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Exact Sciences Reports On Q3 Earnings

From left to right, Exact Sciences COO Maneesh Arora, president and CEO Kevin Conroy and senior vice president of finance Bill Megan

In an earnings call Tuesday morning, Exact Sciences’ president and chief executive officer Kevin Conroy gave an update on the company over the past quarter.

“We continue to make strong progress on all of the elements of a successful Cologuard launch; the FDA’s review of our PMA application, the process for securing a national coverage decision from Medicare and our commercial preparation,” said Conroy.

New Senior Vice President Bill Megan, who joined the company during the third quarter, said the company used $10 million in cash and ended the quarter with a cash balance of $148 million.

Conroy shared that Exact Sciences has responded to questions posed by the FDA through its interactive review process. He said that the company hosted the first of two FDA inspections last week and that inspection went very well. He also thanked FDA for their active engagement with Exact Sciences. Conroy guided to a potential first quarter 2014 FDA advisory panel hearing for Cologuard.

On the call, Conroy also reaffirmed Exact Sciences’ commitment to raising overall screening rates for colon cancer and helping to fight the battle against the disease.

Topics: Investor Relations, Exact Sciences News

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