Exact Sciences Corp (NAS:EXAS)

$ 54.585 -0.135 (-0.25%) Market Cap: 10.15 Bil Enterprise Value: 11.92 Bil PE Ratio: 0 PB Ratio: 3.16 GF Score: 80/100

Q2 2024 Exact Sciences Corp Earnings Call Transcript

Jul 31, 2024 / 09:00PM GMT

Release Date Price: $45.68 (-1.93%)

Transcript 10-Q8-K

Key Points

Positve

Exact Sciences Corp (EXAS) screened over 1 million people in a quarter with Cologuard for colon cancer, marking a significant milestone.
The company achieved a record adjusted EBITDA of $110 million, reflecting strong financial performance.
Exact Sciences Corp (EXAS) reported year-over-year core revenue growth of 13%, driven by increased penetration of Cologuard and international growth of Oncotype DX.
The company generated $71 million in free cash flow, a $5 million improvement from the previous period.
Exact Sciences Corp (EXAS) secured an exclusive license with rights to sublicense patented sequencing technologies, strengthening its intellectual property portfolio.

Negative

There was a slight decline in non-GAAP gross margin by about 190 basis points, attributed to prior period billing corrections.
The transition to Cologuard Plus may take 12 to 24 months for insurance coverage to fully convert, potentially delaying revenue realization.
The company faces challenges in the blood test market, with concerns about performance and guideline inclusion for its blood-based colon cancer screening test.
Exact Sciences Corp (EXAS) anticipates a complex process for setting a new Medicare rate for Cologuard Plus, which could impact pricing strategy.
The company did not provide specific sizing for the care gap program, leading to uncertainty about its impact on future revenue.

Operator

Thank you for standing by. At this time, I would like to welcome everyone to today's Exact Sciences' second quarter 2024 earnings call. (Operator Instructions) I would now like to turn the call over to Erik Holznecht, Manager of Investor Relations. Erik, please go ahead.

Erik Holznecht

Exact Sciences Corp - Manager, Investor Relations

Thanks, operator. Thank you for joining us for Exact Sciences' second quarter 2024 conference call. On the call today are Kevin Conroy, the company's Chairman and CEO; and Aaron Bloomer, our Chief Financial Officer.

Exact Sciences issued a news release earlier this afternoon detailing our second 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 statements based on current expectations.

Our actual results may be materially different from such statements. Discussions of non-GAAP figures and reconciliations to GAAP figures are available in our earnings press release, and descriptions of the

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