MADISON, Wis. – The shares of Exact Sciences Corp. (NASDAQ:) rose 9% after announcing a smaller second-quarter loss and a sales decline.
The company, known for its cancer screening and diagnostic tests, reported a second-quarter loss of $0.09 per share, significantly better than analysts’ expectations of a loss of $0.34 per share. Revenue for the quarter was $699.26 million, surpassing the consensus estimate of $690.01 million.
The company’s revenue reflected a 12% increase from the $622 million reported in the same quarter last year. Screening revenues, which include laboratory services revenues from Cologuard Testing and PreventionGenetics, rose 15% to $532 million. Precision Oncology revenues, which include laboratory services revenues from global Oncotype DX and therapy selection testing, increased 7% to $168 million.
Kevin Conroy, Chairman and CEO, commented on the results: “Our second quarter results demonstrate the dedication of Exact Sciences’ world-class team and the power of our unique platform. We have provided answers to more patients and professionals in the healthcare than ever before, and have achieved record revenue and profitability, and made progress on each of our key pipeline programs.”
For full-year 2024, Exact Sciences maintained its revenue guidance at $2.81-2.85 billion, in line with the consensus estimate of $2.83 billion. Additionally, the company increased its full-year 2024 adjusted EBITDA guidance by $8 million, reflecting continued confidence in its operating performance.
The company’s strong quarter was highlighted by screening more than 1 million people for the first time in a quarter with Cologuard and testing a record number of cancer patients with Oncotype DX. Exact Sciences has also continued to advance its pipeline by generating evidence to support molecular residual disease, multi-cancer screening and blood-based screening tests for colorectal cancer.
This article was produced with the support of AI and reviewed by an editor. For more information see our General Terms and Conditions.
