MADISON — Exact Sciences Corp. (Nasdaq: EXAS) today announced that the company generated revenue of $72.6 million and completed approximately 161,000 Cologuard tests during the quarter ended Sept. 30, 2017. Third-quarter 2017 revenue and completed Cologuard test volume grew 158 percent and 136 percent, respectively, from the same period of 2016.
“A growing number of patients and physicians are demanding Cologuard,” said Kevin Conroy, chairman and CEO of Exact Sciences. “Through our direct-to-consumer television and marketing campaign and our national sales force, we are reaching a larger percentage of the 80 million people eligible to be screened with Cologuard.”
Third-Quarter 2017 Financial Results
For the three-month period ended Sept. 30, 2017, as compared to the same period of 2016 (where applicable):
- Average recognized revenue per test was $451, an increase of 9 percent
- Average cost per test was $129, an improvement of 28 percent
- Gross margin was 71 percent, an increase of 1,470 basis points
- Operating expenses were $80.3 million, an increase of 48 percent
- Net loss was $26.9 million or $0.23 per share, compared to $37.8 million or $0.36 per share
- Cash utilization was $21.7 million, compared to $30.5 million
- Cash, cash equivalents and marketable securities were $462.5 million at the end of the quarter
- More than 10,000 health care providers ordered their first Cologuard during the third quarter, and approximately 91,000 have ordered since the test was launched
Updated 2017 Outlook
- The company anticipates revenue of $254-257 million and completed Cologuard test volume of 568,000-572,000 tests during 2017.
- The company’s previous guidance for full-year 2017 was $230-240 million in revenue and at least 550,000 completed Cologuard tests.
- With 395,000 Cologuard tests completed through the end of the third quarter, the company anticipates completing 173,000-177,000 tests during the fourth quarter of 2017.