Exact Sciences Q2 2022 Earnings Report
Key Takeaways
Exact Sciences Corp. announced second-quarter revenue of $521.6 million, a 20% increase compared to the same period in 2021. Screening revenue increased by 34%, while Precision Oncology revenue increased by 12%. The company is focused on expanding testing, prioritizing profitability, and generating evidence for its cancer diagnostic pipeline.
Total second quarter revenue of $522 million, including Screening revenue of $354 million, Precision Oncology revenue of $154 million, and COVID-19 testing revenue of $14 million
Total second quarter revenue, excluding COVID-19 testing, increased 26 percent compared to the second quarter of 2021, including 34 percent increase in Screening revenue and 12 percent increase in Precision Oncology revenue
Screening revenue growth driven by improved sales team productivity, Cologuard marketing partnership with Katie Couric, Cologuard rescreens, and Cologuard use in 45-49 age group
Gross margin including amortization of acquired intangible assets was 68 percent, and non-GAAP gross margin excluding amortization of acquired intangible assets was 72 percent
Exact Sciences
Exact Sciences
Exact Sciences Revenue by Segment
Forward Guidance
The company anticipates revenue of $1,980-$2,022 million during 2022, assuming Screening revenue of $1,350-$1,372 million, Precision Oncology revenue of $580-$590 million, and COVID-19 testing revenue of $50-$60 million. Revenue guidance has been updated from the previously expected range of $1,985-$2,032 million.
Positive Outlook
- Screening revenue of $1,350-$1,372 million, including $40-$42 million from PreventionGenetics
- Precision Oncology revenue of $580-$590 million, including the divestiture of the Oncotype DX Genomic Prostate Score® test
- COVID-19 testing revenue of $50-$60 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income