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Mar 31, 2023
Exact Sciences Q1 2023 Earnings Report
Reported record results, raised full-year guidance, and accelerated path to positive free cash flow.
Key Takeaways
Exact Sciences Corp. announced strong first-quarter results with a 24% increase in total revenue to $602.5 million. The company raised its full-year revenue guidance by $110 million at the midpoint and expects to turn free cash flow positive during 2023, ahead of the previous target of 2024.
Total first quarter revenue reached $602 million, a 24% increase year-over-year.
Core revenue increased by 33% to $598 million.
Full-year 2023 revenue guidance was raised by $110 million at the midpoint.
The company anticipates achieving positive free cash flow during 2023, earlier than the previously expected 2024 target.
Revenue by Segment
Forward Guidance
The company anticipates revenue of $2.380-$2.420 billion during 2023.
Positive Outlook
- Screening revenue of $1.770-$1.795 billion
- Precision Oncology revenue of $605-$620 million
- COVID-19 testing revenue of $5 million
- Revenue guidance has been raised from the previously expected range of $2.265-$2.315 billion
- Screening revenue was previously expected to be $1.660-$1.690 billion
Challenges Ahead
- Precision Oncology revenue was previously expected to be $600-$620 million
- COVID-19 testing revenue was previously expected to be $5 million
- Potential effects of changing macroeconomic conditions, including the effects of inflation and interest rate and foreign currency exchange rate fluctuations
- Uncertainties related to the coronavirus (“COVID-19”) pandemic
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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