Exact Sciences Corp. increased revenues by 244% year-over-year to $14.8 million in the first quarter of 2016. A year earlier, the company posted revenues of $4.3 million for the same quarter.
However, the company also widened its net loss for the quarter to $47.5 million (49 cents/share) compared to a net loss of $35.8 million (40 cents/share) a year earlier.
Exact Sciences, developer of the Cologuard home test for colon cancer, reported 40,000 completed tests in the first quarter, compared to about 11,000 completed tests a year earlier, more than a 260% increase.
The company also announced the launch of a national television advertising campaign after seeing positive results from a nine-week, five-market trial run.
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