MADISON, Wis. - Exact Sciences Corp. (NASDAQ:EXAS), known for its cancer screening and diagnostic tests, has announced the appointment of Aaron Bloomer as its new Chief Financial Officer, with his term set to begin on May 15, 2024. Bloomer will initially join the company as Executive Vice President of Finance and will transition into the CFO role after 30 days, succeeding Jeff Elliott, who will become a special advisor to the CEO.
Bloomer's extensive background includes over 15 years in finance and accounting, with significant roles at Baxter International (NYSE:BAX) and 3M. His experience spans across improving financial results, strategic growth, and operational discipline. At Baxter, he led corporate financial planning and analysis, while at 3M he served as senior vice president of FP&A, in addition to being CFO for 3M China and a division in Tokyo.
Kevin Conroy, chairman and CEO of Exact Sciences, expressed enthusiasm for Bloomer's addition to the team, noting his global experience and leadership in corporate strategy and growth. Conroy highlighted Bloomer's expected contribution to Exact Sciences' mission to combat cancer through early detection and personalized treatment.
Bloomer conveyed his excitement about joining Exact Sciences, emphasizing his commitment to applying a competitive and innovative approach to foster growth and superior financial and operational execution.
Exact Sciences is recognized for its innovative cancer tests, including Cologuard® and Oncotype®, and is actively investing in its pipeline to develop new solutions for cancer diagnosis and treatment.
The information in this article is based on a press release.
InvestingPro Insights
As Exact Sciences Corp. (NASDAQ:EXAS) welcomes Aaron Bloomer as its new CFO, the financial landscape of the company presents a mixed picture according to InvestingPro data and tips. With a market capitalization of $12.95 billion, the company is a significant player in the cancer screening and diagnostic test market. Despite a negative P/E ratio of -62.83, reflecting market expectations of future growth rather than current profitability, the company has demonstrated robust revenue growth of 19.93% over the last twelve months as of Q4 2023. This growth is consistent with the strategic initiatives that Bloomer is expected to continue driving forward.
InvestingPro Tips reveal that analysts have tempered their expectations, with seven analysts revising their earnings downwards for the upcoming period, indicating potential challenges ahead. Furthermore, analysts do not anticipate the company will be profitable this year. However, the company's liquid assets surpass its short-term obligations, providing financial stability and flexibility as it navigates its growth strategy.
InvestingPro data also shows a strong gross profit margin of 73.83% for the same period, which could be a testament to the company's operational efficiency and the value of its product offerings in the market. With Bloomer's expertise in improving financial results and strategic growth, these indicators could be focal points for enhancing shareholder value.
For those interested in a deeper dive into Exact Sciences' financial health and future prospects, InvestingPro offers additional insights. There are six more InvestingPro Tips available, providing a comprehensive analysis of the company's financial and operational performance. Readers can access these valuable tips by visiting https://www.investing.com/pro/EXAS and can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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