Novocure is an oncology company that sells Tumor Treating Fields (TTFields), a medical device therapy that uses alternating electric fields to physically disrupt cancer cell division. Patients wear the device continuously, delivering electric fields through adhesive arrays placed on the skin near the tumor. Novocure's core product is Optune Gio for glioblastoma (GBM), which generates the vast majority of revenue. Novocure is also launching Optune Lua for metastatic non-small cell lung cancer (NSCLC) and mesothelioma, received FDA approval for Optune Pax for locally advanced pancreatic cancer in early 2026, and has a fifth device, Optune Mya for brain metastases, under FDA review. Novocure's business model is direct-to-patient: once a physician prescribes the device, Novocure ships it directly to the patient, handles training, and manages insurance reimbursement. Revenue is billed monthly per active patient, so the key drivers are the number of active patients and monthly net revenue per patient. Gross margins on the established GBM business run in the high 70s, but compress toward the low 70s during new indication launches, when Novocure often treats patients before reimbursement is in place. Novocure's growth strategy centers on expanding TTFields into additional solid tumor indications, pursuing reimbursement coverage for new indications, and growing internationally — particularly in Japan — while leveraging its existing sales infrastructure across launches.