On April 30, 2019 Exact Sciences Corp. (Nasdaq: EXAS) reported that the company generated revenue of $162.0 million and screened approximately 334,000 people with Cologuard during the quarter ended March 31, 2019 (Press release, Exact Sciences, APR 30, 2019, View Source [SID1234535614]). First-quarter 2019 revenue and test volume both grew 79 percent from the same period of 2018.
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"Cologuard is changing how Americans get screened for colorectal cancer," said Kevin Conroy, chairman and CEO of Exact Sciences. "The strong start to 2019 gives us confidence our investments in people, facilities and partnerships will help us achieve our goal of screening at least 40 percent of the eligible U.S. population with Cologuard."
First-Quarter 2019 Financial Results
For the three-month period ended March 31, 2019, as compared to the same period of 2018 (where applicable):
Revenue was $162.0 million, an increase of 79 percent, and test volume was 334,000, an increase of 79 percent
Average Cologuard recognized revenue per test was $483, a decrease of $2
Average Cologuard cost per test was $128, an increase of $4
Gross margin was 73 percent, a decrease of 130 basis points
Operating expenses were $187.0 million, an increase of 80 percent
Net loss was $83.1 million, or $0.66 per share, compared to $39.4 million, or $0.33 per share
Non-cash interest expense related to convertible debt was $19.6 million, or $0.16 per share, which included a one-time, non-cash loss on the extinguishment of debt of $10.6 million, or $0.08 per share
Cash utilization was $77.0 million, compared to $53.7 million
Cash, cash equivalents and marketable securities were $1.3 billion at the end of the quarter, including $236 million, net, raised in relation to the issuance of new convertible notes and the repayment of a portion of our previously-issued convertible notes
Nearly 14,000 healthcare providers ordered their first Cologuard test during the first quarter, and more than 160,000 have ordered since the test was launched
2019 Outlook
The company anticipates revenue of $725-$740 million during 2019, an increase from prior guidance of $710-730 million
The company’s guidance for revenue is a forward-looking statement. It is subject to various risks and uncertainties that could cause the company’s actual results to differ materially from the anticipated targets. There can be no assurance the company will meet these financial projections. See the cautionary information about forward-looking statements in the "Forward-Looking Statements" section of this news release.
First-Quarter Conference Call & Webcast
Company management will host a conference call and webcast on Tuesday, April 30, 2019, at 5 p.m. ET to discuss first-quarter 2019 results. The webcast will be available at www.exactsciences.com. Domestic callers should dial 877-201-0168 and international callers should dial +1-647-788-4901.
An archive of the webcast will be available at www.exactsciences.com. A replay of the conference call will be available by calling 800-585-8367 domestically or 416-621-4642 internationally. The access code for the replay of the call is 4989449. The webcast, conference call and replay are open to all interested parties.