Stock Update (NASDAQ:EXAS): EXACT Sciences Corporation Highlights Cologuard’s(r) Positive Launch Trajectory in Second Quarter 2015

EXACT Sciences Corporation (NASDAQ:EXAS) announced its business and financial results for the second quarter of 2015, and showed continued strong performance with more than 21,000 completed Cologuard tests for the quarter, up more than 90 percent from the first quarter, which resulted in $8.1 million in revenue. Additionally, the cumulative number of ordering physicians grew to 14,700 during the quarter, a 77 percent increase.

“We are pleased with Cologuard’s growth trajectory and that our sales and marketing strategy is driving results,” said Kevin Conroy, Exact Sciences’ chairman and CEO. “Physician and patient demand are increasing while our compliance rate continues moving upward as well. We’re now building on the success of Cologuard to develop tests that will detect lung, pancreatic and esophageal cancers at their earliest stages.”

During the second quarter of 2015 the compliance rate for Cologuard increased to 73 percent, up from 71 percent in the first quarter. The patient compliance rate is derived from the number of valid test results generated from collection kits shipped to patients 60 or more days prior to June 30, 2015. Our lab, through its customer care center, is helping to drive this increase by regularly contacting patients for whom Cologuard has been ordered and encouraging them to complete their screening. More than a third of Cologuard users (36 percent) had never been screened before, according to a 3,000-patient survey by the company.

Exact Sciences also announced during the second quarter a landmark partnership with The University of Texas MD Anderson Cancer Center, one of the world’s leading cancer centers, to develop a simple blood-based test to detect lung cancer, details of which were presented at Exact Sciences’ inaugural Investor & Analyst Day. The investor day event also offered context about Exact Sciences ongoing partnership with Mayo Clinic to develop tests for the early detection of pancreatic and esophageal cancer.

Financial Results

Exact Sciences reported total revenues of $8.1 million for the second quarter of 2015 and total revenues of $12.4 million for the six months endedJune 30, 2015. Cologuard received approval from the U.S. Food and Drug Administration in August 2014 and a final National Coverage Decision from the Center for Medicare and Medicaid Services in October 2014.

For the second quarter of 2015, Exact Sciences reported a net loss of ($39.1) million, or ($0.44) a share. The company had a net loss of ($19.4) million, or ($0.24) a share, for the same period of 2014. The company’s net loss for the first six months of 2015 was ($74.9) million, or ($0.84) a share. The company had a net loss of ($35.5) million, or ($0.46) a share, for the same period of 2014.

Operating expenses for the quarter ending June 30, 2015, were $42.4 million, compared to $19.6 million for the second quarter of 2014. Operating expenses for the six months ended June 30, 2105 were $78.5 million. The company had operating expenses of $36.0 million for the same period of 2014.

Exact Sciences ended the second quarter of 2015 with cash, cash equivalents and marketable securities of $210.8 million, compared to $282.8 million at Dec. 31, 2014. (Original Source)

Shares of Exact Sciences Corp closed last Friday at $27.61 and setting to open higher today following the earnings announcement. EXAS has a 1-year high of $32.85 and a 1-year low of $15.12. The stock’s 50-day moving average is $28.26 and its 200-day moving average is $25.48.

On the ratings front, Exact Sciences has been the subject of a number of recent research reports. In a report issued on July 13, Roth Capital analyst Chris Lewis reiterated a Buy rating on EXAS, with a price target of $31, which implies an upside of 12.3% from current levels. Separately, on June 29, Lake Street Capital’s Bruce Jackson reiterated a Hold rating on the stock and has a price target of $27.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Chris Lewis and Bruce Jackson have a total average return of 8.1% and 5.2% respectively. Lewis has a success rate of 62.4% and is ranked #667 out of 3712 analysts, while Jackson has a success rate of 66.7% and is ranked #1903.

Overall, 3 research analysts have assigned a Hold rating and 3 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $30.50 which is 10.5% above where the stock closed last Friday.

Exact Sciences Corp is a molecular diagnostics company currently focused on the early detection and prevention of colorectal cancer. It has developed a noninvasive, patient friendly screening test called Cologuard(R).

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