Exact Sciences Corp (EXAS) Reports 20% Revenue Increase in Q3 2023
Exact Sciences Corp (NASDAQ:EXAS) reported a 20% increase in total revenue for Q3 2023, reaching $628 million.
The company delivered over a million test results, including a record for Cologuard and Oncotype DX tests.
Exact Sciences Corp (NASDAQ:EXAS) raised its full-year 2023 revenue and adjusted EBITDA guidance midpoints by $28 million and $25 million, respectively.
Net income for the quarter was $0.8 million, compared to a net loss of $148.8 million in the same period of 2022.
Exact Sciences Corp (NASDAQ:EXAS), a leading provider of cancer screening and diagnostic tests, announced on November 1, 2023, that the company generated revenue of $628.3 million for the third quarter ended September 30, 2023, compared to $523.1 million for the same period of 2022. This represents a 20% increase in total revenue.
Financial Highlights
For the three-month period ended September 30, 2023, as compared to the same period of 2022, Exact Sciences Corp (NASDAQ:EXAS) reported a 20% increase in total revenue, reaching $628.3 million. Core revenue was $624.8 million, marking a 23% increase. Screening revenue was $472.0 million, a 31% increase, while Precision Oncology revenue was $156.3 million, a 3% increase, or 5% on a core revenue basis.
The company's gross margin including amortization of acquired intangible assets was 70%, and non-GAAP gross margin excluding amortization of acquired intangible assets was 73%. Net income was $0.8 million, or $0.00 per basic and diluted share, compared to a net loss of $148.8 million, or $(0.84) per basic and diluted share in the same period of 2022.
2023 Outlook
Exact Sciences Corp (NASDAQ:EXAS) anticipates revenue of $2.476-$2.486 billion during 2023, assuming screening revenue of $1.848-$1.853 billion, Precision Oncology revenue of $622-$627 million, and COVID-19 testing revenue of $6 million. This represents a raise from the previously expected range of $2.441-$2.466 billion.
Company Commentary
"Exact Sciences' third-quarter results reflect our unwavering dedication to improving cancer care on a global scale," said Kevin Conroy, chairman and CEO.
Our team delivered answers to more patients than ever before, giving us confidence to raise our full-year revenue and adjusted EBITDA guidance. To achieve our mission to eradicate cancer, we'll continue to focus on making our current and future tests the top choice for patients and healthcare professionals globally."
Key Financial Tables
The company's balance sheet as of September 30, 2023, showed cash, cash equivalents, and marketable securities of $734.4 million. The total assets were $6.42 billion, while total liabilities and stockholders' equity were also $6.42 billion. The company's net income for the three months ended September 30, 2023, was $794 thousand, compared to a net loss of $148.8 million for the same period in 2022.
Exact Sciences Corp (NASDAQ:EXAS) continues to demonstrate strong financial performance, delivering significant growth in revenue and turning a net loss into a net income. The company's commitment to improving cancer care globally is reflected in its robust financial results and its decision to raise its full-year guidance.
Explore the complete 8-K earnings release (here) from Exact Sciences Corp for further details.
This article first appeared on GuruFocus.
