Exact Sciences Corp., a provider of cancer screening and diagnostic tests, announced that the company generated revenue of $699 million for the second quarter ended June 30, compared to $622 million for the same period of 2023.
For the second quarter of 2024, as compared to the same period of 2023 (where applicable):
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Total revenue increased 12%, or 13% on a core revenue basis;
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Screening revenue was $532 million, an increase of 15%;
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Precision oncology revenue was $168 million, an increase of 7%, or 6% on a core revenue basis;
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Gross margin including amortization of acquired intangible assets was 70%, and non-GAAP gross margin excluding amortization of acquired intangible assets was 73%;
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Net loss was $16 million, or $0.09 per share, an improvement of $65 million and $0.36 per share, respectively;
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Adjusted EBITDA was $110 million, an increase of $43 million, and adjusted EBITDA margin was 16%, an increase of 500 basis points;
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Operating cash flow was $107 million, and free cash flow was $71 million, increases of $7 million and $5 million, respectively; and
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Cash, cash equivalents, and marketable securities were $947 million at the end of the quarter.
The company has maintained its full-year 2024 revenue guidance and raised its full-year 2024 adjusted EBITDA guidance:
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Total revenue — $2.810–2.850 billion;
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Screening — $2.155–2.175 billion;
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Precision oncology — $655–675 million; and
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Adjusted EBITDA — $335–355 million.
