Exact Sciences Reports Strong Q1 2024 Results with Accelerated Growth

Thursday, 9 May 2024, 03:30

Exact Sciences had a strong start in Q1 2024, advancing cancer eradication efforts and deepening relationships with health systems, payers, and patients. Revenue grew 6%, with Screening revenue up 7% and Precision Oncology revenue up 5%. A focus on marketing investments is yielding positive results, with accelerated growth expected in the second half of the year. The company remains confident in achieving its annual revenue guidance and adjusted EBITDA targets for 2024.
https://store.livarava.com/21e5f2a3-0db5-11ef-a6c2-63e1980711b2.jpg
Exact Sciences Reports Strong Q1 2024 Results with Accelerated Growth

Highlights:

Exact Sciences posted a 6% revenue growth in Q1 2024, driven by a 7% increase in Screening revenue and a 5% growth in Precision Oncology revenue.

Key Achievements:

  • Advancing cancer eradication efforts through Cologuard and Oncotype DX.
  • Recognition as a Gallup Exceptional Workplace.
  • Expansion of Oncotype DX international ordering providers by over 20% year over year.

Financial Results: Gross margin was 70% in Q1, and non-GAAP gross margin was 73%. Net loss was $110 million, while adjusted EBITDA was $39 million. Free cash flow was negative $120 million, with cash and securities at $652 million at the end of the quarter.

Guidance:

Exact Sciences remains confident in achieving its annual revenue guidance of $2.81 billion to $2.85 billion and adjusted EBITDA guidance of $325 million to $350 million for 2024.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


Related posts


Newsletter

Get the most reliable and up-to-date financial news with our curated selections. Subscribe to our newsletter for convenient access and enhance your analytical work effortlessly.

Subscribe