Exact Sciences reports net loss of $86.1M, beating Q2 estimates

Exact Sciences reported $268.9 million in revenue for the second quarter ended June 30, compared to $199.9 million in the same period last year.

Six things to know:

1. Exact's screening revenue decreased 34 percent year over year to $131.3 million. The company's second-quarter precision oncology revenue hit $103 million, including laboratory service revenue from global Oncotype DX products and the acquisition of Paradigm.

2. The $34.6 million in revenue generated from COVID-19 testing in the second quarter included lab service revenue from Cologuard, as well as revenue from Biomatrica products.

3. Exact's net loss for the quarter was $86.1 million, or $0.58 per share, beating the Zacks Consensus Estimate of a $0.62 loss per share. In the second quarter of 2019, the net loss was $38.5 million, or $0.30 per share.

4. Second-quarter gross margins with and without amortization of acquired intangible assets were 63 percent and 71 percent, respectively. At the end of the quarter, Exact had cash, cash equivalents and marketable securities of $1.2 billion.

5. The company's operating income included $23.7 million from the Coronavirus Aid, Relief and Economic Security Act Provider Relief Fund.

6. The company expects COVID-19 to accelerate adoption of Cologuard and elevate the importance of its Precision Oncology tests, said Chair and CEO Kevin Conroy.

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