20 Feb Exact Sciences reports revenue growth, confirms 2025 launch of new products
Exact Sciences is best known for its noninvasive Cologuard colon cancer screening test, which has been used to screen for colorectal cancer 18 million times since its launch in 2014.
With Chairman and CEO Kevin Conroy predicting that 2025 is on track to be the most productive year in Exact Sciences’ history, the company reported better-than-expected 10% revenue growth for both the fourth quarter of 2024 and 10% revenue growth over the full year during its quarterly earnings call on Wednesday.
Best known for its noninvasive Cologuard colon cancer screening test, which has been used to screen for colorectal cancer (CRC) 18 million times since its launch in 2014, the company reported quarterly revenue of $713 million, an increase of 10% over the same quarter of 2023. This includes screening revenue — primarily laboratory service revenue from its Cologuard tests — of $553 million and precision oncology revenue of $161 million.
Total 2024 revenue was $2.76 billion, an increase of 10% over the previous year on screening revenue of $2.1 billion and precision oncology revenue of $655 million.
While quarterly revenue beat forecasts of $694 million, Exact posted a quarterly net loss of $865 million, or $4.67 per share, attributable to the company’s one-time recognition of an $830 million noncash impairment charge related to the 2021 acquisition of Thrive Earlier Detection Corp.
Shares of Exact Sciences fell 1.5% in after-hours trading, opened Thursday down 3.9% at $48.52 per share, and by 11:15 a.m. eastern time, they fell to $48.04, down 4.99% from their Feb. 19 close.
On the Wednesday earnings call, Conroy was upbeat about 2025 due to the continuing market penetration of Cologuard and the planned launch of three new cancer tests this year.
Those new products are Cologuard Plus, its next-generation colorectal cancer screening test, which will be available in the second quarter to Medicare fee-for-service patients, who represented about 15% of Cologuard volumes last year; Oncodetect, a molecular residual disease (MRD) test; and Cancerguard, a multicancer screening test.