Exact Sciences announced its Q2 2021 results. Here are 14 takeaways from the earnings call.

Exact Sciences announced its Q2 2021 results.
Here are 14 takeaways from the earnings call.

Let’s start with some numbers:

◘ Total revenue was $434.8 million, an increase of 62% (compare that to $268.9 million in Q2 2020 and $402.1 million in Q1 2021)

◘ Screening revenue was $263.9 million, an increase of 101% (compare that to $131.3 million in Q2 2020 and $240.3 million in Q1 2021)

◘ Precision Oncology revenue was $137.8 million, an increase of 34% (compare that to $103.0 million in Q2 2020 and $129.4 million in Q1 2021)

◘ COVID-19 testing revenue was $33.1 million, a decrease of 4% (compare that to $34.6 million in Q2 2020 and $32.3 million in Q1 2021)

◘ Screening revenue included a one-time downward adjustment of $12.1 million related to the passing of the contractual deadline to submit claims for previously completed Cologuard tests.

Takeaways

1/  Exact Sciences tested 850,000 people in Q2 2021 with Cologuard, Oncotype DX and COVID test.

2/ Over 60,000 tests were performed using Cologuard. There was a significant increase in tests between the 45 to 49 age group.

3/ Exact Sciences expects a total revenue between $1.705 billion and $1.745 billion for the year 2021.

4/ 8,000 new healthcare providers ordered Cologuard during this quarter and nearly 244,000 have ordered since launch.

5/ The growth in Precision Oncology was primarily driven by Oncotype DX breast in the U.S.

6/ Exact Sciences acquired PFS Genomics for $33 million (PFS Genomics is a company focused on reducing unnecessary radiotherapy treatment in patients with early-stage breast cancer).

7/ Two main pandemic-related dynamics impacting the screening business: reduced physician office access and fewer in-person wellness visits.

8/ 44% of primary care doctors are doing fewer in-person wellness visits when compared to pre-COVID levels.

9/ Since the availability of Cologuard, Exact Sciences has estimates that it has helped detect precancerous polyps in more than 200,000 people and early-stage treatable cancer in more than 30,000 people.

10/ Cologuard is well positioned to help screen the 19 million Americans and research shows that Cologuard’s specificity is greater than 95% in the age group 45-49.

11/ Exact Sciences predicts that more than 600,000 people will be eligible for their second Cologuard test this year and 1 million people next year.

12/ Oncotype DX breast test was recently approved for national reimbursement in Italy, which makes Oncotype accessible to nearly 25,000 breast cancer patients in that demographic.

13/ Exact Sciences also plans to initiate a prospective interventional randomized trial for FDA registration.

14/ Over the next 24 months, Exact Sciences is planning several key milestones to bring 6 innovative cancer diagnostics from their pipeline to the patients in need.

Kevin Conroy, Chairman and Chief Executive Officer quoted “Our international presence will accelerate the availability of future advanced cancer tests all around the world. Exact Sciences plans to transform cancer care by providing patients valuable insights at every step of their diagnosis and treatment. We are working to build the best digital infrastructure and diagnostics”.

References: 

Exact Sciences (EXAS) Q2 2021 Earnings Call Transcript (The Motley Fool)

Exact Sciences Announces Second Quarter 2021 Results (Exact Sciences)

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