MADISON, Wis. - Exact Sciences Corp. (NASDAQ:EXAS) shares jumped 9% following the announcement of a narrower second-quarter loss and a revenue beat.
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 $0.34 per share loss. 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 revenue, which includes laboratory service revenue from Cologuard tests and PreventionGenetics, rose by 15% to $532 million. Precision Oncology revenue, encompassing laboratory service revenue from global Oncotype DX and therapy selection tests, increased by 7% to $168 million.
Kevin Conroy, chairman and CEO, commented on the results, "Our second quarter results show the dedication of Exact Sciences' world-class team and the power of our unique platform. We delivered answers to more patients and healthcare professionals than ever before, achieved record revenue and profitability, and advanced each of our key pipeline programs."
For the full-year 2024, Exact Sciences maintained its revenue guidance at $2.81-2.85 billion, aligning with the consensus estimate of $2.83 billion. Additionally, the company raised its full-year 2024 adjusted EBITDA guidance midpoint by $8 million, reflecting continued confidence in its operational performance.
The company's strong quarter was marked by screening over 1 million people with Cologuard for the first time during a quarter and testing a record number of cancer patients with Oncotype DX. Exact Sciences also advanced its pipeline by generating evidence supporting molecular residual disease, multi-cancer screening, and blood-based colorectal cancer screening tests.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.