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Sep 30, 2023
Exact Sciences Q3 2023 Earnings Report
Reported record revenue, delivered over a million test results, and raised full-year guidance.
Key Takeaways
Exact Sciences reported a 20% increase in total revenue to $628.3 million for the third quarter of 2023. The company delivered over 1 million test results and raised its full-year revenue and adjusted EBITDA guidance.
Total revenue for Q3 2023 was $628 million, a 20% increase (23% on a core revenue basis).
More than 1 million test results were delivered, including a record for Cologuard® and Oncotype DX® tests.
Full-year 2023 revenue and adjusted EBITDA guidance midpoints were raised by $28 million and $25 million, respectively.
Net income was $0.8 million, or $0.00 per basic and diluted share, compared to a net loss of $148.8 million, or $(0.84) per basic and diluted share.
Revenue by Segment
Forward Guidance
The company anticipates revenue of $2.476-$2.486 billion during 2023.
Positive Outlook
- Screening revenue of $1.848-$1.853 billion.
- Precision Oncology revenue of $622-$627 million.
- COVID-19 testing revenue of $6 million.
- Revenue guidance has been raised from the previously expected range of $2.441-$2.466 billion.
- Screening revenue was previously expected to be $1.820-$1.835 billion.
Challenges Ahead
- Precision Oncology revenue was previously expected to be $615-$625 million.
- COVID-19 testing revenue was previously expected to be $6 million.
- Uncertainties related to the coronavirus (“COVID-19”) pandemic
- The possibility that the anticipated benefits from our business acquisitions will not be realized in full or at all or may take longer to realize than expected
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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