Shares of NovoCure surged 28% after the company reported its highest-ever quarterly revenue of $183.6 million for Q2, a 16% increase compared to the same period last year. The strong performance surpassed analyst expectations and set a new company record.

The number of patients actively receiving TTFields therapy worldwide climbed 18% year over year, reaching 5,128. The Optune Gio device led this growth with 4,636 active patients, while Optune Lua showed a remarkable 51% increase to 207 patients. Meanwhile, Optune Pax, approved earlier this year in the U.S. for pancreatic cancer, saw 418 prescriptions during the quarter with 285 active patients as of June 30.

Gross margins improved to 78% from 74% a year ago, helped by a $5 million tariff refund and reduced manufacturing expenses. Management expects margins to stabilize around the mid-70s percentage range for the rest of 2026.

Adjusted EBITDA swung positive to $10.8 million, a notable turnaround from a $10 million loss in Q2 2025, although GAAP net loss narrowed to $15.7 million from $40 million the prior year. NovoCure ended the quarter with $440.6 million in cash and short-term investments, providing ample runway for upcoming launches and clinical trials without immediate financing needs.

Boosted Guidance and European Expansion

The company raised its full-year 2026 revenue forecast to between $710 million and $725 million, up from the previous $690 million to $710 million estimate, projecting 8% to 11% growth. The adjusted EBITDA outlook also improved, now expected between breakeven and $15 million positive versus a prior loss of up to $15 million.

Optune Pax gained CE Mark approval in Europe for treating locally advanced pancreatic cancer, with Germany slated as the initial launch market. NovoCure highlighted the challenge of converting early U.S. prescribers into regular users, as about half have only issued a single prescription so far.

In Japan, Optune Lua treated 64 patients following reimbursement approval, though broader adoption is slowed by hospital contracting hurdles. Research and development spending declined 8% to $51 million due to cost-cutting on clinical trials. The company is also restructuring its LUNAR-2 Phase III trial to reduce expenses by approximately $90 million through sample size reductions and site adjustments.