NEW YORK – Exact Sciences and GeneDx have reported preliminary revenues for their fiscal fourth quarter, while Hologic reported preliminary first quarter sales, and Castle Biosciences reported a preliminary revenue figure for full-year 2023.
Exact Sciences said on Sunday that it expects to report fourth quarter revenue between $645.5 million and $647.5 million when it releases its complete financials next month. The total represents revenue growth of 17 percent year over year, or 18 percent excluding COVID-19 testing, and would beat analysts' average estimate of $631.5 million.
The Madison, Wisconsin-based molecular diagnostic firm said it anticipates reporting screening revenue of $486.0 million to $487.0 million, an increase of 21 percent year over year, and precision oncology revenue of $159.5 million to $160.5 million, a jump of 12 percent.
Exact said it anticipates reporting full-year revenue of around $2.50 billion, an increase of 20 percent year over year, or 23 percent excluding COVID-19 testing. Revenues from COVID-19 testing dropped 90 percent to $6 million for the year. The firm also said it expects revenues of approximately $2.83 billion in 2024, matching Wall Street's estimate.
Exact also announced that CFO Jeff Elliott plans to step down this year due to personal reasons. He'll continue in that role until his successor joins the firm, and after that, he intends to serve as a special adviser to CEO Kevin Conroy.
GeneDx said on Monday that it expects at least $58 million in revenues for the fourth quarter of 2023, a year-over-year increase of 19 percent from Q4 2022 revenues of $48.8 million, and at least $203 million in full-year 2023 revenues. The results include the discontinued Legacy Sema4 diagnostic testing business.
Exome and genome testing accounted for at least $38 million of Q4 revenues, a year-over-year increase of 63 percent. The company reported 15,663 exome and genome test results in Q4, almost twice as many as in the year-ago quarter.
As of Dec. 31, GeneDx had $131 million in cash, cash equivalents, and marketable securities.
GeneDx President and CEO Katherine Stueland said in a statement that the company is confident it will become profitable in 2025.
The Stamford, Connecticut-based firm will release its full financial results for Q4 and 2023 on Feb. 20 after market close.
Marlborough, Massachusetts-based Hologic anticipates reporting first quarter 2024 revenues of $1.01 billion, down 6 percent from $1.07 billion in Q1 2023, but above Wall Street's average estimate of $979 million. Its Diagnostics division sales for the three months ended Dec. 31 are expected to be $447.8 million versus $559.3 million for the comparable period of 2023, but Hologic noted that excluding COVID-19 testing sales its organic diagnostics revenues was $388.1 million, a slight increase year over year from $387.7 million.
The firm expects to report that its Breast Health division revenues jumped 13 percent to $377.7 million from $334.2 million year over year. GYN Surgical division revenues are anticipated to be $162.2 million for Q1 2024, up 5 percent from $154.1 million. Skeletal Health division revenues are expected to come in nearly 5 percent lower at $25.4 million versus $26.6 million.
Hologic expects non-GAAP diluted earnings per share to be toward the high end of its guidance range of $.92 to $.97 provided on Nov. 9. Analysts, on average, expect EPS of $.94.
Meanwhile, Castle Biosciences said that it anticipates reporting full-year 2023 revenues of more than $210 million, above its previous guidance of at least $200 million. That would represent revenue growth of at least 53 percent year over year. While the Friendswood, Texas-based molecular diagnostics firm didn't provide preliminary sales or earnings numbers for the fourth quarter, it reported 60 percent growth in total test reports for the quarter to 20,284. Total test reports delivered in FY 2023 were 70,429, a 59 percent increase from 44,419 in 2022. Its DecisionDx-Melanoma represented the majority of those tests with the firm delivering 33,330 reports in 2023 versus 27,803 in 2022, a 20 percent increase year over year.
Castle said it finished 2023 with around $99 million in cash and cash equivalents and roughly $144 million in short-term investments.