Exact Sciences Shares Drop After Guiding Lower Screening Revenue For FY21

Exact Sciences Corp's (NASDAQ:EXAS) Q3 revenues rose 12% Y/Y to $456.4 million, beating the consensus of $430.03 million.
The increase is attributable to increased revenues from its screening and precision oncology businesses.
Screening revenues rose 31% to $280.4 million. Precision oncology revenues increased 59% to $145.4 million. COVID-19 testing revenues fell 70% to $30.6 million.
Exact's Q3 net loss narrowed to $(0.97) from $(1.35) per share a year ago. Analysts had expected a net loss of $(0.85).
Exact ended Q3 with $1.2 billion in cash and cash equivalents.
Guidance: Exact expects FY21 sales of $1.722 billion - $1.737 billion (prior view $1.705 billion - $1.745 billion) versus consensus of $1.73 billion.
The outlook includes screening revenues of $1.05 billion - $1.055 billion, precision oncology revenues of $547 million - $552 million.
Screening revenue expectations are lower than the previous guidance of $1.10 billion - $1.12 billion due to the rapid rise of cases of the COVID-19 Delta variant starting in late July, which caused in-person sales calls to decrease in August and September significantly.
It forecasts COVID-19 testing revenues of $125 million - $130 million.
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Price Action: EXAS shares are down 8.50% at $87.50 during the premarket session on the last check Wednesday.