Cologuard crosses $1 billion in revenues
Exact Sciences recently announced its Q4 2021 results.
Here are 13 takeaways from the earnings call.
Let’s start with some numbers (As compared to the same period of 2020 and the previous quarter Q3, 2021):
◘ Total revenue was $473.8 million, an increase of 2 percent (compare that to $466.3 million in Q4, 2020 and $456.4 million in Q3, 2021)
◘ Screening revenue was $277.7 million, an increase of 11 percent (compare that to $249.7 million in Q4, 2020 and $280.4 million in Q3, 2021)
◘ Precision Oncology revenue was $149.0 million, an increase of 27 percent (compare that to $117.6 million in Q4, 2020 and $145.4 million in Q3, 2021)
◘ COVID-19 testing revenue was $47.1 million, a decrease of 52 percent (compare that to $99.1 million in Q4, 2020 and $30.6 million in Q3, 2021)
These takeaways are based on the Q4 2021 Earnings Call. Kevin Conroy- Chairman and Chief Executive Officer, Exact Sciences, Jeff Elliott- Chief Financial and Chief Operating Officer, Exact Sciences and Megan Jones- Senior Director of Investor Relations, Exact Sciences made the following remarks:
1/ Cologuard has generated over $1 billion in revenue and is the first diagnostic test to reach that milestone.
2/ Exact Sciences achieved more than $100 million in revenue from patients being rescreened with Cologuard, and more than $40 million from patients in the 45 to 49 age group.
3/ 10,000 new healthcare providers ordered Cologuard during the quarter and more than 263,000 have ordered it since launch.
4/ Electronic ordering rate for Cologuard has increased to 50% (compare that to 40% at the start of the year).
5/ Exact Sciences anticipates a total revenue between $1.975 billion and $2.027 billion for the year 2022, assuming the following:
◘ I. Screening revenue of $1,340-$1,367 million, including $40-$42 million from Prevention Genetics
◘ II. Precision Oncology revenue of $595-$610 million
◘ III. COVID-19 testing revenue of $40-$50 million
6/ Cologuard gross margins is expected to reach at least 80%.
7/ Oncotype DX Breast test will be available to more women globally, focusing on the largest incremental growth opportunities — Japan and Italy.
8/ Exact Sciences expects to increase its sales and marketing expense to $920 million which includes the full-year impact of the sales team hired from Pfizer.
9/ New advertising campaign for Cologuard is expected to reach 46 million unscreened Americans.
10/ 75% of R&D is on new growth. Multi-cancer, MRD, Cologuard 2 will be the major areas of investment.
11/ Exact Science plans to present colon cancer blood data and announce top line results from prospective BLUE-C study to support FDA submissions for Cologuard 2.0.
12/ The NCI has recently announced an RFI for a large-scale RCT. The company considers the NCI’s involvement a positive step and will continue to conduct their own pivotal studies.
13/ Exact Sciences has exciting growth drivers ahead in node-positive breast cancer, international markets, and therapy selection tests.
Exact Sciences (EXAS) Q4 2021 Earnings Call Transcript (The Motley Fool)
Exact Sciences Announces Fourth Quarter 2021 Results (Exact Sciences)