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Cologuard® revenue increased to $57.6 million during second quarter; Test volume grew 149 percent from second quarter of 2016 to 135,000 completed tests

"As patient and physician demand for Cologuard continues to grow, momentum is increasing toward Cologuard becoming part of the standard of care in colon cancer screening," said Kevin Conroy, chairman and CEO of Exact Sciences. "We will continue investing in the long-term and sustainable growth of Cologuard to ensure the millions of people who need to be screened for colon cancer have access to our non-invasive test."

Second-Quarter 2017 Financial Results

For the three-month period ended June 30, 2017, as compared to the same period of 2016 (where applicable):

  • Average recognized revenue per test was $428, an increase of 9 percent
  • Average cost per test was $133, an improvement of 28 percent
  • Gross margin was 69 percent, an increase of 1,650 basis points
  • Operating expenses were $71.1 million, an increase of 26 percent
  • Net loss was $30.8 million or $0.27 per share, compared to $44.8 million or $0.46 per share during the same period of 2016
  • Cash utilization was $43.9 million, including $15 million paid to MDx Health as previously disclosed for the acquisition of certain patent rights
  • Cash, cash equivalents and marketable securities were $484.3 million at the end of the quarter

Second-Quarter 2017 and Recent Business Highlights

Provider growth

  • Roughly 11,000 healthcare providers ordered their first Cologuard test during the second quarter of 2017.
  • Since Cologuard was launched, approximately 81,000 providers have ordered the test through the end of the second quarter of 2017.

Coverage progress

  • As of July 24, 2017, approximately 235 million Americans are members of health plans that cover Cologuard.
  • 86 percent of those who should be screened for colorectal cancer are covered.

Updated 2017 Outlook

  • The company anticipates revenue of $230-240 million and completed Cologuard test volume of at least 550,000 tests during 2017.
  • The company's previous guidance was $195-205 million in revenue and at least 470,000 completed Cologuard tests.
  • The company anticipates completing at least 150,000 Cologuard tests during the third quarter of 2017.

The company's guidance for revenue and completed tests are forward-looking statements. They are subject to various risks and uncertainties that could cause the company's actual results to differ materially from the anticipated targets. The anticipated targets are not predictions of the company's actual performance. See the cautionary information about forward-looking statements in the "Safe Harbor Statement" section of this press release.

Second-Quarter Conference Call & Webcast

Company management will host a conference call and webcast on Tuesday, July 25, 2017, at 5 p.m. ET to discuss second-quarter 2017 results. The webcast will be available at www.exactsciences.com. Domestic callers should dial 877-201-0168 and international callers should dial +1-647-788-4901.

An archive of the webcast and a replay of the conference call will be available at www.exactsciences.com or by calling 800-585-8367 domestically or +1-416-621-4642 internationally. The access code for the conference call and replay is 51121804. The conference call, webcast and replay are open to all interested parties.

About Cologuard

Cologuard was approved by the FDA in August 2014 and results from Exact Sciences' prospective 90-site, point-in-time...


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