Exact Sciences Stock Climbs After Strong Q2 Results

Author: Erica Kollmann | July 31, 2024 05:45pm

Exact Sciences Corp (NASDAQ:EXAS) shares are trading higher after the company reported its second-quarter financial results Wednesday. Here's a look at the details from the report. 

The Details: Exact Sciences reported quarterly losses of 9 cents per share, which beat the analyst consensus estimate of losses of 32 cents by 71.88%.

The company reported quarterly sales of $699.264 million which beat the analyst consensus estimate of $690.003 million and is a 12.41% increase over sales from the same period last year. Screening revenue was $532 million, a 15% increase, and Precision Oncology revenue was $168 million, an increase of 6%.

Exact Science says it screened more than 1 million people with Cologuard for the first time during a quarter and tested a record number of cancer patients with Oncotype DX.

The company also announced an exclusive licensing agreement with TwinStrand Biosciences for its patent estate in the cell free nucleic acid sequencing space.

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“Our second quarter results show the dedication of Exact Sciences’ world-class team and the power of our unique platform,” said Kevin Conroy, chairman and CEO. “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. Momentum continues to build, fueling our purpose to help eradicate cancer.”

Outlook: Exact Sciences maintained its full-year revenue guidance of between $2.81 billion and $2.85 billion, versus the $2.829 estimate.

EXAS Price Action: According to Benzinga Pro, Exact Sciences shares are up 9.46% after-hours at $50.00 at the time of publication Wednesday.

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Image: Courtesy of Exact Sciences Corporation

Posted In: EXAS