09 Jan Exact Sciences reports 150 percent growth in 2016
Exact Sciences Corp. (Nasdaq: EXAS) announced today that the company expects to report revenues between $34.9 million and $35.4 million for the fourth quarter ended Dec. 31, 2016, an increase of 142 percent from the same quarter of 2015. The company completed approximately 82,000 Cologuard tests during the fourth quarter of 2016, which represents growth of 114 percent from the same period of 2015.
For the full-year 2016, the company anticipates revenues between $99.0 million and $99.5 million, a year-over-year increase of 150 percent. Completed Cologuard test volume during 2016 was approximately 244,000 tests, a 134-percent increase from 2015.
More than 9,500 health care providers ordered Cologuard for the first time during the fourth quarter ended Dec. 31, 2016. The number of providers who have ordered Cologuard since it was launched increased to nearly 60,000 during 2016, an increase of 122 percent from the prior year.
Insurance coverage of Cologuard expanded by 67 percent during 2016. Coverage has increased by 62 million lives since June 2016, when Cologuard was included in the U.S. Preventive Services Task Force’s final colorectal cancer screening recommendations. More than 163 million people are in health plans that cover Cologuard as of Jan. 6, 2017.
“Cologuard is becoming a standard of care for 80 million Americans who should be screened for colon cancer,” said Kevin Conroy, Exact Sciences’ chairman and CEO. “Strong demand for Cologuard from both patients and health care providers reflects the great need for this innovative, easy-to-use colon cancer screening test.”
Exact Sciences has not completed preparation of its financial statements for the fourth quarter or full year of 2016. The preliminary, unaudited results presented in this news release for the quarter and year ended Dec. 31, 2016 are based on current expectations and are subject to year-end closing adjustments. Actual results may differ.
Exact Sciences will report 2016 financial results and provide revenue and Cologuard test volume guidance on its February 2017 earnings call.
– Reposted from Exact Sciences