Exact Sciences Corp. (Nasdaq: EXAS), a prominent cancer screening and diagnostics company, reported third-quarter 2024 revenue of $709 million, a 13% increase compared to $628 million in the same quarter of 2023. This growth was driven by increased test volume, reaching more patients than in any previous quarter. However, the company acknowledged that third-quarter performance and updated full-year projections fall short of their potential. They anticipate accelerated growth in 2025, maintaining a positive long-term outlook.
The company’s financial results for the three months ending September 30, 2024, reveal a breakdown of revenue streams. Screening, primarily consisting of Cologuard tests and PreventionGenetics services, generated $544.9 million. Precision Oncology, including Oncotype DX and therapy selection tests, contributed $163.8 million. Despite the overall revenue growth, the company adjusted its full-year 2024 guidance downwards. Total revenue is now projected between $2.730 billion and $2.750 billion, down from the previous range of $2.810 billion to $2.850 billion. Similarly, adjusted EBITDA is expected between $310 million and $320 million, revised from $335 million to $355 million.
Exact Sciences highlighted advancements in its platform and pipeline. The ExactNexusâ„¢ technology platform connects patients, healthcare systems, professionals, and payers electronically, enabling personalized customer experiences and streamlined information access. This platform is credited with the significant growth in Cologuard test utilization among rescreened patients and within care gap programs during the third quarter.
The FDA recently approved the Cologuard Plus test, a next-generation version offering increased sensitivity in detecting cancers and precancerous polyps while significantly reducing false positives. The company anticipates a higher price for this improved test through an established Medicare pathway. Promising data for a blood-based colorectal cancer screening test were also presented, demonstrating an 88% sensitivity for colorectal cancer and 31% for advanced precancerous lesions at 90% specificity. This innovative approach potentially offers another screening option for average-risk patients at an attractive cost profile.
Furthermore, Exact Sciences secured acceptance for publication in a peer-reviewed journal regarding its Oncodetect test, a molecular residual disease and recurrence monitoring test. This publication is expected in January 2025 and addresses a significant unmet need for the nearly 6 million cancer survivors in the U.S. Finally, evidence supporting the company’s blood-based multi-cancer screening test demonstrated a 55% overall sensitivity for cancers lacking standard screening options (excluding lung cancer) and 64% for the six most aggressive cancers, with 98.5% specificity. This highlights the potential of multi-biomarker testing to detect a broader range of cancers.
Source link: http://www.businesswire.com/news/home/20241105076239/en/Exact-Sciences-Announces-Third-Quarter-2024-Results
Jon Napitupulu is Director of Media Relations at The Clinical Trial Vanguard. Jon, a computer data scientist, focuses on the latest clinical trial industry news and trends.
