Exact Sciences reported $268.9 million in revenue for the second quarter ended June 30, but still had a net loss of $86.1 million.
Here are four quotes from Exact's leadership team on the company's quarterly performance, as transcribed by The Motley Fool.
CFO Jeff Elliott on how Cologuard has been affected by COVID-19: "Cologuard revenue has been negatively impacted in two key ways by COVID-19 and related actions, such as stay-at-home measures and decreased wellness visits. First, fewer Cologuard tests are being ordered. Second, patients are completing tests at a lower rate. After a 63 percent year-over-year decline in Cologuard test orders during the first 20 days of April, we have recently seen a slight recovery. Orders declined 47 percent year over year in the last 10 days of April with continued positive trends in May."
CEO and Board Chair Kevin Conroy: "The Exact Sciences team rewrote our 2020 priorities in response to the coronavirus pandemic. Our new priorities are getting people tested, taking care of our customers and preserving our financial strength."
Mr. Conroy on the COVID-related colonoscopy backlog: "A significant backlog is building of those who need to be screened. This backlog will continue to grow as focus remains on more urgent diagnostic colonoscopies. ... Cologuard is a solution here. We can help healthcare providers prioritize procedures and send patients at the highest risk, including those with a positive Cologuard, to colonoscopy first. Cologuard can play an important role in alleviating this backlog and getting more people screened."
Mr. Conroy on Exact's COVID-19 testing platform: "Exact Sciences decided to develop and rapidly roll out testing for the SARS-CoV-2 virus. We now have the capacity to test more than 60,000 people per week. Our goal is to keep our team healthy through ready access to our own testing. It also allows us to do our part in helping to increase our country's overall testing capacity."
Read the entire transcript here.