Exact Sciences Corp. (NASDAQ:EXAS) recently reported a first-quarter earnings miss, causing a 10% drop in its share price. The company, specializing in cancer screening and diagnostic tests, disclosed a net loss of $110 million, or -$0.60 per share, for the quarter ending March 31, 2024. This result exceeded the analyst consensus, which had forecasted a loss of -$0.48 per share. Despite the earnings setback, the quarter’s revenue reached $638 million, surpassing the consensus estimate of $627.35 million and showing a 6% increase from the previous year’s $602 million.
In the first quarter, Exact Sciences experienced a 7% growth in Screening revenue, totaling $475 million, and a 5% increase in Precision Oncology revenue, reaching $163 million. The company maintained a gross margin of 70%, with an adjusted gross margin of 73% excluding amortization of acquired intangible assets. However, the net loss widened from the previous year, leading to a negative investor response.
Kevin Conroy, the chairman and CEO of Exact Sciences, commented on the results, mentioning the delivery of over a million Cologuard® and Oncotype DX® test results to patients and the progression of their cancer diagnostics pipeline. He expressed confidence in the company’s global expansion and commercial engine momentum.
Looking forward, Exact Sciences has upheld its full-year 2024 revenue guidance, anticipating $2.81 to…
