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Jun 30, 2023
Exact Sciences Q2 2023 Earnings Report
Reported record results, generated positive free cash flow, and raised full-year guidance.
Key Takeaways
Exact Sciences Corp. announced strong second-quarter results with a 19% increase in total revenue to $622.1 million. The company generated positive free cash flow and raised its full-year revenue and adjusted EBITDA guidance.
Total second quarter revenue reached $622 million, a 19% increase year-over-year, with core revenue up by 24% at $617 million.
Cash provided by operating activities was $100 million, and free cash flow was $66 million.
Full-year 2023 revenue and adjusted EBITDA guidance were raised by $54 million and $63 million at the midpoints, respectively.
Screening revenue increased by 31% to $462.8 million, while Precision Oncology revenue increased by 2% to $157.2 million.
Revenue by Segment
Forward Guidance
The company anticipates revenue of $2.441-$2.466 billion during 2023, with Screening revenue of $1.820-$1.835 billion, Precision Oncology revenue of $615-$625 million, and COVID-19 testing revenue of $6 million.
Positive Outlook
- Screening revenue of $1.820-$1.835 billion
- Precision Oncology revenue of $615-$625 million
- COVID-19 testing revenue of $6 million
- Revenue guidance has been raised from the previously expected range of $2.380-$2.420 billion
- Screening revenue was previously expected $1.770-$1.795 billion
Challenges Ahead
- Previously expected Precision Oncology revenue of $605-$620 million
- Previously expected COVID-19 testing revenue of $5 million
- Forward-looking statements are subject to risks and uncertainties.
- Actual results may differ materially from those anticipated.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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