Non-COVID Sales Boost Exact Sciences' Q1 Revenue; Revises FY22 Guidance

Exact Sciences Corp's EXAS Q1 revenues increased 21% Y/Y to $486.6 million, beating the average Wall Street estimate of $461.71 million.
Excluding COVID-19 testing revenues, which dropped 15% to $27.4 million, Exact's Q1 revenue increased 24%.
Screening revenues rose 28% to $306.5 million in Q1, while Precision Oncology revenues were up 18% at $152.6 million.
Exact reported a Q4 EPS loss of $(1.04), compared to $(0.18) a year ago. Analysts had expected an EPS loss of $(1.07).
Exact ended the quarter with $817.0 million in cash and equivalents.
Guidance: Exact anticipates FY22 revenue of $1.985 billion - $2.032 billion, compared to the prior guidance of $1.975 billion - $2.027 billion and the consensus of $2.01 billion.
The outlook assumes screening revenues of $1.35 billion - $1.37 billion, including $40 million - $42 million from PreventionGenetics.
The company reaffirmed precision oncology revenue forecast of $595 million - $610 million and COVID-19 testing revenue of $40 million - $50 million.
Price Action: EXAS shares are up 8.07% higher at $63.36 on the last check Wednesday.

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