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Exact Sciences Prelim Q4, 2015 Earnings Miss Analyst Estimates

NEW YORK (GenomeWeb) – Exact Sciences today reported preliminary fourth quarter revenue of $14 million to $14.5 million, slightly below analyst estimates of $15.9 million. The company also said it expects full-year 2015 revenues of $39 million to $39.5 million.

Exact said it completed 38,000 Cologuard tests during Q4, and about 104,000 tests during the year — 2015 was the first full year of commercialization for the non-invasive colorectal cancer screening test.

"We saw strong demand for Cologuard and extraordinary customer satisfaction with the screening experience during its first full year on the market," said company CEO Kevin Conroy in a statement. "The cumulative number of physicians ordering Cologuard … expanded steadily throughout 2015, increasing during the fourth quarter to nearly 27,000, with sequential third-to-fourth quarter growth totaling 27 percent."

Exact Sciences also reaffirmed its guidance for 2016, saying it expects to complete more than 240,000 Cologuard tests during the year and generate $90 million to $100 million in revenue.

The company further announced today that Anthem BlueCross of California has agreed to cover Cologuard as an in-network service for 4.5 million enrollees.

Exact Sciences shares were down more than 12 percent to $6.96 in mid-morning trading on the Nasdaq.