MADISON, Wis.--(BUSINESS WIRE)--
Exact Sciences Corp. (Nasdaq: EXAS) today announced its financial
results for the quarter and year ended Dec. 31, 2014.
Exact reported total revenues of $1.5 million for the fourth quarter of
2014 compared to total revenues of $1.0 million during the same period
of 2013. Total revenues for the year ended Dec. 31, 2014, were $1.8
million, compared to $4.1 million for the year ended Dec. 31, 2013.
Exact reported a net loss of ($32.4) million, or ($0.38) a share, for
the quarter ended Dec. 31, 2014. The company had a net loss of ($12.2)
million, or ($0.17) a share, for the same period in 2013. The net loss
for the year ended Dec. 31, 2014, was ($100.0) million, or ($1.25) a
share. The company's net loss for the year ended Dec. 31, 2013, was
($46.5) million, or ($0.69) a share.
Operating expenses for the quarter ended Dec. 31, 2014, were $30.7
million, compared to $13.3 million for the same period in 2013.
Operating expenses for the year ended Dec. 31, 2014, totaled $98.0
million, compared to $50.9 million for the same period in 2013. The
increase in operating expenses from the prior periods is due to
increased selling, general and administrative expenses to support the
launch of Cologuard®.
Exact ended 2014 with cash, cash equivalents and marketable securities
of $282.8 million, compared to $133.3 million at Dec. 31, 2013.
"We are very pleased with our 2014 accomplishments and the success we're
having with Cologuard in the short time since CMS's final coverage
decision," said Kevin T. Conroy, the company's chairman and CEO. "More
than 4,000 physicians ordered at least one test by year end and we
reported over 4,000 Cologuard test results.
"We also are excited by the success we've had with engaging patients
through our customer support center," Mr. Conroy said. "Our active
engagement of patients who had been prescribed the test but hadn't
returned their collection kit caused our patient compliance rate to
double. Our priorities in 2015 are to continue to grow our Cologuard
business and provide world-class physician and patient engagement, while
advancing our product pipeline."
Fourth-Quarter Conference Call & Webcast
Company management will host a conference call and webcast on Tuesday,
Feb. 24, 2015, at 10 a.m. ET to discuss fourth-quarter and full-year
2014 results. The webcast will be available at www.exactsciences.com.
Domestic callers should dial 877-212-6082 and international callers
should dial 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 404-537-3406 internationally.
The access code for the conference call and replay is 88226947. 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
colorectal cancer. The company has exclusive intellectual property
protecting its non-invasive, molecular screening technology for the
detection of colorectal cancer. Stool-based DNA technology is included
in the colorectal cancer screening guidelines of the American Cancer
Society and the U.S. Multi-Society Task Force on Colorectal Cancer. For
more information, please visit the company's website at www.exactsciences.com.
Certain statements made in this news release 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 press release
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 future operating results, anticipated results of our
sales and marketing efforts, expectations concerning payor reimbursement
and the anticipated results of our product development efforts.
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
|
|
Twelve Months Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Laboratory service revenue
|
|
$
|
1,504
|
|
|
$
|
-
|
|
|
$
|
1,504
|
|
|
$
|
-
|
|
License fees
|
|
|
-
|
|
|
|
1,036
|
|
|
|
294
|
|
|
|
4,144
|
|
|
|
|
1,504
|
|
|
|
1,036
|
|
|
|
1,798
|
|
|
|
4,144
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
3,401
|
|
|
|
-
|
|
|
|
4,325
|
|
|
|
-
|
|
Gross margin
|
|
|
(1,897
|
)
|
|
|
1,036
|
|
|
|
(2,527
|
)
|
|
|
4,144
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
4,992
|
|
-
|
|
6,713
|
|
|
|
28,669
|
|
|
|
27,678
|
|
General and administrative
|
|
|
10,625
|
|
-
|
|
3,687
|
|
|
|
30,435
|
|
|
|
13,649
|
|
Sales and marketing
|
|
|
15,069
|
|
|
|
2,902
|
|
|
|
38,908
|
|
|
|
9,578
|
|
|
|
|
30,686
|
|
|
|
13,302
|
|
|
|
98,012
|
|
|
|
50,905
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(32,583
|
)
|
|
|
(12,266
|
)
|
|
|
(100,539
|
)
|
|
|
(46,761
|
)
|
|
|
|
|
|
|
|
|
|
Investment income
|
|
|
150
|
|
|
|
96
|
|
|
|
542
|
|
|
|
316
|
|
Interest expense
|
|
|
(11
|
)
|
|
|
(16
|
)
|
|
|
(51
|
)
|
|
|
(69
|
)
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(32,444
|
)
|
|
$
|
(12,186
|
)
|
|
$
|
(100,048
|
)
|
|
$
|
(46,514
|
)
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and diluted
|
|
$
|
(0.38
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(1.25
|
)
|
|
$
|
(0.69
|
)
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
|
|
|
|
|
|
|
|
|
outstanding - basic and diluted
|
|
|
84,734
|
|
|
|
70,559
|
|
|
|
80,232
|
|
|
|
67,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXACT SCIENCES CORPORATION
|
|
|
|
Selected Unaudited Financial Information
|
|
|
|
Condensed Consolidated Balance Sheet Data
|
|
|
|
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
58,131
|
|
|
$
|
12,851
|
|
|
|
|
|
Marketable securities
|
|
|
224,625
|
|
|
|
120,408
|
|
|
|
|
|
Accounts receivable, net
|
|
|
1,376
|
|
|
|
-
|
|
|
|
|
|
Inventory
|
|
|
4,017
|
|
|
|
-
|
|
|
|
|
|
Prepaid expenses and other current assets
|
|
|
3,528
|
|
|
|
2,199
|
|
|
|
|
|
Property and equipment, net
|
|
|
19,947
|
|
|
|
11,169
|
|
|
|
|
|
Total assets
|
|
$
|
311,624
|
|
|
$
|
146,627
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
$
|
17,521
|
|
|
$
|
7,752
|
|
|
|
|
|
Long term debt
|
|
|
1,000
|
|
|
|
1,000
|
|
|
|
|
|
Long term other liabilities
|
|
|
2,399
|
|
|
|
-
|
|
|
|
|
|
Long term accrued interest
|
|
|
106
|
|
|
|
84
|
|
|
|
|
|
Obligations under capital lease, less current portion
|
|
|
-
|
|
|
|
360
|
|
|
|
|
|
Lease incentive obligation, less current portion
|
|
|
1,614
|
|
|
|
2,115
|
|
|
|
|
|
Total stockholders' equity
|
|
|
288,984
|
|
|
|
135,316
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
311,624
|
|
|
$
|
146,627
|
|
|
|
|
|
Rod Hise & Co. for Exact Sciences Corp.
Rod Hise, 608-807-4607
[email protected]
Source: Exact Sciences Corp.
News Provided by Acquire Media