Exact Sciences(EXAS)2024-05-08 20:08Revenue Performance - Total revenue for Q1 2024 was $638 million, a 6% increase compared to $602 million in Q1 2023[2] - Screening revenue reached $475 million, reflecting a 7% increase year-over-year[6] - Precision Oncology revenue was $163 million, up 5% from the previous year, or 4% on a core revenue basis[6] - Revenue for the three months ended March 31, 2024, was $637,524,000, representing a 6% increase from $602,450,000 in the same period of 2023[23] - Screening revenue increased by 7% to $474,798,000 from $443,195,000 year-over-year[23] - Precision Oncology revenue grew by 5% to $162,726,000 compared to $155,432,000 in the prior year[23] Financial Guidance - The company maintains its full-year 2024 revenue guidance of $2.810-$2.850 billion, with Screening revenue expected to be $2.155-$2.175 billion and Precision Oncology revenue projected at $655-$675 million[5] Operating Performance - Total operating expenses for the three months ended March 31, 2024, were $743,948,000, up from $679,541,000 in the same period of 2023[27] - Adjusted EBITDA for the three months ended March 31, 2024, was $39,204,000, down from $45,914,000 in the same period of 2023[29] Profitability and Loss - Net loss for the quarter was $110 million, or $0.60 per share, compared to a net loss of $74 million, or $0.42 per share in Q1 2023[6] - Net loss for the three months ended March 31, 2024, was $110,228,000, compared to a net loss of $74,151,000 in the prior year[29] - Non-GAAP gross profit for the three months ended March 31, 2024, was $467,423,000, with a non-GAAP gross margin of 73%[27] Cash Flow and Liquidity - Cash, cash equivalents, and marketable securities totaled $652 million at the end of the quarter[6] - Cash and cash equivalents decreased to $347,487,000 as of March 31, 2024, from $605,378,000 at the end of 2023[21] - Free cash flow for Q1 2024 was $(119,960) thousand, compared to $(67,575) thousand in Q1 2023, reflecting a worsening cash flow situation[37] - The company experienced a net decrease in cash, cash equivalents, and restricted cash of $(257,891) thousand in Q1 2024, compared to a net increase of $178,872 thousand in Q1 2023[37] - Net cash used in operating activities for Q1 2024 was $(82,311) thousand, compared to $(38,215) thousand in Q1 2023, representing a significant increase in cash outflow[37] - Net cash provided by investing activities was $(171,438) thousand in Q1 2024, a decrease from $82,941 thousand in Q1 2023, indicating a shift towards more cash being used for investments[37] - Net cash used in financing activities was $(3,002) thousand in Q1 2024, a decrease from $133,596 thousand in Q1 2023, suggesting reduced financing activities[37] Asset and Equity Position - Total assets as of March 31, 2024, were $6,376,321,000, a decrease from $6,471,334,000 at the end of 2023[21] - Total stockholders' equity as of March 31, 2024, was $3,132,618,000, slightly down from $3,145,305,000 at the end of 2023[21] Product and Market Developments - The company delivered over one million Cologuard and Oncotype DX test results to patients in Q1 2024[3] - Exact Sciences is preparing for FDA approval and commercialization of Cologuard Plus, which features novel biomarkers and improved laboratory processes[11] - The Oncotype DX Breast Recurrence Score test is recognized as the standard of care in breast cancer treatment guidelines[12] Currency Effects - Effects of exchange rate changes on cash and cash equivalents resulted in a loss of $(1,140) thousand in Q1 2024, compared to a gain of $550 thousand in Q1 2023[37] Overall Financial Summary - Overall, the financial data indicates a challenging quarter with increased cash outflows and reduced cash reserves compared to the previous year[37]