Exact Sciences Corp. (Nasdaq: EXAS) today announced that the company generated revenue of $402.1 million for the first quarter ended March 31, 2021, compared to $347.8 million for the same period of 2020.
"The first quarter demonstrated Exact Sciences is well-positioned for growth today and into the future," said Kevin Conroy, Chairman and CEO. "Our Cologuard® and Oncotype® tests help people in need of answers, including those who have been vulnerable during the pandemic. We plan to bring additional solutions to patients throughout the course of their diagnosis and treatment."
First Quarter 2021 Financial Results
For the three-month period ended March 31, 2021, as compared to the same period of 2020 (where applicable):
Total revenue was $402.1 million, an increase of 16 percent
Screening revenue was $240.3 million, an increase of 10 percent
Precision Oncology revenue was $129.4 million, an increase of 1 percent
COVID-19 testing revenue was $32.3 million
Gross margin including amortization of acquired intangible assets was 68%, and non-GAAP gross margin excluding amortization of acquired intangible assets was 73%
Income tax benefit was $242.8 million due to a change in the deferred tax asset valuation allowance resulting from the Thrive combination
Net loss was $31.2 million, or $0.18 per share, compared to a net loss of $134.6 million, or $0.91 per share
EBITDA was $(225.7) million and adjusted EBITDA was $(23.5) million
Cash, cash equivalents, and marketable securities were $1.38 billion at the end of the quarter
Screening includes laboratory service revenue from Cologuard tests and revenue from Biomatrica products. Precision Oncology includes laboratory service revenue from global Oncotype products.
2021 Outlook
The company anticipates revenue of $1,690-$1,735 million during 2021, including Screening revenue of $1,125-$1,150 million, Precision Oncology revenue of $515-$525 million, and COVID-19 testing revenue of $50-$60 million.
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