Exact Sciences Stock Plummets After Worse-Than-Expected Q3 Results, FY24 Guidance Below Estimates

Exact Sciences Corp. EXAS shares are dropping after the company reported its third-quarter results after Tuesday's closing bell. Here's a look at the details.  

The Details: Exact Sciences reported quarterly GAAP losses of 21 cents per share, which missed the analyst consensus estimate for losses of 20 cents. Quarterly sales of $709 million missed the consensus estimate of $717.66 million.

“The Exact Sciences’ team is helping eradicate cancer while strengthening our platform and growing our business efficiently,” said Kevin Conroy, CEO of Exact Sciences.

“During the third quarter, we delivered test results to more patients than ever before, improved profitability, and achieved key milestones in our pipeline of innovative cancer diagnostics. While we have made progress, our execution during the third quarter and updated outlook for the full year don’t reflect our full potential. We plan to accelerate growth in 2025, and our long-term outlook remains strong,” Conroy added.

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Outlook: Exact Sciences sees fiscal year 2024 total revenue in a range of $2.73 billion to $2.75 billion, below the $2.83 billion estimate.

EXAS Price Action: According to Benzinga Pro, Exact Sciences shares are down 27.98% after-hours at $51.50 at the time of publication Tuesday.

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Photo: Courtesy of Exact Sciences Corporation