Novocure

Q2 FY2026 EarningsQ2 FY26 results significantly exceeded consensus estimates across all key metrics. Net revenue reached $183.6M, a 6.5% beat against the $172.4M consensus, driven by an 18% YoY increase in active patients globally. Gross margin of 77.6% surpassed the 74.7% expected, aided by a $4.9M one-time tariff refund. Diluted EPS was a net loss of $0.13, substantially better than the -$0.33 consensus, reflecting improved operating leverage and lower-than-anticipated stock-based compensation. Adjusted EBITDA turned positive at $10.8M, marking a significant inflection point in the path toward profitability.