Exact Sciences reports $31 million loss in 2Q, but Cologuard sales up dramatically

Freeman Staff

July 20, 2015

MADISON — Promoting its innovative Cologuard tests, Exact Sciences Corp. reported Monday that during the second quarter more than 21,000 tests were completed; however, the company still reported a net loss of $39.1 million, or $0.44 a share, for the quarter.

During the second quarter 90 percent more Cologuard tests were completed compared to the first quarter, resulting in $8.1 million in revenue, according to the report. Additionally, the cumulative number of ordering physicians grew to 14,700 during the quarter, a 77 percent increase.

“We are pleased with Cologuard’s growth trajectory and that our sales and marketing strategy is driving results,” said Kevin Conroy, Exact Sciences’ chairman and CEO, in a statement. “Physician and patient demand are increasing while our compliance rate continues moving upward as well. We’re now building on the success of Cologuard to develop tests that will detect lung, pancreatic and esophageal cancers at their earliest stages.”

Exact Sciences reported total revenues of $8.1 million for the second quarter of 2015 and total revenues of $12.4 million for the six months ended June 30. During the second quarter, the company had a net loss of $39.1 million, compared to a net loss of $19.4 million, or $0.24 a share, for the same period of 2014.