News Column

Exact Sciences Reports First-Quarter 2014 Financial Results

May 13, 2014



By a News Reporter-Staff News Editor at Cancer Weekly -- Exact Sciences Corp. (Nasdaq: EXAS) announced its financial results for the quarter March 31, 2014 (see also Exact Sciences Corp.).

Exact reported total revenues of $0.3 million for the first quarter of 2014, compared to $1.0 million for the first quarter of 2013. Our revenue has been comprised of the non-cash amortization of up-front license fee payments paid to us by Genzyme Corp., which was amortized over a five-year collaboration period ending in January 2014.

Exact reported a net loss of ($16.1) million, or ($0.23) a share, for the first quarter of 2014. The company had a net loss of ($10.9) million, or ($0.17) a share, for the same period of 2013.

Operating expenses for the quarter ended March 31, 2014, were $16.5 million, compared to $11.9 million for the first quarter of 2013.

Exact ended the first quarter of 2014 with cash, cash equivalents and marketable securities of $116.0 million, compared to $133.3 million at Dec. 31, 2013. The company on April 9, 2014, closed a public offering of its common stock and received $137.7 million of net proceeds.

"The publication of our DeeP-C clinical trial data in the New England Journal of Medicine and the subsequent endorsement of Cologuard by an FDA panel are two key strategic milestones as we work to commercialize the product," said Kevin T. Conroy, the company's chairman and chief executive. "We continue to be pleased with our launch readiness efforts and look forward to working with physicians and patients, pending FDA approval, to improve colon cancer screening." First-Quarter Conference Call & Webcast Company management will host a conference call and webcast on Thursday, May 1, 2014, at 10 a.m. ET to discuss first-quarter results. The webcast will be available at www.exactsciences.com. Domestic callers should dial 877-212-6082 and international callers should dial 707-287-9332. An archive of the webcast and a replay of the conference call will be available at www.exactsciences.com or by calling 855-859-2056 domestically or 404-537-3406 internationally. The access code for the conference call and replay is 33669852. The conference call, webcast and replay are open to all interested parties. About Exact Sciences Corp.Exact Sciences Corp. is a molecular diagnostics company focused on colorectal cancer. The company has exclusive intellectual property protecting its non-invasive, molecular screening technology for the detection of colorectal cancer. Stool-based DNA technology is included in the colorectal cancer screening guidelines of the American Cancer Society and the U.S. Multi-Society Task Force on Colorectal Cancer. For more information, please visit the company's website at www.exactsciences.com.

Keywords for this news article include: Oncology, Technology, Gastroenterology, Exact Sciences Corp., Investment and Finance, Clinical Trials and Studies.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC


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Source: Cancer Weekly


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