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Sep 30, 2022
Exact Sciences Q3 2022 Earnings Report
Reported record revenue, raised full-year guidance, and accelerated path to profitability.
Key Takeaways
Exact Sciences Corp. generated revenue of $523 million for the third quarter ended September 30, 2022, compared to $456 million for the same period of 2021. The company raised full-year revenue guidance and lowered operating expense guidance. Adjusted EBITDA profitability is now expected in the third quarter of 2023.
Total third quarter revenue, excluding COVID-19 testing, increased 20 percent compared to the third quarter of 2021, with Screening revenue of $361 million and Precision Oncology revenue of $151 million
Full-year revenue guidance raised by $33 million and operating expense guidance lowered by $113 million at the midpoints
Adjusted EBITDA profitability now expected in the third quarter of 2023, ahead of previous target of 2024
Total revenue was $523.1 million, an increase of 15 percent, or 20 percent excluding COVID-19 testing
Exact Sciences
Exact Sciences
Exact Sciences Revenue by Segment
Revenue by Segment
Screening Revenue
CapyFin.comPrecision Oncology Revenue
CapyFin.com Forward Guidance
The company anticipates revenue of $2,025-$2,042 million during 2022, assuming Screening revenue of $1,375-$1,382 million, Precision Oncology revenue of $595-$600 million, and COVID-19 testing revenue of $55-$60 million.
Positive Outlook
- Screening revenue of $1,375-$1,382 million
- Precision Oncology revenue of $595-$600 million
- COVID-19 testing revenue of $55-$60 million
- Full-year revenue guidance raised from the previously expected range of $1,980-$2,022 million
- Screening revenue of $1,350-$1,372 million
Challenges Ahead
- uncertainties associated with the coronavirus (COVID-19) pandemic, including its possible effects on our operations, including our supply chain and clinical studies, and the demand for our products and services
- our ability to efficiently and flexibly manage our business amid uncertainties related to COVID-19
- our ability to meet our payment obligations under our indebtedness
- our ability to raise additional capital in amounts and on terms satisfactory to us, if at all
- our ability to successfully and profitably market our products and services
Revenue & Expenses
Visualization of income flow from segment revenue to net income