Exact Sciences Q2 Loss Narrower Than Expected, Sales Beat
Exact Sciences Corporation (NASDAQ: EXAS) reported a net loss of 9 cents per share in second-quarter 2024, narrower than the year-ago loss of 45 cents per share. The figure beat the Zacks Consensus Estimate of a loss of 37 cents per share.
Q2 Revenues
Consolidated revenues totaled $699.3 million, up 12.4% on a reported basis and 13% on a core revenue basis. The figure beat the Zacks Consensus Estimate by 1.6%.
Segments in Detail
Screening revenues, including laboratory service revenues from Cologuard and PreventionGenetics, totaled $531.6 million. The figure increased 15% year over year. The upside can be primarily attributed to broad-based momentum in Cologuard adoption by healthcare providers.
Precision Oncology revenues, including laboratory service revenues from global Oncotype products and therapy selection products, were $167.7 million, up 7% year over year and 6% on a core basis. The upside was propelled by Oncotype DX, which expanded 31% internationally.
The company did not recognize any revenues from COVID testing in the second quarter.
Margins
Exact Sciences’ gross profit (excluding the amortization of acquired intangibles) rose 9.5% year over year to $509.4 million. The gross margin contracted 191 basis points (bps) to 72.9%.
Research and development expenses rose 16.1% year over year to $120.9 million. Sales and marketing expenses moved up 4.9% to $185.3 million.
General and administrative expenses declined …
Full story available on Benzinga.com