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Exact Sciences Posts Flat Q2 2012 Revenues

NEW YORK (GenomeWeb News) – Exact Sciences today reported its revenues were flat for the second quarter year over year, while its net loss climbed sharply.

For the period ended June 30, the molecular diagnostics firm brought in revenues of $1 million, the same amount as it made during the quarter last year, matching Wall Street estimates.

All of the Madison, Wis.-based firm's revenues for the quarter were derived from license fees. It had no product royalty fees in the quarter compared to $6,000 a year ago.

In a statement, Exact Sciences' President and CEO Kevin Conroy said that the company's clinical trial for its Cologuard colorectal cancer screening test "continues to progress toward completion this year and remains our top priority. As we get closer to completing the trial, we are intensifying our operational and commercial preparations, which will ensure that we're ready to deliver our patient-friendly screening test to market, once it is approved."

The firm's second quarter R&D costs swelled 135 percent year over year to $12.2 million, from $5.2 million a year ago, while its SG&A costs rose 50 percent to $3.7 million from $2.5 million a year ago.

Exact Sciences' net loss for the quarter was $14.8 million, or $.26 per share, an increase of 124 percent compared to the $6.6 million, or $.13 per share, loss of the year-ago period, and missed Wall Street estimates of a net loss of $.19 per share.

The firm ended the quarter with $6 million in cash and cash equivalents and $64.8 million in short-term marketable securities.

Shares of Exact Sciences increased 1 percent to $10.17 on the Nasdaq in late-morning trading today.