Financial Performance - Total revenue for Q1 2024 was $637.5 million, compared to $602.5 million in Q1 2023, marking a 5.8% increase[181]. - Screening revenue increased to $474.8 million in Q1 2024 from $443.2 million in Q1 2023, a growth of 7.1%[181]. - Precision Oncology revenue rose to $162.7 million in Q1 2024, up from $155.4 million in Q1 2023, reflecting a 4.7% increase[181]. - The company expects continued revenue growth for Cologuard and Oncotype tests, influenced by test volume and patient adherence rates[183]. - The company expects to continue incurring net losses for the near future despite improving operating results[179]. Cash and Investments - As of March 31, 2024, the company had approximately $347.5 million in unrestricted cash and cash equivalents and $304.6 million in marketable securities[199]. - Cash used in operating activities for Q1 2024 was primarily to fund a net loss, with increased operating expenses offset by higher revenue from completed Cologuard and Oncotype tests[202]. - Cash used in investing activities increased by $246.1 million in Q1 2024 due to a shift towards fixed income securities and an $8.3 million increase in property, plant, and equipment purchases[203]. - Cash provided by financing activities decreased in Q1 2024, primarily due to $138.0 million proceeds from convertible notes issued in Q1 2023[204]. - In April 2024, the company issued $620.7 million in new Convertible Notes due in 2031, retiring $359.7 million of 2028 Notes and receiving $266.8 million in cash[206]. - The company has access to a $150.0 million revolving line-of-credit, with no funds drawn as of March 31, 2024[197]. - As of March 31, 2024, the company had $50.0 million in outstanding variable rate debt, with a potential $0.5 million increase in annual interest expense from a hypothetical 100 basis point increase in market interest rates[214]. Research and Development - The company is committed to investing in clinical trials to enhance existing products and bring new products to market, including the Cologuard Plus test[175]. - Research and development expenses increased to $110.6 million in Q1 2024 from $95.4 million in Q1 2023, a rise of 15.9%[187]. Testing and Screening - The Cologuard Plus test demonstrated an overall sensitivity of 94% for colorectal cancer at a specificity of 91%, representing a 30% relative improvement compared to previous tests[171]. - The company tested more than 1 million people globally for cancer and rare diseases[168]. - The Oncotype DX test is now reimbursed in Japan, potentially allowing over 100 women a day to learn about their cancer recurrence risk[178]. - The company plans to develop a multi-cancer screening test, Cancerguard, with a mean sensitivity of 61% and mean specificity of 98.2%[171]. - The company aims to expand screening access to underserved populations, increasing the number of tests conducted in 2024[176]. - The company is focusing on enhancing the performance characteristics of the Cologuard test to reduce false positive rates[171]. - The company has expanded the number of Oncotype DX international ordering providers by over 20% since Q1 2023[168]. Financial Controls and Reporting - There were no significant changes in internal control over financial reporting during Q1 2024 that materially affected the company's internal controls[218]. - The company had no off-balance sheet arrangements as of March 31, 2024[207]. - The company continues to evaluate its critical accounting policies and estimates, with no material changes since the 2023 Form 10-K[210]. - The company reported an increase in cash used for operating activities due to timing of payments on accounts payable and accrued expenses[202]. Other Financial Metrics - As of March 31, 2024, the company had an accumulated deficit of approximately $3.58 billion[179]. - Investment income increased significantly to $6.2 million in Q1 2024 from $0.5 million in Q1 2023[193]. - Interest expense for Q1 2024 was $7.9 million, compared to net interest income of $4.1 million in Q1 2023[194]. - The company had open foreign currency forward contracts with notional amounts of $46.2 million as of March 31, 2024, to mitigate foreign exchange rate exposure[216].

Revenue 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]

Financial Data and Key Metrics - Q4 2023 revenue grew 17% YoY to $647 million, with core revenue growth of 18% excluding COVID testing, FX, and M&A [7] - Screening revenue increased 21% to $487 million, driven by Cologuard adoption, with 172,000 healthcare providers ordering Cologuard, an all-time high [7] - Precision Oncology revenue grew 12% to $160 million, with Oncotype DX international growth of 48% [7] - Q4 GAAP gross margin was 70%, while non-GAAP gross margin was 73% [7] - Net loss was $50 million, and adjusted EBITDA improved by $45 million to $50 million [7] - Free cash flow turned positive at $35 million, an improvement of $55 million YoY [7] - Cash and securities at year-end totaled $778 million [7] Business Line Performance - Screening revenue is expected to be between $460 million and $470 million in Q1 2024, and between $2.155 billion and $2.175 billion for the full year [8] - Precision Oncology revenue is expected to be between $155 million and $160 million in Q1 2024, and between $655 million and $675 million for the full year [8] - Cologuard brand awareness reached an all-time high of 89% in Q4 2023, with strong preference among unscreened patients [11] - Oncotype DX has been ordered by 98% of US oncologists and has helped spare over 1.3 million patients from unnecessary chemotherapy [12] Market Performance - International growth, particularly in Japan, is a key driver for Precision Oncology, with Japan expected to contribute $30 million in growth in 2024 [54] - The company expects strong double-digit growth internationally for Oncotype DX, with Japan being a significant market [10] Strategic Direction and Industry Competition - The company is focused on embedding Cologuard as a standard of care, increasing Oncotype DX adoption internationally, advancing pipeline programs, and deepening relationships with health systems [6] - The company is investing in new digital and TV campaigns for Cologuard, improving patient and physician experience, and advancing the MRD program [10] - The company is developing next-generation Cologuard, which is expected to raise the performance bar in noninvasive screening and be available to patients in 2025 [14] - The company is advancing its MRD program, with plans to share data supporting reimbursement in colon cancer and integrating OncoDetect with technology licensed from the Broad Institute [15] Management Commentary on Operating Environment and Future Outlook - The company expects total revenue between $615 million and $630 million for Q1 2024 and between $2.81 billion and $2.85 billion for the full year, implying 13% core revenue growth [8] - Adjusted EBITDA is expected to be between $325 million and $350 million for the year, with CapEx around $150 million [8] - The company is optimistic about the future, with a strong pipeline of new tests and a focus on reaching more patients through innovative campaigns and partnerships [11][12] Other Important Information - The company submitted its premarket approval application for next-generation Cologuard to the FDA in December 2023 and expects to make the test available in 2025 [14] - The company plans to announce top-line results from the BLUE-C study for its colon cancer blood test in 2024 [14] Q&A Session Summary Question: Unpack the $20 million headwind in Precision Oncology and OpEx and gross margin guidance for 2024 [17] - The $20 million headwind is due to contracts rolling off as labs transition whole exome sequencing and prostate cancer testing in-house, with the impact more pronounced in Q1 [18] - The company expects continued gross margin expansion and OpEx leverage, particularly in G&A, with investments in lab automation driving efficiency [18] Question: Phasing of screening revenue and CEO's stock options [20] - Q1 screening revenue is expected to be down sequentially due to seasonal trends, with 22% of full-year revenue expected in Q1 [23] - The CEO plans to exercise and hold stock options expiring this week, selling only enough to cover costs and taxes [21] Question: Screening revenue growth and competition from blood-based tests [25] - The company expects 16% screening revenue growth in 2024, driven by rescreens and first-time users, with double-digit growth in the 50-plus age group [26] - The company believes the USPSTF guidelines, which focus on life years gained and unnecessary colonoscopies, set a high bar for blood-based tests to achieve widespread adoption [28] Question: Growth in the 45-49 age segment and blood-based competition [30] - The 45-49 age segment now accounts for nearly 20% of screening revenue and is a significant growth driver [32] - The company believes blood-based tests face biological barriers, with high false-positive rates and insufficient precancer detection, making it difficult to meet USPSTF guidelines [31] Question: Life years gained and adjusted EBITDA margin guidance [36] - Cologuard has the best ratio of life years gained to unnecessary colonoscopies among screening tests, with blood-based tests falling short due to lower sensitivity for precancerous polyps [37] - The company expects 300 basis points of adjusted EBITDA margin expansion in 2024, with continued leverage across all major OpEx lines [38] Question: USPSTF process and timeline for blood-based tests [43] - The company is confident in meeting USPSTF data submission deadlines, with the next guideline update expected by 2026 [45] Question: Health system partnerships and competition [47] - The company's partnerships with health systems are based on value creation, including product offerings, customer support, and technology platforms, rather than contractual barriers [48][49] Question: Oncotype DX international growth and path to $1 billion in Precision Oncology revenue [52] - Japan is expected to contribute $30 million in growth in 2024, with the international business approaching $200 million in annual revenue [54] - The company aims to grow Oncotype DX to $600 million and the broader Precision Oncology business to $1 billion through market penetration, new product launches, and pipeline expansion [54] Question: MRD expectations and investment priorities [56] - The company plans to share data supporting Medicare reimbursement for MRD in colon cancer and expects to commercialize OncoDetect in late 2024 or early 2025 [57] - MRD is one of the company's top three investment areas, alongside colon cancer screening and multi-cancer early detection [59] Question: Multi-cancer early detection (MCAD) investment and progress [61] - The company has scaled back investment in MCAD due to uncertainty around Medicare reimbursement but remains committed to the long-term potential of the technology [62] Question: BLUE-C blood test expectations and positioning [65] - The company expects its blood test to receive a best second-line screening claim from the FDA, targeting patients who refuse frontline tests like Cologuard and colonoscopy [66] Question: MRD reimbursement and gross margin impact [69] - The company is generating data to support Medicare reimbursement for MRD in colon cancer, with breast cancer reimbursement expected in 2025 [70] - New products, including Cologuard 2, are expected to drive gross margin improvement, with temporary pressure from products lacking full reimbursement [71] Question: Cologuard 2.0 pricing and BLUE-C study publication [74] - The company expects to create value with Cologuard 2 through reduced false positives and cost savings but has not provided specific pricing guidance [75] - The BLUE-C study is expected to be published in the near term [75] Question: Rescreen hit rate and timing [77] - The rescreen success rate is below 55% but improving, with a long-term goal of 70% [78] - The median time to rescreen is approximately 3.5 years, with some spillover into the following year [78] Question: OncoLiquid data and commercial launch timing [80] - The company is working on validating OncoLiquid and plans to submit for Medicare reimbursement this year [83] Question: Advanced adenoma detection bar for first-line tests [81] - The company believes the FDA may set a minimum bar for advanced adenoma detection around 20%, based on the performance of the FIT test [82]

We aim to help eradicate cancer by preventing it, detecting it earlier, and guiding personalized treatment. Fourth-quarter 2023 earnings call February 21, 2024 EXACT SCIENCES 1 Safe harbor and non-GAAP disclosures This pre ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-35092 _____________________________________________________________________________ ...

We aim to help eradicate cancer by preventing it, detecting it earlier, and guiding its treatment. Third-quarter 2023 earnings call November 1, 2023 EXACT SCIENCES 1 Safe harbor and non-GAAP disclosures This pre ...

Exact Sciences Corporation (NASDAQ:EXAS) Q3 2023 Earnings Conference Call November 1, 2023 5:00 PM ET Company Participants Kevin Conroy - Chairman, Chief Executive Officer Jeff Elliott - Chief Financial Officer Everett Cunningham - Chief Commercial Officer Erik Holznecht - Manager, Investor Relations Conference Call Participants Catherine Schulte - Baird Brandon Couillard - Jefferies Derik de Bruin - Bank of America Dan Brennan - TD Cowen Andrew Brackmann - William Blair Vijay Kumar - Evercore ISI Matt Syke ...

Revenue Performance - Revenue for the three months ended September 30, 2023, reached $628 million, a 20% increase compared to the same period in 2022[191] - Total revenue for the three months ended September 30, 2023, was $628.3 million, an increase of $105.3 million (20.1%) compared to $523.1 million in the same period of 2022[205] - Screening revenue increased to $472.0 million for the three months ended September 30, 2023, up $111.3 million (30.8%) from $360.8 million in 2022, driven by higher completed Cologuard tests[205] - Precision Oncology revenue rose to $156.3 million, a $4.9 million (3.2%) increase from $151.4 million in the prior year, attributed to more completed Oncotype DX tests[205] - COVID-19 testing revenue dropped to $0 million from $10.9 million, reflecting reduced demand as the pandemic subsides[205] Cash Flow and Financial Position - Positive cash provided by operating activities was $24 million for the three months ended September 30, 2023, an improvement of $65 million year-over-year[191] - Net cash provided by operating activities for the nine months ended September 30, 2023 was $86.6 million, compared to a cash used of $275.6 million for the same period in 2022[227] - As of September 30, 2023, the company had approximately $594.6 million in unrestricted cash and cash equivalents and approximately $139.8 million in marketable securities[225] - The company has an accumulated deficit of approximately $3.42 billion as of September 30, 2023[203] - The outstanding aggregate principal of all convertible notes was $2.34 billion as of September 30, 2023[233] Expenses and Investments - Research and development expenses for the three months ended September 30, 2023, totaled $111.4 million, an increase of $20.6 million (22.7%) from $90.8 million in 2022[211] - General and administrative expenses increased to $217.4 million for the three months ended September 30, 2023, up $25.4 million (13.2%) from $192.0 million in 2022[215] - The company anticipates that research and development expenses will continue to rise as it invests in advancing new tests[210] Operational Efficiency - Cost of sales as a percentage of revenue decreased to 27% for the three months ended September 30, 2023, compared to 28% in the same period of 2022, due to improved efficiency[209] - Amortization of acquired intangible assets decreased to $23.0 million for the three months ended September 30, 2023, compared to $23.5 million in the same period of 2022[215] Strategic Initiatives - Exact Sciences has delivered over 1 million test results, including a record number of Cologuard and Oncotype DX results[191] - The company plans to complete submission for FDA approval of the next-generation Cologuard test by the end of 2023[195] - Exact Sciences aims to develop a multi-cancer early detection test, Cancerguard, with a mean sensitivity of 61% and mean specificity of 98.2% for detecting cancer signals from 15 organ sites[195] - Exact Sciences is focused on improving customer relations and enhancing digital tools for providers and patients[199] - The company is integrating Resolution Bioscience and its liquid therapy selection test into its foundation[191] - Exact Sciences is committed to expanding its business by testing more people, aiming for sustainable profits and increased shareholder value[201] Other Financial Metrics - Other operating income was $72.0 million for the three and nine months ended September 30, 2023, compared to a loss of $13.2 million for the same periods in 2022[217] - Net investment income was $2.1 million for the three months ended September 30, 2023, compared to a net investment loss of $8.6 million for the same period in 2022[218] - Interest expense increased to $7.9 million for the three months ended September 30, 2023, compared to $5.2 million for the same period in 2022[219] - Income tax expense was $0.2 million for the three months ended September 30, 2023, compared to a benefit of $3.1 million for the same period in 2022[220] Risk Management - The company maintains significant amounts of cash, cash equivalents, restricted cash, and marketable securities at financial institutions that exceed federally insured limits, posing a risk of potential losses on these deposits[240] - The company had open foreign currency forward contracts with notional amounts of $33.3 million as of September 30, 2023, to mitigate foreign exchange rate exposure[243] - Substantially all of the company's revenues are recognized in U.S. dollars, minimizing material gains and losses from foreign currency translation[242] - The company does not utilize interest rate hedging agreements or other interest rate derivative instruments, which may expose it to interest rate risk[240] - A hypothetical 100 basis point decrease in market interest rates would result in immaterial potential losses in future earnings and cash flows[240] - The company is subject to risks from changes in foreign currency exchange rates, which could affect financial results due to international activities[242] - The company invests cash and marketable securities in high-quality, highly liquid investments, maintaining safety and liquidity[239] - All significant interest-bearing liabilities, except for variable rate debt, bear fixed interest rates, which may lead to higher future interest payments if market rates change[241] - The company has established investment guidelines for diversification and maturities to manage credit exposure and maintain liquidity[239]

Financial Data and Key Metrics - Q2 2023 revenue grew 19% YoY to $622 million, with core revenue (excluding COVID testing, prostate business sale, and FX) up 24% to $617 million [8] - Screening revenue increased 31% to $463 million, driven by broad-based momentum in Cologuard adoption [8] - Precision Oncology revenue grew 2% to $157 million (7% excluding prostate business sale and FX) [9] - COVID testing revenue declined 84% to $2 million, and the company discontinued COVID testing in July [9][10] - GAAP gross margin was 71%, while non-GAAP gross margin (excluding amortization of acquired intangibles) was 75% [9] - Adjusted EBITDA improved by $113 million YoY to $67 million, driven by better-than-expected revenue, gross margin, and operating expense discipline [10] - Free cash flow improved by $190 million YoY to $66 million, with cash and securities totaling $776 million at quarter-end [10] Business Line Performance - Cologuard adoption continues to grow, with over 9,000 new healthcare professionals ordering the test in Q2 and more than 321,000 since launch [9] - Approximately 75% of US primary care physicians have ordered Cologuard, with 10% penetration among eligible patients [23][24] - The company implemented 40 new electronic connections with large US health systems in 2023, bringing the total to nearly 300 [8] - Precision Oncology growth was driven by a 26% increase in international revenue, with Oncotype DX Breast test securing reimbursement in Japan [14][62] Market Performance - The US market remains the primary driver, with significant opportunities in colorectal cancer screening, as 60 million Americans are not up-to-date with screening [13] - Japan represents a major opportunity for Oncotype DX, with 90,000 women diagnosed with breast cancer annually, half of whom are eligible for the test [14] - The company is focusing on molecular residual disease (MRD) and multi-cancer early detection as key growth areas, with collaborations with the Broad Institute and Baylor Scott & White [6][15] Strategic Direction and Industry Competition - The company is advancing next-generation Cologuard, which achieved a 30% improvement in specificity and enhanced sensitivity for cancer and pre-cancer detection [12] - FDA submission for next-gen Cologuard is expected by year-end, with potential approval in early 2025 [13] - The company is investing in MRD and multi-cancer early detection platforms, with partial results from the ASCEND 2 trial expected in fall 2023 [16] - The company raised full-year revenue guidance by $54 million and adjusted EBITDA guidance by $63 million, reflecting strong execution and market opportunities [7][11] Management Commentary on Operating Environment and Future Outlook - Management highlighted the company's commitment to eradicating cancer through innovative diagnostics and strong commercial execution [5][6] - The company expects long-term double-digit revenue growth and margin improvement, supported by its scalable platform [7][11] - Management emphasized the importance of next-gen Cologuard in reducing false positives and improving screening outcomes, which will drive future growth [12][13] Other Important Information - The company is working on a blood-based CRC test, with data expected by mid-2024, targeting patients who refuse frontline screening tests [79][80] - The care gap program, which targets hard-to-screen patients, is a key initiative to improve screening rates and strengthen relationships with payers and health systems [52][53] Q&A Session Summary Question: OpEx trends and Cologuard 2.0 impact [18] - OpEx is expected to increase in the mid-single-digit range for the year, with accelerated investments in MRD and hiring in H2 [19][20] - Cologuard 2.0 will target physicians who previously objected to the false positive rate, leveraging data and analytics for targeted outreach [21] Question: Strategy for deepening Cologuard penetration [22] - The company focuses on increasing frequency and consistency of messaging to drive higher Cologuard orders, despite 75% of primary care physicians already ordering the test [23][24] Question: Profitability and G&A leverage [25] - Adjusted EBITDA margins are improving, with a $320 million YoY improvement expected for 2023 [26] - G&A growth was 2% excluding one-time items, with further leverage expected over time [27] Question: Cologuard drivers and rescreen trends [28] - Rescreens are a key driver, with a temporary headwind from COVID-related declines in 2020 orders, but growth is expected to rebound in 2024 [29][30] - The 45-49 age group now accounts for nearly 20% of Cologuard revenue, driven by guideline changes [31] Question: Oncotype DX in Japan and cash collections [34] - Oncotype DX in Japan is expected to contribute $25-30 million annually, with a small impact in 2023 [35] - Improved cash collections contributed over $10 million in H1, with $5 million expected in H2 [36][37] Question: Seasonality and Q3 guidance [38] - Q3 screening revenue is expected to be flat due to COVID-related rescreen headwinds, but full-year growth remains strong at 28% [41][42] Question: MRD Oncodetect launch timing [43] - The MRD test is expected to launch in late Q4 2023, with Medicare coverage likely by mid-2025 [44] Question: Next-gen Cologuard timeline [45] - FDA submission for next-gen Cologuard is expected by year-end, with approval likely in 9-12 months [47] Question: Gross margin trends and Cologuard 2.0 cost savings [48] - Full-year gross margin guidance is raised to 73.5%-74%, with Cologuard 2.0 expected to reduce costs by at least 5% [49][51] Question: Health system electronic connections [54] - Electronic ordering accounts for 65% of Cologuard orders, with plans to connect 60 more health systems in H2 [55][57] Question: Physician feedback on next-gen Cologuard [58] - Early feedback from KOLs and payers on next-gen Cologuard is positive, with expectations of smooth adoption and reimbursement [59][60] Question: Precision Oncology revenue breakdown [61] - International Precision Oncology revenue grew 26% in Q2, with strong momentum in the global breast franchise [62] Question: MRD technology and Broad Institute collaboration [65] - The Broad Institute's MAESTRO technology will enhance the next-gen MRD test, improving sensitivity and specificity [66] Question: Health system backlog and screening capacity [67] - Health systems are partnering with the company to address colonoscopy backlogs and improve screening rates [68][70] Question: Margin profile and COVID rescreen headwind [71] - The $50 million COVID rescreen headwind is temporary, with margins expected to improve as the headwind lifts in 2024 [72] Question: International expansion learnings [73] - The company is leveraging its US experience to explore opportunities for Cologuard in international markets, particularly Europe [74][75] Question: Cologuard blood test timeline [78] - Data for the CRC blood test is expected by mid-2024, targeting patients who refuse frontline screening tests [79][80]

We aim to eradicate cancer with tests that help prevent it, detect it earlier, and guide treatment. Second-quarter 2023 earnings call August 1, 2023 EXACT SCIENCES 1 Safe harbor and non-GAAP disclosures This presentation contains forward-looking statements concerning our expectations, anticipations, intentions, beliefs or strategies regarding the future. These forward-looking statements are based on assumptions that we have made as of the date hereof and are subject t ...