Exact Sciences Announces Third-Quarter 2023 Results

Original from: PR Newswire

Third-quarter 2023 highlights

-    Total third quarter revenue of $628 million, an increase of 20%, or 23% on a core revenue basis

-    Delivered more than 1 million test results, including a record for Cologuard® and Oncotype DX® tests

-    Full-year 2023 revenue and adjusted EBITDA guidance midpoints raised by $28 million and $25 million, respectively

Exact Sciences Corp. (Nasdaq: EXAS), a leading provider of cancer screening and diagnostic tests, today announced that the company generated revenue of $628.3 million for the third quarter ended September 30, 2023, compared to $523.1 million for the same period of 2022.

"Exact Sciences' third-quarter results reflect our unwavering dedication to improving cancer care on a global scale," said Kevin Conroy, chairman and CEO. "Our team delivered answers to more patients than ever before, giving us confidence to raise our full-year revenue and adjusted EBITDA guidance. To achieve our mission to eradicate cancer, we'll continue to focus on making our current and future tests the top choice for patients and healthcare professionals globally."

Third-quarter 2023 financial results

For the three-month period ended September 30, 2023, as compared to the same period of 2022 (where applicable):

-    Total revenue was $628.3 million, an increase of 20 percent

-    Core revenue was $624.8 million, an increase of 23 percent

-    Screening revenue was $472.0 million, an increase of 31 percent

-    Precision Oncology revenue was $156.3 million, an increase of 3 percent, or 5 percent on a core revenue basis

-    Other operating income (loss) was $72.0 million, which includes a gain related to the sale of the Oncotype DX Genomic Prostate Score Test

-    Gross margin including amortization of acquired intangible assets was 70 percent, and non-GAAP gross margin excluding amortization of acquired intangible assets was 73 percent

-    Net income was $0.8 million, or $0.00 per basic and diluted share, compared to a net loss of $148.8 million, or $(0.84) per basic and diluted share

-    EBITDA was $61.2 million and adjusted EBITDA was $56.3 million

-    Cash provided by operating activities was $24.4 million and free cash flow was $(0.8) million, including a one-time payment of $32.5 million for a previously disclosed and reserved legal matter

-    Cash, cash equivalents, and marketable securities were $734.4 million at the end of the quarter

Screening primarily includes laboratory service revenue from Cologuard tests and PreventionGenetics. Precision Oncology includes laboratory service revenue from global Oncotype DX and therapy selection tests.

2023 outlook

The company anticipates revenue of $2.476-$2.486 billion during 2023, assuming:

-    Screening revenue of $1.848-$1.853 billion,

-    Precision Oncology revenue of $622-$627 million, and

-    COVID-19 testing revenue of $6 million.

Revenue guidance has been raised from the previously expected range of $2.441-$2.466 billion, which assumed:

-    Screening revenue of $1.820-$1.835 billion,

-    Precision Oncology revenue of $615-$625 million, and

-    COVID-19 testing revenue of $6 million.

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Source: Exact Sciences Announces Third-Quarter 2023 Results