Exact Sciences posted its fourth consecutive strong quarter—beating analysts’ and the company’s own projections of financial and business performance—and investors reacted favorably.
Madison, WI-based Exact (NASDAQ: EXAS) develops diagnostic tests for several types of cancer. Its flagship product is Cologuard, a stool-based DNA test for colorectal cancer. Exact said it completed about 161,000 of the tests during the three-month period ending Sept. 30. That surpassed Exact’s previous projection of at least 150,000 Cologuard tests for the third quarter.
Exact’s third-quarter revenues were $72.6 million, which eclipsed analysts’ average estimate by more than $7 million. The company reported a net loss of $26.9 million, or 23 cents a share, beating projections by 7 cents a share. Exact’s net losses for the second quarter of 2017 and third quarter of 2016 were $30.8 million and $37.8 million, respectively. (Exact still has yet to turn a profit in the 22 years the company has been in business.) Read the full story here.
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