NEW YORK (GenomeWeb) – Exact Sciences reported late on Sunday that its preliminary fourth quarter revenues rose 64 percent year over year thanks to 66 percent growth in the number of completed Cologuard colorectal cancer diagnostic tests during the quarter.
For the three months ended Dec. 31, 2018, the company expects to report revenues of $142.5 million to $143.5 million, and said it completed approximately 292,000 Cologuard tests. Analysts are expecting revenues of $127.0 million for the quarter.
For full-year 2018, the company anticipates reporting total revenues of $454.0 million to $455.0 million, a year-over-year increase of 71 percent. Completed Cologuard test volume rose 64 percent during 2018 to approximately 934,000 tests, the firm added. Analysts are expecting revenues of $438.4 million for the year.
Nearly 15,000 healthcare providers ordered Cologuard for the first time during Q4, and the number of providers who have ordered Cologuard since its launch rose to nearly 147,000 during 2018, Exact said.
"2018 was a landmark year for Exact Sciences," Exact Chairman and CEO Kevin Conroy said in a statement. "We helped more than 930,000 people get screened for colorectal cancer, launched a partnership with Pfizer to help bring Cologuard to more patients, and scaled our operations to meet rising demand. Our team continues working hard to deliver life-changing innovations in early cancer detection. In 2019, we expect to open a new clinical lab, integrate Epic software into our operations, and advance our pipeline of liquid biopsy tests."
Exact said it will report full 2018 financial results and provide guidance for the coming year during its February 2019 earnings call.
The firm's shares rose more than 6 percent to $69.71 in Monday morning trading on the Nasdaq.