Exact Sciences Announces Fourth Quarter 2023 Results

Original from: business wire

Exact Sciences Corp. (Nasdaq: EXAS), a leading provider of cancer screening and diagnostic tests, today announced that the company generated revenue of $647 million for the fourth quarter of 2023 and $2.50 billion for the full year of 2023, both ended Dec. 31, 2023.​

Fourth quarter and 2023 highlights

·    Total fourth quarter revenue of $647 million, an increase of 17%, or 18% on a core revenue basis, with Screening revenue of $487 million and Precision Oncology revenue of $160 million

·    Total 2023 revenue of $2.50 billion, an increase of 20%, or 24% on a core revenue basis, with Screening revenue of $1.865 billion and Precision Oncology revenue of $629 million

·    Fourth quarter cash provided by operating activities was $70 million and free cash flow was $35 million

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“The Exact Sciences team advanced our mission to help eradicate cancer by testing a record number of patients with Cologuard® and Oncotype DX® in the fourth quarter, leading to strong financial results,” said Kevin Conroy, Chairman and CEO of Exact Sciences. “Over the past decade, we have built a world-class team and unrivaled platform that is fueling predictable, profitable growth and powering the next wave of innovative cancer diagnostics to make a profound difference in the fight against cancer.”

Fourth quarter 2023 financial results

For the three-month period ended Dec. 31, 2023, as compared to the same period of 2022 (where applicable):

·    Total revenue was $646.9 million, an increase of 17 percent, or 18 percent on a core revenue basis

·    Screening revenue was $486.7 million, an increase of 21 percent

·    Precision Oncology revenue was $160.2 million, an increase of 12 percent, or 11 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 $49.8 million, or $0.27 per share, compared to a net loss of $127.7 million, or $0.72 per share

·    EBITDA was $11.7 million and adjusted EBITDA was $49.7 million

·    Cash provided by operating activities was $69.5 million and free cash flow was $34.6 million

·    Cash, cash equivalents, and marketable securities were $777.6 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 revenue outlook

The company anticipates revenue 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 Fourth Quarter 2023 Results