Exact Sciences Corporation reported significant financial developments in its 10-Q filing for the third quarter of 2024. The company achieved total revenue of $708.7 million for the three months ended September 30, 2024, marking a 13% increase from $628.3 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $2.045 billion, up from $1.853 billion year-over-year. The growth was primarily driven by an increase in screening services revenue, which rose to $544.9 million in Q3 2024 from $472.0 million in Q3 2023, attributed to a higher volume of completed Cologuard tests. Precision Oncology revenue also saw a slight increase, totaling $163.8 million in Q3 2024 compared to $156.3 million in the prior year.
Despite the revenue growth, Exact Sciences reported a loss from operations of $39.4 million for Q3 2024, a decline from an operating income of $6.8 million in Q3 2023. The total operating expenses for the quarter increased to $751.2 million from $693.5 million, driven by higher costs associated with sales, marketing, and research and development. The net loss for the quarter was $38.2 million, compared to a net income of $0.8 million in Q3 2023. For the nine-month period, the net loss was $164.3 million, slightly worse than the $154.4 million loss reported in the same period of 2023.
The company’s cash and cash equivalents decreased to $588.8 million as of September 30, 2024, from $605.4 million at the end of 2023. However, marketable securities increased significantly to $432.3 million from $172.3 million, contributing to total current assets of $1.533 billion, up from $1.194 billion at year-end 2023. Total liabilities rose to $3.538 billion, compared to $3.326 billion at the end of 2023.
Strategically, Exact Sciences has been active in expanding its product offerings and capabilities. The company entered into a licensing agreement with TwinStrand Biosciences for error correction technology, incurring upfront payments of $45 million. Additionally, the company terminated its license agreement with TGen, resulting in a $25.8 million expense recognized in Q2 2024. The company also reported a significant increase in stock-based compensation expenses, totaling $48.8 million for Q3 2024, down from $61.9 million in Q3 2023.
Exact Sciences continues to focus on enhancing its product portfolio, with ongoing research and development efforts aimed at advancing new tests in colorectal cancer screening and multi-cancer detection. The company remains committed to improving customer relations and expanding access to its testing services.
About EXACT SCIENCES CORP
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