Madison-based Exact Sciences Corp. released fourth-quarter results on Tuesday that beat analysts' expectations.
The company, best known for its colon cancer test Cologuard, posted a fourth-quarter loss of $127.7 million, or $0.72 per share, on revenue of $553 million.
The Associated Press reported that the average estimate of eight analysts polled by Zacks Investment Research was a loss of $0.90 per share, while the average of three analysts polled by Zacks called for revenue of $519.3 million.
For all of 2022, the molecular diagnostics company's loss jumped to $623.5 million, or $3.54 per share, on revenue of $2.08 million.
Exact Sciences expects sales of $2.27 billion to $2.32 billion in 2023.
For the fourth quarter of 2021, Exact Sciences reported a loss of $220.6 million, or $1.28 per share, on revenue of $473.8 million.
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The company said that excluding revenue from COVID-19 testing, fourth-quarter revenue was up 28% year over year and 2021 revenue was up 25% year-on-year.
"With a strong end to 2022 and a strong start to 2023, Cologuard and Oncotype DX set the tone for an impactful year," said Kevin Conroy, president and CEO of Exact Sciences, in a statement.
“Our financial strength, scientific capabilities and strong partnerships with healthcare systems position Exact Sciences as a leader in providing innovative tests that help prevent cancer, detect it earlier and guide treatment for more patients worldwide.
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