Exact Sciences Stock Plunges On Q1 Earnings: What You Need To Know

Zinger Key Points
  • Exact Sciences says first-quarter revenue increases 6% year-over-year to $638 million, beating the consensus estimate of $627.355 million.
  • Exact Sciences reports a quarterly loss of 60 cents per share, missing analyst estimates for a loss of 48 cents per share.

Exact Sciences Corp EXAS shares are trading lower in Wednesday’s after-hours session on the heels of the company’s first-quarter results. Here’s a rundown of the report.

What Happened: Exact Sciences said first-quarter revenue increased 6% year-over-year to $638 million, which beat the consensus estimate of $627.355 million, according to Benzinga Pro. The company reported a quarterly loss of 60 cents per share, which missed analyst estimates for a loss of 48 cents per share.

Screening revenue was $475 million in the quarter, up 7% year-over-year. Precision Oncology revenue came in at $163 million, up 5% year-over-year.

“The Exact Sciences team is off to a strong start again in 2024. Our team delivered more than a million Cologuard and Oncotype DX test results to patients and advanced our deep pipeline of life-changing cancer diagnostics,” said Kevin Conroy, chairman and CEO of Exact Sciences.

“As we expand our portfolio globally, our seamless customer experience, powerful commercial engine, and high-quality lab and technology foundation will continue to gain momentum, supporting our mission to help eradicate cancer.”

Exact Sciences expects full-year 2024 revenue to be in the range of $2.81 billion to $2.85 billion. Screening revenue is expected to be between $2.155 billion and $2.175 billion. Precision Oncology revenue is expected to be between $655 million and $675 million.

Don’t Miss: Pfizer Agrees To Settle Over 10,000 Lawsuits About Cancer Risks Associated With Discontinued Heartburn Drug Zantac

EXAS Price Action: Exact Sciences shares were down 16% after hours at $49.97 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Exact Sciences.

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