Exact Sciences hiked two key elements of its outlook late Thursday, despite coming in with a mixed earnings report that featured strong sales but steep losses.
During the three months ended March 31, the Cologuard maker lost 54 cents per share. While that missed expectations by 20 cents per share, it narrowed from a year-earlier loss of 60 cents.
Promisingly, Exact Sciences reported $707 million in first-quarter sales, growing 11% to beat views for $689 million, according to FactSet. Screening sales, which include its stool-based colon cancer test Cologuard, were $540 million. Analysts called for a lower $525 million. Precision oncology sales also beat forecasts at $167 million. The Street projected $161 million.
The results could buoy Exact Sciences stock. Shares are forming a double-bottom base with a buy point at 72.83, according to MarketSurge.
Exact Sciences' 'Most Transformative Year'?
Chief Executive Kevin Conroy expects 2025 to be Exact Sciences' "most transformative year yet."
The company just launched two new tests: its second-generation colon cancer screening test called Cologuard Plus and Oncodetect. The latter looks for signs of recurrent cancer in patients' blood. It's known as a minimal residual disease, or MRD, test.
"These additions expand our portfolio and move us closer to our goal of helping to eradicate cancer by preventing it, detecting it earlier and guiding personalized treatment," Conroy said in a written statement.
As a result, Exact Sciences boosted its guidance for the year. The company now expects $3.07 billion to $3.12 billion in full-year sales, up $40 million at the midpoint from its previous guidance. Analysts projected $3.06 billion in sales this year.
That includes $2.39 billion to nearly $2.43 billion in sales of screening products, and $680 million to $695 million from the precision oncology portfolio.
Exact Sciences also expects adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of $425 million to $455 million, an increase of $15 million at the midpoint from the company's earlier outlook.
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