Exact Sciences Stock, A Cathie Wood Darling, Tumbles On Wide Quarterly Losses

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Exact Sciences Stock, A Cathie Wood Darling, Tumbles On Wide Quarterly Losses

Investor’s Business Daily2024-05-09

Exact Sciences (EXAS) stock tumbled late Wednesday after the Cologuard maker reported wide March-quarter losses, though sales came in ahead of expectations.Cologuard is a means of screening for colon ...

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Exact Sciences says it's an easier and speedier option than colonoscopies, given the backlog in the U.S. health care system. In the first quarter, total sales climbed 6% to $638 million. That easily topped views for $627.3 million.But losses were wider than expected at 60 cents per share, growing from a year-earlier loss of 42 cents. Analysts polled by FactSet expected Exact Sciences to lose just 47 cents a share.In after-hours trading on today's stock market, Exact Sciences stock toppled 20.5%. That put shares on deck to open Thursday at their lowest point since January 2023.Exact Sciences Stock: Reiterated OutlookThe lion's share of revenue came from Cologuard screenings at $475 million, up 7%. Precision oncology, which includes Exact Sciences' Oncotype DX and therapy selection tests, climbed 5% to $163 million.Exact Sciences kept its 2024 guidance, and expects $2.81 billion to $2.85 billion in sales. Analysts call for $2.83 billion, in line with the forecast. The outlook includes $2.16 billion to $2.18 billion from screening sales, and $655 million to $675 million from the precision oncology business.Exact Sciences stock has been under pressure recently, falling nearly 20%, as of Wednesday's close. The stock is a holding of Wood's ARK Innovation (ARKK) exchange traded fund.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}