Last week, Exact Sciences announced its Q1 2021 results. Here are 14 takeaways from the earnings call.
The company outlined three priorities for 2021:
◘ Get more people tested
◘ Enhance customer experience
◘ Advancing new solutions
Let’s start with some numbers:
◘ Total revenue was $402.1 million, an increase of 16% (compare that to $347.8 million in Q1 2020 and $466.3 million in Q4 2020)
◘ Screening revenue was $240.3 million, an increase of 10% (compare that to $219.5 million in Q1 2019 and $249.7 million in Q4 2020)
◘ Precision Oncology revenue was $129.4 million (compare that to $117.6 million in Q4 2020)
◘ COVID-19 testing revenue was $32.3 million (compare that to $99.1 million in Q4 2020 and $102.2 million in Q3 2020)
Kevin Conroy, Chairman and CEO, Exact Sciences and Jeff Elliott, Chief Financial and Chief Operating Officer, Exact Sciences made these remarks.
1. The company tested over 900,000 people during one quarter and generated $402 million in first-quarter revenue.
2.More than 235,000 healthcare providers ordered Cologuard since launch.
3. Exact Sciences expects the total revenue for the year 2021 to be $1.7 billion.
4. The company is optimistic about growth this year as the pandemic abates in the US which would benefit their wellness visits and in-person physician office access.
5. The company plans to target more than 40,000 OB/GYNs in the US who see themselves as primary care providers and perform about 15% of wellness checkups and discuss colon cancer screening with multiple patients daily.
6. The company started a new initiative called ‘Stand Up to Cancer’ to increase awareness about the importance of CRC screening. They’re focused on reaching vulnerable patient populations (46 million unscreened patient population).
7. Exact Sciences predicted that this year, more than 600,000 people will be eligible for their second Cologuard test, and next year more than 1 million people will be eligible.
8. BLUE-C (a prospective 10,000 patient trial) will complete enrollments by the end of this year. This study will be used to support FDA-approvals for Cologuard 2.0 and Exact Sciences’ colon cancer blood test. The company is confident of bringing a blood-based test to patients and physicians soon.
9. Exact Sciences has acquired PFS Genomics (a company focused on reducing unnecessary radiotherapy treatment in patients with early-stage breast cancer).
10.Last week, Exact Sciences made ONCOGUARD Liver (a simple blood test that helps detect the most common form of liver cancer, hepatocellular carcinoma) available to the HCPs (3 million patients eligible for testing).
11. Kevin Conroy, Chairman and CEO of Exact Sciences, said, “[In one quarter] There are probably 1,000 to 2,000 people who were diagnosed with early-stage colon cancer because of Cologuard.” (Incidence rate of early-stage cancer in the US is 0.6%).
12.The company remarked that over 43% of Cologuard orders (from over 100 health systems) are submitted electronically, while a year ago, it was at 30%.
13. Exact Sciences affirmed that the pandemic is going to change the way people think about at-home noninvasive colon cancer screening.
14. Talking about the multi-cancer screening test, Kevin Conroy, Chairman and CEO of Exact Sciences, said, “And we fundamentally believe that 10 years from now, the way people are going to be diagnosed with cancer, by and large, is going to be with screening through a blood test. And that’s not to displace other modalities of screening, but it’s going to be really critical.”
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