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.