Exact Sciences Corp. (Nasdaq: EXAS) today announced that the company generated revenue of $118.3 million and screened approximately 241,000 people with Cologuard during the quarter ended September 30, 2018. Third-quarter 2018 revenue and Cologuard test volume grew by 63 percent and 49 percent, respectively, from the same period of 2017.
“The Exact Sciences team delivered another strong quarter, highlighted by significantly increased patient access to Cologuard with no out-of-pocket cost and continued progress toward our 2018 priorities,” said Kevin Conroy, chairman and CEO of Exact Sciences. “We are enthusiastic about our partnership with Pfizer and launched Cologuard to their internal medicine team in early October. We look forward to working with such a tremendous partner in the fight against colon cancer.”
Third-Quarter 2018 Financial Results
For the three-month period ended September 30, 2018, as compared to the same period of 2017 (where applicable):
- Revenue was $118.3 million, an increase of 63 percent, and test volume was 241,000, an increase of 49 percent
- Average recognized revenue per test was $492, an improvement of 9 percent
- Average cost per test was $125, an improvement of 3 percent
- Gross margin was 75 percent, an increase of 320 basis points
- Operating expenses were $129.2 million, an increase of 61 percent
- Net loss was $45.4 million or $0.37 per share, compared to $26.9 million or $0.23per share
- Non-cash interest expense related to convertible debt was $8.4 million, or $0.07per share
- Cash utilization was $36.9 million, compared to $21.7 million
- Cash, cash equivalents and marketable securities were $1.2 billion at the end of the quarter
- More than 11,000 healthcare providers ordered their first Cologuard test during the third quarter, and nearly 132,000 have ordered since the test was launched
2018 Outlook
- The company anticipates revenue of $435–$440 million for 2018, an increase from prior guidance of $420–$430 million
The company’s guidance for revenue is a forward-looking statement. It is subject to various risks and uncertainties that could cause the company’s actual results to differ materially from the anticipated targets. There can be no assurance the company will meet these financial projections. See the cautionary information about forward-looking statements in the “Safe Harbor Statement” section of this press release.
Third-Quarter Conference Call & Webcast
Company management will host a conference call and webcast on Tuesday, Oct. 30, 2018, at 5 p.m. ET to discuss third-quarter 2018 results. The webcast will be available at www.exactsciences.com. Domestic callers should dial 877-201-0168 and international callers should dial +1-647-788-4901.
An archive of the webcast will be available at www.exactsciences.com. A replay of the conference call will be available by calling 800-585-8367 domestically or 416-621-4642 internationally. The access code for the replay of the call is 6870368. The webcast, conference call and replay are open to all interested parties.
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