Healthcare stock under pressure: EXACT Sciences Corporation (NASDAQ: EXAS)

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EXACT Sciences Corporation (NASDAQ: EXAS) stock fell over 1.4% in the pre-market session of Feb 12th, 2020 (Source: Google finance) post fourth quarter of FY 19. The company has reported net income of $77.9 million, compared to a net loss of $54.0 million. The company’s cash, cash equivalents and marketable securities stood at $323.7 million at the end of the fourth quarter. Gross margin including amortization of acquired intangibles was 72 percent, and non-GAAP gross margin excluding amortization of acquired intangibles was 76 percent

EXAS in the fourth quarter of FY 19 has reported the adjusted earnings per share of 54 cents, while adjusted revenue of $295.6 million in the fourth quarter of FY 19. Screening revenues grew 60% to $229.4 million, Cologuard test volume increased 63% to 477,000, the average Cologuard recognized revenue per test stood at $481, Average Cologuard cost per test stood at $123 and Precision Oncology proforma revenue grew 14% to $119.1 million. Oncotype DX test volume for the full fourth quarter was 41,000, which reflects an increase of 14 percent. The transaction-related costs for the Genomic Health combination were $15.7 million, and integration-related costs were $38 million, which are included in general and administrative operating expenses. The company’s non-cash interest expense related to convertible debt was $11.5 million, compared to $8.4 million. The company has incurred Transaction-related costs for the Genomic Health combination of $15.7 million, and integration-related costs were $38 million, which are included in general and administrative operating expenses. The income tax benefit was $184.6 million due to a change in the deferred tax asset valuation allowance resulting from the Genomic Health combination. Precision Oncology proforma revenue for the full fourth quarter has increased 14% percent of $119M from proforma 2018 revenue. Oncotype DX test volume for the full fourth quarter was 41,000, which is an increase of 14 percent.

For fiscal 2020, the company expects consolidated revenue to be in the range of $1.61-1.64 billion, FY2020 Screening revenue is expected to be in the range of $1.125-1.15 billion and FY2020 Precision Oncology revenue is expected to be in the range of $485-495 million

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