Skip to main content

Exact Sciences' Q3 Revenues Up; Loss Rises on Increased Expenses

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Exact Sciences today reported that its third-quarter revenues rose around 8 percent and its net loss more than tripled as the firm significantly upped its investment in R&D.

The Madison, Wis.-based molecular diagnostics firm brought in total revenues of $1.4 million for the three-month period ended Sept. 30, compared to $1.3 million for the third quarter of 2009. Nearly all of its revenues came from license fees.

Exact's net loss for the quarter was $3.4 million, or $.08 per share, compared to $1 million, or $.03 per share, for the third quarter of 2009.

The loss was driven by a sharp increase in R&D spending, which rose to $2.6 million from $837,000 year over year. The firm also increased its SG&A spending to $2.1 million from $1.5 million.

Exact finished the quarter with $34.8 million in cash, cash equivalents, and marketable securities.

"Exact Sciences' primary focus during the third quarter was the completion of our validation study, a major milestone in our efforts to bring to market an accurate, patient-friendly screening test that detects both pre-cancers and cancer," Exact President and CEO Kevin Conroy said in a statement.

The firm is developing a stool-based DNA colorectal cancer screening test. It is scheduled to present data from a validation study of the test tomorrow at the American Association for Cancer Research conference.

The Scan

Rise of B.1.617.2 in the UK

According to the Guardian, UK officials expect the B.1.617.2 variant to soon be the dominant version of SARS-CoV-2 there.

Anne Schuchat to Retire

Anne Schuchat is retiring after more than 30 years at the US Centers for Disease Control and Prevention, Politico reports.

US to Share More Vaccines

CNN reports that the US will share 20 million doses of the Moderna, Pfizer, and Johnson & Johnson SARS-CoV-2 vaccines with other countries.

PNAS Papers on Gene Therapy Platform, Aspergillus Metabolome, Undernutrition Model Microbiome

In PNAS this week: approach to deliver protein-based treatments to cells, pan-secondary metabolome of Aspergillus, and more.