NovoCure Limited (NVCR) 10-Year Financial Performance & Capital Metrics

NVCR • • Industrial / General

HealthcareMedical InstrumentsWound Care & Therapeutic DevicesSpecialized Therapeutic Devices

AboutNovoCure Limited, an oncology company, engages in the development, manufacture, and commercialization of tumor treating fields (TTFields) devices for the treatment of solid tumor cancers in the United States, Europe, the Middle East, Africa, Japan, and Greater China. Its TTFields devices include Optune for the treatment of glioblastoma; and Optune Lua for the treatment of malignant pleural mesothelioma. The company also has ongoing or completed clinical trials investigating TTFields in brain metastases, gastric cancer, glioblastoma, liver cancer, non-small cell lung cancer, pancreatic cancer, and ovarian cancer. NovoCure Limited was incorporated in 2000 and is headquartered in Saint Helier, Jersey.Show more

Revenue $605M +18.8%
EBITDA -$159M +28.2%
Net Income -$169M +18.6%
EPS (Diluted) -1.56 +20.0%
Gross Margin 77.33% +3.4%
EBITDA Margin -26.31% +39.6%
Operating Margin -28.17% +38.4%
Net Margin -27.86% +31.5%
ROE -46.67% +9.4%
ROIC -16.01% +25.4%
Debt/Equity 1.90 +15.3%
Interest Coverage -14.62 +69.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 11.5%

✗Weaknesses

✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y44.27%

5Y11.49%

3Y4.19%

TTM11.17%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-18.6%

EPS CAGR

10Y-

5Y-

3Y-

TTM-15.83%

ROCE

10Y Avg-18.56%

5Y Avg-11.12%

3Y Avg-18.53%

Latest-23.49%

Peer Comparison

Specialized Therapeutic Devices

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RMDResMed Inc.	38.05B	260.70	27.41	9.84%	27.35%	23.49%	4.37%	0.14
ZJYLJin Medical International Ltd.	22.54M	0.14	6.13	18.57%	10.94%	16.93%		0.41
FEMYFemasys Inc.	38.2M	0.64	-0.76	51.97%	-9.61%	-434.6%		3.23
NYXHNyxoah S.A.	221.59M	5.15	-2.85	3.98%	-14.85%	-164.31%		0.20
MLSSMilestone Scientific Inc.	22.8M	0.29	-4.91	-12.19%	-76.78%	-208.8%		0.06
NVCRNovoCure Limited	1.55B	13.80	-8.85	18.82%	-27.66%	-52.05%		1.90
EKSOEkso Bionics Holdings, Inc.	22.43M	8.55	-15.27	-1.94%	-70.74%	-107.8%		0.47
PLSEPulse Biosciences, Inc.	955.52M	14.10	-15.33		-868.99%	-80.62%		0.08

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	33.09M	82.89M	177.03M	248.07M	351.32M	494.37M	535.03M	537.84M	509.34M	605.22M
Revenue Growth %	1.14%	1.51%	1.14%	0.4%	0.42%	0.41%	0.08%	0.01%	-0.05%	0.19%
Cost of Goods Sold+	20.61M	46.28M	55.61M	80.05M	88.61M	106.5M	114.88M	114.87M	128.28M	137.18M
COGS % of Revenue	0.62%	0.56%	0.31%	0.32%	0.25%	0.22%	0.21%	0.21%	0.25%	0.23%
Gross Profit+	12.48M	36.61M	121.42M	168.02M	262.71M	387.87M	420.15M	422.97M	381.06M	468.04M
Gross Margin %	0.38%	0.44%	0.69%	0.68%	0.75%	0.78%	0.79%	0.79%	0.75%	0.77%
Gross Profit Growth %	1.29%	1.93%	2.32%	0.38%	0.56%	0.48%	0.08%	0.01%	-0.1%	0.23%
Operating Expenses+	116.47M	151.92M	160.75M	201.69M	263.63M	357.46M	464.49M	512.5M	614.67M	638.53M
OpEx % of Revenue	3.52%	1.83%	0.91%	0.81%	0.75%	0.72%	0.87%	0.95%	1.21%	1.06%
Selling, General & Admin	72.72M	110.46M	122.64M	151.12M	184.62M	225.45M	263.18M	306.41M	390.87M	428.89M
SG&A % of Revenue	2.2%	1.33%	0.69%	0.61%	0.53%	0.46%	0.49%	0.57%	0.77%	0.71%
Research & Development	43.75M	41.47M	38.1M	50.57M	79M	132.01M	201.3M	206.09M	223.06M	209.65M
R&D % of Revenue	1.32%	0.5%	0.22%	0.2%	0.22%	0.27%	0.38%	0.38%	0.44%	0.35%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-104M	-115.32M	-39.33M	-33.67M	-914K	30.4M	-44.33M	-89.52M	-232.87M	-170.5M
Operating Margin %	-3.14%	-1.39%	-0.22%	-0.14%	-0%	0.06%	-0.08%	-0.17%	-0.46%	-0.28%
Operating Income Growth %	-0.3%	-0.11%	0.66%	0.14%	0.97%	34.26%	-2.46%	-1.02%	-1.6%	0.27%
EBITDA+	-100.84M	-109.67M	-31.65M	-24.67M	7.48M	39.55M	-34.08M	-78.9M	-221.9M	-159.26M
EBITDA Margin %	-3.05%	-1.32%	-0.18%	-0.1%	0.02%	0.08%	-0.06%	-0.15%	-0.44%	-0.26%
EBITDA Growth %	-0.29%	-0.09%	0.71%	0.22%	1.3%	4.29%	-1.86%	-1.31%	-1.81%	0.28%
D&A (Non-Cash Add-back)	3.15M	5.65M	7.68M	9.01M	8.39M	9.15M	10.25M	10.62M	10.97M	11.23M
EBIT	-104.27M	-114.54M	-38.24M	-32.45M	5.05M	35.68M	-48.63M	-78.51M	-188.42M	-120.82M
Net Interest Income+	-2.79M	-5.75M	-9.72M	-12.27M	-7.48M	-14.95M	-3.71M	11.2M	41.13M	39.33M
Interest Income	84K	1.17M	1.98M	4.64M	4.4M	1.79M	791K	10.96M	46.04M	51M
Interest Expense	2.88M	6.92M	11.69M	16.91M	13.72M	13.15M	3.44M	3.33M	4.91M	11.66M
Other Income/Expense	-3.15M	-6.15M	-9.17M	-12.27M	-7.91M	-12.3M	-7.74M	7.68M	41.13M	39.33M
Pretax Income+	-107.15M	-121.46M	-48.5M	-45.94M	-8.82M	18.1M	-52.08M	-81.85M	-191.74M	-131.16M
Pretax Margin %	-3.24%	-1.47%	-0.27%	-0.19%	-0.03%	0.04%	-0.1%	-0.15%	-0.38%	-0.22%
Income Tax+	4.43M	10.38M	13.16M	17.62M	-1.59M	-1.71M	6.28M	10.69M	15.3M	37.47M
Effective Tax Rate %	1.04%	1.09%	1.27%	1.38%	0.82%	1.09%	1.12%	1.13%	1.08%	1.29%
Net Income+	-111.58M	-131.84M	-61.66M	-63.56M	-7.23M	19.81M	-58.35M	-92.53M	-207.04M	-168.63M
Net Margin %	-3.37%	-1.59%	-0.35%	-0.26%	-0.02%	0.04%	-0.11%	-0.17%	-0.41%	-0.28%
Net Income Growth %	-0.38%	-0.18%	0.53%	-0.03%	0.89%	3.74%	-3.95%	-0.59%	-1.24%	0.19%
Net Income (Continuing)	-111.58M	-131.84M	-61.66M	-63.56M	-7.23M	19.81M	-58.35M	-92.53M	-207.04M	-168.63M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1.34	-1.54	-0.70	-0.69	-0.07	0.18	-0.56	-0.88	-1.95	-1.56
EPS Growth %	-0.2%	-0.15%	0.55%	0.01%	0.89%	3.42%	-4.11%	-0.57%	-1.22%	0.2%
EPS (Basic)	-1.34	-1.54	-0.70	-0.69	-0.07	0.20	-0.56	-0.88	-1.95	-1.56
Diluted Shares Outstanding	83.54M	85.56M	88.55M	91.83M	97.24M	108.88M	103.43M	104.66M	106.39M	107.83M
Basic Shares Outstanding	83.23M	85.56M	88.55M	91.83M	97.24M	100.93M	103.43M	104.66M	106.39M	107.83M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	293.9M	261.87M	245.13M	321.37M	439.95M	999.44M	1.07B	1.11B	1.03B	1.11B
Cash & Short-Term Investments	269.42M	219.63M	183.31M	245.88M	328.19M	854.08M	938.51M	969.42M	910.62M	959.87M
Cash Only	119.42M	99.78M	78.59M	140.62M	179.42M	246.17M	209.61M	115.33M	240.82M	163.77M
Short-Term Investments	150M	119.85M	104.72M	105.26M	148.77M	607.9M	728.9M	854.1M	669.79M	796.11M
Accounts Receivable	0	6.34M	29.57M	36.52M	63.96M	100.47M	97.41M	86.26M	77.11M	102.07M
Days Sales Outstanding	-	27.91	60.96	53.74	66.45	74.18	66.45	58.54	55.26	61.56
Inventory	13.59M	25.55M	22.02M	22.55M	23.7M	27.42M	24.43M	29.38M	38.15M	35.09M
Days Inventory Outstanding	240.75	201.49	144.57	102.85	97.63	93.98	77.61	93.34	108.56	93.35
Other Current Assets	9.37M	267K	2.13M	2.13M	21.85M	13.51M	8.47M	20.05M	1.74M	2.33M
Total Non-Current Assets+	13.43M	20.21M	20.16M	18.42M	39.5M	52.54M	65.97M	80.12M	111.72M	134.21M
Property, Plant & Equipment	12.58M	18.62M	18.07M	15.37M	34.6M	41.63M	53.88M	68.96M	97.7M	119.59M
Fixed Asset Turnover	2.63x	4.45x	9.80x	16.14x	10.15x	11.87x	9.93x	7.80x	5.21x	5.06x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	851K	1.59M	2.1M	3.06M	4.9M	10.91M	12.09M	11.16M	14.02M	14.62M
Total Assets+	307.34M	282.08M	265.3M	339.79M	479.45M	1.05B	1.14B	1.19B	1.15B	1.24B
Asset Turnover	0.11x	0.29x	0.67x	0.73x	0.73x	0.47x	0.47x	0.45x	0.44x	0.49x
Asset Growth %	1.61%	-0.08%	-0.06%	0.28%	0.41%	1.19%	0.08%	0.05%	-0.04%	0.08%
Total Current Liabilities+	28.63M	36.88M	50.2M	64.56M	86.31M	113.61M	142.6M	158.78M	179.12M	756.38M
Accounts Payable	13.9M	18.36M	17.21M	26.71M	36.92M	53.65M	72.6M	85.2M	94.39M	105.09M
Days Payables Outstanding	246.26	144.76	112.93	121.78	152.11	183.86	230.67	270.72	268.57	279.6
Short-Term Debt	0	0	0	0	4.63M	6.48M	6.68M	0	0	558.16M
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3.61M	5.58M	5.64M	12.26M	64K	61K	169K	0	0	0
Current Ratio	10.27x	7.10x	4.88x	4.98x	5.10x	8.80x	7.53x	7.00x	5.78x	1.46x
Quick Ratio	9.79x	6.41x	4.44x	4.63x	4.82x	8.56x	7.36x	6.82x	5.56x	1.42x
Cash Conversion Cycle	-	84.64	92.59	34.8	11.97	-15.7	-86.61	-118.84	-104.76	-124.69
Total Non-Current Liabilities+	27.89M	102.85M	101.53M	162.97M	175.35M	461.85M	586.4M	591.7M	604.52M	124.23M
Long-Term Debt	23.1M	96.23M	97.34M	149.27M	149.42M	429.9M	562.22M	565.51M	568.82M	97.3M
Capital Lease Obligations	0	0	0	0	14.14M	14.29M	13M	18.76M	27.42M	19.97M
Deferred Tax Liabilities	-785K	-906K	0	124K	0	0	0	0	0	0
Other Non-Current Liabilities	4.79M	6.62M	4.19M	3.65M	3.98M	5.51M	4.71M	4.55M	8.28M	6.96M
Total Liabilities	56.52M	139.74M	151.73M	227.53M	261.66M	575.46M	729M	750.48M	783.63M	880.61M
Total Debt+	23.1M	96.23M	97.34M	149.27M	168.2M	450.68M	581.9M	584.27M	596.24M	683.35M
Net Debt	-96.33M	-3.55M	18.75M	8.65M	-11.22M	204.51M	372.29M	468.94M	355.42M	519.59M
Debt / Equity	0.09x	0.68x	0.86x	1.33x	0.77x	0.95x	1.42x	1.32x	1.64x	1.90x
Debt / EBITDA	-	-	-	-	22.49x	11.39x	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-1.50x	5.17x	-	-	-	-
Interest Coverage	-36.12x	-16.66x	-3.36x	-1.99x	-0.07x	2.31x	-12.89x	-26.85x	-47.47x	-14.62x
Total Equity+	250.82M	142.34M	113.56M	112.26M	217.79M	476.53M	410.49M	441.17M	362.5M	360.18M
Equity Growth %	1.56%	-0.43%	-0.2%	-0.01%	0.94%	1.19%	-0.14%	0.07%	-0.18%	-0.01%
Book Value per Share	3.00	1.66	1.28	1.22	2.24	4.38	3.97	4.22	3.41	3.34
Total Shareholders' Equity	250.82M	142.34M	113.56M	112.26M	217.79M	476.53M	410.49M	441.17M	362.5M	360.18M
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-388.08M	-519.93M	-582.26M	-643.65M	-650.88M	-631.08M	-685.93M	-778.46M	-985.5M	-1.15B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.5M	-1.88M	-1.34M	-1.4M	-2.77M	-3.83M	-3.17M	-2.43M	-5.47M	-5.5M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-99.88M	-107.59M	-33.13M	-1.86M	26.62M	99.15M	82.76M	30.79M	-73.34M	-26.37M
Operating CF Margin %	-3.02%	-1.3%	-0.19%	-0.01%	0.08%	0.2%	0.15%	0.06%	-0.14%	-0.04%
Operating CF Growth %	-0.35%	-0.08%	0.69%	0.94%	15.27%	2.72%	-0.17%	-0.63%	-3.38%	0.64%
Net Income	-111.58M	-131.84M	-61.66M	-63.56M	-7.23M	19.81M	-58.35M	-92.53M	-207.04M	-168.63M
Depreciation & Amortization	3.15M	5.65M	7.68M	9.01M	8.46M	9.15M	10.25M	10.62M	10.97M	-14.41M
Stock-Based Compensation	11.86M	22.14M	27.12M	39.85M	52.42M	75.72M	94.9M	106.95M	115.61M	160.03M
Deferred Taxes	46K	5.75M	241K	407K	-519K	-270K	3.88M	0	0	0
Other Non-Cash Items	1M	155K	252K	1.02M	-2.17M	3.26M	3.01M	-6.05M	-22.43M	932K
Working Capital Changes	-4.36M	-9.44M	-6.76M	11.41M	-24.33M	-8.52M	29.07M	11.8M	29.56M	-4.3M
Change in Receivables	-1.31M	-6.34M	-23.23M	-4.15M	-36.5M	-30.35M	5.27M	2.55M	29.41M	-26.36M
Change in Inventory	-10.15M	-11.96M	3.52M	-529K	-1.16M	-2.94M	2.48M	-4.34M	-8.92M	2.57M
Change in Payables	6.96M	1.6M	-1.15M	9.5M	16.88M	25.47M	27.78M	14.26M	14.87M	19.11M
Cash from Investing+	-115.3M	12.81M	6.77M	-5.49M	-51.67M	-472.85M	-144.83M	-139.96M	184.15M	-140.24M
Capital Expenditures	-10.27M	-17.66M	-7.37M	-6.71M	-10.48M	-14.97M	-24.17M	-21.36M	-27.09M	-42.85M
CapEx % of Revenue	0.31%	0.21%	0.04%	0.03%	0.03%	0.03%	0.05%	0.04%	0.05%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-26K	-180K	-1.86M	-3.79M	-41.18M	-457.88M	-120.66M	-118.6M	0	0
Cash from Financing+	276.99M	75.12M	5.17M	69.37M	61.68M	440.21M	25.7M	15.49M	15.79M	90.31M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.04M	1.69M	3.69M	18.47M	59.24M	28.43M	21.18M	10.29M	11.38M	2.16M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-110.16M	-125.26M	-40.5M	-8.58M	16.14M	84.18M	58.59M	9.43M	-100.43M	-69.22M
FCF Margin %	-3.33%	-1.51%	-0.23%	-0.03%	0.05%	0.17%	0.11%	0.02%	-0.2%	-0.11%
FCF Growth %	-0.44%	-0.14%	0.68%	0.79%	2.88%	4.22%	-0.3%	-0.84%	-11.65%	0.31%
FCF per Share	-1.32	-1.46	-0.46	-0.09	0.17	0.77	0.57	0.09	-0.94	-0.64
FCF Conversion (FCF/Net Income)	0.90x	0.82x	0.54x	0.03x	-3.68x	5.01x	-1.42x	-0.33x	0.35x	0.16x
Interest Paid	1.69M	6.59M	10.16M	13.33M	13.7M	0	101K	41K	6K	7.71M
Taxes Paid	1.49M	9.45M	10.29M	20.35M	11.24M	0	3.11M	5.48M	13.66M	23.46M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-64%	-67.07%	-48.19%	-56.29%	-4.38%	5.71%	-13.16%	-21.73%	-51.52%	-46.67%
Return on Invested Capital (ROIC)	-79.97%	-58.98%	-21.76%	-19.95%	-0.42%	5.14%	-4.54%	-7.93%	-21.46%	-16.01%
Gross Margin	37.71%	44.16%	68.59%	67.73%	74.78%	78.46%	78.53%	78.64%	74.81%	77.33%
Net Margin	-337.24%	-159.06%	-34.83%	-25.62%	-2.06%	4.01%	-10.91%	-17.2%	-40.65%	-27.86%
Debt / Equity	0.09x	0.68x	0.86x	1.33x	0.77x	0.95x	1.42x	1.32x	1.64x	1.90x
Interest Coverage	-36.12x	-16.66x	-3.36x	-1.99x	-0.07x	2.31x	-12.89x	-26.85x	-47.47x	-14.62x
FCF Conversion	0.90x	0.82x	0.54x	0.03x	-3.68x	5.01x	-1.42x	-0.33x	0.35x	0.16x
Revenue Growth	113.6%	150.52%	113.57%	40.13%	41.62%	40.72%	8.23%	0.53%	-5.3%	18.82%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	72.77M	134.69M	168.41M	232.81M	340.78M	353.11M	406.89M	349.74M	391.8M
UNITED STATES Growth	-	-	85.08%	25.04%	38.23%	46.38%	3.62%	15.23%	-14.05%	12.03%
International Markets	-	-	-	-	-	-	-	-	136.37M	196.03M
International Markets Growth	-	-	-	-	-	-	-	-	-	43.75%
GERMANY	-	-	-	-	86.56M	93.26M	93.94M	46.12M	60.21M	65.26M
GERMANY Growth	-	-	-	-	-	7.74%	0.72%	-50.90%	30.55%	8.39%
FRANCE	-	-	-	-	-	-	-	-	-	55.73M
FRANCE Growth	-	-	-	-	-	-	-	-	-	-
JAPAN	-	89K	303K	6.35M	17.91M	29.08M	34.64M	32.78M	31.67M	32.57M
JAPAN Growth	-	-	240.45%	1996.04%	182.03%	62.33%	19.14%	-5.37%	-3.40%	2.85%
CHINA	-	-	-	-	5.25M	12.59M	22.77M	21.33M	23.22M	17.39M
CHINA Growth	-	-	-	-	-	139.58%	80.82%	-6.29%	8.87%	-25.14%
Other EMEA	-	-	-	-	-	-	30.58M	30.71M	-	-
Other EMEA Growth	-	-	-	-	-	-	-	0.44%	-	-
EMEA	-	-	-	-	8.78M	18.65M	-	-	-	-
EMEA Growth	-	-	-	-	-	112.41%	-	-	-	-
E M E A	-	10.03M	42.03M	73.3M	-	-	-	-	-	-
E M E A Growth	-	-	319.18%	74.39%	-	-	-	-	-	-
U S	30.96M	-	-	-	-	-	-	-	-	-
U S Growth	-	-	-	-	-	-	-	-	-	-
Europe Israel And Japan	2.13M	-	-	-	-	-	-	-	-	-
Europe Israel And Japan Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

NovoCure Limited (NVCR) reported $642.3M in revenue for fiscal year 2024. This represents a 6100% increase from $10.4M in 2013.

NovoCure Limited (NVCR) grew revenue by 18.8% over the past year. This is strong growth.

NovoCure Limited (NVCR) reported a net loss of $177.7M for fiscal year 2024.

Dividend & Returns

NovoCure Limited (NVCR) has a return on equity (ROE) of -46.7%. Negative ROE indicates the company is unprofitable.

NovoCure Limited (NVCR) had negative free cash flow of $65.2M in fiscal year 2024, likely due to heavy capital investments.

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NovoCure Limited (NVCR) 10-Year Financial Performance & Capital Metrics

NVCR • • Industrial / General

HealthcareMedical InstrumentsWound Care & Therapeutic DevicesSpecialized Therapeutic Devices

Revenue $605M +18.8%
EBITDA -$159M +28.2%
Net Income -$169M +18.6%
EPS (Diluted) -1.56 +20.0%
Gross Margin 77.33% +3.4%
EBITDA Margin -26.31% +39.6%
Operating Margin -28.17% +38.4%
Net Margin -27.86% +31.5%
ROE -46.67% +9.4%
ROIC -16.01% +25.4%
Debt/Equity 1.90 +15.3%
Interest Coverage -14.62 +69.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 11.5%

✗Weaknesses

✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y44.27%

5Y11.49%

3Y4.19%

TTM11.17%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-18.6%

EPS CAGR

10Y-

5Y-

3Y-

TTM-15.83%

ROCE

10Y Avg-18.56%

5Y Avg-11.12%

3Y Avg-18.53%

Latest-23.49%

Peer Comparison

Specialized Therapeutic Devices

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RMDResMed Inc.	38.05B	260.70	27.41	9.84%	27.35%	23.49%	4.37%	0.14
ZJYLJin Medical International Ltd.	22.54M	0.14	6.13	18.57%	10.94%	16.93%		0.41
FEMYFemasys Inc.	38.2M	0.64	-0.76	51.97%	-9.61%	-434.6%		3.23
NYXHNyxoah S.A.	221.59M	5.15	-2.85	3.98%	-14.85%	-164.31%		0.20
MLSSMilestone Scientific Inc.	22.8M	0.29	-4.91	-12.19%	-76.78%	-208.8%		0.06
NVCRNovoCure Limited	1.55B	13.80	-8.85	18.82%	-27.66%	-52.05%		1.90
EKSOEkso Bionics Holdings, Inc.	22.43M	8.55	-15.27	-1.94%	-70.74%	-107.8%		0.47
PLSEPulse Biosciences, Inc.	955.52M	14.10	-15.33		-868.99%	-80.62%		0.08

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	33.09M	82.89M	177.03M	248.07M	351.32M	494.37M	535.03M	537.84M	509.34M	605.22M
Revenue Growth %	1.14%	1.51%	1.14%	0.4%	0.42%	0.41%	0.08%	0.01%	-0.05%	0.19%
Cost of Goods Sold+	20.61M	46.28M	55.61M	80.05M	88.61M	106.5M	114.88M	114.87M	128.28M	137.18M
COGS % of Revenue	0.62%	0.56%	0.31%	0.32%	0.25%	0.22%	0.21%	0.21%	0.25%	0.23%
Gross Profit+	12.48M	36.61M	121.42M	168.02M	262.71M	387.87M	420.15M	422.97M	381.06M	468.04M
Gross Margin %	0.38%	0.44%	0.69%	0.68%	0.75%	0.78%	0.79%	0.79%	0.75%	0.77%
Gross Profit Growth %	1.29%	1.93%	2.32%	0.38%	0.56%	0.48%	0.08%	0.01%	-0.1%	0.23%
Operating Expenses+	116.47M	151.92M	160.75M	201.69M	263.63M	357.46M	464.49M	512.5M	614.67M	638.53M
OpEx % of Revenue	3.52%	1.83%	0.91%	0.81%	0.75%	0.72%	0.87%	0.95%	1.21%	1.06%
Selling, General & Admin	72.72M	110.46M	122.64M	151.12M	184.62M	225.45M	263.18M	306.41M	390.87M	428.89M
SG&A % of Revenue	2.2%	1.33%	0.69%	0.61%	0.53%	0.46%	0.49%	0.57%	0.77%	0.71%
Research & Development	43.75M	41.47M	38.1M	50.57M	79M	132.01M	201.3M	206.09M	223.06M	209.65M
R&D % of Revenue	1.32%	0.5%	0.22%	0.2%	0.22%	0.27%	0.38%	0.38%	0.44%	0.35%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-104M	-115.32M	-39.33M	-33.67M	-914K	30.4M	-44.33M	-89.52M	-232.87M	-170.5M
Operating Margin %	-3.14%	-1.39%	-0.22%	-0.14%	-0%	0.06%	-0.08%	-0.17%	-0.46%	-0.28%
Operating Income Growth %	-0.3%	-0.11%	0.66%	0.14%	0.97%	34.26%	-2.46%	-1.02%	-1.6%	0.27%
EBITDA+	-100.84M	-109.67M	-31.65M	-24.67M	7.48M	39.55M	-34.08M	-78.9M	-221.9M	-159.26M
EBITDA Margin %	-3.05%	-1.32%	-0.18%	-0.1%	0.02%	0.08%	-0.06%	-0.15%	-0.44%	-0.26%
EBITDA Growth %	-0.29%	-0.09%	0.71%	0.22%	1.3%	4.29%	-1.86%	-1.31%	-1.81%	0.28%
D&A (Non-Cash Add-back)	3.15M	5.65M	7.68M	9.01M	8.39M	9.15M	10.25M	10.62M	10.97M	11.23M
EBIT	-104.27M	-114.54M	-38.24M	-32.45M	5.05M	35.68M	-48.63M	-78.51M	-188.42M	-120.82M
Net Interest Income+	-2.79M	-5.75M	-9.72M	-12.27M	-7.48M	-14.95M	-3.71M	11.2M	41.13M	39.33M
Interest Income	84K	1.17M	1.98M	4.64M	4.4M	1.79M	791K	10.96M	46.04M	51M
Interest Expense	2.88M	6.92M	11.69M	16.91M	13.72M	13.15M	3.44M	3.33M	4.91M	11.66M
Other Income/Expense	-3.15M	-6.15M	-9.17M	-12.27M	-7.91M	-12.3M	-7.74M	7.68M	41.13M	39.33M
Pretax Income+	-107.15M	-121.46M	-48.5M	-45.94M	-8.82M	18.1M	-52.08M	-81.85M	-191.74M	-131.16M
Pretax Margin %	-3.24%	-1.47%	-0.27%	-0.19%	-0.03%	0.04%	-0.1%	-0.15%	-0.38%	-0.22%
Income Tax+	4.43M	10.38M	13.16M	17.62M	-1.59M	-1.71M	6.28M	10.69M	15.3M	37.47M
Effective Tax Rate %	1.04%	1.09%	1.27%	1.38%	0.82%	1.09%	1.12%	1.13%	1.08%	1.29%
Net Income+	-111.58M	-131.84M	-61.66M	-63.56M	-7.23M	19.81M	-58.35M	-92.53M	-207.04M	-168.63M
Net Margin %	-3.37%	-1.59%	-0.35%	-0.26%	-0.02%	0.04%	-0.11%	-0.17%	-0.41%	-0.28%
Net Income Growth %	-0.38%	-0.18%	0.53%	-0.03%	0.89%	3.74%	-3.95%	-0.59%	-1.24%	0.19%
Net Income (Continuing)	-111.58M	-131.84M	-61.66M	-63.56M	-7.23M	19.81M	-58.35M	-92.53M	-207.04M	-168.63M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1.34	-1.54	-0.70	-0.69	-0.07	0.18	-0.56	-0.88	-1.95	-1.56
EPS Growth %	-0.2%	-0.15%	0.55%	0.01%	0.89%	3.42%	-4.11%	-0.57%	-1.22%	0.2%
EPS (Basic)	-1.34	-1.54	-0.70	-0.69	-0.07	0.20	-0.56	-0.88	-1.95	-1.56
Diluted Shares Outstanding	83.54M	85.56M	88.55M	91.83M	97.24M	108.88M	103.43M	104.66M	106.39M	107.83M
Basic Shares Outstanding	83.23M	85.56M	88.55M	91.83M	97.24M	100.93M	103.43M	104.66M	106.39M	107.83M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	293.9M	261.87M	245.13M	321.37M	439.95M	999.44M	1.07B	1.11B	1.03B	1.11B
Cash & Short-Term Investments	269.42M	219.63M	183.31M	245.88M	328.19M	854.08M	938.51M	969.42M	910.62M	959.87M
Cash Only	119.42M	99.78M	78.59M	140.62M	179.42M	246.17M	209.61M	115.33M	240.82M	163.77M
Short-Term Investments	150M	119.85M	104.72M	105.26M	148.77M	607.9M	728.9M	854.1M	669.79M	796.11M
Accounts Receivable	0	6.34M	29.57M	36.52M	63.96M	100.47M	97.41M	86.26M	77.11M	102.07M
Days Sales Outstanding	-	27.91	60.96	53.74	66.45	74.18	66.45	58.54	55.26	61.56
Inventory	13.59M	25.55M	22.02M	22.55M	23.7M	27.42M	24.43M	29.38M	38.15M	35.09M
Days Inventory Outstanding	240.75	201.49	144.57	102.85	97.63	93.98	77.61	93.34	108.56	93.35
Other Current Assets	9.37M	267K	2.13M	2.13M	21.85M	13.51M	8.47M	20.05M	1.74M	2.33M
Total Non-Current Assets+	13.43M	20.21M	20.16M	18.42M	39.5M	52.54M	65.97M	80.12M	111.72M	134.21M
Property, Plant & Equipment	12.58M	18.62M	18.07M	15.37M	34.6M	41.63M	53.88M	68.96M	97.7M	119.59M
Fixed Asset Turnover	2.63x	4.45x	9.80x	16.14x	10.15x	11.87x	9.93x	7.80x	5.21x	5.06x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	851K	1.59M	2.1M	3.06M	4.9M	10.91M	12.09M	11.16M	14.02M	14.62M
Total Assets+	307.34M	282.08M	265.3M	339.79M	479.45M	1.05B	1.14B	1.19B	1.15B	1.24B
Asset Turnover	0.11x	0.29x	0.67x	0.73x	0.73x	0.47x	0.47x	0.45x	0.44x	0.49x
Asset Growth %	1.61%	-0.08%	-0.06%	0.28%	0.41%	1.19%	0.08%	0.05%	-0.04%	0.08%
Total Current Liabilities+	28.63M	36.88M	50.2M	64.56M	86.31M	113.61M	142.6M	158.78M	179.12M	756.38M
Accounts Payable	13.9M	18.36M	17.21M	26.71M	36.92M	53.65M	72.6M	85.2M	94.39M	105.09M
Days Payables Outstanding	246.26	144.76	112.93	121.78	152.11	183.86	230.67	270.72	268.57	279.6
Short-Term Debt	0	0	0	0	4.63M	6.48M	6.68M	0	0	558.16M
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3.61M	5.58M	5.64M	12.26M	64K	61K	169K	0	0	0
Current Ratio	10.27x	7.10x	4.88x	4.98x	5.10x	8.80x	7.53x	7.00x	5.78x	1.46x
Quick Ratio	9.79x	6.41x	4.44x	4.63x	4.82x	8.56x	7.36x	6.82x	5.56x	1.42x
Cash Conversion Cycle	-	84.64	92.59	34.8	11.97	-15.7	-86.61	-118.84	-104.76	-124.69
Total Non-Current Liabilities+	27.89M	102.85M	101.53M	162.97M	175.35M	461.85M	586.4M	591.7M	604.52M	124.23M
Long-Term Debt	23.1M	96.23M	97.34M	149.27M	149.42M	429.9M	562.22M	565.51M	568.82M	97.3M
Capital Lease Obligations	0	0	0	0	14.14M	14.29M	13M	18.76M	27.42M	19.97M
Deferred Tax Liabilities	-785K	-906K	0	124K	0	0	0	0	0	0
Other Non-Current Liabilities	4.79M	6.62M	4.19M	3.65M	3.98M	5.51M	4.71M	4.55M	8.28M	6.96M
Total Liabilities	56.52M	139.74M	151.73M	227.53M	261.66M	575.46M	729M	750.48M	783.63M	880.61M
Total Debt+	23.1M	96.23M	97.34M	149.27M	168.2M	450.68M	581.9M	584.27M	596.24M	683.35M
Net Debt	-96.33M	-3.55M	18.75M	8.65M	-11.22M	204.51M	372.29M	468.94M	355.42M	519.59M
Debt / Equity	0.09x	0.68x	0.86x	1.33x	0.77x	0.95x	1.42x	1.32x	1.64x	1.90x
Debt / EBITDA	-	-	-	-	22.49x	11.39x	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-1.50x	5.17x	-	-	-	-
Interest Coverage	-36.12x	-16.66x	-3.36x	-1.99x	-0.07x	2.31x	-12.89x	-26.85x	-47.47x	-14.62x
Total Equity+	250.82M	142.34M	113.56M	112.26M	217.79M	476.53M	410.49M	441.17M	362.5M	360.18M
Equity Growth %	1.56%	-0.43%	-0.2%	-0.01%	0.94%	1.19%	-0.14%	0.07%	-0.18%	-0.01%
Book Value per Share	3.00	1.66	1.28	1.22	2.24	4.38	3.97	4.22	3.41	3.34
Total Shareholders' Equity	250.82M	142.34M	113.56M	112.26M	217.79M	476.53M	410.49M	441.17M	362.5M	360.18M
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-388.08M	-519.93M	-582.26M	-643.65M	-650.88M	-631.08M	-685.93M	-778.46M	-985.5M	-1.15B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.5M	-1.88M	-1.34M	-1.4M	-2.77M	-3.83M	-3.17M	-2.43M	-5.47M	-5.5M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-99.88M	-107.59M	-33.13M	-1.86M	26.62M	99.15M	82.76M	30.79M	-73.34M	-26.37M
Operating CF Margin %	-3.02%	-1.3%	-0.19%	-0.01%	0.08%	0.2%	0.15%	0.06%	-0.14%	-0.04%
Operating CF Growth %	-0.35%	-0.08%	0.69%	0.94%	15.27%	2.72%	-0.17%	-0.63%	-3.38%	0.64%
Net Income	-111.58M	-131.84M	-61.66M	-63.56M	-7.23M	19.81M	-58.35M	-92.53M	-207.04M	-168.63M
Depreciation & Amortization	3.15M	5.65M	7.68M	9.01M	8.46M	9.15M	10.25M	10.62M	10.97M	-14.41M
Stock-Based Compensation	11.86M	22.14M	27.12M	39.85M	52.42M	75.72M	94.9M	106.95M	115.61M	160.03M
Deferred Taxes	46K	5.75M	241K	407K	-519K	-270K	3.88M	0	0	0
Other Non-Cash Items	1M	155K	252K	1.02M	-2.17M	3.26M	3.01M	-6.05M	-22.43M	932K
Working Capital Changes	-4.36M	-9.44M	-6.76M	11.41M	-24.33M	-8.52M	29.07M	11.8M	29.56M	-4.3M
Change in Receivables	-1.31M	-6.34M	-23.23M	-4.15M	-36.5M	-30.35M	5.27M	2.55M	29.41M	-26.36M
Change in Inventory	-10.15M	-11.96M	3.52M	-529K	-1.16M	-2.94M	2.48M	-4.34M	-8.92M	2.57M
Change in Payables	6.96M	1.6M	-1.15M	9.5M	16.88M	25.47M	27.78M	14.26M	14.87M	19.11M
Cash from Investing+	-115.3M	12.81M	6.77M	-5.49M	-51.67M	-472.85M	-144.83M	-139.96M	184.15M	-140.24M
Capital Expenditures	-10.27M	-17.66M	-7.37M	-6.71M	-10.48M	-14.97M	-24.17M	-21.36M	-27.09M	-42.85M
CapEx % of Revenue	0.31%	0.21%	0.04%	0.03%	0.03%	0.03%	0.05%	0.04%	0.05%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-26K	-180K	-1.86M	-3.79M	-41.18M	-457.88M	-120.66M	-118.6M	0	0
Cash from Financing+	276.99M	75.12M	5.17M	69.37M	61.68M	440.21M	25.7M	15.49M	15.79M	90.31M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.04M	1.69M	3.69M	18.47M	59.24M	28.43M	21.18M	10.29M	11.38M	2.16M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-110.16M	-125.26M	-40.5M	-8.58M	16.14M	84.18M	58.59M	9.43M	-100.43M	-69.22M
FCF Margin %	-3.33%	-1.51%	-0.23%	-0.03%	0.05%	0.17%	0.11%	0.02%	-0.2%	-0.11%
FCF Growth %	-0.44%	-0.14%	0.68%	0.79%	2.88%	4.22%	-0.3%	-0.84%	-11.65%	0.31%
FCF per Share	-1.32	-1.46	-0.46	-0.09	0.17	0.77	0.57	0.09	-0.94	-0.64
FCF Conversion (FCF/Net Income)	0.90x	0.82x	0.54x	0.03x	-3.68x	5.01x	-1.42x	-0.33x	0.35x	0.16x
Interest Paid	1.69M	6.59M	10.16M	13.33M	13.7M	0	101K	41K	6K	7.71M
Taxes Paid	1.49M	9.45M	10.29M	20.35M	11.24M	0	3.11M	5.48M	13.66M	23.46M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-64%	-67.07%	-48.19%	-56.29%	-4.38%	5.71%	-13.16%	-21.73%	-51.52%	-46.67%
Return on Invested Capital (ROIC)	-79.97%	-58.98%	-21.76%	-19.95%	-0.42%	5.14%	-4.54%	-7.93%	-21.46%	-16.01%
Gross Margin	37.71%	44.16%	68.59%	67.73%	74.78%	78.46%	78.53%	78.64%	74.81%	77.33%
Net Margin	-337.24%	-159.06%	-34.83%	-25.62%	-2.06%	4.01%	-10.91%	-17.2%	-40.65%	-27.86%
Debt / Equity	0.09x	0.68x	0.86x	1.33x	0.77x	0.95x	1.42x	1.32x	1.64x	1.90x
Interest Coverage	-36.12x	-16.66x	-3.36x	-1.99x	-0.07x	2.31x	-12.89x	-26.85x	-47.47x	-14.62x
FCF Conversion	0.90x	0.82x	0.54x	0.03x	-3.68x	5.01x	-1.42x	-0.33x	0.35x	0.16x
Revenue Growth	113.6%	150.52%	113.57%	40.13%	41.62%	40.72%	8.23%	0.53%	-5.3%	18.82%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	72.77M	134.69M	168.41M	232.81M	340.78M	353.11M	406.89M	349.74M	391.8M
UNITED STATES Growth	-	-	85.08%	25.04%	38.23%	46.38%	3.62%	15.23%	-14.05%	12.03%
International Markets	-	-	-	-	-	-	-	-	136.37M	196.03M
International Markets Growth	-	-	-	-	-	-	-	-	-	43.75%
GERMANY	-	-	-	-	86.56M	93.26M	93.94M	46.12M	60.21M	65.26M
GERMANY Growth	-	-	-	-	-	7.74%	0.72%	-50.90%	30.55%	8.39%
FRANCE	-	-	-	-	-	-	-	-	-	55.73M
FRANCE Growth	-	-	-	-	-	-	-	-	-	-
JAPAN	-	89K	303K	6.35M	17.91M	29.08M	34.64M	32.78M	31.67M	32.57M
JAPAN Growth	-	-	240.45%	1996.04%	182.03%	62.33%	19.14%	-5.37%	-3.40%	2.85%
CHINA	-	-	-	-	5.25M	12.59M	22.77M	21.33M	23.22M	17.39M
CHINA Growth	-	-	-	-	-	139.58%	80.82%	-6.29%	8.87%	-25.14%
Other EMEA	-	-	-	-	-	-	30.58M	30.71M	-	-
Other EMEA Growth	-	-	-	-	-	-	-	0.44%	-	-
EMEA	-	-	-	-	8.78M	18.65M	-	-	-	-
EMEA Growth	-	-	-	-	-	112.41%	-	-	-	-
E M E A	-	10.03M	42.03M	73.3M	-	-	-	-	-	-
E M E A Growth	-	-	319.18%	74.39%	-	-	-	-	-	-
U S	30.96M	-	-	-	-	-	-	-	-	-
U S Growth	-	-	-	-	-	-	-	-	-	-
Europe Israel And Japan	2.13M	-	-	-	-	-	-	-	-	-
Europe Israel And Japan Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

NovoCure Limited (NVCR) reported $642.3M in revenue for fiscal year 2024. This represents a 6100% increase from $10.4M in 2013.

NovoCure Limited (NVCR) grew revenue by 18.8% over the past year. This is strong growth.

NovoCure Limited (NVCR) reported a net loss of $177.7M for fiscal year 2024.

Dividend & Returns

NovoCure Limited (NVCR) has a return on equity (ROE) of -46.7%. Negative ROE indicates the company is unprofitable.

NovoCure Limited (NVCR) had negative free cash flow of $65.2M in fiscal year 2024, likely due to heavy capital investments.