FDA APPROVES NOVOCURE TREATMENT FOR METASTATIC NON-SMALL CELL LUNG CANCER

The FDA has approved Optune Lua, a therapy from Novocure for use alongside PD-1/PD-L1 inhibitors or docetaxel in adults with metastatic non-small cell lung cancer who have progressed following platinum-based treatments.

This marks the first notable improvement in overall survival in this patient group in over eight years, according to Novocure (NASDAQ: NVCR), a Swiss company whose U.S. headquarters are in Portsmouth, NH.

Optune Lua is a portable, wearable device that uses Tumor Treating Fields technology to disrupt cancer cell division, leading to cell death. The recent LUNAR Phase 3 trial demonstrated that patients using Optune Lua with immunotherapy or chemotherapy saw a statistically significant 3.3-month improvement in median survival, achieving a median survival of 13.2 months compared to 9.9 months for those receiving only PD-1/PD-L1 inhibitors or docetaxel, the company said in a press release.

“The approval of Optune Lua brings a new and urgently needed option for people with metastatic NSCLC who have progressed while on or after platinum-based chemotherapy,” said Asaf Danziger, CEO, Novocure, in a statement.

In September, Novocure opened its new U.S. headquarters building in downtown Portsmouth, where it employs more than 300 people. The company is a founding member of the newly formed New Hampshire Life Sciences, an industry trade group.

PLANET FITNESS NET INCOME RISES 3% IN THIRD QUARTER

Planet Fitness Inc. (NYSE: PLNT) announced its financial results Nov. 7 for the third quarter ending Sept. 30, 2024.

“We delivered solid results in the quarter, including more than 5% revenue growth, approximately 3% net income growth, and approximately 10% Adjusted EBITDA growth, and are raising our outlook for certain key financial targets,” said CEO Colleen Keating in a press release.

“During the quarter, I addressed our franchisees, club employees, and team members at our conference to reinforce our strategic priorities. The enthusiasm the franchisees showed was highly encouraging. We also raised the price of our Classic Card membership to $15 for new members, marking the first increase in over 25 years.”

Quarterly highlights included total revenue growth of 5.3% to $292.2 million, a 4.3% rise in system-wide same club sales, and an increase in net income to $42.4 million from $41.3 million last year. Planet Fitness, based in Hampton, NH, opened 21 new clubs, bringing its total to 2,637 as of Sept. 30. Additionally, Planet Fitness entered into a $280 million accelerated share repurchase agreement, retiring approximately 3.8 million shares.

For fiscal year 2024, the company anticipates revenue growth of 8-9%, adjusted EBITDA increases of 8-9%, and approximately 140-150 new club openings.

ALLEGRO MICROSYSTEMS IMPROVES EARNINGS PER SHARE IN SECOND QUARTER

Allegro MicroSystems, Inc. (NASDAQ: ALGM) announced its second-quarter financial results for fiscal 2025, reporting a 12% sequential sales increase, reaching $187 million.

“We delivered results in-line with our commitments,” said Vineet Nargolwala, Allegro’s president and CEO in an Oct. 30 press release. “Second quarter sales were $187 million, with sequential growth in both automotive and industrial and other end markets. (Non-generally accepted accounting principles earnings per share) was $0.08, at the high end of our outlook.”

For the quarter ending Sept. 27, 2024, Allegro reported non-GAAP gross margins of 48.8% and operating margins of 11.7%. Diluted earnings per share reached $0.08, an improvement over the prior quarter.

In its business outlook, Allegro expects third-quarter sales between $170 million and $180 million, driven by growth in vehicle electrification and seasonality factors, with gross margins anticipated to range from 49% to 51%. The company recently made a voluntary $25 million term loan payment, reducing its expected interest expense to approximately $6 million.

Allegro, based in Manchester, NH, is a global designer, developer, fabless manufacturer and marketer of sensor integrated circuits and application-specific analog power integrated circuits for the automotive and industrial markets.