Revenue growth has slowed to 12.3% in 2026Q1 while SG&A expenses of $144.2 million continue to outpace top-line expansion, resulting in a net loss of $71.1 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 674.41M | 655.35M | 605.22M | 509.34M | 537.84M | 535.03M | 494.37M | 351.32M | 248.07M | 177.03M | 82.89M | 33.09M | 15.49M | 10.36M |
| Revenue Growth % | 8.48% | 8.28% | 18.82% | -5.3% | 0.53% | 8.23% | 40.72% | 41.62% | 40.13% | 113.57% | 150.52% | 113.6% | 49.53% | - |
| Cost of Goods Sold | 167.29M | 166.88M | 137.18M | 128.28M | 114.87M | 114.88M | 106.5M | 88.61M | 80.05M | 55.61M | 46.28M | 20.61M | 10.04M | 7.01M |
| COGS % of Revenue | - | 25.46% | 22.67% | 25.19% | 21.36% | 21.47% | 21.54% | 25.22% | 32.27% | 31.41% | 55.84% | 62.29% | 64.79% | 67.7% |
| Gross Profit | 507.13M | 488.47M | 468.04M | 381.06M | 422.97M | 420.15M | 387.87M | 262.71M | 168.02M | 121.42M | 36.61M | 12.48M | 5.45M | 3.35M |
| Gross Margin % | 75.2% | 74.54% | 77.33% | 74.81% | 78.64% | 78.53% | 78.46% | 74.78% | 67.73% | 68.59% | 44.16% | 37.71% | 35.21% | 32.3% |
| Gross Profit Growth % | - | 4.37% | 22.83% | -9.91% | 0.67% | 8.32% | 47.64% | 56.36% | 38.38% | 231.69% | 193.39% | 128.77% | 63% | - |
| Operating Expenses | 690.48M | 642.27M | 638.53M | 614.67M | 512.5M | 464.49M | 357.46M | 263.63M | 201.69M | 160.75M | 151.92M | 116.47M | 85.61M | 67.81M |
| OpEx % of Revenue | - | 98% | 105.5% | 120.68% | 95.29% | 86.81% | 72.31% | 75.04% | 81.31% | 90.8% | 183.29% | 352.02% | 552.68% | 654.55% |
| Selling, General & Admin | 461.38M | 417.73M | 428.89M | 390.87M | 306.41M | 263.18M | 225.45M | 184.62M | 151.12M | 122.64M | 110.46M | 72.72M | 45.23M | 33.01M |
| SG&A % of Revenue | - | 63.74% | 70.87% | 76.74% | 56.97% | 49.19% | 45.6% | 52.55% | 60.92% | 69.28% | 133.26% | 219.8% | 291.99% | 318.64% |
| Research & Development | 229.1M | 224.54M | 209.65M | 223.06M | 206.09M | 201.3M | 132.01M | 79M | 50.57M | 38.1M | 41.47M | 43.75M | 40.38M | 34.8M |
| R&D % of Revenue | - | 34.26% | 34.64% | 43.79% | 38.32% | 37.62% | 26.7% | 22.49% | 20.39% | 21.52% | 50.03% | 132.22% | 260.69% | 335.91% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -183.35M | -153.8M | -170.5M | -232.87M | -89.52M | -44.33M | 30.4M | -914K | -33.67M | -39.33M | -115.32M | -104M | -80.16M | -64.46M |
| Operating Margin % | -27.19% | -23.47% | -28.17% | -45.72% | -16.64% | -8.29% | 6.15% | -0.26% | -13.57% | -22.22% | -139.12% | -314.31% | -517.47% | -622.25% |
| Operating Income Growth % | - | 9.79% | 26.78% | -160.12% | -101.93% | -245.83% | 3426.15% | 97.29% | 14.38% | 65.9% | -10.89% | -29.74% | -24.35% | - |
| EBITDA | -165.36M | -136.6M | -159.26M | -221.9M | -78.9M | -34.08M | 39.55M | 7.48M | -24.67M | -31.65M | -109.67M | -100.84M | -78.19M | -63.24M |
| EBITDA Margin % | -24.52% | -20.84% | -26.31% | -43.57% | -14.67% | -6.37% | 8% | 2.13% | -9.94% | -17.88% | -132.31% | -304.78% | -504.8% | -610.51% |
| EBITDA Growth % | -6.6% | 14.23% | 28.23% | -181.25% | -131.5% | -186.17% | 428.83% | 130.32% | 22.07% | 71.14% | -8.75% | -28.97% | -23.64% | - |
| D&A (Non-Cash Add-back) | 18M | 17.2M | 11.23M | 10.97M | 10.62M | 10.25M | 9.15M | 8.39M | 9.01M | 7.68M | 5.65M | 3.15M | 1.96M | 1.22M |
| EBIT | -177.92M | -136.25M | -120.82M | -188.42M | -78.51M | -48.63M | 35.68M | 5.05M | -32.45M | -36.8M | -114.54M | -104.27M | -80.26M | -64.35M |
| Net Interest Income | 8.7M | 18.11M | 39.33M | 41.13M | 7.68M | -7.74M | -12.3M | -7.91M | -12.27M | -9.72M | -5.75M | -2.79M | -40K | -12.4M |
| Interest Income | 10.54M | 18.11M | 51M | 46.04M | 15.79M | 1.1M | 5.75M | 6.73M | 4.64M | 1.98M | 1.17M | 84K | 143K | 267K |
| Interest Expense | 1.84M | 0 | 11.66M | 4.91M | 8.11M | 8.84M | 18.05M | 14.64M | 16.91M | 11.69M | 6.92M | 2.88M | 183K | 12.67M |
| Other Income/Expense | 8.14M | 17.55M | 39.33M | 41.13M | 7.68M | -7.74M | -12.3M | -7.91M | -12.27M | -9.17M | -6.15M | -3.15M | -144K | -12.56M |
| Pretax Income | -175.21M | -136.25M | -131.16M | -191.74M | -81.85M | -52.08M | 18.1M | -8.82M | -45.94M | -48.5M | -121.46M | -107.15M | -80.3M | -77.02M |
| Pretax Margin % | -25.98% | -20.79% | -21.67% | -37.64% | -15.22% | -9.73% | 3.66% | -2.51% | -18.52% | -27.4% | -146.54% | -323.83% | -518.4% | -743.48% |
| Income Tax | -2.17M | -23K | 37.47M | 15.3M | 10.69M | 6.28M | -1.71M | -1.59M | 17.62M | 13.16M | 10.38M | 4.43M | 382K | 353K |
| Effective Tax Rate % | 1.24% | 0.02% | -28.56% | -7.98% | -13.06% | -12.05% | -9.42% | 18.06% | -38.35% | -27.15% | -8.55% | -4.14% | -0.48% | -0.46% |
| Net Income | -173.05M | -136.23M | -168.63M | -207.04M | -92.53M | -58.35M | 19.81M | -7.23M | -63.56M | -61.66M | -131.84M | -111.58M | -80.68M | -77.37M |
| Net Margin % | -25.66% | -20.79% | -27.86% | -40.65% | -17.2% | -10.91% | 4.01% | -2.06% | -25.62% | -34.83% | -159.06% | -337.24% | -520.87% | -746.89% |
| Net Income Growth % | -5.4% | 19.21% | 18.55% | -123.75% | -58.58% | -394.58% | 373.97% | 88.62% | -3.08% | 53.23% | -18.16% | -38.3% | -4.28% | - |
| Net Income (Continuing) | -173.05M | -136.23M | -168.63M | -207.04M | -92.53M | -58.35M | 19.81M | -7.23M | -63.56M | -61.66M | -131.84M | -111.58M | -80.68M | -77.37M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.52 | -1.22 | -1.56 | -1.95 | -0.88 | -0.56 | 0.18 | -0.07 | -0.69 | -0.70 | -1.54 | -1.34 | -1.12 | -6.43 |
| EPS Growth % | -1.32% | 21.79% | 20% | -121.59% | -57.14% | -411.11% | 341.94% | 89.22% | 1.43% | 54.55% | -14.93% | -19.64% | 82.58% | - |
| EPS (Basic) | - | -1.22 | -1.56 | -1.95 | -0.88 | -0.56 | 0.20 | -0.07 | -0.69 | -0.70 | -1.54 | -1.34 | -1.12 | -6.43 |
| Diluted Shares Outstanding | 114.15M | 111.47M | 107.83M | 106.39M | 104.66M | 103.43M | 108.88M | 97.24M | 91.83M | 88.55M | 85.56M | 83.54M | 72.14M | 12.04M |
| Basic Shares Outstanding | 114.15M | 111.47M | 107.83M | 106.39M | 104.66M | 103.43M | 100.93M | 97.24M | 91.83M | 88.55M | 85.56M | 83.23M | 72.14M | 12.04M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical Trial Funding Dependency
According to recent quarterly filings, NovoCure's year-over-year revenue growth has decelerated from peak levels of over 20% in 2024 to 12.3% in 2026Q1, suggesting that the core glioblastoma market may be approaching a saturation point that limits the company's near-term top-line expansion potential.
The transition from double-digit growth to a more moderate pace indicates that the company is struggling to find new volume drivers to offset the plateauing adoption in its primary indication. Investors should monitor whether future clinical readouts can reignite growth or if the current trajectory reflects a permanent shift toward a slower, more mature commercial phase.
As reported in financial statements, NovoCure has maintained a resilient gross margin profile, consistently hovering around 75% to 77% over the last ten quarters, which highlights the inherent pricing power of its proprietary TTFields therapy despite broader operational difficulties in achieving scale-driven profitability.
This high gross margin suggests that the manufacturing cost of the disposable transducer arrays remains well-controlled relative to the premium pricing of the therapy. However, the inability to translate these strong margins into positive operating income implies that the company's cost structure is heavily burdened by non-manufacturing expenses.
Based on the provided income statement data, SG&A expenses spiked to $144.2 million in 2026Q1, significantly outpacing the $174.1 million in revenue and indicating that the company's aggressive investment in commercial infrastructure is currently failing to deliver the expected operating leverage for shareholders.
The volatility in SG&A, particularly the sharp increase in the most recent quarter, suggests that management is prioritizing market expansion or clinical support over immediate expense discipline. This trend warrants further investigation into whether these costs are temporary investments or a structural barrier to achieving long-term profitability.
Analysis of the income statement reveals that stock-based compensation reached $63.0 million in 2026Q1, a substantial non-cash expense that significantly inflates the reported net loss and complicates the assessment of the company's true underlying cash burn rate and operational efficiency for potential investors.
The heavy reliance on equity-based incentives appears to be a major factor in the persistent net losses, effectively masking the true cost of talent acquisition and retention. Investors should be cautious, as this level of dilution may continue to weigh on per-share performance even if the core business eventually reaches a break-even point.
Data from the most recent quarterly reports indicates that NovoCure is operating with a persistent negative operating margin, which, when combined with high R&D and SG&A spending, suggests a precarious financial position that may necessitate future dilutive financing to sustain ongoing clinical development programs.
The lack of a clear path to operating profitability raises concerns about the company's long-term viability without external capital injections. If the current clinical pipeline fails to deliver significant new revenue streams, the company may find itself in a position where its cash reserves are insufficient to support its current operational footprint.
Quick answers to the most common questions about buying NVCR stock.
For fiscal year 2025, NovoCure Limited (NVCR) reported total revenue of $655.4M. This represents a 6226.4% increase compared to $10.4M in 2013.
NovoCure Limited (NVCR) reported a net loss of $136.2M for the fiscal year ending 2025.
NovoCure Limited (NVCR) reported an operating income of $-153.8M, resulting in an operating profit margin of -23.5%. This margin reflects the operational efficiency of the business before interest and taxes.
NovoCure Limited (NVCR) generated $488.5M in gross profit for the year, representing a gross profit margin of 74.5%. This demonstrates the company's core pricing power and production efficiency.