After-Hours Action: What's Going On With Exact Sciences Stock?

Exact Sciences Corp EXAS shares are facing selling pressure after the close on Tuesday on the heels of the company's quarterly results.

What Happened: Exact Sciences said fourth-quarter revenue jumped 17% year-over-year to $553 million. Excluding COVID-19 testing, revenue was up 28% year-over-year. The company's top-line results beat average analyst estimates of $528.22 million, according to Benzinga Pro.

Screening revenue totaled $404 million and Precision Oncology revenue came in at $143 million in the fourth quarter.

Exact Sciences reported a fourth-quarter net loss of 72 cents per share, which beat estimates for a loss of 84 cents per share.

"With a strong finish in 2022 and a great start to 2023, Cologuard and Oncotype are setting the tone for an impactful year ahead," said Kevin Conroy, chairman and CEO of Exact Sciences.

Exact Sciences sees full-year 2023 revenue in a range of $2.265 billion to $2.315 billion versus estimates of $2.29 billion. Screening revenue is expected to bring in $1.66 billion to $1.69 billion, Precision Oncology revenue is expected to total $600 million to $620 million and COVID-19 testing revenue is expected to dwindle to $5 million.

Exact Sciences is a provider of cancer screening and diagnostic tests. The company will host a conference call at 5 p.m. ET to discuss these results.

See Also: Why Caesars Entertainment (CZR) Shares Are Falling During Tuesday's After-Hours Session

EXAS Price Action: Exact Sciences shares are down 2.69% after hours at $59.61, according to Benzinga Pro.

Photo: courtesy of Exact Sciences.