Novocure Ltd (NVCR) saw its loss widen to $33.63 million, or $0.39 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $26.02 million, or $2.09 a share.
Revenue during the quarter surged 142.09 percent to $21.67 million from $8.95 million in the previous year period. Gross margin for the quarter expanded 1191 basis points over the previous year period to 48.70 percent.
Operating loss for the quarter was $28.26 million, compared with an operating loss of $24.24 million in the previous year period.
"We saw year-over-year and sequential growth in the third quarter across all key operating statistics and in revenue, and I am pleased with the progress we have made in bringing Optune to patients who have such a vital need for improved treatment options," said Asaf Danziger, Novocure's chief executive officer. "Given what is at stake for patients with glioblastoma, we are relentless in our efforts to increase awareness, earn acceptance and drive adoption."
Working capital increases sharply
Novocure Ltd has recorded an increase in the working capital over the last year. It stood at $241.72 million as at Sep. 30, 2016, up 81.90 percent or $108.83 million from $132.89 million on Sep. 30, 2015. Current ratio was at 9.14 as on Sep. 30, 2016, up from 6.13 on Sep. 30, 2015. Days inventory outstanding has increased to 99 days for the quarter compared with 91 days for the previous year period. At the same time, days payable outstanding went down to 63 days for the quarter from 124 for the same period last year.
Debt increases substantially
Novocure Ltd has witnessed an increase in total debt over the last one year. It stood at $95.97 million as on Sep. 30, 2016, up 290.85 percent or $71.42 million from $24.55 million on Sep. 30, 2015. Novocure has witnessed an increase in long-term debt over the last one year. It stood at $95.97 million as on Sep. 30, 2016, up 290.85 percent or $71.42 million from $24.55 million on Sep. 30, 2015. Total debt was 32.97 percent of total assets as on Sep. 30, 2016, compared with 14.13 percent on Sep. 30, 2015. Debt to equity ratio was at 0.61 as on Sep. 30, 2016, up from 0.20 as on Sep. 30, 2015.
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