Analyst at Oppenheimer spoke with NovoCure Limited (NASDAQ:NVCR) management following the company’s pre-announced Q4 revenue, which came in at $133.2 million, missing the consensus estimate of $152.5 million.

The key takeaways of the meeting include the following:

(1) While the miss was across geographies, EMEA accounted for the largest miss due in part to a $4 million impact from new contracting in Germany.

(2) 2022 active user growth of 2-5% implies a downward revision to Oppenheimer’s revenue estimates.

(3) limited disruption to clinical trials from COVID.

The analysts lowered their GBM estimates across geographies for 2022 and beyond, now expecting total 2022 sales to be $561.5 million, compared to their previous $619.9 million estimate. While the analysts maintained their Perform rating, they view risk/reward outlook as improving and are focused on Metis study as an attractive path to the intermediate-term upside.