Exact Sciences Corp (NAS:EXAS)

$ 54.57 -0.15 (-0.27%) Market Cap: 10.10 Bil Enterprise Value: 11.91 Bil PE Ratio: 0 PB Ratio: 3.15 GF Score: 80/100

Q1 2024 Exact Sciences Corp Earnings Call Transcript

May 08, 2024 / 09:00PM GMT

Release Date Price: $59.48 (-3.14%)

Transcript 10-Q8-K

Key Points

Positve

Exact Sciences Corp (EXAS) reported a strong start to the year with significant advancements in cancer screening and testing, reaching over 1 million people globally.
The company's revenue grew by 6% to $638 million, with screening revenue up by 7% and precision oncology revenue growing by 5%.
Exact Sciences Corp (EXAS) was recognized as a Gallup Exceptional Workplace, highlighting its strong organizational culture.
The company successfully expanded the adoption of its Oncotype DX product internationally, with a 20% increase in ordering providers year-over-year.
Exact Sciences Corp (EXAS) is well-positioned for future growth with the upcoming FDA approval of Cologuard Plus and the launch of new tests like Oncodetect and OncoLiquid.

Negative

Exact Sciences Corp (EXAS) reported a net loss of $110 million for the quarter.
The company experienced a negative free cash flow of $120 million during the first quarter, consistent with seasonal trends but still a significant outflow.
Gross margins were slightly lower year-over-year due to added fixed costs from new automation and lab infrastructure investments.
There were unique one-time expenses amounting to $4 million related to facilities consolidation and a $6 million non-cash expense related to acquisition earnouts.
The company faces increasing competition in the colon cancer screening market, which could impact its market share and growth trajectory.

Operator

Thank you for standing by. My name is Danica, and I will be your conference operator today. At this time, I would like to welcome everyone to the Exact Sciences First Quarter 2024 Earnings Call. (Operator Instructions). Thank you. I would now like to turn the call over to Erik Holznecht, Manager, Investor Relations. Please go ahead.

Erik Holznecht

Exact Sciences Corporation - Senior IR Associate

Thanks Danica. Thank you for joining us for Exact Sciences' First Quarter 2024 Conference Call. On the call today are Kevin Conroy, the company's Chairman and CEO; Jeff Elliott, our Chief Financial Officer; and Aaron Bloomer, Executive Vice President of Finance, who we recently announced as our next Chief Financial Officer. Everett Cunningham, our Chief Commercial Officer, will also be available for questions.

Exact Sciences issued a news release earlier this afternoon detailing our first quarter financial results. This news release and today's presentation are available on our website at exactsciences.com. During today's call, we will make forward-looking

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