On February 21, 2019 Exact Sciences Corp. (Nasdaq: EXAS) reported that the company generated revenue of $454.5 million and completed approximately 934,000 Cologuard tests during the year ended Dec. 31, 2018 (Press release, Exact Sciences, FEB 21, 2019, View Source [SID1234533572]). Full-year 2018 revenue and Cologuard test volume grew 71 percent and 64 percent from 2017, respectively.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
Exact Sciences Corporation Logo (PRNewsfoto/EXACT SCIENCES CORP)
During the fourth quarter of 2018, the company generated revenue of $143.0 million and completed approximately 292,000 Cologuard tests. Fourth-quarter 2018 revenue and test volume grew 64 percent and 66 percent from the same period of 2017, respectively.
"The Exact Sciences team made tremendous progress in 2018, and we look forward to helping more people get screened for colorectal cancer in 2019 through our partnership with Pfizer," said Kevin Conroy, chairman and CEO of Exact Sciences. "Our team continues working hard to advance our pipeline of liquid biopsy tests to deliver additional life-changing innovations in early cancer detection."
Fourth-Quarter 2018 Financial Results
For the three-month period ended December, 31 2018, as compared to the same period of 2017 (where applicable):
Revenue was $143.0 million, an increase of 64 percent, and test volume was 292,000, an increase of 66 percent
Average Cologuard recognized revenue per test was $486, a decrease of 2 percent
Average Cologuard cost per test was $129, an improvement of 4 percent
Gross margin was 73 percent, an increase of 20 basis points
Operating expenses were $154.1 million, an increase of 77 percent
Net loss was $54.0 million or $0.44 per share, compared to $21.8 million or $0.18 per share
Non-cash interest expense related to convertible debt was $8.4 million, or $0.07 per share
Cash utilization was $61.0 million including $17.9 million related to the Biomatrica acquisition, compared to $37.8 million
Cash, cash equivalents and marketable securities were $1.1 billion at the end of the quarter
Nearly 15,000 healthcare providers ordered their first Cologuard test during the fourth quarter, and approximately 147,000 have ordered since the test was launched
2019 Outlook
The company anticipates revenue of $710-$730 million during 2019.
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 "Safe Harbor Statement" section of this press release.
Fourth-Quarter Conference Call & Webcast
Company management will host a conference call and webcast on Thursday, Feb. 21, 2019 at 5 p.m. ET to discuss fourth-quarter 2018 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 7363029. The webcast, conference call and replay are open to all interested parties.
About Cologuard
Cologuard was approved by the FDA in August 2014 and results from Exact Sciences’ prospective 90-site, point-in-time, 10,000-patient pivotal trial were published in the New England Journal of Medicine in March 2014. Cologuard is included in the American Cancer Society’s (2018) colorectal cancer screening guidelines and the recommendations of the U.S. Preventive Services Task Force (2016) and National Comprehensive Cancer Network (2016). Cologuard is indicated to screen adults of either sex, 50 years or older, who are at average risk for colorectal cancer. Cologuard is not for everyone and is not a replacement for diagnostic colonoscopy or surveillance colonoscopy in high-risk individuals. False positives and false negatives do occur. Any positive test result should be followed by a diagnostic colonoscopy. Following a negative result, patients should continue participating in a screening program at an interval and with a method appropriate for the individual patient. Cologuard performance when used for repeat testing has not been evaluated or established. Medicare and most major insurers cover Cologuard. For more information about Cologuard, visit www.cologuardtest.com. Rx Only.