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Exact Sciences Posts Flat Q4 Revenues, Awaits Meeting with FDA about Cologuard

NEW YORK (GenomeWeb News) – Exact Sciences today reported flat revenues year over year for its fourth quarter, matching the consensus analyst estimate on the top line and beating it on the bottom line.

The Madison, Wis.-based molecular diagnostics company took in $1.0 million in revenues for the three months ended Dec. 31, 2013, the same as a year ago. Revenues for Q4 2013 and the year-ago period derived from licensing fees.

Its net loss for the quarter totaled $12.2 million, or $.17 per share, down from a net loss of $14.0 million, or $.22 per share, a year ago. The average Wall Street estimate was for a loss of $.19 per share.

Exact Sciences' R&D costs were slashed to $6.7 million, down 36 percent from $10.4 million in Q4 2013. Its SG&A spending increased 43 percent to $6.6 million from $4.6 million from a year ago.

Revenues for full-year 2013 totaled $4.1 million, flat with 2012 revenues and matching the consensus analyst estimate. Licensing fees comprised all revenues for both 2013 and 2012.

The company posed a net loss of $46.5 million, or $.69 per share, for the year, down from a net loss of $52.4 million, or $.88 per share, a year ago. Analysts had expected a net loss of $.71 per share.

Its R&D costs were down 34 percent year over year to $27.7 million from $42.1 million, while SG&A costs rose 58 percent to $23.2 million from $14.7 million.

The company ended 2013 with $12.9 million in cash and cash equivalents and $120.4 million in marketable securities.

Exact Sciences is scheduled to meet with the US Food and Drug Administration next month about its premarket approval submission for its Cologuard colorectal cancer test. In a statement today, President and CEO Kevin Conroy said that in addition to completing its PMA submission in June, in 2013 Exact Sciences "also focused on commercial readiness" and is "well prepared for Cologuard's launch, pending FDA approval."

"During 2014, we are focused on the launch of Cologuard, providing world-class service through our clinical lab to physicians and patients that increases screening compliance, and continuing to innovate to build future value," Conroy added.