Exact Sciences says Cologuard use more than doubled in the third quarter

By Judy Newman, Wisconsin State Journal

ExactSciences_wsjExact Sciences shares hit new all-time highs in after-hours trading Monday after the Madison cancer test company released third-quarter results well above analysts’ expectations, and raised its financial projections for 2017.

Exact reported revenue of $72.6 million for the three months that ended Sept. 30, more than double its revenue of $28.1 million for the 2016 third quarter.

The company said it processed about 161,000 Cologuard tests during the most recent quarter, up from 68,000 in the same period last year. Exact Sciences makes Cologuard, a stool-based DNA test to screen for colorectal cancer.

Exact’s third-quarter loss was $26.9 million, or 23 cents a share, down from $37.8 million, or 36 cents a share a year ago. Read more …