Exact Sciences Corporation (EXAS) reported a net loss of 27 cents per share for fourth-quarter 2023, a significant improvement from the year-ago loss of 72 cents per share as well as the Zacks Consensus Estimate of a loss of 53 cents.Full-year net loss was $1.13 per share, narrower than the Zacks Consensus Estimate of a loss of $1.39. It also marked an improvement from a loss of $3.54 per share loss incurred in 2022.Revenues in DetailFourth-quarter consolidated revenues were $646.9 million, up 17% (up 18% o ...

Financial Data and Key Metrics - Q4 2023 revenue grew 17% YoY to $647 million, with core revenue growth of 18% excluding COVID testing, FX, and M&A [7] - Screening revenue increased 21% to $487 million, driven by Cologuard adoption, with 172,000 healthcare providers ordering Cologuard, an all-time high [7] - Precision Oncology revenue grew 12% to $160 million, with Oncotype DX international growth of 48% [7] - Q4 GAAP gross margin was 70%, while non-GAAP gross margin was 73% [7] - Net loss was $50 million, and adjusted EBITDA improved by $45 million to $50 million [7] - Free cash flow turned positive at $35 million, an improvement of $55 million YoY [7] - Cash and securities at year-end totaled $778 million [7] Business Line Performance - Screening revenue is expected to be between $460 million and $470 million in Q1 2024, and between $2.155 billion and $2.175 billion for the full year [8] - Precision Oncology revenue is expected to be between $155 million and $160 million in Q1 2024, and between $655 million and $675 million for the full year [8] - Cologuard brand awareness reached an all-time high of 89% in Q4 2023, with strong preference among unscreened patients [11] - Oncotype DX has been ordered by 98% of US oncologists and has helped spare over 1.3 million patients from unnecessary chemotherapy [12] Market Performance - International growth, particularly in Japan, is a key driver for Precision Oncology, with Japan expected to contribute $30 million in growth in 2024 [54] - The company expects strong double-digit growth internationally for Oncotype DX, with Japan being a significant market [10] Strategic Direction and Industry Competition - The company is focused on embedding Cologuard as a standard of care, increasing Oncotype DX adoption internationally, advancing pipeline programs, and deepening relationships with health systems [6] - The company is investing in new digital and TV campaigns for Cologuard, improving patient and physician experience, and advancing the MRD program [10] - The company is developing next-generation Cologuard, which is expected to raise the performance bar in noninvasive screening and be available to patients in 2025 [14] - The company is advancing its MRD program, with plans to share data supporting reimbursement in colon cancer and integrating OncoDetect with technology licensed from the Broad Institute [15] Management Commentary on Operating Environment and Future Outlook - The company expects total revenue between $615 million and $630 million for Q1 2024 and between $2.81 billion and $2.85 billion for the full year, implying 13% core revenue growth [8] - Adjusted EBITDA is expected to be between $325 million and $350 million for the year, with CapEx around $150 million [8] - The company is optimistic about the future, with a strong pipeline of new tests and a focus on reaching more patients through innovative campaigns and partnerships [11][12] Other Important Information - The company submitted its premarket approval application for next-generation Cologuard to the FDA in December 2023 and expects to make the test available in 2025 [14] - The company plans to announce top-line results from the BLUE-C study for its colon cancer blood test in 2024 [14] Q&A Session Summary Question: Unpack the $20 million headwind in Precision Oncology and OpEx and gross margin guidance for 2024 [17] - The $20 million headwind is due to contracts rolling off as labs transition whole exome sequencing and prostate cancer testing in-house, with the impact more pronounced in Q1 [18] - The company expects continued gross margin expansion and OpEx leverage, particularly in G&A, with investments in lab automation driving efficiency [18] Question: Phasing of screening revenue and CEO's stock options [20] - Q1 screening revenue is expected to be down sequentially due to seasonal trends, with 22% of full-year revenue expected in Q1 [23] - The CEO plans to exercise and hold stock options expiring this week, selling only enough to cover costs and taxes [21] Question: Screening revenue growth and competition from blood-based tests [25] - The company expects 16% screening revenue growth in 2024, driven by rescreens and first-time users, with double-digit growth in the 50-plus age group [26] - The company believes the USPSTF guidelines, which focus on life years gained and unnecessary colonoscopies, set a high bar for blood-based tests to achieve widespread adoption [28] Question: Growth in the 45-49 age segment and blood-based competition [30] - The 45-49 age segment now accounts for nearly 20% of screening revenue and is a significant growth driver [32] - The company believes blood-based tests face biological barriers, with high false-positive rates and insufficient precancer detection, making it difficult to meet USPSTF guidelines [31] Question: Life years gained and adjusted EBITDA margin guidance [36] - Cologuard has the best ratio of life years gained to unnecessary colonoscopies among screening tests, with blood-based tests falling short due to lower sensitivity for precancerous polyps [37] - The company expects 300 basis points of adjusted EBITDA margin expansion in 2024, with continued leverage across all major OpEx lines [38] Question: USPSTF process and timeline for blood-based tests [43] - The company is confident in meeting USPSTF data submission deadlines, with the next guideline update expected by 2026 [45] Question: Health system partnerships and competition [47] - The company's partnerships with health systems are based on value creation, including product offerings, customer support, and technology platforms, rather than contractual barriers [48][49] Question: Oncotype DX international growth and path to $1 billion in Precision Oncology revenue [52] - Japan is expected to contribute $30 million in growth in 2024, with the international business approaching $200 million in annual revenue [54] - The company aims to grow Oncotype DX to $600 million and the broader Precision Oncology business to $1 billion through market penetration, new product launches, and pipeline expansion [54] Question: MRD expectations and investment priorities [56] - The company plans to share data supporting Medicare reimbursement for MRD in colon cancer and expects to commercialize OncoDetect in late 2024 or early 2025 [57] - MRD is one of the company's top three investment areas, alongside colon cancer screening and multi-cancer early detection [59] Question: Multi-cancer early detection (MCAD) investment and progress [61] - The company has scaled back investment in MCAD due to uncertainty around Medicare reimbursement but remains committed to the long-term potential of the technology [62] Question: BLUE-C blood test expectations and positioning [65] - The company expects its blood test to receive a best second-line screening claim from the FDA, targeting patients who refuse frontline tests like Cologuard and colonoscopy [66] Question: MRD reimbursement and gross margin impact [69] - The company is generating data to support Medicare reimbursement for MRD in colon cancer, with breast cancer reimbursement expected in 2025 [70] - New products, including Cologuard 2, are expected to drive gross margin improvement, with temporary pressure from products lacking full reimbursement [71] Question: Cologuard 2.0 pricing and BLUE-C study publication [74] - The company expects to create value with Cologuard 2 through reduced false positives and cost savings but has not provided specific pricing guidance [75] - The BLUE-C study is expected to be published in the near term [75] Question: Rescreen hit rate and timing [77] - The rescreen success rate is below 55% but improving, with a long-term goal of 70% [78] - The median time to rescreen is approximately 3.5 years, with some spillover into the following year [78] Question: OncoLiquid data and commercial launch timing [80] - The company is working on validating OncoLiquid and plans to submit for Medicare reimbursement this year [83] Question: Advanced adenoma detection bar for first-line tests [81] - The company believes the FDA may set a minimum bar for advanced adenoma detection around 20%, based on the performance of the FIT test [82]

We aim to help eradicate cancer by preventing it, detecting it earlier, and guiding personalized treatment. Fourth-quarter 2023 earnings call February 21, 2024 EXACT SCIENCES 1 Safe harbor and non-GAAP disclosures This pre ...

分组1 - Exact Sciences reported a quarterly loss of $0.27 per share, better than the Zacks Consensus Estimate of a loss of $0.53, and improved from a loss of $0.72 per share a year ago, representing an earnings surprise of 49.06% [1] - The company achieved revenues of $646.89 million for the quarter ended December 2023, exceeding the Zacks Consensus Estimate by 2.36% and up from $553 million in the same quarter last year [1] - Exact Sciences has surpassed consensus EPS estimates and revenue estimates in each of the last four quarters [1] 分组2 - The stock has underperformed, losing about 15.2% since the beginning of the year compared to the S&P 500's gain of 4.3% [2] - The future performance of Exact Sciences' stock will depend on management's commentary during the earnings call and the company's earnings outlook [2] - Current consensus EPS estimate for the upcoming quarter is -$0.41 on revenues of $656.92 million, and for the current fiscal year, it is -$1.15 on revenues of $2.82 billion [4] 分组3 - The Medical - Biomedical and Genetics industry, to which Exact Sciences belongs, is currently ranked in the top 35% of over 250 Zacks industries, indicating a favorable outlook [4] - The Zacks Rank for Exact Sciences is 1 (Strong Buy), suggesting that the stock is expected to outperform the market in the near future [3]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-35092 _____________________________________________________________________________ ...

Exact Sciences (EXAS) is slated to report its fourth-quarter and full-year 2023 earnings on Feb 21.Exact Sciences is a leading cancer diagnostics company, which focuses on the development of new and innovative tests for the prevention of cancer through early detection. The company’s portfolio of FDA-approved flagship cancer screening and diagnostics tests includes Cologuard and Oncotype DX.Let us see how things have shaped up for the quarter to be reported.Factors to ConsiderExact Sciences reports its reven ...

The market expects Exact Sciences (EXAS) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be rel ...

Company Announcements - Exact Sciences Corp plans to release its fourth quarter 2023 financial results after the close of the US financial markets on February 21 2024 [1] - The company will host a webcast and conference call at 5 pm ET on February 21 2024 to discuss financial results and business progress [1] - The live webcast can be accessed at www exactsciences com and a replay will be available on the same website [1] - Domestic callers can dial 888-330-2384 and international callers can dial +1 240-789-2701 with access code 4437608 for both [1] Company Overview - Exact Sciences Corp is a leading provider of cancer screening and diagnostic tests [2] - The company focuses on providing clarity to patients and healthcare professionals for early life-changing actions [2] - Exact Sciences is building on the success of its Cologuard® and Oncotype® tests [2] - The company is investing in its pipeline to develop innovative solutions for use before during and after a cancer diagnosis [2]

Two factors often determine stock prices in the long run: earnings and interest rates. Investors can't control the latter, but they can focus on a company's earnings results every quarter.The earnings figure itself is key, of course, but a beat or miss on the bottom line can sometimes be just as, if not more, important. Therefore, investors should consider paying close attention to these earnings surprises, as a big beat can help a stock climb and vice versa.The ability to identify stocks that are likely to ...

Key PointsExact Sciences develops cancer detection and diagnostic tests like Cologuard.Hologic reported Q3 2023 17.5% organic revenue growth, excluding COVID-related revenues, which resulted in a drop of 5.5% year-over-year as normalization continues.Amicus Therapeutics develops treatments for rare diseases like Fabry and Pompe disease.5 stocks we like better than Exact SciencesThe new year brings a clean slate heading into the fourth-quarter earnings season. Companies can usually gauge if their previous fo ...