NVCR - Earnings call transcript Q1 2022

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Operator

Good day and welcome to NovoCure Q1 2022 Earnings Call. At this time all participants are in a listen-only mode. [Operator instructions] As a reminder, this call may be recorded. I'd like to turn the call over to Ingrid Goldberg.

You may begin.

Ingrid Goldberg

thank XXXX joining performance. and NovoCure's to everyone, quarter first morning you us for review Good I'm Executive and Cordova. Chairman, on Bill joined the Doyle; our phone CFO, by our Ashley executive and and call for Q&A. members Danziger, on available Asaf CEO, are also – of Other the leadership team the other The today reports relations results financial located viewed the quarterly can on by investor website, www.novocure.com, XXXX slides on first the quarter of presented section page. our clicking link be our for the in

like with These also in time would from our investor business. in Where of this in statement, adjusted statements interest, earnings I other described refer projected we Before SEC this and best of removes slides reflects update appendix our share X-K those relations our compensation. We taxes, intend supplemental non-GAAP material EBITDA remind include accessed of included filed and of you items EBITDA, accompanying capital statements, and a financial website. are and and during start, as also Reconciliations non-cash in our to based this we depreciation, structure, statements. law. metric uncertainties results forward-looking involve to the financial those is generated discussions to our our the earnings the publicly be to We of financial the press amortization, beyond business, risks important materials control, release do materially uncertainties, attributed conference measures believe our forward-looking to including any measure before These an risks that measures number by any appropriate, our of GAAP today. financial our presentation and in page by to required can and it impact these from tax will time value SEC evaluate some Form not rates our the call a to measures are specifically will could of adjusted non-GAAP as from except and actual differ which filings.

will prepared and Following this XXXX of months Chairman, our line will our open in release released which now over press XX-Q ended our I call questions. Financials the the we Executive remarks both morning. With Doyle. today, for three March our XX, in we to our are for available Bill your that, turn earlier

Bill Doyle

scratching innovative Fields. Ingrid. built through of just company business of At some you, extend forms our years on Since mission the we glioblastoma lives a are trials aggressive and to patients. the and extend have Thank believe that NovoCure, We the founding of the focused survival we Tumor future cancer are cancer Fields our ultimate over the a of we believe Treating in our therapy surface most sustainable Tumor established multiple potential for of we will our serve clinical XX pipeline development patients. commercial to commercialization of thousands Treating in pivotal completed enable robust to ago,

extend to Treating near-term. our commercial research with from patients milestones clinical For programs, worked pool key have potentially the the Tumor in benefit can years multiple through anticipated and therapy of we who Fields

that of on realizing verge goal. are We the

trials across Over several the tumor data months, from of XX anticipate next readouts solid we pivotal variety cancers. a

to cancer reach this We improvements patients also development later product exciting expect year.

the in commercial quarter. expanding in will review we execution begin launches for are commercial laying foundations new our call, in our to pre-commercial Finally, footprint of with the indications. we today's In multiple in a addition glioblastoma,

We the will within clinical our catalysts then pipeline. near-term discuss

of Finally, we quarter will financial close with a first our discussion performance.

financial long-term success, growth. support driver providing the investments a remains our key in business Our for our critical GBM of future

in new commercial business launches for potential the provides future blueprint numerous Our regions also across GBM indications.

eligible our to patient patient GBM our Our broadening the pillar France is expand commercial are our markets. driving the the population. by key of expansion launching in eligible population pursuing focused greater a of penetration and next market reaching current strategy is in and end. major is GBM Authorities Geographic strategy ongoing year French which and on terms agreements anticipate national on we reimbursement with we in reimbursement. are Discussions France Health

Though most We patients and therapy to TTFields severely more shortages fruitful are building the early seeing value healthcare in U.S. markets. providers of convince and up is commercial COVID therapy additional to be the access the America need. to providers many in with to the in face of related That said, turnover. with to areas some of to patients been wrestle increase pandemic, our adoption the markets believe contact to North In-person actively lifting constrained prescriber to signs normal will staffing and of are due return we using GBM has making continue as infrastructure in in available gradual education face current EMEA goal the we of restrictions Optune approach

We hopeful centers area portion our oncologists summer. to to treat GBM an penetration. that engage a trials. into GBM patients to of current and trends through increasing work under Treating Tumor the reopening we Academic remain hold the of of are and continue We head significant frontier on broader clinical focused academic adoption as markets are the centers key normalize These Fields.

avenue newly diagnosed a be engage in to GBM has trial productive proven academicians. to expert TRIDENT Our

use study studying diagnosed rather with radiation we therapy a As newly actively now following the have reminder, in concurrently enrolling well This clinical radiation of patients. than TRIDENT Treating and XX GBM is Tumor recruiting. Fields is sites

patient with program XX to with new approaches focusing engage novel awareness number building of understanding on therapy. is program new trial and a ISTs IST to including We academic paramount clinical GBM, therapy our populations. data greater combinations treating oncologists. and more sponsor support currently investigator to tool and our collaborate and generating and Our TRIDENT another are

next a enrollment is XXXX studies, of clinical trial the another to pilot commence Turning clinical expect in expect both pipeline. generation we which to our pivotal several we arrays. complete our of first In to reach and from milestones. pivotal of release years XXXX, data and release limited

ongoing pivotal expect in have studies As near-term. Phase a readout reminder, and we currently X to four the

entirely will The together first or month We non-small safety lung docetaxel Fields as non-small which Treating choice Lunar cancer. Lunar up in. with of cancer, multiple patient geographic line treatment of be of with inhibitor potential data follow has work to therapy. care efficacy to Tumor that to can cell and physician's a lung from enabling the top contemplates it by Lunar our number year-end, benefit from XX anticipate an global the concomitantly region. new Treating Lunar in vary investigating study Fields PD-X The protocol Fields Tumor is Tumor unlock critical patient population cell regimens in readout last following standards by Treating

expect we INNOVATE-X up follow of to first half Next our in study the period of complete the XXXX.

treatment study completed received the trial for INNOVATE-X DMC As efficacy and of in in last recommendation the the fourth from cancer. a investigating We the TTFields reminder, INNOVATE-X recurrent enrollment a of March completion. year, to is of paclitaxel the of ovarian pivotal to in the quarter continue

in now XXXX. following from releasing last patient data follow-up are before XX period the months in patients We through

for the readout third is METIS brain The use surgery metastases the to which non-small our stereotactic treatment our studies radio lung is current of of cancer. from investigating cell of TTFields following pivotal study,

patient the this in last We follow-up XXXX Final data of will of be year. completion later available expect a following XX complete enrollment period. month in a METIS

a efficacy most study survival our gemcitabine together Finally, rate for five-year devastating of PANOVA-X the cancer pancreatic with is of of nab-paclitaxel Pancreatic treatment TTFields prognosis investigating cancer. the and the advanced only with one of XX%. locally holds

follow XXXX. coming chemotherapy million alone. in is which with We safety most Gastric X and data cancer enrollment of will EF-XX one like months. is the step of expect next program. Phase XXXX our for China to I investigating single-arm pilot prevalent the study we in share with annual clinical in that with together would efficacy a X.X gastric TTFields the cancer, diagnoses study also Asia abdominal nearly EF-XX to to is in complete cancer PANOVA-X mention in cancers data of the in the in

years data dedication the the and with and our and teams' patients. of are of I investigators EF-XX am from in trials effort Each to readout. takes you cancer. design, and for We reviewing to gastric our NovoCure to clinical next potential forward looking tireless steps grateful sharing execute

are of a one XX treatment at with cancer milestones, for therapy. expect pivotal patient our vital data clinical XXXX pivotal times, my Swiftly pilot the Wade release In study indications. Collectively, soon XX anticipate market these his share trials solutions European remarkable next-generation comments meaningful of on second sets arrays. tens increase I'd of we patients. for transformational development by months, diagnosed thousands we in GBM by of period these milestone completion highlighting beginning new product to will from eight We of in data population like NovoCure's our than additional new celebrate and of with today company. anniversary offering months trials, our the a and over conclude pivotal to Optune potential following third patients. addressable Lewis was next and our less in of could enrollment

Baylor Following his White their diagnosis, Wade Health, with Scott neuro-oncologist, mutual in strong through Ekokobe Fonkem belief & Dr. others. bond serving formed of a uniquely

working together GBM. patient physicians documentary of thinker, discuss awareness and Fonkem Neuro-Oncology performance. an to to patients more Wade, to recently is together visionary one care Sub-Saharan of in a call will to Dr. and with Ashley advance is first to GBM Society over now our inspiration It greater Africa, a founders filming patients see As in the turn the of the quarter completed need. financial and drive reach I our

Ashley Cordova

Thank you, Bill.

fuel The patients on revenues, for global the the key driver. ahead us patient That We year-over-year We our active an business, to coming are therapy, execution the markets. and we ended first year. XXXX, quarter growth with is continues therapy of of laser-focused The a period of our said the which increase within GBM aggressive growth same about we of in on In initiatives. core revenue incredibly our investments penetration from remain on years. million remain quarter the net patients increase in last excited potential X% long-term our increased X%. principal drivers $XXX our generated expansion in in active footprint X,XXX number active of catalysts

XXXX. patient and various in reiterating takes we in growth puts between active be patient to X% X% full demand, the are year and Given our

of also U.S. collections tailwind experienced from appealed a in claims. denied and We previously the

the and these to the payments are As in size of impossible predict. past, cadence

per collections in unpredictability revenues we claims, to of the same of in realized month the and expect fourth as XXXX. previously the denied appealed quarter of net active patient XXXX per Given approximately be

impacted positively month supply increasing economic chain active with a prior margin efficiencies in was of purchases. was Gross gross year the margin was roughly challenges. quarter unchanged also of patient per per Cost XX%. offsetting in by broader Our revenues versus the impact decrease Lab Zai the

strategic development invest quarter-to-quarter represent opportunities core in Fields patient in XXXX, SG&A in potential goods cash invested in Tumor substantially As our In totaled costs summarize, of first across GBM activities investing strong cost With research R&D delivered. of Direct our to research, further the we planning clinical as research depending activities ensure capabilities our scope generates component. our larger initiatives studies are initiatives, approximately specifically can foundational on new R&D treat uses as across ovarian always, our to clinical device and business CRO Tumor of capital and Treating we geographies the platform. the to and aggressively are XX% upon expenses evaluating basic can and quarter we year-over-year. in growth investing $XX development. into and million approval. best To trials as indications. next-generation remains reduce enhance million trial to enabling to services scientific $XX and market of we we flow, in the are of future expand ongoing fluctuate research of investments and sold, completion, spend populations. quarter, us total X% the first and infrastructure, pivotal one significantly cancer, nearing development an increase running platform, lung new and our multiple new Fields especially ground includes in in hit commercial well particularly Treating regulatory This we

and EBITDA loss investments we for the Adjusted net million in was million. cash quarter quarter was the and Our first $X.XX with sheet. $XX million $XXX share balance for per the the quarter ended short-term on or $X

prepared investing for on remains growth organization focus Our long-term is and our organic to ensure and launches. pursue infrastructure opportunities strategically future

ill completely our novel prepare growth, new the over first of we come study our we a pivotal is is for our it next patients. completed The As we with as thousands then, preparing potential serve treated company. future business Since been commence XX years NovoCure. and therapy patients. using for reflect inspiring It and to of chapter have to critically strong a how are phase have we we XX,XXX to a GBM patients on has the in of to tens are fundamentals since far cancer treat bright

are forward on We look and to primed meet updating to very to the be what moment stands exciting year. a you

Operator

from first Cory [Operator Kasimov J.P. comes question Morgan. Instructions] Our with

is open. line Your

Cory Kasimov

guys. for the you. Two morning for taking them Thank you Good Hi. questions. of

First, the force, can jump indications, new increase approach in the And potential indication, is is in sustainable QX? sales and so question, the that I in tends approvals particular, per patient know large of revenue given for talking you then next can talk market. future how active on going a as bit? net month the building forward to about obviously, in about very discuss that this front, you Ashley, a fluctuate And think and second launches Thanks anticipation lot. lung sales marketing in a that a the you potential and per

Ashley Cordova

Thanks And Cory. by start the Sure. I'll addressing the question, pricing. for

strong per in as some for and price the patient in our the You net by the that completion as was first driven tailwinds saw both business of from commercial in That we U.S. ramp-up denied strength quarter. previously are correct administrative and appealed claims. Medicare well very the

question, the think appealed well we pricing that Germany the have these on to a for and U.S., reset looking specifically recommend at If forward. and geographical the for ovarian are I'm regards actually is to in investing would to to With is what in to both expansion model phone going speak you price on committed to price commercial and We predict, point as the we XXXX. investments, both force who's QX in are pass sales it a anchor in. look would you to to point really second and point to we you price moving the cadence we we infrastructure not in question that to and reflects these lung. impossible claims sustainable – can and the anchor forward, would so as sustainable you lung. modeling Pritesh, do that's The in previously and your collection denied looking that

Pritesh Shah

the question, Cory. for Great. Thanks

just target one will planning today where I very new lung excited indication indications, in have with cancer. the of a for in Fields a a so about of we that to speak, we're So we prescribe TTFields have mesothelioma the lung. that educating Treating possibility will team similar first being population, remind you population, individuals on Tumor also

what's key the a in indications, one context we today and the ones, the And a to the size of being here look the decision experience parallel, and subsequently, So like the to between in GBM rest we're with our will specific real what other come. sales on working in the of and pipeline. have of on lung in the force our now market bridge nice opportunity and U.S. pack make understanding And we'll geographies. then

and So on that front. share a lot we'll planning of look decisions this as underway we to make

Cory Kasimov

Okay. Thank you.

Operator

from comes Lei question next Huang Wells with Our Fargo.

is line open. Your

Lei Huang

Thanks Hi, my taking good morning. for question.

one Just a to start. quick

Ashley, did mention how was, backlog of much amount you that it? the collection

Ashley Cordova

a is would No, that specific to the I'll we QX baseline the fundamental have in just for given reasonable breakdown. reiterate we that you XXXX business. look haven't Again, baseline

Lei Huang

– you're quantifying collection? not the the Okay. backlog But you're disclosing not of amount the collection,

Ashley Cordova

Correct.

Lei Huang

Or current purchases is to assume in Okay. are lockdowns delay patient it Lab, just new was mentioned receiving China. with better a do Are that because patients margin of And the lower therapy? patients there. in starts? – that not Zai I has gross then you on the

Ashley Cordova

have lay I actually we're across to I tie in would going they are Remember, to it distribution our with to time And in question. the QX, look to more as traditional just of to lockdowns and would that then impact the supplier of launch trajectories. go QX – I to their to QX. you we not would lockdowns their specifically ask just country. Zai impact at

Lei Huang

to guidance, QX. range? of that Thanks. kind talk about for it can the the X% point your then was the you range it X% Or terms year? anything low of you for X%, X% patient of And to the of growth, versus in in enough. Would just was Fair on midpoint high-end

Ashley Cordova

for Thanks Yes. the of There's that pointing question. we're than that this nothing X% to X% reiteration to other at point. range

Operator

Piper Our Sandler. from next with Jason question comes Bednar

open. is line Your

Jason Bednar

there? – enrollment the with Hi. talk to mean, in how it sense I with inning the we're on of can I Good are? in start patient expecting want on you're enrollment that can KEYNOTE-BXX? total this curious on how close patient things with some morning the year. you where see everyone. we finish a I close are you or mean we on you of to just see as I last stand figures. kind – commentary Bill, clinical I here. can the METIS, well then about believe just us what full side start give Can But Maybe the line And

Bill Doyle

Sure.

screening continue date. of Merck, all, traditionally the to breakdowns beyond the year-end. target with that by patients just the that first give we trial with And So, cell proceeding. trial in respect lung enrollment guidance we of We partnership we'll cancer, with our now non-small to expect METIS completion complete and are don't actively is

Jason Bednar

right. All Okay.

timing you're of your cancer, irons clinical when we've whether in on now I be with liver late-stage Phase additional steps have X of now? on But maybe in that there advanced actually XXXX we in TTFields reach I should LPI side. guess Bill, some the fire to a mind, the appreciate So next we'll clinical of could other the building guess protocols the for pipeline trying Xs I'm the all here Phase plus in GBM. is that in had confident I sense get KEYTRUDA just see available

Bill Doyle

So you're right.

of privileges the the and We of clinical trials of wave working have Fields And with the I next your appreciate Treating irons one in opportunities. platform. That's on great lots focus clinical the of fire. Tumor

regulators. on have provided and with the that's in working timing baked, opinion we fully We're assured the have any when actively release protocols. We haven't previously, as But protocols. of we discussions with trial on key leaders those a protocol. rest we done are share we'll And

Jason Bednar

Fair right. enough. All Okay.

on But currency, wanted about patient recognize shows of per Ashley, should least same, ask per year. how suggesting revenue you're one we last for patient. going this think forward end you. I and finished I up revenue you at to so the in be where

I our guess these in now So sure offset you I'm have there reflecting are that trying going all square Japan? FX just model. these is right on and Europe in we're your to make And disposal then challenges appropriately this to points, anything at

Ashley Cordova

Yes.

calculation. big So I immune does to fluctuations. it's would of we're driver when say FX, – not it, look those criteria implementation more it's a more GBA-defined than with has any from But impact is other while not – the It at impact of contract Japan coverage market our in look and certainly negotiations. at to the those QX Europe you that that you do

negotiations the why you as QX U.S. having as well price reflects that's those of pricing business point. That so, sustainable towards in in a we're impact And the Germany anchor

QX H predict And model, the impossibility U.S., from price would all the tailwinds geographies. what given of so, that would reiterate a anchor that's claims just to in to in for the we forward that I kind looking

Jason Bednar

sorry. Yes,

per a mean, mean down, sorry, looks to back, step here mean just far quarter, there. as is I just didn't moves to down it seem end recent I step the like like patient. come the off come you another the even to just back took But XQ since and cut maybe it warranted. would And as And Japan, I in revenue of given

want consistent see again, make you I all appropriately sure this modeling So to just how making – sure it. that's we're I'd and with

Ashley Cordova

I it. Jason. QX would still Yes. to anchor No, that price, say I would – appreciate I

the FX not you a price. number. the there's about in timing bit of from Japan think orders concerned kind the array would quarter be I what model fourth in noise too distribution there I and little see QX of the beyond an overlaying of in in

Jason Bednar

Okay. All you. right, Thank enough. fair

Operator

next Our question Securities. from Truist comes Greg with Fraser

is line Your open.

Greg Fraser

for thanks the morning folks questions. Good and taking

the the how in XX%? GBM, penetration does key institutions roughly For penetration compared patient academic of overall with

Pritesh Shah

you that Thank Yes. for question.

is are those are So that what don't academic those would by break that so centers we I say penetration or nonacademic. out sites,

U.S., is in XX%. – penetration around think I the average we our

in this So we to it of because GBM believe over us XX is past the And on generally, you've have the should and in that where access Tumor over earlier not working those front. out and our reiterate focus work again six to patients, that's front some X the heard you've about clinical academic our in you centers, done have is, with all that particularly of is things on clinical and Tumor talk Bill that and Treating development that heard GBM say the heard access Treating Fields. what remaining patients the about Fields, of trial

Greg Fraser

Got it.

Okay.

to the EF-XX academic still the efficacy view? skepticism Optune that if the how do due about? So that you on traction, hasn't sham device a in address you And gotten of where something lack so, is hear institutions

Pritesh Shah

well, Yes, further as and on speak any that. have I you to can then we'll if see questions that

and now. less say what hear it less is about So we would I

control. the As patients survival experience are we benefit, we quality GBM have on hearing and the now sham about getting with long-term of educating treatment, profile clinical a less actual and we're out on are there benefiting Optune that vast in less

that radiation-type sham many the And done in are trials study. have not control other We sites participating in is with the that in something like study the radiation. TRIDENT radiation, is

upon hinges sort experience patient So we've of clinical dissipate. of speak the seeing that standard generated status And towards march and is that we objection care ability that the can data now our we're really to to.

one talked highlighted of of the the we patients this again, preliminary about, call. Bill heard in you As that about comments

Greg Fraser

trials? adopted other Optune How that much helpful. for That's Great. in participating X centers GBM those is there have Phase overlap your academic between and the

Pritesh Shah

Chief number chime and ask where our Ely patients would there large that add. Officer, else know We large What of anything institutions. GBM the our to I say I'll if a Benaim, is this in So is who's treated. to are is focus Medical on start I'll that's

So we in evidence. them to generating clinical participate want additional

interested sure participate but involving those in build centers. study, And on get so, with that Optune Treating in And from of And ensure way, focus win-win they allows of again becomes us care get we that KOLs only combining status. key they're and they the proposition not incorporated into that march our will do Tumor this it further additional to to be TTFields with other get as standard Fields. to a sort and their modalities clinical practice, and making evidence towards

Ely Benaim

entry Yes. it. to is is us would – Patients used each GBM like other The are Hi. places add then to academically, that say that organization Greg, it. obviously wearing. an the and is institution always because see many I somebody is nurses or the in to used for what

just would Clinic, So it. to MD add Anderson, have comment I these UPenn, and are use the we mentioned, Stanford, Mayo program. that on as a we that IST about we have have And sites like study. robust, opportunity we that participating in like this sites, very cetera, do et engaging we've

penetration not are don't it's most indications. have groups. in also GBM, we these but And that the in of a new So them

others. of Treating ASTROs a that Tumor a well going And SNOW, of I We TRIDENT to present in Fields. this congresses, And the every study, Pritesh and acceptance and since present where lot, all make And joined from NovoCure study. patients peers medical you just having who want congress keep is more mentioned these going medical these a comment we present. more that they are all and have remember going by to the Greg. to congresses. lot on presentations And are we medical they reviewed decide institutions, I present these is that, and in before top year, our As to

this the So acceptance scientific think of sign more more community. is I in a and

Greg Fraser

it. for the Got Thanks taking questions.

Operator

next Our Capital. comes Instructions] with Wittes from Jason [Operator Loop question

open. Your line is

Jason Wittes

Hi. the Thanks questions. for taking

the clinical coming end year, data the you rate that? data at to the clinical terms could power look And of to could, at you that's we now going available what also, do higher it? In be of what have that behind is relating if out

Bill Doyle

Jason. Hi,

of take I for clear preclinical Phase a that by exposure back now GBM think point if would the go colleagues, to in efficacy. that a we've discussed in EF-XX absolutely on EF-XX that's trial. Ballo that where Treating had to, X number It's the trial of highest of had dose. that. in of of look in and to and top And you was Journal had increased the I published So data we the dependence patients to that and the years the Professor And benefits subsequent longest the his that who the years at Fields comes this tumors survivals regions the Tumor research demonstrate dose Red

Jason Wittes

think expect to of well been whether Yes. to. if I relating launch? think in with have curious just and supporting there other raise I limited we further clinical I've the to amongst some additional Thank the accepted, that But will terms you. That's has there'll well fair. I'm especially response going – can any I was can trials just – – dose any I of think spoken documented, physicians clinical European we the data power that forward? that be anticipate And when higher you the

Bill Doyle

Yes.

we X going and arrays. to one in and also of array, this of to new and later both doctors do we do but the high-intensity just to that years, expect the arrays, continue we development, to in new year. say have really develop have field and very I'd the position but that we been monitor our using a see provide now in the trial array. data from So their first-generation invest that for product trial be resources final have we're financial improvements many to EF-XX coming, we Phase specific the with And the product will compliance things And the about potential excited and a to the software in generator evidence specifically indication piece we the the of clinical – an then that data. first that's patients cadence

So, lot coming the product a front. in there's exciting of development things

Jason Wittes

that's helpful. That's that then successfully. directly there X? track assume a X a had that, a of successful successful for trial – you. have this And that you're Xs say, that related can if if trials having should Thank Phase would any we are year initiated in I that to Curious, gastric pivotal to you of lead record Phase new guys we Okay. come planning? might other see initiation out terms very, And Phase

Bill Doyle

Sure.

at we that to first in the and we parameters – So when again, that will a we take before, a the Phase this go to will looks our a we and we of all And dial program. later analyses share you X data, this course, the reason, good, with at program we're a it populations, is if – X lead patient look question, we described Phase If and year. X at look with we've the look your will program. process respect to the we into data parameters, Phase have

lot of can details in I've appropriate planning. there Phase And a fully determined, said announcements those. the In of terms Xs, the I call, are in tell make as you earlier other is when we'll

Jason Wittes

back jump Thank Great. I queue. Very will helpful. in you.

Operator

next Kumar Our ISI. comes with Vijay question from Evercore

open. is line Your

Unidentified Analyst

there from you it question. this reimbursement on Lilly for the you. Thank One the was ramp my quantified spend, wondering give is this? was quarter. this rest negotiations cadence in revenue or of could on taking two, impact then if for for And R&D for color year. have know This quarter? but fluctuate, the I a it Vijay. can R&D spend And was on Germany you down Thanks I

Ashley Cordova

both Lilly, for thank and those address you specifically. I'll questions,

– expect to trial continue fluctuate So XXXX that would year from direct timing as have of But noted full an of I the look number to I R&D the really just this as to can the and aggressively And depending to grow would we continue quarter-over-quarter before, invest expands. expenses. clinical trial then in on I as investments us pipeline R&D. off we increasing base perspective, clinical

recommend have would why, basis price and to revenue reiterate, to go-forward I'll that's that's an how carry will the look we would I And Germany. So quarter XXXX number, in Specific everybody R&D. think on have would what impact we fourth forward. a that's the point about from you pricing we again, negotiations the yes,

Unidentified Analyst

you. Thank

Operator

Our next Kevin question DeGeeter comes Oppenheimer. with from

is line open. Your

Kevin DeGeeter

access clinician balance comment the perhaps appreciate But can Germany for think regard to we should I questions. [indiscernible] in many year? we kind in Thanks baseline? through U.S. are in where the how as clinician levels as with reopening regard using of trends the perhaps the you currently Hi. you maybe and with to begin about a access, and taking the of process those And markets. site comments pre-COVID our

Pritesh Shah

question. that Yes. Thank for you

off saw I what the in QX, Omicron is, challenges variant, would physicians. with impact of we the given both particularly So accessing start in

ability a a with we staffing result patients' clinicians, front the has impact And impact As how education saw big variant, on on changes, field of which of to internal education. of we get the course, also interface team the then, challenges.

the therapy. physicians to of last aspects our interfaces can how start quarter. gets make Omicron the having patients support the the of are team to news rest internal to this those in. waning they're premise variant month we waxing operating We're good as by to the support that unfold, conduct been business. staff and how with and that COVID patients year to sure face-to-face. recovery thinking as see everything And But And face-to-face of continue coming has impacted with education in out our their saw get out now as we we're doing by message access well. ability that The the the one encouraged about the that's that can Our unfortunately, see from we a we we we is

Kevin DeGeeter

reimbursement Great I then just update France. appreciate to for that. on and the maybe returning And

and should think really anticipate any impacted guide, being about a of revenue XXXX perspective? side we is on a the revenue by take the decision put we of Or from in the opportunity timing that France? XXXX As the that

Ashley Cordova

Yes.

treat for and flow a negotiations patients to So, I'll that do is start to a this year. Kevin. that, of pricing are track will from France, when to just revenue finalize There as ramp-up on reiterate That always a through we – later bit and we thanks in XXX to expect perspective.

say future revenue to in materially and expect contribute will would We it expect materially, begin I we patient launch. to years. would to to would participation So

Kevin DeGeeter

questions. taking our for Thanks

Operator

to Doyle That concludes back I'd closing turn the question-and-answer Bill remarks. for over like the call session. to any

Bill Doyle

your continued us X.X for So year. a I'd as NovoCure. patients catalysts are with like has interest a on all patients challenging who as this of why is for also such transformational clinical dedication multiple the to for phone to enhancements your members, is thank team thank particularly reach later special and support period morning a dedication everyone on on mission. I'd who entering product like your well the We're company. joined NovoCure will to NovoCure the this horizon to the that been This line obviously serving years our this and

expanding on to The Our continues the and business remain business grow footprint. are strong you we our forward progress look we to and year. of commercial updating fundamentals our GBM throughout

Operator

program. concludes the This

a You have day. may now Everyone, disconnect. great

NovoCure Limited (NVCR) 28 Apr 222022 Q1 Earnings call transcript