Exact Sciences Announces First-Quarter 2024 Results

Original from: business wire

First quarter highlights

·    Delivered total first quarter revenue of $638 million, an increase of 6% on a reported and core revenue basis, including Screening revenue of $475 million and Precision Oncology revenue of $163 million

·    Published Cologuard Plus™ test results from pivotal BLUE-C study in The New England Journal of Medicine

·    Maintains full-year 2024 revenue and adjusted EBITDA guidance

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Exact Sciences Corp. (Nasdaq: EXAS), a leading provider of cancer screening and diagnostic tests, today announced that the company generated revenue of $638 million for the first quarter ended March 31, 2024, compared to $602 million for the same period of 2023.

“The Exact Sciences team is off to a strong start again in 2024. Our team delivered more than a million Cologuard® and Oncotype DX® test results to patients and advanced our deep pipeline of life-changing cancer diagnostics,” said Kevin Conroy, chairman and CEO. “As we expand our portfolio globally, our seamless customer experience, powerful commercial engine, and high-quality lab and technology foundation will continue to gain momentum, supporting our mission to help eradicate cancer.”

First-quarter 2024 financial results

For the three-month period ended March 31, 2024, as compared to the same period of 2023 (where applicable):

·    Total revenue was $638 million, an increase of 6 percent on a reported and core revenue basis

·    Screening revenue was $475 million, an increase of 7 percent

·    Precision Oncology revenue was $163 million, an increase of 5 percent, or 4 percent on a core revenue basis

·    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 loss was $110 million, or $0.60 per share, compared to a net loss of $74 million, or $0.42 per share

·    EBITDA was $(47) million and adjusted EBITDA was $39 million

·    Cash used in operating activities was $82 million and free cash flow was $(120) million,

·    Cash, cash equivalents, and marketable securities were $652 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.

2024 outlook

The company has maintained its revenue guidance of $2.810-$2.850 billion during 2024, assuming:

·    Screening revenue of $2.155-$2.175 billion, and

·    Precision Oncology revenue of $655-$675 million.

Source: Exact Sciences Announces First-Quarter 2024 Results