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Exact Sciences(EXAS) - 2024 Q3 - Quarterly Results
EXASExact Sciences(EXAS)2024-11-05 21:09

Revenue Performance - Total revenue for Q3 2024 was 709million,a13709 million, a 13% increase compared to 628 million in Q3 2023[1] - Screening revenue reached 545million,up15545 million, up 15%, while Precision Oncology revenue was 164 million, an increase of 5%[3] - Revenue for the three months ended September 30, 2023, was 708,655,000,representinga13708,655,000, representing a 13% increase from 628,338,000 in the same period of 2022[22] - Screening revenue for the three months ended September 30, 2023, was 544,901,000,a15544,901,000, a 15% increase from 472,013,000 year-over-year[24] - The company reported a 10% increase in total revenue for the nine months ended September 30, 2023, totaling 2,045,443,000comparedto2,045,443,000 compared to 1,852,881,000 in the same period of 2022[25] - Total revenue for the nine months ended September 30, 2024, reached 2,045,443,000,comparedto2,045,443,000, compared to 1,852,881,000 for the same period in 2023[29] Financial Metrics - Adjusted EBITDA was 99million,reflectinga99 million, reflecting a 42 million increase, with an adjusted EBITDA margin of 14%, up 500 basis points[3] - Adjusted EBITDA for Q3 2024 was 98,731,000,withanadjustedEBITDAmarginof1498,731,000, with an adjusted EBITDA margin of 14%, up from 9% in Q3 2023[30] - Gross profit for Q3 2024 was 491,485,000, resulting in a gross margin of 69% compared to 70% in Q3 2023[29] - Non-GAAP gross profit for Q3 2024 was 512,585,000,withanon−GAAPgrossmarginof72512,585,000, with a non-GAAP gross margin of 72%[29] - The company reported a loss from operations of 147.2 million for the three months ended September 30, 2024[36] Cash Flow and Liquidity - Operating cash flow was 139million,andfreecashflowwas139 million, and free cash flow was 113 million, both showing significant increases[3] - Net cash provided by operating activities for the three months ended September 30, 2024, was 138.7million,significantlyupfrom138.7 million, significantly up from 24.4 million in the same period of 2023[44] - Free cash flow for the three months ended September 30, 2024, was 112.6million,comparedtoanegativefreecashflowof112.6 million, compared to a negative free cash flow of 0.8 million for the same period in 2023[44] - Cash, cash equivalents, and marketable securities totaled 1.02billionattheendofQ32024[3]−CashandcashequivalentsasofSeptember30,2024,were1.02 billion at the end of Q3 2024[3] - Cash and cash equivalents as of September 30, 2024, were 588,830,000, down from 605,378,000asofDecember31,2023[23]−Cash,cashequivalents,andrestrictedcashattheendoftheperiodwere605,378,000 as of December 31, 2023[23] - Cash, cash equivalents, and restricted cash at the end of the period were 594.7 million, compared to 594.9millionattheendofthesameperiodin2023[44]−Thecompanyachievedanetincreaseincashandcashequivalentsof594.9 million at the end of the same period in 2023[44] - The company achieved a net increase in cash and cash equivalents of 58.7 million for the three months ended September 30, 2024[44] Expenses and Losses - Total operating expenses for the three months ended September 30, 2023, were 751,158,000,comparedto751,158,000, compared to 693,516,000 in the same period of 2022, reflecting an increase of 8%[22] - Net loss for the three months ended September 30, 2023, was (38,236,000),comparedtoanetlossof(38,236,000), compared to a net loss of (154,383,000) in the same period of 2022[22] - Net loss for Q3 2024 was (38,236,000),comparedtoanetincomeof(38,236,000), compared to a net income of 794,000 in Q3 2023[30] - The company reported an impairment of long-lived assets of 31,296,000fortheninemonthsendedSeptember30,2024[33]−Thecompanyrecordedimpairmentchargesof31,296,000 for the nine months ended September 30, 2024[33] - The company recorded impairment charges of 621,000 related to long-lived assets for the three months ended September 30, 2024[39] - The company recognized a legal settlement expense of 36.2millionduringthereportingperiod[42]−LegalsettlementsforQ32024amountedto36.2 million during the reporting period[42] - Legal settlements for Q3 2024 amounted to (3,500,000)[30] Guidance and Future Outlook - The company updated its full-year 2024 revenue guidance to 2.810−2.810 - 2.850 billion, and adjusted EBITDA guidance to 655−655 - 675 million[12] Product Developments - The FDA approved the Cologuard Plus test, which enhances sensitivity and reduces false positives by over 30%[6] - Data presented for a blood-based colorectal cancer screening test showed 88% sensitivity for colorectal cancer and 31% for advanced precancerous lesions at 90% specificity[7] - Exact Sciences secured acceptance for its first publication on the Oncodetect test, aimed at monitoring residual disease and cancer recurrence[8] Research and Development - Research and development expenses for the nine months ended September 30, 2024, were 331,593,000[33]−ResearchanddevelopmentexpensesforthethreemonthsendedSeptember30,2024,were331,593,000[33] - Research and development expenses for the three months ended September 30, 2024, were 310.9 million, slightly down from 309.7millioninthesameperiodof2023[36]−TheExactNexustechnologyplatformcontributedtostronggrowthinCologuardtestutilizationamongrescreenpatients[5]StockholderEquity−Totalstockholders′equityasofSeptember30,2024,was309.7 million in the same period of 2023[36] - The ExactNexus technology platform contributed to strong growth in Cologuard test utilization among rescreen patients[5] Stockholder Equity - Total stockholders' equity as of September 30, 2024, was 3,210,511,000, up from 3,145,305,000asofDecember31,2023[23]−TotalassetsasofSeptember30,2024,were3,145,305,000 as of December 31, 2023[23] - Total assets as of September 30, 2024, were 6,748,571,000, an increase from $6,471,334,000 as of December 31, 2023[23]