Exact Sciences reports strong growth trajectory for Cologuard in first quarter 2015
Exact Sciences Corp. (Nasdaq: EXAS) today announced its business and financial results for the quarter ending March 31, 2015, reporting that 11,000 Cologuard tests were completed and that the number of ordering physicians more than doubled, increasing from 4,100 at the end of 2014 to 8,300 in the first quarter of 2015.
“We are pleased with the strong launch trajectory of Cologuard,” said Kevin Conroy, Exact Sciences’ chairman and CEO. “Demand among patients and physicians and acceptance among commercial insurers is accelerating.”
The company expanded its team of sales professionals from 80 to 140 during the first quarter and also entered into an exclusive co-promotion agreement with Ironwood Pharmaceuticals, Inc. The arrangement will bring Cologuard to even more physicians and their patients through Ironwood’s 160 sales professionals.
Exact Sciences also made steady progress securing coverage from commercial insurers during the first quarter. This included positive medical policy coverage decisions from Anthem BlueCross BlueShield (37 million covered lives), Tufts Health Plan (1 million), CareFirst BlueCross BlueShield PPO (2 million) and Excellus BlueCross BlueShield of Western New York (1 million). The company also formally extended its collaboration with the Mayo Foundation for Medical Education and Research by an additional five years and expanded its licensing agreement to include additional gastrointestinal conditions.
Financial Results
Exact Sciences reported total revenues of $4.3 million for the first quarter of 2015, compared to $0.3 million for the first quarter of 2014. Cologuard received approval from the U.S. Food and Drug Administration in August 2014 and a final National Coverage Decision from the Centers for Medicare and Medicaid Services in October 2014.
For the first quarter of 2015 the company reported a net loss of ($35.8) million, or ($0.40) a share. The company had a net loss of ($16.1) million, or ($0.23) a share, for the same period of 2014.
Operating expenses for the quarter ended March 31, 2015, were $36.1 million, compared to $16.5 million for the first quarter of 2014.
Exact Sciences ended the first quarter of 2015 with cash, cash equivalents and marketable securities of $245.2 million, compared to $282.8 million atDec. 31, 2014.
First-Quarter Conference Call & Webcast
Company management will host a conference call and webcast on Monday, May 4, 2015, at 10 a.m. ET to discuss first-quarter results. The webcast will be available at www.exactsciences.com. Domestic callers should dial 877-212-6082 and international callers should dial 707-287-9332. An archive of the webcast and a replay of the conference call will be available at www.exactsciences.com or by calling 855-859-2056 domestically or 404-537-3406 internationally. The access code for the conference call and replay is 29563689. The conference call, webcast and replay are open to all interested parties.
About Exact Sciences Corp.
Exact Sciences Corp. is a molecular diagnostics company focused on colorectal cancer. The company has exclusive intellectual property protecting its non-invasive, molecular screening technology for the detection of colorectal cancer. Stool-based DNA technology is included in the colorectal cancer screening guidelines of the American Cancer Society and the U.S. Multi-Society Task Force on Colorectal Cancer. For more information, please visit the company’s website at www.exactsciences.com.
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