Exact science (EXAS) beat third-quarter expectations on Thursday and raised its full-year outlook — and EXAS stock jumped.
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In the September quarter, Exact Sciences brought in $523.1 million in revenue. According to FactSet. On a year-over-year basis, sales were up about 15%.
But excluding the impact of Covid tests – which have already fallen amid falling demand – revenue jumped more than 20%, Exact Sciences said in a press release. Exact also lost 84 cents per share, down from a loss of 97% per share in the same period last year. That beat estimates for another 97 cents loss.
In regular trading, EXAS stock fell 2% to 32.34. But the stock jumped 4.5% higher, near 33.80, in after-hours trading on stock market today.
EXAS Stock: Guide to Raise $33 Million
The results spurred Exact Sciences to increase full-year revenue to $33 million. Now, the medtech company is expected to reach sales of between $2.025 billion and $2.042 billion. EXAS stock analysts forecast full-year revenue of $2.01 billion.
That outlook includes $1.375 billion to $1,382 billion from the cancer screening business. Exact also calls for its precision oncology division to bring in $595 million to $600 million in revenue, and for Covid trials to generate $55 to $60 million.
The company also said it expects adjusted earnings before interest, taxes, depreciation and amortization to be profitable in the third quarter of 2023, ahead of expectations in 2024.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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