- Exact Sciences ( NASDAQ: EXAS ), a provider of cancer diagnostic tests, lowered its full year guidance on Tuesday despite reporting better than expected financials for 2Q 2022 on the back of strong screening revenue.
- Revenue for the quarter surged ~20% to $521.6M as Screening business reflected ~34% YoY growth to add $353.9M revenue driven by factors such as improved sales team productivity, and Cologuard marketing partnership with Katie Couric.
- However, excluding PreventionGenetics acquisition Screening revenue only improved ~30% YoY to $343.7M.
- Meanwhile, Exact’s ( EXAS ) COVID-19 testing revenue dropped ~58% YoY to $13.8M and Precision Oncology revenue stood at $154.0M with ~12% YoY growth,
- While the company’s gross margin dropped to ~68% from ~69% a year ago, net loss fell ~6% YoY to $166.1M as R&D expenses stood flat at $106.1M.
- For 2022, Exact ( EXAS ) revised down the revenue guidance to $1,980M-$2,022M from $1,350M-$1,372M estimated three months ago.
- The second quarter earnings call is scheduled for Tuesday at 5 p.m. ET.
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Exact Sciences posts 2Q beat on screening revenue; trims 2022 guidance