Exact Sciences Corp.
Exact Sciences Corp.
For Immediate Release
Exact Sciences Announces Fourth Quarter 2020 Results
MADISON, Wis., Feb. 16, 2021 — Exact Sciences Corp. (Nasdaq: EXAS) today announced that the company generated revenue of $466.3 million for the fourth quarter ended Dec. 31, 2020 and $1,491.4 million for the full year ended Dec. 31, 2020.
“Exact Sciences finished another transformative year by delivering strong fourth quarter results against a challenging backdrop because of the pandemic,” said Kevin Conroy, chairman and CEO of Exact Sciences. “We are a leader in cancer diagnostics because of our people, scientific platform, and market-leading Cologuard and Oncotype tests. We aim to extend this leadership throughout the cancer continuum and bring additional tests to patients to help improve cancer outcomes.”
Fourth Quarter 2020 Financial Results
For the three-month period ended December 31, 2020, as compared to the same period of 2019 (where applicable):
•Total revenue was $466.3 million
•Screening revenue was $249.7 million, an increase of 9 percent
•Precision Oncology revenue was $117.6 million
•COVID-19 testing revenue was $99.1 million
•Gross margin including amortization of acquired intangible assets was 74 percent, and non-GAAP gross margin excluding amortization of acquired intangible assets was 79 percent
•During the fourth quarter of 2020, the Company acquired Base Genomics, which was treated as an asset acquisition under U.S. GAAP and resulted in a $412.6 million charge to research and development expense
•Net loss was $(436.8) million, or $(2.79) per share, compared to net income of $78.0 million, or $0.56 and $0.54 per basic and diluted share.
•EBITDA was $(375.5) million and adjusted EBITDA was $87.9 million
•Non-cash interest expense related to convertible debt was $21.3 million, compared to $11.5 million
•Cash, cash equivalents and marketable securities were $1,840.0 million at the end of the quarter
Screening includes laboratory service revenue from Cologuard and revenue from Biomatrica products. Precision Oncology includes laboratory service revenue from global Oncotype products.
In addition to the company's financial results determined in accordance with U.S. GAAP, the company provides non-GAAP measures that it determines to be useful in evaluating its operating performance. The company presents EBITDA, adjusted EBITDA, as well as non-GAAP gross margin and non-GAAP gross profit. EBITDA and adjusted EBITDA consist of net loss after adjustment for those items shown in the table below. The company defines non-GAAP gross profit and non-GAAP gross margin as GAAP gross profit and GAAP gross margin, respectively, excluding amortization of acquired intangible assets. The amortization of acquisition-related intangible assets used in the calculation of non-GAAP gross profit and non-GAAP gross margin pertain only to the amortization associated with developed technology acquired and recorded through purchase accounting transactions. The amortization of these intangible assets will recur in future periods until such intangible assets have been fully amortized. The company believes that these non-GAAP measures are useful in evaluating the company’s operating performance. The company uses this non-GAAP financial information to evaluate ongoing operations and for internal planning
The following information was filed by Exact Sciences Corp (EXAS) on Tuesday, February 16, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.