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Exact Sciences Reports Preliminary Q4 Revenues Up About 58 Percent

NEW YORK – Exact Sciences said on Sunday that it expects to report revenues of $464.5 million to $467.5 million for the fourth quarter ended Dec. 31, 2020. If the firm reports total revenues at the high end of its expectation, this would represent a 58 percent year-over-year increase from its reported revenues of $295.6 million in Q4 2020.

Exact also said it is expecting screening revenues of $249 million to $250 million, a year-over-year increase of 9 percent, as well as precision oncology revenues of $117 million to $118 million, and COVID-19 testing revenues of between $98.5 million and $99.5 million.

"I'm incredibly proud of how the Exact Sciences team came together during 2020 to make progress towards our mission of eradicating cancer and the suffering it causes," Exact Chairman and CEO Kevin Conroy said in a statement. "Following our combination with Thrive, we are confident in making blood-based, multi-cancer screening a reality and being a leading provider of earlier, smarter cancer tests for patients at every step of their journey."

For FY2020, the company expects to report total revenues of $1.49 billion, screening revenues of $814.5 million to $815.5 million, precision oncology revenues of $440 million to $441 million, and COVID-19 testing revenues of $235 million to $236 million.

Exact will report its complete 2020 financial results during its February earnings call.

In a note to investors, SVB Leerink analyst Puneet Souda said the company's reported revenue ranges indicated a solid recovery across its core screening and precision oncology businesses, which bodes well for 2021. The company's COVID-19 testing revenue "continues to be a solid offset to a difficult macro environment," Souda added, "but we (and the company) still view it as a non-core business longer term."

Exact's shares rose more than 3 percent to $135.59 in Monday morning trading on the Nasdaq.