On May 8, 2024 Exact Sciences Corp. (Nasdaq: EXAS), a leading provider of cancer screening and diagnostic tests, reported 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 (Press release, Exact Sciences, MAY 8, 2024, View Source [SID1234642876]).
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"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.
First-quarter 2024 conference call & webcast
Company management will host a conference call and webcast on Wednesday, May 8, 2024, at 5 p.m. ET to discuss first-quarter 2024 results. The webcast will be available at exactsciences.com. Domestic callers should dial 888-330-2384 and international callers should dial +1-240-789-2701. The access code for both domestic and international callers is 4437608. A replay of the webcast will be available at exactsciences.com. The webcast, conference call, and replay are open to all interested parties.