Stock Update (NASDAQ:EXAS): Exact Sciences Reports Fourth-Quarter and Full-Year 2014 Financial Results


Exact Sciences Corp. (Nasdaq:EXAS) announced its financial results for the quarter and year ended Dec. 31, 2014.

Exact reported total revenues of $1.5 million for the fourth quarter of 2014 compared to total revenues of $1.0 million during the same period of 2013. Total revenues for the year ended Dec. 31, 2014, were $1.8 million, compared to $4.1 million for the year ended Dec. 31, 2013.

Exact reported a net loss of ($32.4) million, or ($0.38) a share, for the quarter ended Dec. 31, 2014. The company had a net loss of ($12.2) million, or ($0.17) a share, for the same period in 2013. The net loss for the year ended Dec. 31, 2014, was ($100.0) million, or ($1.25) a share. The company’s net loss for the year ended Dec. 31, 2013, was ($46.5) million, or ($0.69) a share.

Operating expenses for the quarter ended Dec. 31, 2014, were $30.7 million, compared to $13.3 million for the same period in 2013. Operating expenses for the year ended Dec. 31, 2014, totaled $98.0 million, compared to $50.9 million for the same period in 2013. The increase in operating expenses from the prior periods is due to increased selling, general and administrative expenses to support the launch of Cologuard®.

Exact ended 2014 with cash, cash equivalents and marketable securities of $282.8 million, compared to $133.3 million at Dec. 31, 2013.

“We are very pleased with our 2014 accomplishments and the success we’re having with Cologuard in the short time since CMS’s final coverage decision,” said Kevin T. Conroy, the company’s chairman and CEO. “More than 4,000 physicians ordered at least one test by year end and we reported over 4,000 Cologuard test results.

“We also are excited by the success we’ve had with engaging patients through our customer support center,” Mr. Conroy said. “Our active engagement of patients who had been prescribed the test but hadn’t returned their collection kit caused our patient compliance rate to double. Our priorities in 2015 are to continue to grow our Cologuard business and provide world-class physician and patient engagement, while advancing our product pipeline.”

Fourth-Quarter Conference Call & Webcast

Company management will host a conference call and webcast on Tuesday, Feb. 24, 2015, at 10 a.m. ET to discuss fourth-quarter and full-year 2014 results. The webcast will be available atwww.exactsciences.com. Domestic callers should dial 877-212-6082 and international callers should dial 707-287-9332. An archive of the webcast and a replay of the conference call will be available atwww.exactsciences.com or by calling 855-859-2056 domestically or 404-537-3406 internationally. The access code for the conference call and replay is 88226947. The conference call, webcast and replay are open to all interested parties.

Shares of Exact Sciences Corp closed yesterday at $24.22 . EXAS has a 1-year high of $29.97 and a 1-year low of $10.69. The stock’s 50-day moving average is $26.96 and it’s 200-day moving average is $23.78.

On the ratings front, Exact Sciences Corp has been the subject of a number of recent research reports. In a report issued on February 18, Wedbush analyst Zarak Khurshid reiterated a Hold rating on EXAS, with a price target of $19, which represents a potential downside of 21.6% from where the stock is currently trading. Separately, on January 23, Mizuho’s Peter Lawson reiterated a Buy rating on the stock and has a price target of $30.

In total, one research analyst has assigned a Hold rating and 6 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 $24.22 which is 19.7% above where the stock closed yesterday.

Exact Sciences Corp is a molecular diagnostics company focused on the early detection and prevention of colorectal cancer.