Exact Sciences Q3 2024 Highlights:
- Revenue Growth: Total revenue for Q3 reached $709 million, marking a 13% year-over-year increase. Screening revenue was $545 million, and Precision Oncology revenue hit $164 million.
- Financial Performance: The company reported a net loss of $38 million, while adjusted EBITDA improved to $99 million, reflecting a 500 basis point increase in EBITDA margin to 14%. Operating cash flow totaled $139 million, and free cash flow reached $113 million.
- Product Advancements:
- Received FDA approval for Cologuard Plus, an advanced colorectal cancer test with greater sensitivity and reduced false positives.
- Presented data for a blood-based colorectal screening test showing 88% sensitivity for cancer and 31% for advanced precancerous lesions at 90% specificity.
- First publication on Oncodetect for monitoring residual disease accepted by a peer-reviewed journal.
- Pipeline Developments: Continued expansion of the ExactNexus platform for enhanced patient engagement, and promising findings from the ASCEND 2 study on multi-cancer detection through a blood-based test.
Outlook: Exact Sciences adjusted its 2024 revenue projection to $2.73–$2.75 billion and anticipates adjusted EBITDA between $310–$320 million.