Exact Sciences posts $1.5B in 2020 revenue, announces sequencing lab acquisition

Exact Sciences posted fourth-quarter and full-year 2020 revenue Feb. 16, of $466.3 million and $1.5 billion, respectively.

Here's what you should know:

1. Exact posted a net loss for the quarter of $415.3 million and a full year net loss of $768.1 million. Both its quarterly and yearly net losses were up from 2019 when the company posted losses of $96.1 million and $233.8 million.

2. The company said screening revenue increased 9 percent year over year to $249.7 million in the fourth quarter. It did not say how much screening revenue increased year over year.

3. The company's precision oncology segment posted $117.6 million in quarterly revenue, and the company posted COVID-19-related testing revenue of $99.1 million.

4. In addition to its quarterly and full-year results, Exact announced it would acquire Ashion Analytics, a sequencing laboratory, and that it had entered into a research collaboration with TGen and City of Hope to develop differentiated minimal residual disease-testing capabilities.

5. The acquisition will incorporate Ashion's team into Exact and help advance the development of the company's precision oncology portfolio.

6. On the earnings report, the company's shares fell 5.71 percent, as of 9:45 a.m. EST.

View the financial results here, and the news release on the acquisition here.

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