A Strong Start to 2017

By Jeff Elliott, CFO / May 01, 2017

Exact Sciences recently announced our first quarter 2017 financial results, highlighting the accelerating growth trajectory for Cologuard. Beyond the headline-making news, we continue to see a large market opportunity for Cologuard. While changing the standard of care will take time and investment in our infrastructure, we have never been more confident in the long-term growth of Cologuard and Exact Sciences.

The first quarter results for 2017 exceeded our expectations, with revenue of $48.4 million and completed Cologuard test volume of 100,000 tests. We saw strength during the quarter in new provider additions, which averaged about 800 a week.

As we build on this strong momentum, it is important to remember that the Cologuard test comes with a service that supports patient compliance with colon cancer screening. The compliance rate for Cologuard remains at 67%, which continues to nearly double the rates of other colon cancer screening options.

About 10,000 health care providers ordered their initial Cologuard test during the first quarter of 2017. Since Cologuard was launched, approximately 70,000 providers have ordered the test through the first quarter of 2017, including approximately 56,000 of the estimated 200,000 active primary care providers in the United States.

More important is how Cologuard is changing lives. With 100,000 tests completed, Cologuard may have lead to the detection of early-stage colorectal cancer in about five patients every day during the first quarter. This figure is based upon prevalence and detection rates from the pivotal Deep-C study.

We’re proud of the impact Cologuard is having on patients’ lives. Since it was launched two and a half years ago, more than 450,000 people have been screened for colon cancer with Cologuard. An estimated 45 percent of those people had never been screened previously. Today, Cologuard is FDA approved, covered by Medicare, and included in major screening guidelines and quality measures.

Our early success is a testament to the infrastructure and strategy developed in recent years. We are optimistic about the future of Cologuard and our pipeline. This year, we expect revenue of $195-$205 million and Cologuard volume of at least 470,000 completed tests. These are increases from the previous guidance of $170-180 million and 415,000 completed Cologuard tests, respectively.

We will continue to make investments in expanding our capacity and ensuring we have the infrastructure to support our ongoing progress. We know there is significant runway for Exact Sciences and Cologuard, and we look forward to providing you with updates as we work to get more people screened.