Exact Sciences Q3 2023 Earnings Report
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.
Exact Sciences
Exact Sciences
Exact Sciences 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
- The possibility that costs or difficulties related to the integration of acquired businesses’ operations or the divestiture of business operations will be greater than expected and the possibility that integration or divestiture efforts will disrupt our business and strain management time and resources
Revenue & Expenses
Visualization of income flow from segment revenue to net income