Shares of NovoCure surged more than 25% Thursday after the oncology device maker reported its strongest quarterly revenue on record, prompting the company to raise its full-year financial outlook and marking a sharp rebound from a steep selloff the stock suffered earlier this month.

NovoCure shares traded at $19.48, up $3.91, on the day. The rally follows a period of significant weakness for the stock, which had fallen roughly 20% earlier this month after the company's closely watched TRIDENT clinical trial failed to meet its primary endpoint of improving overall survival in newly diagnosed glioblastoma patients.

Record quarterly results

NovoCure reported second-quarter net revenue of $184 million, up 16% from the same period a year earlier, driven by an 18% increase in active patients on therapy globally across the company's approved indications. As of June 30, the company had 5,128 total active patients using its Tumor Treating Fields therapy worldwide, spanning its Optune Gio, Optune Lua and newly launched Optune Pax devices.

Executive Chairman William Doyle described the results as the company's best commercial performance to date. "This was our strongest commercial quarter to date," Doyle said, pointing to record net revenues and active patient counts as evidence of accelerating momentum across the company's product portfolio.

A narrower loss and expense discipline

Alongside the revenue growth, NovoCure reported a second-quarter net loss of $16 million, or $0.13 per share, a significant improvement from the $40 million loss the company posted in........

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