Exact Sciences screened 934,000 patients for colorectal cancer in 2018 using its stool-based diagnostic test, Cologuard, resulting in a 71 percent surge in annual revenue to $454.5 million, the company announced Thursday.
Exact (NASDAQ: EXAS), which relocated from the Boston area to Madison, WI, in 2009, is one of the area’s fastest-growing healthcare companies and an increasingly prominent player in cancer diagnostics. It’s now valued at $10.5 billion. It employs more than 1,600 people, including 1,200 in the Madison area, the company said last August, when it broke ground on a new corporate headquarters.
Exact still isn’t profitable, and in fact its net loss grew last year to $175.1 million, due to increased spending on sales and marketing, and other costs. Nevertheless, the company’s ballooning revenues and several important developments in 2018—including a partnership with pharma giant Pfizer (NYSE: PFE) to co-promote Cologuard—have Exact CEO Kevin Conroy feeling good.
“2018 was a landmark year for Exact Sciences, and we’re incredibly excited about the company’s long-term potential,” Conroy said during a Thursday conference call with financial analysts, after Exact released its annual results. Read the full story here.