NEW YORK (GenomeWeb) – Exact Sciences reported after the close of the market on Monday that its third quarter revenues rose 158 percent year over year, driven by a 136 percent increase in the number of completed Cologuard colon cancer tests.
For the three months ended Sept. 30, the molecular diagnostics company reported revenues of $72.6 million, up from $28.1 million a year earlier, and significantly beating analysts’ consensus estimate of $65.0 million.
Exact completed 161,000 Cologuard tests during the quarter, with an average recognized revenue per test of $451. The company had expected to complete 150,000 tests during the quarter. Exact said that more than 10,000 healthcare providers ordered their initial Cologuard test during Q3 2017, and that approximately 91,000 providers have ordered the test since it was launched.
“A growing number of patients and physicians are demanding Cologuard,” Exact Chairman and CEO Kevin Conroy said in a statement. “Through our direct-to-consumer television and marketing campaign and our national sales force, we are reaching a larger percentage of the 80 million people eligible to be screened with Cologuard.”
Exact’s Q3 2017 net loss narrowed to $26.9 million, or $.23 per share, from $37.8 million, or $.36 per share, in