Exact Sciences Corp (NAS:EXAS)

$ 54.21 -0.51 (-0.93%) Market Cap: 10.03 Bil Enterprise Value: 11.77 Bil PE Ratio: 0 PB Ratio: 3.12 GF Score: 80/100

Q3 2024 Exact Sciences Corp Earnings Call Transcript

Nov 05, 2024 / 10:00PM GMT

Release Date Price: $71.51 (+0.53%)

Transcript 10-Q8-K

Key Points

Positve

Exact Sciences Corp (EXAS) achieved a 13% year-over-year revenue growth, reaching $709 million for the third quarter.
The company expanded its adjusted EBITDA by 75% year over year to $99 million, highlighting strong operational execution.
Exact Sciences Corp (EXAS) received FDA approval for Cologuard Plus, which sets a new performance standard with 95% cancer sensitivity and 94% specificity.
The company generated a record $113 million in free cash flow, marking a significant improvement from the previous year.
Exact Sciences Corp (EXAS) is seeing positive contributions from new sales representatives, with expectations for increased returns in the near and long term.

Negative

The growth in Cologuard testing frequency among the expanding provider base was disappointing, impacting third-quarter performance.
Hurricanes Helene and Milton negatively affected Cologuard orders and results, particularly impacting the fourth quarter due to the 30-day timing between order and test completion.
The transition of the Precision Oncology portfolio onto the ExactNexus platform faced challenges, resulting in a one-time negative impact on revenue.
The company experienced slower-than-expected ramp-up from new sales representatives, affecting the anticipated growth rate.
Exact Sciences Corp (EXAS) revised its full-year revenue guidance downward due to lower-than-expected demand growth in primary care offices.

Operator

Hello. At this time, I would like to welcome everyone to the Exact Sciences third-quarter 2024 earnings conference call. (Operator Instructions)

I would now like to turn the call over to Erik Holznecht, Director of Investor Relations. You may begin.

Erik Holznecht

Exact Sciences Corp - Manager, Investor Relations

Thanks operator. Thank you for joining us for Exact Sciences third-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 third-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 risks and uncertainties

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