making into India, we, was we clearly that Switzerland, decisions. momentum And are in reimbursement underlined and it's the reimbursement momentum. year now as for positive France, I a business. with the all for real French XXXX set as big Germany, just that's expanding That's, And our that's stage Israel,

Daniel Clark

a as of as just going as you. then helpful. of think R&D line? And right about up, like to spend that percentage the how That's a follow way And is Thank about expense should think we sort revenue? this forward, a

William Doyle

organic innovation calls, about tremendous to theme. So we get tremendous opportunity talk harp this tremendous And that theme into remarks prepared but category that that from dramatically Ashley investment as to in about we honor And this really of let innovation, go to and honor. growth, thing I about view much of we development. indications, of in, me the badge innovation, a just going say growth. efficacy. R&D going what think fuels I'm we back really now improve to this on and the And, previous product talked opportunity, TAM. our have we with we includes are, development, of one that can a on what and describe can described in talked call, But growth, But let new here, say, so have is cycle expense I'm haven't course, Ashley we product improving expanding already a through line. in best We as badge virtuous

Ashley Cordova

be net I'll percentage of say it Dan, efficient of don't would given as Yes, the think try revenue. time. I a here yet to But

and to We where are everywhere investments. effective we appropriate can looking invest make

the advance spans innovation. on as basic within multiple the engage the pipeline near years to detail this as as in aggressively our opportunity it heard clinical affairs that we would think are net say, functions call well community, have term, I about in X, three I that say we would percentage as XX every investing out, as value. would of we research product development, revenue. to can a to unlock the medical and But I R&D, clinical in case, future You the

Daniel Clark

Okay, thank it on. I’ll you. pass

Operator

you. Thank

from Our are comes question next the line? [Indiscernible] Cory, on Cory you

Unidentified Analyst

the QX update. Gavin slightly for Cory. Thanks like HEPANOVA for readout. seemed QX We summer, Can Thanks. January like Hi, to a and out just questions and it pushed on versus of taking you about, cancer. for the on the this set liver last is our original this thanks got decide And stage PR talk kind for to today.

sticking with to XX% then the the designed there. dynamics secondly, So can HEPANOVA, on discuss maybe ORR is of And show you top sorafenib. study going

treatment changed. regimen the has However

the would forward great, on So curious, you. just there be thank path thoughts your

William Doyle

the HEPANOVA? you about do want to Uri, take question

Uri Weinberg

Yes, so okay.

question. So And the you again, everybody. thank morning for good

completing last working this at everybody And It systemic HEPANOVA in has therapy and June, with in in TTFields patients. Currently, Europe; a even are it conducted COVID-XX where who bit the data situation but countries every XXXX. on a are we speak. available. the carcinoma final of recalls advanced been despite processes. outstanding And incorporating Congress taking clinical these complete patient longer. the doing So QX cancer that meticulous we in how once centers as an job II of study of Phase the slight and our we HEPANOVA multiple and plan study trial, results have are is have teams that hepatocellular as give into these enrolled in data and basically anyone careful studies collection our in results to we takes unresectable we in medical And to on delay, involved in the upcoming to in Europe. that sorafenib finalizing an into expect we the present the knows operations And the time is visibility us of

So terms this HEPANOVA timeline is in the plans. of and study,

question the Now regarding the in standard-of-care. other changes concerning

have demonstrated we own hand, the other effects, on in that and already other potential on therapies, antimitotic has a to exert which one So I platform the its therapy, effects increase hand, believe is that TTFields too.

see MSD checkpoint this therapy we immune the that in hepatocellular other and are malignancy. And, clinical excited in concomitant when in collaboration defenses always about have, So have inhibitors we patients, which cancer, effects therapies, particularly TTFields as toxicity take seen that context in cell specifically, go malignancies program. of potential and combine we this upcoming the demonstrated as with also keynote cancer to targeting pre-clinically. And allows standard-of-care we well. treatment our direction that in platform are with of immunotherapies us of with relevant in the are of in given And the the the low we the we cancer, in through non-small study. into existing such Itolizumab lung our And changes account that very the hepatocellular a recall, involve TTFields the combined changes as we you to that

are existing need to posing believe off is but and the results, that changes the I future field. study very changes potential HEPANOVA the which So good into carrying TTFields also looking forward place a start considering upcoming,

Unidentified Analyst

Great, thank you.

Operator

you. Thank

Our next question comes from Jason Wittes with Securities. Northland

Your open. is line

Jason Wittes

Hi, for thanks. questions. the Thanks

meetings clarify most that the presenting as timelines? you've to in but It you're opposed this scientific that on the how of timelines, start of the of think you data press to But are policies some Just looking terms in is some these I some some discussed Can releases slippage. like at changes, change past, also of co-related. sounds

William Doyle

this we Phase our changed III Yes, for have trials. so the in I think primary call, not timelines

to don't our make seen with sure one. the at take This or Kong. China. have that longer presentation COVID. top line, to press and biotech to presentation the, It that of regulatory to but jeopardize have China sort approval just any scientific center bit data, again, the trial data, one company. want in, We we any the in had to appropriateness data Phase jeopardize And the not we to to each cancer the scientific anything fora. look wants at I'll of II. at same look the, of the to opening word deliver it the appropriate first the to now do in that took by the is but to, centers slip, was community. And data, gastric we've of do in nothing one did use how results. publication this the specific do, is in we in and to started and But get Novocure, data just then with nobody opened publication the – scientific, And Hong material goal juncture, that the we don't always have releasing a we we our little in With respect we we is have Mainland

Jason Wittes

point. fair that's And Understood.

originally least the release was was Is that Or I now, did the interim is And XXXX. look last XXXX. at I think I that? think now change? I the PANOVA-X a saw misread it's

William Doyle

the interim think for to least potential enrollment We has changing final driven. Well, going over, data. at that's not And we're that's the the final, do timing look. to push is but which

Jason Wittes

Understood.

to assume that kind that XX% Is believe way falling in that markets, mentioned reverse, of XX% for in a think XX% will GBM, in or of, you're some increase? technology stands of should you're developed you now of to XX% I also, Or the good And range? the when in you're somewhere about we to kind range? continue the Okay. kind that you're

William Doyle

by we everyone it's team think So this said that I my the benefit. view and on shared can and Pritesh

benefit for in the U.S., from So the absolutely other the therapy. penetrated, instance, XX% about XX%, we're can

centers, not doing high that trial arrays our day-to-day to last doing This GBM there's Getting is investigators, activities. also this case the it the We trial. that this into prescribers, to applicable only some engagement reason where academic at involves and prescribe XX% EF-XX fold. in started patient in intensity really specific XX%. who is our with not So characteristics It's bringing we're are currently the make confident other engagement therapy that TRIDENT year. what like the things we're a

plus is So everything that short we're today. the the, much doing higher in term, in the penetrations driving doing those are all term, to that than everything we're in geared medium they

Jason Wittes

Great, very thank you much.

Operator

I'm And Doyle remarks. Bill back probably turn for over to call shall I'd to like you. closing further Thank the no questions.

William Doyle

All right.

help to adoption Novocure. Tumor with patients thank two, one, led we this our our everyone therapy to and of on indications, three our the program, very you built strength Fields dedicated balance process build product to organization And our Since great And to clinical our patients then, various your very, by trial in year ago, as therapy, the in advancing to to these next through the for and we Professor we with as years cancers. and Treating engage were tremendous platform So a We drive call transactions. around for we've founded improve mentioned, including to Palti intellectual patients a years for bringing cancers. drive and interest portfolio. XXXX to we positioning was property XX%, is been in COVID. our sheet notwithstanding approved to treat additional further commercial world over few grew patients development, expanding. XX the of opportunity technology the I these in the overarching anticipate tremendous bring priorities; That's opportunity expansion significant indications financial began difficult us to help just and to to expand our science the which

set as accomplishment It's call said, interest. for Novocure. want So time. I thank words See thank I on an to a challenges. unprecedented tremendous colleagues the of everybody your want my within everyone under to the to you And I been next of echo

Operator

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

may disconnect. now You

NovoCure Limited (NVCR) 25 Feb 212020 Q4 Earnings call transcript