MADISON, Wis. - Exact Sciences Corp. (NASDAQ:EXAS), a prominent cancer diagnostics company, expects to report a 17% increase in revenue for the fourth quarter of 2023 compared to the same period in the previous year. The anticipated revenue is projected to be between $645.5 million and $647.5 million, with Screening and Precision Oncology as significant contributors.
The company's Screening revenue, which includes services like the Cologuard test, is estimated to be between $486.0 million and $487.0 million, marking a 21% increase. Precision Oncology revenue is expected to be between $159.5 million and $160.5 million, up by 12%. Excluding COVID-19 testing, the growth rates would be slightly higher.
For the full year of 2023, Exact Sciences projects total revenue to be between $2.498 billion and $2.500 billion, a 20% increase from the previous year. The company also anticipates $2.83 billion in revenue for 2024.
In addition to financial updates, the company announced that Jeff Elliott plans to resign as Chief Financial Officer in 2024 for personal reasons. Elliott will remain in his role until a successor is named and will then serve as a special advisor to the CEO. A national executive search firm has been engaged to find the next CFO.
Exact Sciences submitted the final module of its next-generation Cologuard test for FDA approval, furthering its commitment to cancer prevention and early detection.
The company's financial results for Q4 and the full year are preliminary and unaudited, and final results will be shared during the February 2024 earnings call. This press release contains forward-looking statements, and actual results may differ materially from these preliminary estimates.
Exact Sciences emphasizes its dedication to providing cancer screening and diagnostic tests that offer clarity for early action. The company's product portfolio, including Cologuard and Oncotype DX tests, is part of its broader mission to innovate in cancer diagnostics.
The information in this article is based on a press release statement. Exact Sciences will continue to focus on impacting lives with its cancer diagnostics as it transitions to new financial leadership.
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