Second-Quarter Revenue Increased 94 Percent To $200 Million And Cologuard Test Volume Increased 93 Percent To 415,000

Exact Sciences Corp. (Nasdaq: EXAS) today announced that the company generated revenue of $199.9 million and screened approximately 415,000 people with Cologuard during the quarter ended June 30, 2019. Second-quarter 2019 revenue and test volume grew 94 percent and 93 percent, respectively, from the same period of 2018.

“The Exact Sciences team delivered another strong quarter, bringing us closer to our goal of capturing at least 40-percent share of the U.S. colorectal cancer screening market with Cologuard, from about 6 percent today,” said Kevin Conroy, chairman and CEO of Exact Sciences. “The foundation we’ve built with our team, infrastructure, and commercial scale positions Exact Sciences well for continued growth.”

Second-Quarter 2019 Financial Results

For the three-month period ended June 30, 2019, as compared to the same period of 2018 (where applicable):

• Revenue was $199.9 million, an increase of 94 percent, and test volume was 415,000, an increase of 93 percent
• Average Cologuard recognized revenue per test was unchanged at $479
• Average Cologuard cost per test was $123, an improvement of $2 per test
• Gross margin was 74 percent, an increase of 30 basis points
• Operating expenses were $182.1 million, an increase of 68 percent
• Net loss was $38.4 million, or $0.30 per share, compared to $36.4 million, or $0.30 per share
• Non-cash interest expense related to convertible debt was $19.8 million, or $0.16 per share
• Cash utilization was $43.3 million, compared to $45.3 million
• Cash, cash equivalents and marketable securities were $1.2 billion at the end of the quarter
• More than 13,000 healthcare providers ordered their first Cologuard test during the second quarter, and nearly 174,000 have ordered since the test was launched

2019 Outlook

• The company anticipates revenue of $800–$810 million during 2019, an increase from prior guidance of $725–$740 million. The company’s updated guidance does not include the impact of the pending combination with Genomic Health.

The company’s guidance for revenue is a forward-looking statement. It is subject to various risks and uncertainties that could cause the company’s actual results to differ materially from the anticipated targets. There can be no assurance the company will meet these financial projections. See the cautionary information about forward-looking statements in the “Forward-Looking Statements” section of this news release.

Second-Quarter and Genomic Health Combination Conference Call & Webcast

In light of the combination with Genomic Health announced separately today, Exact Sciences will not hold its previously announced earnings conference call that had been scheduled for July 30, 2019. The two companies will host a joint conference call today at 8:00 a.m. ET to discuss the transaction as well as each companies’ second-quarter 2019 financial results. The webcast will be available at www.exactsciences.com. Domestic callers should dial 877-201-0168 and international callers should dial +1-647-788-4901.

An archive of the webcast will be available at www.exactsciences.com. A replay of the conference call will be available by calling 800-585-8367 domestically or 416-621-4642 internationally. The access code for the replay of the call is 8288326. The webcast, conference call, and replay are open to all interested parties. – PR Newswire