Novocure announces leadership team restructuring

Novocure (Nasdaq:NVCR) today announced organizational changes for its leadership team as it prepares for future growth.

The company said the changes became effective Jan. 17.

Pritesh Shah, Novocure’s chief commercial officer, transitioned into a new role as chief growth officer. His responsibilities include product and portfolio strategy, brand management, launch framework and market access/intelligence. He also holds responsibility for new indications in the U.S.

Dr. Ely Benaim, chief medical officer, stepped down from his role and departed the company. He will partner with Novocure’s executive leadership team to ensure a smooth transition. Dr. Piet Hinoul, currently SVP and head of global medical affairs, takes over in an interim role to ensure business continuity.

Novocure chief science officer Dr. Uri Weinberg now becomes chief innovation officer. His new position includes expanding the potential of the company’s tumor-treati…

Read more
  • 0

Novocure beats The Street in Q3

Novocure (Nasdaq:NVCR) shares rose slightly today on third-quarter results that came in ahead of the consensus forecast.

The St. Helier, Jersey–based tumor-treating fields developer posted losses of $26.6 million for the quarter. That amounts to losses of 25¢ per share on sales of $131 million for the three months ended Sept. 30, 2022.

Novocure registered bottom line fell more than twice as far into the red on a sales decline of 2%. Its losses per share came in 1¢ ahead of expectations on Wall Street, however. Analysts expected revenues of $130.1 million.

“In the third quarter, we showed consistent execution in service of our mission to extend survival in some of the most aggressive forms of cancer,” said William Doyle, Novocure’s executive chair. “We are diligently working to reach additional patients in our current markets, expand into new markets, enhance our products and treat patients in new indications throughout the body. We are investing aggressi…

Read more
  • 0

Medtech sales reach a record high as R&D spend and employee counts climb

The Medtech Big 100: The world’s largest medical device companies

The medtech industry is bouncing back from the economic fallout caused by the COVID-19 pandemic, according to an analysis of our Medtech Big 100 data.

The medical device industry has seemingly recovered from the economic headwinds caused by the COVID-19 pandemic, according to a Medical Design & Outsourcing analysis of financial data from the Medtech Big 100, 100 of the largest medical device companies’ most recent annual results.

More than half of the companies listed in this year’s Big 100 ranking reported positive growth over their prior-year sales. Total revenue, research spending and employment figures were up significantly as the industry adjusts to a world with COVID-19 challenges.

For this analysis, we compared the performance of the Medtech Big 100 companies in 2021 and early 2022 with their results in 2020. Due to t…

Read more
  • 0

These medtech companies care a lot about research

[Image from Unsplash] They’re making glaucoma-treating stents, tumor-treating fields, coin-sized CGMs and more. Discover the medtech companies that spend the most on research as a percentage of revenue.

The list comes from our annual Big 100 report, which examines the world’s 100 largest medical device companies and ranks them by revenue. (Check out our full Big 100 report here.) 

Medtech companies that have spent the most on R&D as a percentage of revenue have had much to boast about:

Glaukos’s iStent inject is an eye implant designed for cataract surgery to reduce intraocular pressure in adults with mild-to-moderate primary open-angle glaucoma. It was a Prix Galien USA Awards nominee last year. Novocure announced in September 2021 that the FDA had granted breakthrough designation for its NovoTTF-200T liver cancer treatment system. NovoTTF-200T system is a tumor treating fields (TTFields) delivery system for use in tandem with atezolizumab and be…
Read more
  • 0

These medtech companies care a lot about research

[Image from Unsplash]

They’re making glaucoma-treating stents, tumor-treating fields, coin-sized CGMs and more. Discover the medtech companies that spend the most on research as a percentage of revenue.

The list comes from our annual Big 100 report, which examines the world’s 100 largest medical device companies and ranks them by revenue. (Check out our full Big 100 report here.) 

Medtech companies that have spent the most on R&D as a percentage of revenue have had much to boast about:

Glaukos’s iStent inject is an eye implant designed for cataract surgery to reduce intraocular pressure in adults with mild-to-moderate primary open-angle glaucoma. It was a Prix Galien USA Awards nominee last year.

Novocure announced in September 2021 that the FDA had granted breakthrough designation for its NovoTTF-200T liver cancer treatment system. NovoTTF-200T system is a tumor treating field…

Read more
  • 0

Novocure signs agreement to build development facility in New Hampshire

Novocure (NSDQ:NVCR) announced today that it signed a purchase and sale agreement for an office building in Portsmouth, New Hampshire.

The agreement covers the acquisition and construction of the building at 64 Vaughan Mall, situated centrally in downtown Portsmouth. The purchase price for the property totals $9.5 million and, after closing (expected on or before Dec. 31), Novocure will enter into a construction agreement with an affiliate of the seller on a cost of work plus fee on a guaranteed maximum price basis, with that maximum price set at $14.5 million.

St. Helier, Jersey-based Novocure said in a news release that the property will be used to provide space for its growing employee base in Portsmouth and house a training and development center for physicians and partners to learn more about the company’s tumor treating fields (TTFields) technology.

TTFields — electric fields designed to disrupt cancer cell division — are intended principally…

Read more
  • 0

How medtech fared in the first waves of the pandemic

[Photo by Martin Sanchez on Unsplash]Medtech industry revenue, research spending and employment declined in the first year of the COVID-19 pandemic, according to a Medical Design & Outsourcing analysis of financial data.

Total sales, R&D spending and employment for the world’s largest medical device companies declined in 2020 and early 2021, according to a Medical Design & Outsourcing analysis tallying the ongoing pandemic’s initial toll on the industry.

To compare performance before and during the pandemic, MDO used the financial data that we’ve historically gathered to rank our Big 100 companies in the last three years. The majority of these companies reported full-year results for 2020; others operate on a fiscal year and reported annual results in the first half of 2021.

Some companies are not in this year’s Big 100 but were included in the analysis because they were ranked in pre-pandemic years. The handful of companies that joined this yea…

Read more
  • 0

How medtech fared in the first waves of the pandemic

[Photo by Martin Sanchez on Unsplash]

Medtech industry revenue, research spending and employment declined in the first year of the COVID-19 pandemic, according to a Medical Design & Outsourcing analysis of financial data.

Total sales, R&D spending and employment for the world’s largest medical device companies declined in 2020 and early 2021, according to a Medical Design & Outsourcing analysis tallying the ongoing pandemic’s initial toll on the industry.

To compare performance before and during the pandemic, MDO used the financial data that we’ve historically gathered to rank our Big 100 companies in the last three years. The majority of these companies reported full-year results for 2020; others operate on a fiscal year and reported annual results in the first half of 2021.

Some companies are not in this year’s Big 100 but were included in the analysis because they were ranked in pre…

Read more
  • 0

Novocure slides on Q3 earnings, revenue misses

Novocure (NSDQ:NVCR) shares slid this morning on third-quarter results that fell short the consensus forecast.

NVCR shares were down -7.3% at $102.68 per share in mid-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — remained virtually unchanged.

The St. Helier, Jersey-based developer of electric fields for treating tumors posted losses of -$13.1 million, or -13¢ per share, on sales of $133.6 million for the three months ended Sept. 30, 2021, for a bottom-line slide from profits of $9.3 million last year into the red on sales growth of 0.7%.

Novocure’s losses of -13¢ per share were 6¢ behind Wall Street, where analysts were looking for sales of $141.2 million.

“The third quarter was another period of solid execution at Novocure,” Novocure Executive Chairman William Doyle said in a news release. “We generated $134 million in net revenues and invested $48 milli…

Read more
  • 0

Novocure wins FDA breakthough designation for liver tumor treatment device

Novocure (NSDQ:NVCR) announced today that the FDA granted breakthrough designation for its NovoTTF-200T liver cancer treatment system.

St. Helier, Jersey-based Novocure designed its NovoTTF-200T system, a tumor treating fields (TTFields) delivery system for use in tandem with atezolizumab and bevacizumab for the first-line treatment of patients with unresectable or metastatic liver cancer.

According to a news release, the FDA granted breakthrough device designation based on clinical data from Novocure’s Phase 2 pilot Hepanova trial evaluating the safety and efficacy of TTFields together with sorafenib for treating advanced liver cancer.

Get the full story on our sister site, MassDevice.

Read more
  • 0

Novocure wins FDA breakthough designation for liver tumor treatment device

Novocure (NSDQ:NVCR) announced today that the FDA granted breakthrough designation for its NovoTTF-200T liver cancer treatment system.

St. Helier, Jersey-based Novocure designed its NovoTTF-200T system, a tumor treating fields (TTFields) delivery system for use in tandem with atezolizumab and bevacizumab for the first-line treatment of patients with unresectable or metastatic liver cancer.

According to a news release, the FDA granted breakthrough device designation based on clinical data from Novocure’s Phase 2 pilot Hepanova trial evaluating the safety and efficacy of TTFields together with sorafenib for treating advanced liver cancer.

TTFields, electric fields designed to disrupt cancer cell division, are intended principally for use with other standard-of-care cancer treatments, as Novocure touts a body of evidence supporting its broad applicability with other cancer therapies, including radiation along with certain chemotherapies and immunother…

Read more
  • 0

Novocure plummets on missed Q2 projections

Novocure (NSDQ:NVCR) shares took a dive today on second-quarter results that came up short of the consensus forecast.

NVCR shares were down -11.7% at $160.67 in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.9% on the day.

Get the full story at our sister site, Drug Delivery Business News.

Read more
  • 0