Exact Sciences massively beat third-quarter expectations and raised its full-year outlook — and EXAS stock skyrocketed on Friday.
During the September quarter, Exact Sciences brought in $523.1 million in sales. That handily topped projections for $502 million, according to FactSet. On a year-over-year basis, sales grew roughly 15%.
But excluding the impact of Covid tests — which have dropped off amid falling demand — revenue grew a stronger 20%, Exact Sciences said in a news release. Exact also lost 84 cents a share, narrowing from a 97-cent per-share loss in the year-earlier period. That beat estimates for another 97-cent loss.
On today's stock market, EXAS stock rocketed 16.2% to 37.57.
EXAS Stock: Guidance Boosted By $33 Million
The results pushed Exact Sciences to boost its full-year sales outlook by $33 million. Now, the medtech company expects $2.025 billion to $2.042 billion in sales. EXAS stock analysts forecasted $2.01 billion in full-year sales.
That outlook includes $1.375 billion to $1.382 billion from its cancer screening business. Exact also calls for its precision oncology segment to bring in $595 million to $600 million in sales, and for Covid tests to generate $55 million 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 for 2024.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
