NovoCure Limited (NASDAQ:NVCR) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 08:00 am ET

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NovoCure Limited (NASDAQ:NVCR) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to the NovoCure Second Quarter 2020 Earnings Conference Call. At this time, all participant lines are in a listen-only mode. [Operator Instructions] Please be advised that today's conference is begin recorded. [Operator Instructions]

I would now like to turn the conference to your host today, Ashley Cordova, Senior Vice President of Finance & Investor Relations. Please go ahead.

Executive
Ashley Cordova

Good morning, everyone and thank you for joining us to review Novocure's second quarter 2020 performance. With the management team largely working remotely, we are again conducting today's call virtually.

I am joined on the phone by our Executive Chairman, Bill Doyle; our CEO, Asaf Danziger; and our CFO, Wilco Groenhuysen; Pritesh Shah, our Chief Commercial Officer; and Ely Benaim, our Chief Medical Officer are also on the call and available for Q&A.

The slides presented today can be viewed on our website www.novocure.com by clicking on the link for second quarter 2020 financial results, located in the Events section on our Investor Relations page.

Before we start, I would like to remind you that, our discussions during this conference call will include forward-looking statements and actual results could differ materially from those projected in these statements. These statements involve a number of risks and uncertainties some of which are beyond our control including those risks and uncertainties described from time-to-time in our SEC filings. We do not intend to update publicly any forward-looking statement except as required by law.

Following our prepared remarks today, we will open the line for questions. Financials for the three months for the six months ended June 30, 2020 are available in our press release and in our 10-Q, both of which we released earlier this morning. Where appropriate, we will refer to non-GAAP financial measures to evaluate our business. Reconciliations of non-GAAP financial measures to GAAP financial measures are also included in our press release and the appendix of the supplemental slides accompanying this presentation and in our Form 8-K filed with the SEC today. These materials can be accessed from the Investor Relations page of our website, www.novocure.com.

With that, I will now turn the call over to Bill Doyle.

Executive
William F. Doyle

Thank you, Ashley and good morning everyone.

At Novocure, we remain focused on our mission to extend survival in some of the most aggressive forms of cancer through the development and commercialization of our lifeextending therapy, Tumor Treating Fields. Our track record of execution extended into the second quarter of 2020 with sustained commercial momentum, driving strong financial performance notstanding the challenges of doing business during the COVID-19 pandemic.

Our team proves that we can adapt to a rapidly changing environment and we further strengthened our foundation for growth in Q2. We generated a record $116 million in revenue global net, reported positive EPS of $0.02 per share, and we ended the second quarter with $347 million of cash on hand. Our financial strength allowed funding of increased investments in clinical and product innovation, intended