Cologuard Maker Exact Sciences Slashes Outlook as Losses Mount

Core Insights - Exact Sciences shares experienced a significant decline after reporting widening losses and lowering its full-year outlook [1] - The company reported a third-quarter net loss of $38.2 million, or 21 cents per share, compared to a net loss of$15.8 million, or 9 cents per share in the previous quarter [1] - Revenue increased by 12.8% year-over-year to $708.7 million, but this was below analysts' expectations [1] Financial Performance - The third-quarter net loss of$38.2 million was wider than the expected loss of $33.9 million [1] - Screening revenue rose by 15.4$544.9 million, while Precision Oncology revenue grew by 5.4% to $163.8 million [1] - The company now anticipates full-year adjusted earnings between$310 million and $320 million, down from a previous estimate of$335 million to $355 million [1] Outlook - Exact Sciences projects full-year revenue of$2.73 billion to $2.75 billion, a decrease from the earlier estimate of$2.81 billion to $2.85 billion [1] - CEO Kevin Conroy indicated that the company's recent performance does not reflect its full potential [1] - Following the news, shares of Exact Sciences fell nearly 30% in intraday trading [1]