MADISON, Wis.--(BUSINESS WIRE)--
Exact Sciences Corp. (Nasdaq: EXAS) today announced its business and
financial results for the second quarter of 2015, and showed continued
strong performance with more than 21,000 completed Cologuard tests for
the quarter, up more than 90 percent from the first quarter, which
resulted in $8.1 million in revenue. Additionally, the cumulative number
of ordering physicians grew to 14,700 during the quarter, a 77 percent
increase.
"We are pleased with Cologuard's growth trajectory and that our sales
and marketing strategy is driving results," said Kevin Conroy, Exact
Sciences' chairman and CEO. "Physician and patient demand are increasing
while our compliance rate continues moving upward as well. We're now
building on the success of Cologuard to develop tests that will detect
lung, pancreatic and esophageal cancers at their earliest stages."
During the second quarter of 2015 the compliance rate for Cologuard
increased to 73 percent, up from 71 percent in the first quarter. The
patient compliance rate is derived from the number of valid test results
generated from collection kits shipped to patients 60 or more days prior
to June 30, 2015. Our lab, through its customer care center, is helping
to drive this increase by regularly contacting patients for whom
Cologuard has been ordered and encouraging them to complete their
screening. More than a third of Cologuard users (36 percent) had never
been screened before, according to a 3,000-patient survey by the company.
Exact Sciences also announced during the second quarter a landmark
partnership with The University of Texas MD Anderson Cancer Center, one
of the world's leading cancer centers, to develop a simple blood-based
test to detect lung cancer, details of which were presented at Exact
Sciences' inaugural Investor & Analyst Day. The investor day event also
offered context about Exact Sciences ongoing partnership with Mayo
Clinic to develop tests for the early detection of pancreatic and
esophageal cancer.
Financial Results
Exact Sciences reported total revenues of $8.1 million for the second
quarter of 2015 and total revenues of $12.4 million for the six months
ended June 30, 2015. Cologuard received approval from the U.S. Food and
Drug Administration in August 2014 and a final National Coverage
Decision from the Center for Medicare and Medicaid Services in October
2014.
For the second quarter of 2015, Exact Sciences reported a net loss of
($39.1) million, or ($0.44) a share. The company had a net loss of
($19.4) million, or ($0.24) a share, for the same period of 2014. The
company's net loss for the first six months of 2015 was ($74.9) million,
or ($0.84) a share. The company had a net loss of ($35.5) million, or
($0.46) a share, for the same period of 2014.
Operating expenses for the quarter ending June 30, 2015, were $42.4
million, compared to $19.6 million for the second quarter of 2014.
Operating expenses for the six months ended June 30, 2105 were $78.5
million. The company had operating expenses of $36.0 million for the
same period of 2014.
Exact Sciences ended the second quarter of 2015 with cash, cash
equivalents and marketable securities of $210.8 million, compared to
$282.8 million at Dec. 31, 2014.
Second-Quarter Conference Call & Webcast
Company management will host a conference call and webcast on Monday,
July 20, 2015, at 10 a.m. ET to discuss second-quarter results. The
webcast will be available at http://investor.exactsciences.com.
Domestic callers should dial 877-212-6082 and international callers
should dial +1 707-287-9332. An archive of the webcast and a replay of
the conference call will be available at www.exactsciences.com
or by calling 855-859-2056 domestically or +1 404-537-3406
internationally. The access code for the conference call and replay is
84732817. The conference call, webcast and replay are open to all
interested parties.
About Exact Sciences Corp.
Exact Sciences Corp. is a molecular diagnostics company focused on the
early detection and prevention of some of the deadliest forms of cancer.
The company has exclusive intellectual property protecting its
noninvasive, molecular screening technology for the detection of
colorectal cancer. Cologuard is included in the colorectal cancer
screening guidelines of the American Cancer Society and stool DNA is
included in the guidelines of the U.S. Multi-Society Task Force on
Colorectal Cancer. For more information, please follow us on Twitter @ExactSciences
or find us on Facebook.
Certain statements made in this presentation contain forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities and Exchange Act of
1934, as amended that are intended to be covered by the "safe harbor"
created by those sections. Forward-looking statements can generally be
identified by the use of forward-looking terms such as "believe,"
"expect," "may," "will," "should," "could," "seek," "intend," "plan,"
"estimate," "anticipate" or other comparable terms. All statements other
than statements of historical facts included in this presentation
regarding our strategies, prospects, financial condition, operations,
costs, plans and objectives are forward-looking statements. Examples of
forward-looking statements include, among others, statements we make
regarding expected numbers of completed and reported Cologuard tests,
anticipated patient compliance rates, the launch trajectory for
Cologuard, expected future operating results, anticipated results of our
sales and marketing efforts, expectations concerning payor reimbursement
and the anticipated results of our product development efforts,
including without limitation our efforts with regard to tests for lung
cancer, pancreatic cancer and esophageal cancer. Forward-looking
statements are neither historical facts nor assurances of future
performance. Instead, they are based only on our current beliefs,
expectations and assumptions regarding the future of our business,
future plans and strategies, projections, anticipated events and trends,
the economy and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are difficult to
predict and many of which are outside of our control. Our actual results
and financial condition may differ materially from those indicated in
the forward-looking statements. Therefore, you should not rely on any of
these forward-looking statements. Important factors that could cause our
actual results and financial condition to differ materially from those
indicated in the forward-looking statements include, among others, the
following: our ability to successfully and profitably market our
products; the acceptance of our products by patients and health care
providers; the amount and nature of competition from other cancer
screening products and procedures; our ability to maintain regulatory
approvals and comply with applicable regulations; our success
establishing and maintaining collaborative and licensing arrangements;
our ability to successfully develop new products; and the other risks
and uncertainties described in the Risk Factors and in Management's
Discussion and Analysis of Financial Condition and Results of Operations
sections of our most recently filed Annual Report on Form 10-K and our
subsequently filed Quarterly Reports on Form 10-Q. We undertake no
obligation to publicly update any forward-looking statement, whether
written or oral, that may be made from time to time, whether as a result
of new information, future developments or otherwise.
|
EXACT SCIENCES CORPORATION
|
Selected Unaudited Financial Information
|
Condensed Consolidated Statements of Operation Data
|
(Amounts in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Laboratory service revenue
|
|
$
|
8,119
|
|
|
$
|
-
|
|
|
$
|
12,385
|
|
|
$
|
-
|
|
License fees
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
294
|
|
|
|
|
8,119
|
|
|
|
-
|
|
|
|
12,385
|
|
|
|
294
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
5,094
|
|
|
|
-
|
|
|
|
9,306
|
|
|
|
-
|
|
Gross margin
|
|
|
3,025
|
|
|
|
-
|
|
|
|
3,079
|
|
|
|
294
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
8,115
|
|
|
|
7,174
|
|
|
|
14,686
|
|
|
|
14,604
|
|
General and administrative
|
|
|
13,683
|
|
|
|
6,230
|
|
|
|
26,654
|
|
|
|
10,816
|
|
Sales and marketing
|
|
|
20,593
|
|
|
|
6,166
|
|
|
|
37,117
|
|
|
|
10,622
|
|
|
|
|
42,391
|
|
|
|
19,570
|
|
|
|
78,457
|
|
|
|
36,042
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(39,366
|
)
|
|
|
(19,570
|
)
|
|
|
(75,378
|
)
|
|
|
(35,748
|
)
|
|
|
|
|
|
|
|
|
|
Investment income
|
|
|
193
|
|
|
|
146
|
|
|
|
415
|
|
|
|
232
|
|
Interest expense
|
|
|
107
|
|
|
|
(13
|
)
|
|
|
96
|
|
|
|
(28
|
)
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(39,066
|
)
|
|
$
|
(19,437
|
)
|
|
$
|
(74,867
|
)
|
|
$
|
(35,544
|
)
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and diluted
|
|
$
|
(0.44
|
)
|
|
$
|
(0.24
|
)
|
|
$
|
(0.84
|
)
|
|
$
|
(0.46
|
)
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
|
|
|
|
|
|
|
|
|
outstanding - basic and diluted
|
|
|
88,919
|
|
|
|
82,048
|
|
|
|
88,791
|
|
|
|
76,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXACT SCIENCES CORPORATION
|
Selected Unaudited Financial Information
|
Condensed Consolidated Balance Sheet Data
|
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
33,765
|
|
|
$
|
58,131
|
|
|
|
|
|
Marketable securities
|
|
|
177,053
|
|
|
|
224,625
|
|
|
|
|
|
Accounts receivable
|
|
|
2,151
|
|
|
|
1,376
|
|
|
|
|
|
Inventory, net
|
|
|
6,275
|
|
|
|
4,017
|
|
|
|
|
|
Prepaid expenses and other current assets
|
|
|
4,019
|
|
|
|
3,528
|
|
|
|
|
|
Property and equipment, net
|
|
|
27,312
|
|
|
|
19,947
|
|
|
|
|
|
Other long-term assets
|
|
|
2,442
|
|
|
|
1,200
|
|
|
|
|
|
Total assets
|
|
$
|
253,017
|
|
|
$
|
312,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
$
|
18,730
|
|
|
$
|
17,521
|
|
|
|
|
|
Long-term debt
|
|
|
3,488
|
|
|
|
1,000
|
|
|
|
|
|
Other long-term liabilities
|
|
|
4,620
|
|
|
|
3,599
|
|
|
|
|
|
Long-term accrued interest
|
|
|
-
|
|
|
|
106
|
|
|
|
|
|
Lease incentive obligation, less current portion
|
|
|
1,338
|
|
|
|
1,614
|
|
|
|
|
|
Total stockholders' equity
|
|
|
224,841
|
|
|
|
288,984
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
253,017
|
|
|
$
|
312,824
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150720005485/en/
Exact Sciences Corp.
J.P. Fielder, 608-210-5220
jpfielder@exactsciences.com
Source: Exact Sciences Corp.
News Provided by Acquire Media