Novocure Ltd (NVCR) saw its loss narrow to $22.17 million, or $0.26 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $32.93 million, or $0.39 a share.
Revenue during the quarter surged 144.22 percent to $30.24 million from $12.38 million in the previous year period. Gross margin for the quarter expanded 1462 basis points over the previous year period to 63.71 percent.
Operating loss for the quarter was $17.88 million, compared with an operating loss of $30.61 million in the previous year period.
“The fourth quarter of 2016 was the eighth consecutive quarter of active patient and revenue growth for Novocure since the presentation of our successful EF-14 data in newly diagnosed glioblastoma (GBM),” said Asaf Danziger, Novocure’s chief executive officer. “We had nearly 1,100 active patients on treatment as of December 31, 2016, including 256 active patients in EMEA, reflecting the increasing importance of our non-U.S. markets.”
Working capital declines
Novocure Ltd has witnessed a decline in the working capital over the last year. It stood at $224.99 million as at Dec. 31, 2016, down 15.19 percent or $40.29 million from $265.28 million on Dec. 31, 2015. Current ratio was at 7.10 as on Dec. 31, 2016, down from 10.27 on Dec. 31, 2015.
Debt increases substantially
Novocure Ltd has witnessed an increase in total debt over the last one year. It stood at $96.23 million as on Dec. 31, 2016, up 316.64 percent or $73.13 million from $23.10 million on Dec. 31, 2015. Novocure has witnessed an increase in long-term debt over the last one year. It stood at $96.23 million as on Dec. 31, 2016, up 316.64 percent or $73.13 million from $23.10 million on Dec. 31, 2015. Total debt was 34.11 percent of total assets as on Dec. 31, 2016, compared with 7.52 percent on Dec. 31, 2015. Debt to equity ratio was at 0.68 as on Dec. 31, 2016, up from 0.09 as on Dec. 31, 2015.
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