Exact Sciences Corporation (NASDAQ:EXAS) Q3 2023 Earnings Call Transcript
Exact Sciences Corporation (NASDAQ:EXAS) Q3 2023 Earnings Call Transcript November 1, 2023
Operator: Good afternoon, ladies and gentlemen, and welcome to the Exact Sciences Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode, and please be advised that this call is being recorded. After the speakers prepared remarks, there will be a question-and-answer session. [Operator Instructions]. And now at this time, I would like to turn the call over to Mr. Erik Holznecht, Manager of Investor Relations. Please go ahead, sir.
Erik Holznecht: Thanks, Beau. Thank you for joining us for Exact Sciences third quarter 2023 conference call. On the call today are Kevin Conroy, the company's Chairman and CEO, and Jeff Elliott, our Chief Financial Officer. Everett Cunningham, our Chief Commercial Officer, will also be available for questions. Exact Sciences issued a news release earlier this afternoon detailing our third quarter financial results. This news release and today's presentation are available on our website at exactsciences.com. During today's call, we will make forward-looking statements based on current expectations. Our actual results may be materially different from such statements. Discussions of non-GAAP figures and reconciliations to GAAP figures are available in our earnings press release, and descriptions of the risks and uncertainties associated with Exact Sciences are included in our SEC filings.
A scientist in a laboratory observing a drug delivery system through a microscope.
Both can be accessed through our website. I'll now turn the call over to Kevin.
Kevin Conroy: Thank you, Erik. Our third quarter results reflect our commitment to help eradicate cancer with tests that prevent it, detect it earlier, and guide its treatment. Cologuard and Oncotype DX fuel are growing $2.5 billion business and the next wave of breakthrough cancer diagnostic innovations. Our focus on solving the needs of patients and healthcare providers powered outstanding third quarter results, allowing us to raise our 2023 guidance, for both revenue and adjusted EBITDA. Highlights from the third quarter include delivering more than 1 million total tests, including a record number of Cologuard and Oncotype DX results. Growing core revenue of 23% to $625 million, also a record, generating $56 million of adjusted EBITDA, a $69 million improvement.
Exceeding 1 million people screened with Cologuard between ages 45 and 49 in the 2.5 years since the recommended start age was moved from 50 to 45. Expanding the impact of Oncotype DX by launching in Japan on a reimbursed basis, beginning to integrate resolution biosciences and our new liquid therapy selection test into our portfolio. Presenting pivotal BLUE-C study results at the American College of Gastroenterology Conference, demonstrating next generation Cologuard met all endpoints. And showcasing the breadth and depth of our research with five abstracts, with our precision oncology and multi-cancer tests at the European Society of Medical Oncology Conference. The investments we've made in our core business are returning sustainable revenue growth and margin expansion.
See also Top 20 Franchises for Beginners and 25 Best Cities Where You Can Retire On $1,500 A Month.
To continue reading the Q&A session, please click here.
