Exact Sciences Shares Drop After Guiding Lower Screening Revenue For FY21

  • Exact Sciences Corp's EXAS Q3 revenues rose 12% Y/Y to $456.4 million, beating the consensus of $430.03 million.
  • The increase is attributable to increased revenues from its screening and precision oncology businesses.
  • Screening revenues rose 31% to $280.4 million. Precision oncology revenues increased 59% to $145.4 million. COVID-19 testing revenues fell 70% to $30.6 million.
  • Exact's Q3 net loss narrowed to $(0.97) from $(1.35) per share a year ago. Analysts had expected a net loss of $(0.85).
  • Exact ended Q3 with $1.2 billion in cash and cash equivalents.
  • Guidance: Exact expects FY21 sales of $1.722 billion - $1.737 billion (prior view $1.705 billion - $1.745 billion) versus consensus of $1.73 billion.
  • The outlook includes screening revenues of $1.05 billion - $1.055 billion, precision oncology revenues of $547 million - $552 million.
  • Screening revenue expectations are lower than the previous guidance of $1.10 billion - $1.12 billion due to the rapid rise of cases of the COVID-19 Delta variant starting in late July, which caused in-person sales calls to decrease in August and September significantly.
  • It forecasts COVID-19 testing revenues of $125 million - $130 million. 
  • Also Read: This Cancer Screening Company Has A Better 5-Year Return Than Pfizer, Johnson & Johnson And Gilead.
  • Price Action: EXAS shares are down 8.50% at $87.50 during the premarket session on the last check Wednesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceHealth CareMoversTrading IdeasGeneralBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!