Exact Sciences Corp. today announced that the company generated revenues of $14.8 million during its first quarter ended March 31, 2016, an increase of 244 percent compared to $4.3 million in the first quarter of 2015. During the first quarter of 2016, the company completed approximately 40,000 Cologuard tests, an increase of more than 260 percent compared to approximately 11,000 tests completed in the same quarter of 2015. The cumulative number of physicians ordering Cologuard since launch expanded to more than 32,000.
“Our first quarter performance reflects sequential growth and another significant year-over-year increase, the result of continued progress optimizing the drivers of our commercial strategy,” said Kevin Conroy, chairman and CEO of Exact Sciences. “Throughout the quarter, our efforts were focused on delivering compelling marketing programs, improving salesforce effectiveness and securing broad commercial reimbursement for Cologuard. We are pleased with the progress being made in each area.”
The company recently completed a nine-week, five-market television advertising test. During the test period, there was, on average, a 50-percentage point increase in Cologuard orders and a 100-percentage point increase in new ordering physicians in the test markets versus control markets.
“Based on the results of the successful television advertising test, we’re launching a nationwide television campaign to expand patient awareness, secure new prescribing physicians and drive repeat orders of Cologuard,” Mr. Conroy said.
“Increasing commercial insurance coverage will be critical to driving long-term growth,” Mr. Conroy said, highlighting that Cologuard is now covered for 57 percent of its addressable population. Additionally, coverage of commercially-insured patients expanded to nearly 25 percent when the Harvard Pilgrim and Johns Hopkins Health Plans recently agreed to cover Cologuard. The company also expects to complete contracting with Anthem Central States, including plans in Ind., Ky., Mo., Ohio and Wis. With these additional states anticipated to go into effect June 1, 2016, 69 percent of Anthem’s 38 million members will reside in states where Exact Sciences is a participating in-network provider, broadening access to Cologuard for Anthem’s members who meet the indications for the test.
“As commercial insurance coverage increases, television advertising drives Cologuard orders, and our sales team continues to expand physician awareness, we believe that adoption will increase at a meaningful rate this year,” Mr. Conroy said. The company continues to anticipate completing more than 240,000 Cologuard tests during 2016, generating revenue of $90 to $100 million. This outlook reflects the company’s expectation that the effectiveness of its national Cologuard television campaign will be similar to that experienced in its recently-completed five-market test.
Our compliance rate calculated as of March 31, 2016 was 69 percent. Cologuard’s patient compliance rate is derived from the number of valid tests reported divided by the number of collection kits shipped to patients during the 12-month period ending 60 days prior to March 31, 2016. The compliance rate remains almost twice that of reported colonoscopy uptake and significantly higher than fecal blood testing.
– Reposted from Exact Sciences