selected financials

Cash flow from the glioblastoma business is funding increased investments in R&D

global net revenues (USD in millions)

net revenues net revenues

Our balance sheet is strong

cash, cash equivalents and
short-term investments


(USD in millions)

consolidated statement of operations

Year ended December 31,
U.S. dollars in thousands 2018 2017 2016 2015
Net revenues $ 248,069 $ 177,026 $ 82,888 $ 33,087
Cost of revenues 80,048 55,609 39,870 20,610
Impairment of field equipment 6,412
Gross profit 168,021 121,417 36,606 12,477
     Research, development and clinical trials 50,574 38,103 41,467 43,748
     Sales and marketing 77,663 63,528 59,449 38,861
     General and administrative 73,456 59,114 51,007 33,864
Total operating expenses 201,693 160,745 151,923 116,473
Operating income (loss) (33,672) (39,328) (115,317) (103,996)
     Financial expenses, net (12,270) (9,169) (6,147) (3,151)
Income (loss) before income taxes (45,942) (48,497) (121,464) (107,147)
Income taxes (17,617) (13,165) (10,381) 4,434
Net income (loss) $ (63,559) $ (61,662) $ (131,845) $ (111,581)
Basic and diluted net income (loss) per ordinary share $ (0.69) $ (0.70) $ (1.54) $ (3.67)

consolidated balance sheet

U.S. dollars in thousands 2018 2017 2016 2015
Cash and cash equivalents $ 140,622 $ 78,592 $ 99,780 $ 119,423
Short-term investments 105,256 104,719 119,854 150,001
Total assets 339,793 265,298 282,081 307,336
Working capital 256,809 194,932 224,991 265,277
Current liabilities 64,560 50,202 36,882 28,627
Long-term liabilities 162,974 101,532 102,854 27,889
Total shareholders' equity 112,259 113,564 142,345 250,820

condensed cash flow

U.S. dollars in thousands 2018 2017 2016 2015
Net cash provided by (used in) operating activities $ (1,865) $ (33,134) $ (107,592) $ (99,884)
Net cash provided by (used in) investing activities (5,493) 8,628 12,996 (115,269)
Net cash provided by (used in) financing activities 69,369 5,168 75,124 276,989
Effect of exchange rate differences on cash and cash equivalents 27 8 10
Net increase (decrease) in cash, cash equivalents and restricted cash 62,038 (19,330) (19,462) (61,836)

corporate officers and
executive leadership

William F. Doyle
Executive Chairman

Asaf Danziger
Chief Executive Officer

Mike Ambrogi
Chief Operating Officer

Wilco Groenhuysen
Chief Financial Officer

Eilon Kirson, M.D., Ph.D.
Chief Science Officer and Head of Research and Development

Todd Longsworth
General Counsel

Yoram Palti, M.D., Ph.D.

Pritesh Shah
Chief Commercial Officer

board of directors

William F. Doyle
Executive Chairman

Asaf Danziger
Chief Executive Officer

William Burkoth

Jeryl Hilleman

David T. Hung

Kinyip Gabriel Leung

Martin J. Madden

Sherilyn D. McCoy

Charles G. Phillips III

William A. Vernon

”With annual revenues appoaching $250 million, five indications in our late-stage pipeline and a strong balance sheet, we believe we are well-positioned to deliver significant long-term shareholder value.”

        —Wilco Groenhuysen,
           Chief Financial Officer

market price of and dividends on the registrants’ common equity and related stockholder matters

The following performance graph is being furnished as part of this annual report and shall not be deemed “filed” with the SEC or incorporated by reference into any of our filings under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.

The following graph shows the total shareholder return of an investment of $100 in cash at market close on October 2, 2015 (the first day of trading of our ordinary shares) through December 31, 2018 for (1) our ordinary shares, (2) the Russell 2000 Index, and (3) the Nasdaq Biotechnology Index. Pursuant to applicable SEC rules, all values assume reinvestment of the full amount of all dividends; however, no dividends have been declared on our ordinary shares to date. The shareholder return shown on the graph below is not necessarily indicative of future performance, and we do not make or endorse any predictions as to future stockholder returns.

comparison of 39 month cumulative total return

Among Novocure Ltd, the Russell 2000 Index, and the Nasdaq Biotechnology Index

cumulative total return summary

Indications For Use

Optune is intended as a treatment for adult patients (22 years of age or older)with histologically-confirmed glioblastoma multiforme (GBM).

Optune with temozolomide is indicated for the treatment of adult patients with newly diagnosed, supratentorial glioblastoma following maximal debulking surgery and completion of radiation therapy together with concomitant standard of care chemotherapy.

For the treatment of recurrent GBM, Optune is indicated following histologically-or radiologically-confirmed recurrence in the supratentorial region of the brain after receiving chemotherapy. The device is intended to be used as a monotherapy, and is intended as an alternative to standard medical therapy for GBM after surgical and radiation options have been exhausted.

Summary of Important Safety Information


Do not use Optune if you have an active implanted medical device, a skull defect (such as, missing bone with no replacement), or bullet fragments. Use of Optune together with implanted electronic devices has not been tested and may theoretically lead to malfunctioning of the implanted device. Use of Optune together with skull defects or bullet fragments has not been tested and may possibly lead to tissue damage or render Optune ineffective.

Do not use Optune if you are known to be sensitive to conductive hydrogels. In this case, skin contact with the gel used with Optune may commonly cause increased redness and itching, and rarely may even lead to severe allergic reactions such as shock and respiratory failure.

Warnings and Precautions

Use Optune only after receiving training from qualified personnel, such as your doctor, a nurse, or other medical personnel who have completed a training course given by Novocure (the device manufacturer).

Do not use Optune if you are pregnant, you think you might be pregnant or are trying to get pregnant. It is not known if Optune is safe or effective in these populations.

The most common (≥10%) adverse events involving Optune in combination with temozolomide were low blood platelet count, nausea, constipation, vomiting, fatigue, scalp irritation from device use, headache, convulsions, and depression.

All servicing procedures must be performed by qualified and trained personnel.

Do not use any parts that do not come with the Optune Treatment Kit, or that were not sent to you by the device manufacturer or given to you by your doctor.

Do not wet the device or transducer arrays.

If you have an underlying serious skin condition on the scalp, discuss with your doctor whether this may prevent or temporarily interfere with Optune treatment.

Please visit to see the Optune Instructions for Use (IFU), for complete information regarding the device’s indications, contraindications, warnings, and precautions.