Exact Sciences Corporation (EXAS) Stock Plunged 7.98% Pre-Market, Here’s Why

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SQM Stock
SQM Stock

Exact Sciences Corporation (EXAS) stock plummeted 7.98% in the pre-market trading session at the price of $88.00 after announcing its financial results for the third quarter ended 30th September 2021. EXAS collaborates with visionary contributors to advance the fight against cancer. It is a leading producer of cancer screening and diagnostic tests.

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EXAS Third Quarter 2021 Financial Results

On 2nd November 2021, EXAS published its financial results for the third quarter ended 30th September 2021 and provided business updates.


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Management Comments

Chief Executive Officer of EXAS, Kevin Conroy, remarked that their company had entered an exciting stage of its pipeline. They are providing evidence to support tests that will help destroy cancer cells through prior detection. Their strong commercial engine has enabled them to accomplish their target by getting more patients tested with Oncotype DX and Cologuard, he added.

EXAS Financial Highlights

EXAS reported total revenue of approximately $456.4 million for the third quarter ended 30th September 2021. It represents a gain of 12% from the same quarter of the previous year. For the third quarter of 2021, screening revenue was approximately $280.4 million. It is a rise of 31% from the comparative quarter ended 30th September 2020. Precision Oncology revenue was $145.4 million for the third quarter of 2021, an increase of 59% from the third quarter of 2020. For the third quarter of 2021, COVID-19 testing revenue was $30.6 million. It represents a loss of 70% compared to the same quarter ended 30th September 2020.

EXAS reported a net loss of $166.9 million, or $0.97 per share, for the third quarter ended 30th September 2021. Net loss was $202.5 million, or $1.35 per share, for the third quarter ended 30th September 2020. For the third quarter of 2021, the EBITDA loss was $(119.9) million. An adjusted EBITDA loss was $(16.3) million for the third quarter ended 30th September 2021. Cash, cash equivalents, and marketable securities were approximately $1.22 billion for the quarter ended 30th September 2021.

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EXAS 2021 Financial Outlook

As per the updated revenue guidance, screening revenue expects to range from $1,100 million to $1,125 million. EXAS expects total revenue to be from $1,705 million to $1,745 million during 2021. Precision Oncology revenue has expected to range from $530 million to $540 million by 2021.

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