Exact Sciences Announces Fourth Quarter 2022 Results

By Exact Sciences / February 21, 2023

Reports record revenue, expects revenue of $2,265-2,315 million and positive adjusted EBITDA for full year 2023

Fourth quarter and 2022 highlights

• Total fourth quarter revenue of $553 million, an increase of 17% or 28% excluding COVID-19 testing, with Screening revenue of $404 million and Precision Oncology revenue of $143 million

• Total 2022 revenue of $2,084 million, an increase of 18% or 25% excluding COVID-19 testing, with Screening revenue of $1,425 million and Precision Oncology revenue of $601 million

• Surpassed 12 million cumulative people tested for cancer, including 10 million with Cologuard^®

MADISON, Wis., Feb. 21, 2023 — Exact Sciences Corp. (Nasdaq: EXAS), a leading provider of cancer screening and diagnostic tests, today announced that the company generated revenue of $553.0 million for the fourth quarter of 2022 and $2,084.3 million for the full year of 2022, both ended Dec. 31, 2022.

“With a strong finish in 2022 and a great start to 2023, Cologuard and Oncotype DX^® are setting the tone for an impactful year ahead,” said Kevin Conroy, chairman and CEO of Exact Sciences. “Our financial strength, scientific capabilities, and deep partnerships with health systems put Exact Sciences in a leading position to deliver innovative tests that help prevent cancer, detect it earlier, and guide treatment to more patients globally.”

Fourth quarter 2022 financial results

For the three-month period ended Dec. 31, 2022, as compared to the same period of 2021 (where applicable):

• Total revenue was $553.0 million, an increase of 17 percent, or 28 percent excluding COVID-19 testing

• Screening revenue was $403.5 million, an increase of 45 percent, or 42 percent excluding the PreventionGenetics acquisition

• Precision Oncology revenue was $143.4 million, a decrease of 4 percent, or an increase of 1 percent excluding the divested Oncotype DX Genomic Prostate Score test and a $1.8 million foreign exchange impact

• COVID-19 testing revenue was $6.0 million, a decrease of 87 percent

• Gross margin including amortization of acquired intangible assets was 70 percent, and non-GAAP gross margin excluding amortization of acquired intangible assets was 73 percent

• Net loss was $127.7 million, or $0.72 per share, compared to a net loss of $220.6 million, or $1.28 per share

• EBITDA was $(75.0) million and adjusted EBITDA was $4.9 million

• Cash, cash equivalents, and marketable securities were $632.1 million at the end of the quarter

Screening includes laboratory service revenue from Cologuard tests, PreventionGenetics, and immaterial revenue from Biomatrica and Oncoguard^® Liver products. Precision Oncology includes laboratory service revenue from global Oncotype DX^® products and therapy selection products.

2023 revenue outlook

The company anticipates revenue of $2,265-$2,315 million during 2023, assuming:

• Screening revenue of $1,660-$1,690 million,

• Precision Oncology revenue of $600-$620 million, and

• COVID-19 testing revenue of $5 million

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