Exact Sciences Corporation (EXAS) beat analyst estimates for its first-quarter report even though the growth wasn’t as impressive as it was a year ago.
Exact Sciences’ revenue for the first quarter increased 16 % year-over-year to $ 402.1 million, far exceeding Wall Street’s preliminary estimate of $ 388.5 million. Around 60% of the company’s revenue comes from cancer screening services such as the highly popular Cologuard colorectal cancer test and Biomatrica products. More than $ 240 million were generated by this segment in the first quarter, which increased 10% compared to last year.
Specifically, sales of precision oncology products topped $129 million in the first quarter, a year-on-year increase of 1% (revenue includes sales of Oncotype tests used to optimize treatment solutions for breast, colon, and prostate cancer). In addition to the revenue from COVID-19 testing, the company generated $ 32.3 million in the first quarter.
Exact Sciences Corporation (EXAS) also announced a year-on-year decline in losses during the first quarter. Thus, the loss in the most recent period was $31.2 million, or $ 0.18 per share, compared to $134.6 million, or $ 0.91 per share in the first quarter of 2020.
Cathy Wood, an investor, widely regarded as one of the top investors worldwide, acquired Exact Sciences shares for her ARK Innovation ETF. As Katie Wood’s opinion is very authoritative for many investors, we can expect interest in Exact Sciences securities to increase in the coming months.
According to Exact Sciences, revenue in 2021 is expected to range from $1.69 billion to $1.737 billion. Approximately $ 1.125 billion to $ 1.15 billion is expected to come from screening and $ 515 million to $ 525 million from point oncology tools, as well as $ 50 million to $60 million from testing for COVID-19.
Exact Sciences Corporation (EXAS) shares were trading up 0.48% in aftermarket trading at $105. During the last session, shares of EXAS closed at $104.45, falling -3.25% or $3.51. They ranged between $104.265 and $110.73 throughout the day. The number of shares exchanged was 1.68 million, higher than the average daily share volume of the company over the last 50 days of 1.48 million and its year-to-date volume of 1.66 million. Since the beginning of the year, the stock has enjoyed an increase of 26.13%, and it has lost -20.73% in the past week. The stock has fallen by -15.14% over the past six months and by -27.73% over the past three months. Therefore, the stock has returned -21.13% this year.