Exact Sciences Corp's (NASDAQ: EXAS) Q4 revenues increased 2% Y/Y to $473.8 million and beat the average Wall Street estimate of $449 million.
- Excluding COVID-19 testing revenues, which dropped 52% to $47.1 million, Exact's Q4 revenue increased 16%.
- Screening revenues rose 11% to $277.7 million in Q4, while precision oncology revenues were up 27% at $149 million.
- The firm attributed its screening revenue growth to more Cologuard rescreens, growing use of the test in the 45-49 age group, expansion of its primary care sales team, and increased in-person sales calls.
- Exact reported a Q4 EPS loss of $(1.28), compared to $(2.67) a year ago. Analysts had expected a lower loss of $1.04 per share.
- Exact ended the year with $315.5 million in cash and cash equivalents and $715 million in marketable securities.
- Guidance: Exact anticipates FY22 revenue of $1.97 billion - $2.03 billion, compared to consensus of $1.99 billion.
- The outlook assumes screening revenues between $1.34 billion - 1.37 billion, at least $40 million of which should come from testing by its recent acquisition of PreventionGenetics.
- The Company expects precision oncology revenue of $595 million to $610 million and COVID-19 testing revenue between $40 million and $50 million during the year.
- Price Action: EXAS shares traded 8.06% lower at $67.53 on the last check Wednesday.
Read at Benzinga