What caused NVCR's EPS surprises in 2024?

Novocure's (NVCR) EPS surprise for 2024 was a negative -$0.25, which was released on December 31, 2024. The EPS surprise can be attributed to several factors:

|code|Ticker|Name|Date|EPS Surprise|Diluted EPS|market_code|
|---|---|---|---|---|---|---|
|NVCR|NVCR.O|Novocure|2024 Q1|0.06|-0.36|185|
|NVCR|NVCR.O|Novocure|2024 Q2|0.1|-0.31|185|
|NVCR|NVCR.O|Novocure|2024 Q3|0.05|-0.28|185|
|NVCR|NVCR.O|Novocure|2024 Q4|-0.25||185|

1. **Strategic Transitions and Executive Changes**: Novocure is undergoing significant executive transitions, including the retirement of long-time CEO Asaf Danziger. Such changes can impact strategic continuity and may have influenced financial results.
2. **Regulatory Delays in Europe**: The regulatory review process in Europe has been lengthened due to the new MDR process, delaying approvals. This has likely impacted revenue realization, particularly for the new lung cancer indication.
3. **Gross Margin Headwinds**: Novocure anticipates headwinds to gross margins due to the global launch of next-generation arrays and the non-small cell lung cancer indication. This suggests that the company is facing increased costs that are impacting profitability.

In summary, NVCR's EPS surprise in 2024 was likely a result of a combination of strategic transitions, regulatory delays, and gross margin headwinds. These factors, coupled with the negative EPS surprise, indicate that Novocure faced significant challenges in the year.