Exact Sciences preliminary Q4 revenues rise 16% on strong screening sales

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Exact Sciences on Sunday afternoon said that it expects to report revenues of $550.7 million to $552.7 million for the fourth quarter, a 16% increase compared to the prior-year period and a 28% increase excluding COVID-19 testing.

The average analyst estimate for Q4 prior to the release of the preliminary financial results was $506.5 million.

For the quarter ended December 31, 2022, the Madison, WI-based diagnostics firm expects screening revenue of $401.8 million to $402.8 million, an increase of 45% year-over-year, or 41% excluding revenues from the PreventionGenetics business.

The firm expects to see Precision Oncology revenue between $142.9 million and $143.9 million, a decrease of 4% percent, or an increase of 1% excluding the divested Oncotype DX Genomic Prostate Score test and the impact of foreign currency exchange rates. Anticipated COVID-19 testing revenues of $5.9 million would represent a year-over-year decrease of 87%.

"Exact Sciences' fourth quarter results show the strength of our business and the momentum building behind the best brands in cancer diagnostics, Cologuard and Oncotype DX," Kevin Conroy, chairman and CEO, said in a statement.

For full-year 2022, Exact Sciences expects revenue between $2,082 million and $2,084 million, an increase of 18% year-over-year or 25% excluding COVID-19 testing.

The firm expects 2022 screening revenue between $1,423 million and $1,424 million, a year-over-year increase of 34%, or 30% excluding the PreventionGenetics acquisition.

Exact Sciences expects to book full-year Precision Oncology revenue between $601 million and $602 million, an increase of 7%, or 11% excluding the divested Oncotype DX Genomic Prostate Score test and the impact of foreign currency exchange rates. COVID-19 testing revenue for the year is expected to be about $58 million, a year-over-year decrease of 59%.

Exact Sciences screening business includes laboratory service revenue from Cologuard tests, PreventionGenetics, and immaterial revenue from Biomatrica and Oncoguard Liver products. Precision Oncology includes laboratory service revenue from Oncotype DX products and therapy selection products.

The company plans to report 2022 financial results during its February 2023 earnings call.

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