Full Press Release Details
Exact Sciences Corp.
Exact Sciences Corp.
Exact Sciences reports third-quarter
revenue growth of 85 percent to $219 million
MADISON, Wis., October 29, 2019 - Exact Sciences
Corp. (Nasdaq: EXAS) today announced that the company generated revenue of $218.8 million and screened approximately 456,000 people
with Cologuard during the quarter ended September 30, 2019. Third-quarter 2019 revenue and test volume grew 85 percent and 89 percent,
respectively, from the same period of 2018.
"The Exact Sciences team delivered another strong quarter
and most importantly, has screened more than 3 million people with Cologuard over the last 5 years," said Kevin Conroy, chairman
and CEO of Exact Sciences. "The team made significant progress enhancing our internal infrastructure with the opening of
our new lab and implementation of Epic's best-in-class electronic health record system. The foundation we've built
for Cologuard and our planned combination with Genomic Health position Exact Sciences to be the cancer diagnostics leader for years
Third-Quarter 2019 Financial Results
For the three-month period ended September 30, 2019, as compared to the same period of 2018 (where applicable):
The company's guidance for revenue is a
forward-looking statement. It is subject to various risks and uncertainties that could cause the company's actual results to differ
materially from the anticipated targets. There can be no assurance the company will meet these financial projections. See the cautionary
information about forward-looking statements in the "Forward-Looking Statements" section of this news release.
Third-Quarter Conference Call & Webcast
Company management will host a conference
call and webcast on Tuesday, October 29, 2019, at 5 p.m. ET to discuss third-quarter 2019 results. The webcast will be available
at www.exactsciences.com. Domestic callers should dial 833-235-7650 and international callers should dial +1-647-689-4171.
An archive of the webcast will be available
at www.exactsciences.com. A replay of the conference call will be available by calling 800-585-8367 domestically or 416-621-4642
internationally. The access code for the replay of the call is 4168628. The webcast, conference call and replay are open to all
Cologuard was approved by the FDA in August 2014, and results
from Exact Sciences' prospective 90-site, point-in-time, 10,000-patient pivotal trial were published in the New England Journal
of Medicine in March 2014. Cologuard is included in the American Cancer Society's (2018) colorectal cancer screening guidelines
and the recommendations of the U.S. Preventive Services Task Force (2016) and National Comprehensive Cancer Network (2016). Cologuard
is indicated to screen adults 45 years of age and older who are at average risk for colorectal cancer by detecting certain DNA
markers and blood in the stool. Do not use Cologuard if you have had precancer, have inflammatory bowel disease and certain hereditary
syndromes, or have a personal or family history of colorectal cancer. Cologuard is not a replacement for colonoscopy in high risk
patients. Cologuard performance in adults ages 45-49 is estimated based on a large clinical study of patients 50 and older. Cologuard
performance in repeat testing has not been evaluated.
The Cologuard test result should be interpreted with caution.
A positive test result does not confirm the presence of cancer. Patients with a positive test result should be referred for diagnostic
colonoscopy. A negative test result does not confirm the absence of cancer. Patients with a negative test result should discuss
with their doctor when they need to be tested again. False positives and false negative results can occur. In a clinical study,
13% of people without cancer or precancer received a positive result (false positive) and 8% of people with cancer received a negative
result (false negative).
Medicare and most major insurers cover Cologuard. For more information
about Cologuard, visit www.cologuardtest.com. Rx Only.
About Exact Sciences Corp.
Exact Sciences Corp. is a molecular diagnostics company focused
on the early detection and prevention of some of the deadliest forms of cancer. The company has exclusive intellectual property
protecting its non-invasive, molecular screening technology for the detection of colorectal cancer. For more information, please
visit the company's website at www.exactsciences.com, follow Exact Sciences on Twitter @ExactSciences or find Exact
Sciences on Facebook.
Forward-Looking Statements
This news release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements,
which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified
by the use of forward-looking terms such as "believe," "expect," "may," "will," "should,"
"would," "could," "seek," "intend," "plan," "goal," "project,"
"estimate," "anticipate" or other comparable terms. All statements other than statements of historical facts
included in this news release regarding our strategies, prospects, financial condition, operations, costs, plans, objectives and
the proposed acquisition of Genomic Health by Exact Sciences are forward-looking statements. Examples of forward-looking statements
include, among others, statements we make regarding expected future operating results, anticipated results of our sales and marketing
efforts, expectations concerning payer reimbursement, the anticipated results of our product development efforts, the anticipated
benefits of the proposed acquisition of Genomic Health, including estimated synergies and other financial impacts, and the expected
timing of completion of the transaction. Forward-looking statements are neither historical facts nor assurances of future performance.
Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future
plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult
to predict and many of which are outside of our control. Actual results, conditions and events may differ materially from those
indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important
factors that could cause actual results, conditions and events to differ materially from those indicated in the forward-looking
statements include, among others, the following: our ability to successfully and profitably market our products and services; the
acceptance of our products and services by patients and healthcare providers; our ability to meet demand for our products and services;
the willingness of health insurance companies and other payers to cover our products and services and adequately reimburse us for
such products and services; the amount and nature of competition from other cancer screening and diagnostic products and services;
the effects of the adoption, modification or repeal of any law, rule, order, interpretation or policy relating to the healthcare
system, including without limitation as a result of any judicial, executive or legislative action; the effects of changes in pricing,
coverage and reimbursement for our products and services, including without limitation as a result of the Protecting Access to
Medicare Act of 2014; recommendations, guidelines and quality metrics issued by various organizations such as the U.S. Preventive
Services Task Force, the American Cancer Society, and the National Committee for Quality Assurance regarding cancer screening or
our products and services; our ability to successfully develop new products and services; our ability to effectively utilize strategic
partnerships, such as our Promotion Agreement with Pfizer, Inc., and acquisitions; our success establishing and maintaining collaborative,
licensing and supplier arrangements; our ability to maintain regulatory approvals and comply with applicable regulations; the ability
of Exact Sciences and Genomic Health to receive the approval of Genomic Health's stockholders for the proposed merger and
to satisfy the other conditions to the closing of the transaction on a timely basis or at all; the occurrence of events that may
give rise to a right of one or both of Exact Sciences and Genomic Health to terminate the merger agreement; negative effects of
the announcement or the consummation of the transaction on the market price of our common stock and/or on our business, financial
condition, results of operations and financial performance; risks relating to the value of the Exact Sciences shares to be issued
in the transaction; significant transaction costs and/or unknown liabilities; the possibility that the anticipated benefits from
the proposed acquisition of Genomic Health cannot be realized in full or at all or may take longer to realize than expected; risks
associated with contracts containing consent and/or other provisions that may be triggered by the proposed acquisition of Genomic
Health; risks associated with transaction-related litigation; the possibility that costs or difficulties related to the integration
of Genomic Health's operations with those of Exact Sciences will be greater than expected; the ability of Genomic Health
and the combined company to retain and hire key personnel; and the other risks and uncertainties described in the Risk Factors
and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed
Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q. There can be no assurance that the proposed
acquisition of Genomic Health will in fact be consummated in the manner described or at all. We undertake no obligation to publicly
update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information,
future developments or otherwise.
Additional Information