Exact Sciences ( NASDAQ: EXAS ), the maker of the Cologuard cancer screening test, traded ~2% lower post-market Tuesday after announcing in-line guidance for 2023.
Revenue for the quarter jumped ~17% YoY to $553.0M as Screening revenue and Precision Oncology revenue stood at $403.5M and $143.4M, indicating ~45% YoY and ~4% YoY growth, respectively.
Meanwhile, the gross margin for the quarter held steady at ~70% while net loss narrowed ~42% YoY to $127.7M, and the company swung to a positive adj. EBITDA ~$4.9M compared to negative ~$115.0M in the prior year quarter.
During the quarter, Exact ( EXAS ) has passed the 12M mark for the total people tested for cancer, including 10M who received colorectal cancer screening test Cologuard.
Meanwhile, 2022 revenue jumped ~18% YoY to $2.1B, and the company expects its 2023 revenue to reach $2.265B – $2.315, in line with ~$2.3B in the consensus.
Notably, Exact ( EXAS ) projects its COVID-19 testing revenue to stand at $5M for the entire year after falling ~87% YoY to $6.0M in Q4 2022.
Ahead of the earnings, Credit Suisse downgraded Exact ( EXAS ), arguing that its valuation already reflected the disappointing results rival Guardant Health ( GH ) announced for a blood-based screening test for colorectal cancer in December.
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Exact Sciences slips despite Q4 beat after in-line outlook