Jessica Bishop
Communications and media relations coordinator
Hanna Marie Yeager of Hahira, Georgia received the Fall 2022 President’s Award for the Valdosta State University College of Nursing and Health Sciences. She graduated summa cum laude with a Bachelor of Science in Public Health and a college certificate.
Valdosta – Hahira, Georgia. Hannah Marie Yeager, recipient of the Fall 2022 Presidential Award for Valdosta State University College of Nursing and Health Sciences.
The President’s Academic Excellence Award recognizes the most successful graduates from each of six VSU colleges: Harley Langdale Junior College of Business Administration, College of Nursing and Health Sciences, College of Fine Arts, James L. and Dorothy H. Dewar College. Education and Social Services, Faculty of Humanities and Social Sciences and Faculty of Science and Mathematics.
Yeager will be recognized during the 234th VSU Grand Opening on Saturday, December 10 at 4:30 pm. He will graduate cum laude with a Bachelor of Science in Public Health and a college certificate.
“Long before I graduated from high school, I knew that I wanted to go to VSU. This decision allowed me to receive an excellent education and experience unforgettable experiences in the city that shaped me and made me who I am today,” he said. . he said. . “I mean it was easy, I know I couldn’t have done it without the hard work, determination and constant support of my family, friends and community. I’ve been challenged both in and out of the classroom, but I’m happy to be part of this inspiring community that I can always count on for strength and support.”
As a student at VSU, Yeager completed the Institutional Collaborative Learning Initiative and the Guardians of QPR (Questions, Persuasion, Referral) Suicide Prevention Curriculum. She was a Zell Miller Fellow and an eminent scientist. She has received numerous Dean’s List awards and is active in Baptist College ministry and the Wesleyan Foundation.
Dedicated to serving others, Yeager is honored to attend Chrysalis 2020 in South Georgia, three days of worship, prayer, fellowship, creative expression, relaxation, song and conversation. He returned the following year to support and encourage youth and adults on their unique Christmas journey.
Yeager plans to continue his education at VSU and get an MBA in healthcare management.
“With the knowledge and experience I have gained through this training program, I will help improve the quality of healthcare management and improve outcomes in an institution where I have the honor of working in the future,” he said.
Yeager attends CrossPointe Church in Valdosta, Georgia. Her supportive family includes father JD Yeager, mother Pam Yeager, grandparents Belinda and Don Yeager.
University of Tulsa officials have announced the creation of a new university that will combine several existing science and health departments and lead to more productive collaborations.
Recently approved by the TU Board of Governors, the new Oxley College of Health and Life Sciences will combine faculties of biology, chemistry, earth sciences and physics with nursing, kinesiology and rehabilitation, and communication sciences and disorders.
The move, which takes effect in fall 2023, does not involve changes to the curriculum, faculty or physical space and should not affect students, officials said.
Chancellor George Justice said: “Ph.D. with reinstatement. This restructuring, introduced by President (Brad) Carson earlier this semester, to the chemistry and physics programs demonstrates TU’s commitment to the natural sciences and provides fertile ground for the advancement of human health sciences through interdisciplinary collaboration.
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Officials said the move had received overwhelming support from professors and department heads because of its potential for undergraduate, graduate and faculty members.
Kenneth Roberts, Chapman Professor of Chemistry and Biochemistry, said: “Our department has evolved into a department of health sciences. Many of our students are medically prepared, so we look forward to a collaborative environment with the health sciences. This move opens the door for our faculty and students to participate in clinical research.”
The natural sciences at the TU are currently part of the Faculty of Engineering and Natural Sciences.
This university will now become the College of Engineering and Computer Science and the current dean, Jim Sorem, will be the new dean and will retire.
“Engineering and computer science are two of the most successful programs at the University of Tulsa, with several programs ranked in the top 5 through 25 nationally,” Justice said. “Establishing the College of Engineering and Computer Science helps us attract the most visionary and ambitious deans to lead these programs.”
At the same time, Ron Walker, clinical professor of exercise training and associate dean of health sciences, was named acting dean of the Oxley College of Health and Life Sciences.
“We welcome our colleagues in the sciences and look forward to the many collaborative opportunities this reorganization brings,” said Walker.
Notice of the editor ‘s choice of main material
Citizenship Day can also help volunteers in local counties on Election Day; and support the move of the Tulsa Oilers Animal Shelter and Ice Rink to the Promenade Mall.
This race is all about how Oklahomans treat each other. The tone of leadership is critical to success.
“We are making our recommendation based on Lankford’s performance in the legislature and the impact he could have if re-elected.”
The Tulsa World editorial team reports that in just one term, the Democrat has shown how much he can achieve in Congress if he’s willing to deal with divisions.
“Pinnell has been one of the state’s best-known advocates for tourism destinations, which was especially important during the pandemic when Americans were looking for more outdoor opportunities,” affirm.
“There are two government offices to choose from, with the high-profile selection of one veteran civil servant and one political outsider.”
“Like David (for the Corporation Commission), Russ (as State Treasurer) has experience working with legislators in a partisan environment, a skill required to lead a government agency.”
“We trust Nelson with the right attitude, determination and ability to lead public schools into the next era.” say confirm.
“Dossett, a Democrat, views his district as moderate. We believe Dossett has a proven record of serving the best interests of his district and state.
Voters in the home counties east of Tulsa will benefit the most from the election of an incumbent for HD 12 and HD 23.
We believe that Schreiber’s experience as an elected official and his in-depth knowledge of public administration will be an asset to the 70th Circuit. He is a moderate person who can get started right away.
He knows the different districts well and advocates for laws that are based on the interests of the voters. Despite being in the minority party, he has proven to be an effective lawmaker, reports the Tulsa World.
“City councilors who see this position as a party spokesman or as a stepping stone to higher office are ineffective.” say confirm.
“Both district judge candidates, Tanya Wilson and Kevin Gray, come from similar backgrounds. “We favor Wilson because of his experience as a special judge.” say confirm.
County Commissioner Stan Sully and County Clerk John Wright have demonstrated criminal records worthy of a second term, the filing says.
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Good evening. My name is Colby and I will chair today's conference. At this time, I welcome everyone to the Exact Sciences third quarter 2022 earnings conference call. [Operator instructions] I'll transfer the call to Megan Jones now.
Megan Jones – Executive Director, Investor Relations
Thank you Colby and thank you all for joining the Exact Sciences Q3 2022 conference call. Today's guests are Kevin Conroy, President and CEO of the company. and Jeff Elliott, our Chief Financial Officer and COO. Everett Cunningham, our commercial director, is also available to answer your questions. Exact Sciences issued a press release this afternoon detailing its third quarter financial results.
This press release and tonight's show are available on our website at the website. During today's conference call, we will make forward-looking statements based on current expectations. Our actual results could differ materially from these statements. Discussions of non-GAAP numbers and reconciliations to GAAP numbers are available in our results press release and detailed scientific descriptions of risks and uncertainties are included in our filing with DRY.
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Both are available on our website. I'll transfer the call to Kevin now.
Kevin Conroy – President and CEO
Our third quarter results demonstrate the strength of our business and the unique platform this team has created to engage patients and physicians. Together, we strive to help fewer people make the transition to cancer patients and improve their care. During the quarter, we had record revenue of $523 million, up 20%, excluding COVID-19 testing. We're increasing our full-year revenue guidance by $33 million while reducing operating expenses by $113 million.
We are also working to bring Adjusted EBITDA revenue back to Q3 2023 versus our previous 2024 target. We are building an unstoppable engine that will enable us to achieve our vision of helping to eradicate cancer. Our outstanding approach starts with world-class science and scientists developing tests that precisely match patients' real needs. Once launched, these tests are immediately supported by our wide-scope, deep-relationship sales and marketing teams.
Our renowned test, complex patient navigation system, electronic ordering and tracking system, extensive laboratory capacity and deep motivational relationships will support new cancer tests with modest additional investments. This will drive sales growth and profits that we will invest in better cancer testing and solutions for patients. As we rapidly approach profitability, this engine will gain momentum with each new test that makes it onto the podium. Other achievements in the third quarter included delivering a total of 960,000 tests, including a record number of Cologuard and Oncotype DX results to patients, improving EBITDA loss by more than 70% sequentially and 86% sequentially. Cologuard will give patients more time to return their samples to our laboratory, demonstrate the strength of our approach to early detection of multiple cancers at the European Society of Medical Oncology conference, and put our genetic cancer risk test to the test. Early Access. the program.
Jeff will now review our financial results.
Jeff Elliott – Chief Financial Officer and Chief Operating Officer
Thanks Kevin I wish you a nice day. Third-quarter revenue increased 15% to $523 million, or 20% excluding COVID testing. Screening revenue increased 29% to $361 million, including three growth points in preventive genetics.
10,000 new healthcare providers ordered from Cologuard during the quarter, and more than 292,000 orders have been placed since its launch in September. Precision Oncology revenue increased 4% to $151 million, or 9%, excluding a negative $2.9 million and the sale of our prostate business. COVID testing revenue fell 64% to $11 million. GAAP gross margin for the third quarter was 68%.
Non-GAAP gross margin, which excludes amortization of acquired intangible assets, was 72%. This was slightly better than expected as the team found ways to partially offset inflation. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were a loss of $13 million, up $33 million sequentially. We ended the quarter in cash and about $670 million in stock.
Our total liquidity is approximately $900 million including our available credit facilities. During the quarter, we extended our $150 million revolving credit facility by two years to 2025. In addition, we have up to 100 million US dollars available for our claims. We have come significantly closer to our goal of positive adjusted earnings.
Thanks to the focus of our team, we now expect to deliver a positive Adjusted EBITDA result from the third quarter of next year, well above our previous target for 2024 to drive growth. Efficiency and early profits while maintaining a strong liquidity position. Browse our guide. We now expect total annual sales to be between $2.025 billion and $2.042 billion.
Testing revenue is expected to be $1.375-1.382 billion, including PreventionGenetics revenue of $40-42 million and Precision Oncology revenue of $595-600 million, including cash flow of 2.9 Millions based on current rates and COVID testing sales of $55-$60 million. Million. Million. Go to the Annual Operating Expense Guide. We reduced sales and marketing spend by $45 million and are now expecting between $825 million and $845 million. We're seeing significant impact in sales and marketing, and we now expect spend to be down about 3% year over year on Cologuard's growth of more than 25%.
We're also reducing G&A spend by $30 million and now expect between $740 million and $760 million. We expect R&D spend to be between $390 million and $405 million, down $38 million. The team becomes more efficient by prioritizing our most impactful projects and reducing factory rents. We still anticipate approximately $200 million in capital expenditures.
I'll transfer the call to Kevin now.
Kevin Conroy – President and CEO
thanks jeff Cologuard has become synonymous with colorectal cancer prevention. It's the standard of care because it's accurate, it's a convenient home test. It is included in all major guidelines and quality metrics and is almost universally covered by insurance at no cost to the patient.
Proof that Cologuard has become the preferred testing standard is the nearly 10 million people who have completed the test. More than 150,000 healthcare providers placed orders in the third quarter, a new record. From the first week of August to the last week of October, we've seen a 25% increase in orders since the beginning of 2021 and a nearly doubling in net action points. The more a healthcare provider orders Cologuard, the more ingrained they become in it. Exercise.
Barring disruptions caused by COVID, each new batch of vendors requires more Cologuard testing each year. We've added 65,000 new healthcare providers since the beginning of last year and we expect they will follow a similar trend and increase their application rate every year. We took advantage of our new generation of Cologuard by releasing an improved kit in September. Our talented team of scientists has developed a new protein preservative to extend sample shelf life by 33%.
This gives patients more time to return their completed Cologuard kits to our laboratory before the sample expires. We expect this to increase the number of completed trials by more than one percentage point in the coming year, which will improve Cologuard's top line and margins. The scale and reach of Exact Science, with a 1,000-person primary care sales and marketing team and millions of patient and provider touchpoints each year, will help maintain our leadership position in colorectal cancer testing. We will lead by focusing on what is best for each patient.
Colorectal cancer is the second leading cause of cancer deaths in the United States, with more than 151,000 new cases and 53,000 deaths annually. While screening rates have increased over the past 20 years, morbidity and mortality have decreased by 35% and 40%, respectively. The most effective screening tools help prevent disease by detecting earlier types of cancer before they become cancer. Early detection of cancer accounts for two-thirds of the light-year play of screening, and early detection of cancer provides the rest.
That's why we created Cologuard, and it makes a difference. Since it detects 42% of all precancerous lesions, 69% of advanced cancers and 94% of stage 1 and 2 cancers, we estimated that it has helped around 315,000 precancerous and 46,000 early stage cancer patients. About 90% of people over 45 see a Cologuard ad once a week. Our sales team meets with physicians and their staff millions of times a year.
We will use each of these touchpoints to ensure patients and providers understand that Cologuard is the best non-invasive test and the appropriate role a blood test should play. Oncotype DX provides the foundation of precision science to guide every stage of a cancer patient's life. We leverage their strong brand and strong relationships in oncology to launch new products such as the genetic cancer screening test. The Riskguard program helps people understand their genetic cancer risk and the genetic makeup of their tumors, providing them with critical information to make better treatment decisions.
Next year, we plan to offer additional genomic testing to patients, oncologists, our biopharmaceutical partners, and academics, including minimal residual disease and better treatment selection through RNA analysis. Combining information from our tests at different stages of cancer treatment will provide a more complete picture of each patient's disease. Our presentation of early detection data for multiple cancer types at ESMO in September showed significant progress toward our goal of providing patients with the best multi-cancer blood test. Combining four classes of biomarkers and different techniques in a large, well-designed case-control study, our tests detected 61% of cancers with a specificity of 98.2% for 15 different organ types, including 11 with no screening option.
The addition of pooled DNA mutation markers identified by next-generation sequencing to methylation, aneuploidy and protein markers improved the detection of stage 1 and 2 cancers by 35%. Next, we plan to conduct a larger case-control study to further improve the test, finalize its design, and then begin recruitment of SOAR, our potential interventional study, to support FDA approval. Exact Sciences is uniquely positioned to meet two of the most critical patient needs: minimal residual disease and repeat surveillance for breast and colon cancer. We have relationships with most oncologists in the United States
Approximately 170,000 early breast cancer samples are sent to our laboratory each year. Each sample represents an individual who may benefit from the minimal remaining disease tests. By screening millions of people each year with Cologuard, Exact Sciences is at the forefront of helping people at high risk of developing colorectal cancer and improving outcomes for these patients. We're the only company planning to offer oncology and cancer testing, allowing oncologists with a partner in the lab to use the best test for each patient.
We plan to share marker discovery data supporting our approach to tumor-free breast cancer at the San Antonio Breast Cancer Symposium in December. We also plan to present the results of our oncology and tumor-free methods for colorectal cancer at ASCO GI in January. Exact Sciences has the right team, a unique financial profile and the broadest and strongest foundation in cancer diagnosis. Continued teamwork, a gross margin in excess of 70%, a clear path to profitability next year, and a leading presence in precision cancer screening and oncology places us in the best position to eradicate cancer and the suffering it causes.
We are happy to answer your questions now.
Questions and answers:
operator or operator
[Operator instructions] Your first question comes from Brandon Couillard Jeffreys. Your line is open.
Brandon Couillard – Jeffrey – Analyst
hello thank you I wish you a nice day. i will ask a question Kevin, OPEC's lowering of the full-year outlook is very important.
Can you show us where exactly this is coming from, be it the number of people or other software?
Kevin Conroy – President and CEO
Well, I think all of our people, from the front line to the executive team, have to have a very strong focus on us to make sure we deliver on our promise that we made a few quarters ago to take the company quickly to profitability. . I think Jeff will have more colors.
Jeff Elliott – Chief Financial Officer and Chief Operating Officer
Yes indeed! Thanks Brandon The team has done a great job focusing on the world's largest impact programs. And when you talk about sales and marketing, they do a really good job of making sure we target the right doctors and allocate the financial resources appropriately to the different marketing levers that we need to pull.
I think what you're really seeing here is a game changer. We're talking about the platform we've built over the years. This was an important contribution. But now you're really starting to see the platform part of it.
With the growth of Cologuard, we saw growth of 25% in the quarter while sales and marketing were down 5%. As time goes by, it will become clear where this foundation leads in situ. It will now spawn two very strong profitable brands in the market and, over time, become a cash-flow generating machine.
operator or operator
Your next question comes from Derek De Bruyne of Bank of America. Your line is open.
Derek De Bruyneis an analyst at Bank of America Merrill Lynch
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Լավ տեսնել եռամսյակի որոշ տարեվերջին տարեվերջին պատվերի պատվերի: ինձ էր էր էր էր թե կա՞ն կա՞ն մտքեր որոնք կիսվել կիսվել կիսվել կիսվել դիրքավորման երրորդ եռամսյակում եռամսյակում եռամսյակում եռամսյակում բայց ինչպե՞ս եք ????????? ????????? ?????????????????????????????????????????????????????????????????? level
Դե ، սա քևինն քևինն քևինն ، ես եմ այժմ այժմ այժմ ինչ այլ բան ունենում ունենում ունենում Co-cologuard- հետ հետ ، կապված կապված կապված կապված կապված տեսել եք մեր զուտ են են 21-ի առաջին iod شيء և ????????? ????????? ???????????? ??????????????????????????????????????????????????? this this this it's date:
. հաճախ է օգտագործվում բժիշկների շրջանում շատ շատ դանդաղ և և և և և և և և և և և և և և և և նոր նոր: մենք միշտ ենք շատ շատ նման ط ط ط ط ط ط ط ط ط ط ط ط ط جامبو ، հրթիռային քան եվ այն ինչ դուք սկսում եք եք այն այն այն որ այն այն ավելի է:
Մեր Cologuard- ի խորն օգտագործող բժիշկների բժիշկների բժիշկների բժիշկների բժիշկների բժիշկների տվյալների հետաքրքիր է է ենք ենք եռամսյակում եռամսյակում մոտ մոտ մոտ մոտ մոտ մոտ մոտ մոտ ծառայություններ պատվերներ եվ պայմանավորված պայմանավորված պայմանավորված է է անհավանական անհավանական թիմերով մեկը մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային մարքեթինգային, մեր, տիրապետել է գովազդին գովազդին գովազդին և՛ և՛ ՛ թվային սպառողին սպառողին ինչպես նաև նաև վաճառքի ուժին ուժին է ընթացքում և և դրանից հետո հետո շարունակելու ծառայությունն եր մատուցողներին մատուցողներին մատուցողներին և այժմ ավելի ու շատ շատ շատ Cologuard պատվիրելու համար և պետք է օգտագործվի իրենց իրենց
Այսպիսով, ինչ-որ բան է միգուցե: միգուցե, ջեֆ, դու ես տարվա տարվա համար ավելի ավելի տալ:
????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????is needneedis not need to be offered
Այո՛։ Սովորաբար ուղեցույց ենք տրամադրում չորրորդ եռամսյակի եռամսյակի զանգի վերաբերյալ, և ծրագիրն ծրագիրն հիմա է է է եք եք հաջորդ տարվան կարծում կարծում կարծում կարծում ես ես ես այս թափը թափը տեսնում ենք երրորդ երրորդ, և մեզ մեզ է տանում չորրորդ եռամսյակ, պետք շարունակվի նաև հաջորդ տարի: ինչպես քևինը ասաց, մենք շատ լավատես ենք երկարաժամկետ:
????????? ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? this this time it's also the same. Երբ եք բժշկի գրասենյակ մուտք գործելու ինչպես ասաց ասաց ասաց նորմալ նորմալ չի վերադառնում վերադառնում դեռ չափով չափով է խլացված խլացված խլացված խլացված իսկապես լավ աշխատանք է է աշխատելով վրա դրա դա դա, երբ եք եք հաջորդ:
Նաև վերասկրինինգային բիզնեսում դա ֆենոմենալ աճի ուժ ուժ եղել է այնուամենայնիվ, եթե հիվանդների այդ այդ այդ մասին խմբի, որոնք կլինեն կլինեն տարի, մենք, կհամապատասխանենք covid- տարիներին, որպեսզի այդ տարեկան տարեկան կտրվածքով կտրվածքով: Ես իսկապես եմ եմ, որ կաճեն հաջորդ հաջորդ, բայց է այն, որ չի ապահովի այնքան այնքան այնքան աճող աճող աճող եղել է է վերջապես վերջապես, տարի, դուք կստանաք Medicare սեկվեստրի ամբողջական ամբողջական, որը սկսվել սկսվել կեսերին:
Եվ պահանջում է է Medicare ի ամբողջ ամբողջ, այնպես որ դրա տարին տարին տարին հաջորդ տարի այսպիսով, ինչ պետք է հիշել հիշել հիշել չորրորդ եռամսյակի եռամսյակի կտրամադրենք ամբողջական ուղեցույց ուղեցույց շատ շատ լավատես լավատես
?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? value
Էնդրյու Բրաքման – ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????? level ??????????????????????????????????????????????????????????????? level what what time level it is what it is
?????? ?????? ?????? ???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? level. Շնորհակալություն հարցերն ընդունելու համար և ուրախ եմ վերադառնալ այս զանգերին: Միգուցե մենք կարող ենք սկսել պարզապես հաշվի առնելով որոշ նորություններ, որոնք սպասվում են առաջիկա մի քանի շաբաթների ընթացքում այստեղ տարածության մեջ:
Քևին, կարո՞ղ եք նորից մեզ հավասարեցնել այն դերի մասին, որը պետք է խաղա նախաքաղցկեղային հայտնաբերումը այս թեստերում: Կարծում եմ, դուք կրկնեցիք մի քանի նախորդ մեկնաբանությունները նախաքաղցկեղից ստացվող օգուտի 2/3-ի մասին: Ուրեմն կարո՞ղ եք պարզապես մեզ մի մակարդակ տալ, թե ինչպես եք մտածում դրա մասին նորից: Շնորհակալություն.
Քևին Քոնրոյ – Նախագահ և գլխավոր գործադիր տնօրեն
Այո իհարկե. Շնորհակալություն. Այսպիսով, առաջին հերթին հսկայական տեղ կա զննման դրույքաչափերը բարելավելու համար: 45-ից 85 տարեկան 110 միլիոն ամերիկացիներից 60 միլիոնը մնում է չստուգված:
Այսպիսով, կա ուղղակի հսկայական հնարավորություն՝ մարդկանց իրենց շոուն արագացնելու համար: Եվ մենք հավատում ենք, որ մեր արյան անալիզը դեր կունենա ցուցանիշների բարելավման գործում: Բայց մինչ օրս մեր թեստը մենք տվյալներ չենք ցույց տվել, և չկա որևէ հեռանկարային տվյալ, որը ցույց կտա, որ նախաքաղցկեղային հիվանդության հայտնաբերումն այդքան նման է FIT թեստին, որը կազմում է 24%: Եվ ես վերադառնում եմ այն ժամանակ, երբ մենք սկսեցինք Cologuard-ը 13 տարի առաջ, հիմնական բաներից մեկը, որի վրա մենք կենտրոնացանք, նախաքաղցկեղային պոլիպների հայտնաբերումն էր, որոնք 10-ից 15 տարի պահանջվում են քաղցկեղի վերածվելու համար:
Եվ սքրինինգի բազմաթիվ փորձերի դեպքում դուք կարող եք իրականում կանխել հիվանդությունը: Երբ նայում եք ԱՄՆ-ում արգանդի վզիկի քաղցկեղից մահացությունների կտրուկ նվազմանը, դա պայմանավորված չէ նրանով, որ ՊԱՊ թեստը քաղցկեղ է հայտնաբերել: Դա պայմանավորված է նրանով, որ այն հայտնաբերել է նախաքաղցկեղային վնասվածքներ, որոնք հանգեցնում են քաղցկեղի: Եվ ահա, որտեղ դուք տեսաք, որ մահերի թիվը տարեկան 45000-ից իջել է կանանցից մինչև 4500 կամ ավելի:
Եվ այսպես, ցանկացած սկրինինգային թեստի նպատակը պետք է լինի նախաքաղցկեղային հիվանդությունների հայտնաբերումը, այնուհետև I կամ II փուլերի քաղցկեղի հայտնաբերումը բարձր արագությամբ: Եվ մենք գիտենք, որ կոլոնոսկոպիան լավ է հայտնաբերել 1-ին և 2-րդ փուլերի քաղցկեղը: Cologuard-ը հայտնաբերում է քաղցկեղի 1-ին և 2-րդ փուլերի 94%-ը: Արյան թեստերը չեն հայտնաբերի քաղցկեղի 1-ին և 2-րդ փուլերի 94%-ը:
Այսպիսով, եթե դուք նայեք բնակչության այդ շոուներին, եթե տեսնեք, որ 100 մարդ ստուգվել է Cologuard-ով և արյան անալիզով, կարող է լինել, չգիտեմ, 10 մարդ, ովքեր կգտնեն Cologuard-ը, բայց արյան անալիզը չի գտնի: Եվ ահա թե ինչու շատ կարևոր է գտնել այդ 1-ին և 2-րդ փուլերի քաղցկեղը: Եվ այսպես, արյան անալիզը դեր կխաղա: Այժմ կարող է խնդիր լինել արյան անալիզները ուղեցույցներում ներառելու հարցում, քանի որ նրանք կրկին դիտարկում են մոդելավորումը և կատարված մոդելավորումը, կյանքի տարիների երկու երրորդը ստացվել է նախաքաղցկեղային հայտնաբերումից:
Այսպիսով, այստեղ որոշակի մարտահրավերներ կլինեն: Եվ առանց ուղեցույցների մեջ մտնելու, դուք չեք մտնում HEDIS կամ Stars որակի չափանիշների մեջ: Եվ առանց դրա, իսկապես դժվար է թեստ սկսել: Այս ամենի համար մի քանի տարի կպահանջվի:
Եվ մենք նախատեսում ենք համօգտագործել մեր ստեղծած տվյալները, ներառյալ արյան վրա հիմնված մեր CRC թեստի վերջին տվյալները: Եվ ես պարզապես ուզում եմ հիշեցնել մարդկանց, որ մեծ ներդրումը անհրաժեշտ էր մասնակցելու որպես լուրջ խաղացող և որպես հաստ աղիքի քաղցկեղի զննման գործիքների լուրջ մատակարար: Այսօր մենք մոտ 4 միլիարդ դոլար ենք ներդրել մեր հիվանդների ներգրավման շարժիչում, մեր առևտրային թիմում, մեր 320,000 քառակուսի ոտնաչափ լաբորատոր տարածքում և, ամենակարևորը, առողջապահական համակարգի 250 միակցիչների մեջ, որոնք Epic-ն օգտագործում է Cologuard-ի էլեկտրոնային եղանակով և պատվիրելու համար: ստանալ արդյունքներ. Այսպիսով, շատ կարևոր նպատակ է ավելի շատ մարդկանց ընտրելը:
Եվ ես ուզում էի — մեկ այլ մեկնաբանություն այն է, որ մենք վերջերս ստացել ենք որոշ արձագանք FDA-ից մեր արյան անալիզների վերաբերյալ: Եվ նրանք պարզ էին, ինչպես պարզ էին Cologuard-ի դեպքում, որ կա նախաքաղցկեղային հայտնաբերման ակնկալիք: Այսպիսով, նրանք ասացին, որ որոշակի ակնկալիք կա քաղցկեղի հայտնաբերման զգայունության, նախաքաղցկեղային հայտնաբերման, ինչպես նաև կոնկրետության կամ կեղծ դրական ցուցանիշի շուրջ: Սրանք երեք շատ կարևոր չափումներ են, որոնք դուրս կգան մեր արյան CRC ուսումնասիրությունից:
Եվ սրանք լուրջ գիտական բաներ են, որոնք դեռ պետք է հաստատվեն, և մենք անհամբեր սպասում ենք, որ մեր տվյալները կկիսվենք ձեզ հետ մեր ուսումնասիրության ավարտից հետո:
Օպերատոր
Ձեր հաջորդ հարցը գալիս է Goldman Sachs-ի Մեթ Սայքսի տողից: Ձեր գիծը բաց է:
Անհայտ խոսնակ – Goldman Sachs – վերլուծաբան
Բարև տղաներ։ Դա Դեյվն է Մեթ Սայքսի համար: Կարո՞ղ եք ավելին ասել, թե ինչն է նպաստել Oncotype-ի կատարողականին եռամսյակում:
Ջեֆ Էլիոթ – Գլխավոր ֆինանսական տնօրեն և գլխավոր գործառնական տնօրեն
Այո, դա Ջեֆն է: Ես կվերցնեմ այդ մեկը: Ես նախկինում խոսեցի ԱՄՆ-ից դուրս շատ ուժեղ աճի մասին, որը 26% աճեց՝ ճշգրտված FX-ի համար: Այսպիսով, ես կասեի, որ դա դրա մի մասն է:
Մենք նաև տեսնում ենք շարունակական շատ ուժեղ թափ հանգույցի դրական ցուցիչում: Հիշելով, որ սա ավելի նոր ցուցանիշ է՝ շնորհիվ մի քանի տարի առաջ հրապարակված պատասխանների տվյալների՝ դեռ տեսնելով այնտեղ շատ լավ ընկալում: Եվ վերջապես, կարծում եմ, որ այն բավարար ուշադրության չի արժանանում, բայց մենք ունենք թերապիայի ընտրության բավականին զգալի բիզնես, որը շարունակում է թափ հավաքել: Հաջորդ տարվա սկզբին մենք կունենանք լրացուցիչ արտադրանքի թողարկում այնտեղ:
Կարծում եմ, որ դա – ես կասեի, որ դա լավ քառորդ է այդ թիմի կողմից:
Օպերատոր
Ձեր հաջորդ հարցը գալիս է Էվերկորի Վիջայ Կումարի տողից: Ձեր գիծը բաց է:
Քևին Քոնրոյ – Նախագահ և գլխավոր գործադիր տնօրեն
Վիջայ, մենք չենք կարող քեզ լսել: Ես չգիտեմ, թե դու հիմար ես: դու ներս ես։ Կոլբի, եթե կարողանանք գնալ հաջորդ զանգահարողին:
Մենք կվերադառնանք քեզ, Վիջայ:
Օպերատոր
Ձեր հաջորդ հարցը գալիս է Քոուենի և ընկերության Թոմաս Սթիվենսի տողից: Ձեր գիծը բաց է:
Թոմաս Սթիվենս – Քոուեն և ընկերություն – վերլուծաբան
Շնաձուկ. Ես կհերձեմ իմ հարցը, այնպես որ այստեղ ընդամենը մի տեսակ կրկնակի: Այդ հզոր օգտատերերի մասին, որոնք դուք բավականին քննարկեցիք, տեսաք որոշակի հակառակ քամիներ, պարզապես թարմացում ձեր նախկինում բարձր կարգի մասին Cologuard-ի բժիշկներում: Իսկ երկրորդի տեսակն այդ հարցի արդյունքն է:
Կարծում եմ, եթե դուք նայեք 2027-ին արյան մեջ, Medicare-ում, ապա ինչպիսի՞ հնարավորություն եք տեսնում այնտեղ երկամյա փորձարկման համար: Իսկ ինչպիսի՞ բնակչություն եք տեսնում ձեր թեստի հետ ներգրավվելու համար: Շնորհակալություն.
Ջեֆ Էլիոթ – Գլխավոր ֆինանսական տնօրեն և գլխավոր գործառնական տնօրեն
Շնորհակալություն, Թոմ: Սա Ջեֆն է։ Ես կսկսեմ – կարծում եմ, որ ձեր մեկնաբանությունը հզոր օգտագործողների մասին, և գուցե Էվերեթը կարող է լրացնել նաև այստեղ: Մենք նախկինում խոսել ենք տարբեր խմբերի մասին:
Կարծում եմ, այստեղ արդյունքներն իսկապես ցույց են տալիս, որ մենք տեսել ենք օգտագործման լայնածավալ բարելավումներ: Անկախ նրանից, թե դուք դիտարկում եք տարբեր խմբեր՝ հիմնվելով բժիշկների առաջին պատվիրման վրա, տախտակամածում կան որոշ տվյալներ, որոնք մարդիկ առաջին անգամ են տեսնում: Անկախ նրանից, թե երբ եք առաջին անգամ պատվիրել, պատվերի տոկոսադրույքը կշարունակի բարձրանալ, ինչը իսկապես հզոր է տեսնել, հատկապես, երբ հաշվի առնեք բոլոր նոր բժիշկները, որոնք մենք ավելացնում ենք: Եթե դուք բաժանում եք բժիշկներին՝ ելնելով նրանց կարգի մակարդակից, մի տեսակ լայնորեն նաև այնտեղ, անկախ նրանից, թե ինչ-որ կերպ դեպի վերևում եք, թե ավելի նոր՝ Cologuard-ում, մենք տեսնում ենք օգտագործման շարունակական ուժեղ աճ:
Այսպիսով, սրանք են ընդհանուր միտումները: Չգիտե՞մ, Էվերեթ, այնտեղ ավելացնելու բան կա՞:
Everett Cunningham — Handelshoof
Yes. Ek sal 'n bietjie byvoeg. Ek het die afgelope paar kwartale baie tyd in die veld spandeer. En die manier waarop ons kommersiële organisasie daarna gekyk het, Thomas, is 'n bietjie eenvoudiger.
Wat hulle doen, is dat hulle kyk na, waar is die groeigeleentheid vir Cologuard. En ons het teikens, ons het prioriteite waarop ons fokus, soos herskermgeleenthede, 45 tot 49 geleenthede. En waar daardie geleenthede is, gaan ons en ons maak die oproep. En ons het dit afgekook tot hoe meer kwaliteit oproepe ons maak met daardie teikens, hoe meer dit, skryf PCP Cologuard.
En so spoor ons ons verteenwoordigers aan om elke dag uit te gaan, op die prioriteite te fokus, op die geleenthede te fokus en Cologuard te laat groei. En ek dink dit is die rede waarom ons voortgaan om goeie kwartaal-tot-kwartaal groei te hê.
Jeff Elliott — Finansiële Hoof en Bedryfshoof
Tom, ek neem die tweede vraag, wat oor die bloedgeleentheid in 2027 was. Kyk, soos Kevin gepraat het, het hy oor die breër raamwerk gepraat. Ek wil net byvoeg dat dit tyd gaan neem. As jy dink aan die struikelblokke wat jy moet deurkom, of dit nou eers die ontwikkeling van die toets is, ingaan by die riglyne, kwaliteitsmaatreëls, FDA, Medicare, daar is 'n hele reeks dinge wat moet gebeur.
En as jy terugkyk na Cologuard, reg, dit neem ongeveer vier tot vyf jaar ná bekendstelling vir al daardie dinge om in die spel te kom. So I think in the 2027 time frame, which is what you asked, I think the opportunity there is still relatively minimal. Potentially, you could see blood being positioned for specific niches of the market. One that stands out to us is somebody who, say, over the age of 75, where perhaps at that age, pre-cancer detection may be less important, but — and they're likely on Medicare.
Commercial insurance, broad adoption is going to take longer than that. For that, you need to be in USPSTF guidelines, you need to be in the quality measures. And I don't see that coming together in 2027.
Operator
Your next question comes from the line of Patrick Donnelly from Citigroup. Your line is open.
Unknown speaker — Goldman Sachs — Analyst
Hey, there. You've got Jason on for Patrick. Maybe just one. I know you're not giving '23 guidance right now, but just at a high level, thinking about the goal of being adjusted EBITDA positive in the third quarter next year.
How should we be thinking about gross margins next year, some of the moving pieces there, like inflation, FX and then kind of where automation and rescreens fit into that? Thanks.
Jeff Elliott — Chief Financial Officer and Chief Operating Officer
We'll give more color on this on our fourth quarter call, but it helps — it starts with a really strong growth drivers in both Cologuard and Oncotype. Both are profitable today. We expect continued momentum into next year. From a gross margin standpoint, obviously, there are headwinds out there.
There are headwinds out there, they're not unique to us, with inflation, with fuel, supply chain, complexities with COVID. So there's a lot of pressures there. The team did a really nice job of offsetting that. I think when I look at Q4 and the near term here, I think margin is pretty similar to Q3, maybe down a hair just based on the seasonal trends with revenue into next year, inflation is still the wild card.
So we'll talk more about that. Longer term, gross margin, we're very optimistic there because again, the team has done a really nice job building the foundation that we can scale. So we expect nice margin improvement over time. From an operating expense standpoint, again, I think a hallmark of what you saw in the third quarter, the team has done a nice job finding efficiencies throughout the business.
I think that will continue throughout next year. Next year, we do have the STORE study started for multi-cancer, that will be some additional R&D. Otherwise, we expect continued efficiencies throughout the P&L.
Operator
Your next question comes from the line of Vijay Kumar from Evercore. Your line is open.
Vijay Kumar — Evercore ISI — Analyst
Hey, guys. Thanks for taking my question. And congrats on the steady execution here. Maybe my question here on the cash flows, Jeff.
This is a pretty impressive quarter in terms of cash burn rate. Are we now looking at the Exact Sciences exiting fiscal '23 perhaps being cash flow neutral to positive? How should we think about operating expenses? And maybe just give us some color, Jeff, on what changed. Is this a function of Exact holding back expenses? And is that going to come at the cost of revenue growth or are these structural changes which are sustainable? Dankie.
Jeff Elliott — Chief Financial Officer and Chief Operating Officer
Thanks, Vijay. As Kevin talked about, it's not either or, it's growth with efficiencies and a focus on profitability. I don't think this is a shift or change in the business. We've been talking for years about building the foundation that will not only get us to profitability, but allow us to punch through and continue to generate improving margins, steady cash flow generation for years and years to come.
And you're now — I think we're at that turning point now, we're at that turning point where you're really starting to see that fall through. As far as next year, we're excited to pull ahead the EBITDA profitability on a free cash basis, likely lags that a little bit. What's helping recently is that we've had some really nice improvement in working capital management. You see DSOs down 16 days year on year.
Inventory turns continue to improve. So the team has done a really nice job with a heightened focus on profitability and cash flow.
Operator
Our next question comes from the line of Kyle Mikson from Canaccord. Your line is open.
Alex Vukasin — Canaccord Genuity — Analyst
Hi. Alex Vukasin online for Kyle Mikson. Congratulations on the quarter. And one brief question for you.
So there's probably little value baked into the stock really for multi-cancer, MRD and liquid biopsy test. Why don't you think investors are taking these assets seriously? And what are you going to do to reinvigorate excitement in these promising potential long-term growth drivers? Dankie.
Jeff Elliott — Chief Financial Officer and Chief Operating Officer
This is Jeff. I'll take that one and maybe Kevin can jump in. Look, we're focused on executing on the business, starting with Cologuard and Oncotype, making sure the foundation is there. And we're in the middle of this period where it's an intense data readout period for our pipeline.
We started this year with really strong data on Cologuard 2, we shared some additional data on our MRD program at ASCO and then just in September, shared the data on NSABP, we thought it was all really good data. Looking ahead, this robust period of pipeline data continues. When you look ahead to — in this month, there's additional data coming out on our NSABP program. Next year, as Kevin talked about, our top-line readout starting with BLUE-C, data on our colon cancer blood program.
And over time, I think as investors fully appreciate this, look, we're optimistic here. Not only we can continue delivering on the core on-market programs, but we have a really robust growth in store throughout the pipeline.
Operator
Your next question comes from the line of Alex Nowak from Craig-Hallum Capital Group. Your line is open.
Alex Nowak — Craig-Hallum Capital Group — Analyst
Hey. Great. Good afternoon, everyone. A couple of calls this evening, so apologies if you already addressed this.
But I was just hoping if we can get your latest ideas on M&A in the genomics space. We've seen the valuations come down across the sector. Does that make it more appealing to slot some of these names into this Exact Sciences commercial engine? What are you looking for? Is it new capabilities or would you rather add established products in the bag?
Kevin Conroy — Chairman and Chief Executive Officer
Well, our primary focus is on Cologuard, Oncotype and then three pretty remarkable opportunities in colon cancer screening, both stool and blood, multi-cancer screening, which probably has the biggest potential for impact in human health of any diagnostic ever developed. And then also minimum residual disease testing. Our philosophy on M&A hasn't changed. We'll consider it if three conditions are met.
Number one, it contributes to our long-term strategy. Two, the company is a good culture fit. And three, it creates shareholder value. So no changes there in our focus.
I'd point out that we added a prevention genetics team. It's an amazing talented team. It's added over $40 million of profitable revenue in a new product line, Riskguard. And so it's all about quality and strategic fit.
Operator
[Operator signoff]
Duration: 0 minutes
Call participants:
Megan Jones — Senior Director of Investor Relations
Kevin Conroy — Chairman and Chief Executive Officer
Jeff Elliott — Chief Financial Officer and Chief Operating Officer
Brandon Couillard — Jefferies — Analyst
Derik De Bruin — Bank of America Merrill Lynch — Analyst
Everett Cunningham — Chief Commercial Officer
Catherine Schulte — Robert W. Baird and Company — Analyst
Jack Meehan — Nephron Research — Analyst
Andrew Brackmann — William Blair and Company — Analyst
Unknown speaker — Goldman Sachs — Analyst
Thomas Stevens — Cowen and Company — Analyst
Vijay Kumar — Evercore ISI — Analyst
Alex Vukasin — Canaccord Genuity — Analyst
Alex Nowak — Craig-Hallum Capital Group — Analyst
More EXAS analysis
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Future Stock Market Leaders? | High Relative Strength Stocks | SNAP NIO ARRY PINS + MORE
In this case, the company's warnings may increase.
Companies with too little and too much commitment achieve above-average returns in the long term. Exact Sciences Corp. could have such a surprise in store when it reports its third-quarter 2022 operating results in early November.
The leader in genetic testing previously told investors it was expecting revenue of $497.5 million in the third quarter. This includes sales of approximately $342.5 million for a colorectal cancer screening product, the only genetic testing device on the market to generate at least $1 billion in annual sales. The Company By 2022, the company forecasts sales of $2 billion, of which $1.32 billion will come from home filter devices.
The company deliberately advised cautiously. At the very least, the company is well-positioned to meet its full-year guidance and deliver healthy year-over-year growth. It could be so easy to see Cologard dominate.
During an August conference call to discuss second-quarter 2022 operating results, at least one Wall Street analyst asked management directly if it was overly conservative with its guidance. You were right.
Exact Sciences told investors it doesn't expect sales to exceed $335 million in the second quarter of 2022, but the home control device did post quarterly sales of $344 million. It was easy in the middle of the trip.
Despite the favorable pace, management hasn't raised 2022 revenue guidance for ColoGuard. Merchandise revenue is expected to remain approximately $1.32 billion for the year. Let's open the box:
The latest forecast puts colon cancer diagnostic equipment sales at $679 million in the second half of 2022. This is a relatively small increase from the $641 million paid out in the first half.
Finally, Cologard's third quarter revenue is forecast to be lower than the second quarter. This means that Cologard's sales in the fourth quarter will be below the result of the third quarter. It doesn't make much sense and doesn't follow historical sales trends.
This suggests that Cologuard could deliver another solid set of sales and strength management in Q3 to boost its 2022 sales guidance — at least as far as its core product is concerned.
Precision Science's ability to increase its 2022 revenue guidance for its integrated product portfolio may depend on the strength or weakness of precision oncology devices. Recent guidelines indicate that these tissue biopsy tests are only increasing at 4% per year. While that includes the recently sold prostate cancer device, there are more general headaches.
One thing investors should keep in mind is that Clarity's oncology portfolio is heavily exposed to international currency headwinds. A strong US dollar hurts many global companies in 2022. Exact Science derives almost all of its revenue from the US, which has an advantage over central bank monetary policy. The caveat is that international sales are becoming an increasingly large driver for the company's precision oncology devices.
In other words, the most likely scenario is probably more complicated. Solid science could benefit from the strength of Cologuard, which looks set to easily pass 2022 guidelines.
Even in these mixed conditions, business remains strong. Achieving 2022 revenue guidance of more than $2 billion represents a 13 percent increase over the prior year. That's a respectable growth rate for a company of its size — and especially when compared to a difficult operating environment that hampers many smaller rivals. Anyway, it all depends on Colorguard.
Experienced Attorney Chris Cook Joins Executive Team as General Counsel
The new role is expected to be critical to operations and strategic initiatives.
Austin, TX, October 27, 2022 (GLOBE NEWSWIRE) — Cassava Sciences, Inc. (Nasdaq: SAVA), a clinical Alzheimer’s disease biotechnology company, announced the expansion of its executive team with the appointment of Christopher Cook as senior vice president and general counsel. This is a newly created position reporting to President and CEO Remy Barbier.
“Chris is a seasoned lawyer, a seasoned lawyer and a recognized leader in legal matters,” said Remy Barbier. “We are delighted that Chris will soon be joining us as a Senior Advisor to Cassava Sciences. I am confident that his knowledge and rich experience will be a valuable addition to the company’s business operations and strategic initiatives.”
Chris has over 25 years of experience in healthcare, private practice and government. He moved to Cassava Sciences from medical company Alcon, where he has been Head of Litigation and Government Investigations since 2017. Prior to Alcon, he was Vice President and General Counsel for Walmart Central America in San Jose, Costa Rica. Chris practiced law for seventeen years at the multinational law firm Jones Day, where he was a litigation partner in the firm’s Washington, D.C., and Chicago offices. Prior to Jones Day, Chris worked as an Assistant US Attorney in Chicago. He holds a BA in English from Emory University and a Juris Doctor from Harvard Law School.
Phase 3 Clinical Program
Cassava Sciences’ current Phase 3 program consists of two double-blind, randomized, placebo-controlled trials of simufilam, an oral drug that is being studied in approximately 1,750 patients with mild to moderate Alzheimer’s disease. Both Phase 3 studies have been assessed under a specific protocol (SPA) by the US Food and Drug Administration. For more information about Cassava Sciences’ Phase 3 trials, visit ClinicalTrials.gov.
About Simufilum
Simufilam is a proprietary small molecule (oral) drug from Cassava Sciences that restores the normal form and function of the modified filamin A (FLNA) protein in the brain. Cassava Sciences owns the global development and commercial rights to Alzheimer’s disease research programs and related technologies without any licensing obligations to third parties.
Cassava Science, Inc. about
Cassava Science, Inc. is a clinical stage biotechnology company based in Austin, Texas. Our mission is to identify and treat neurodegenerative diseases such as Alzheimer’s disease. Our new science is based on stabilizing but eliminating an important brain protein. For more information visit: https://www.CassavaSciences.com.
For more information please contact:
Eric Schon, CFO
(512) 501-2450 [email protected]
We discuss an incredible interview with Hilary Metz of Cassava Science |: Small Cap Equity Investing
Vontobel Holding Ltd. sold its interest to Exact Sciences Co. (NASDAQ: EXAS – Get Rating ) by 25.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,851 shares of the medical research company’s stock after acquiring an additional 5,621 shares during the period. Vontobel Holding AG's holdings in Exact Sciences were worth $1,130,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Capital Advisory Group Advisory Services LLC acquired a new position in shares of Exact Sciences in the first quarter worth about $37,000. Trustcore Financial Services LLC acquired a new stake in Exact Sciences in the first quarter valued at about $41,000. Koshinski Asset Management Inc. grew its position in Exact Sciences by 45.5% in the first quarter. Koshinski Asset Management Inc. now owns 640 shares of the medical research company’s stock valued at $45,000 after buying an additional 200 shares in the last quarter. Elequin Capital LP acquired a new stake in Exact Sciences during the first quarter worth about $46,000. Finally, in the second quarter, Ellevest Inc. It increased its positions in the field of exact sciences by 103.6%. Now Ellevest Inc. now owns 682 shares of the medical research company’s stock valued at $27,000 after purchasing an additional 347 shares in the last quarter. 90.95% of shares are owned by institutional investors and hedge funds.
Preferential buying and selling
In related news, director Catherine S. Zanotti sold 4,608 shares of the business’s stock in a transaction on Tuesday, July 26th. Shares traded at an average price of $45.14, for a total of $208,005.12. Following the sale, the director now owns 60,318 shares in the company, valued at approximately $2,722,754.52. The sale was announced in a filing with the Securities and Exchange Commission, available at this link. In related news, director Catherine S. Zanotti sold 4,608 shares of the business’s stock in a transaction on Tuesday, July 26th. Shares traded at an average price of $45.14, for a total of $208,005.12. Following the sale, the director now owns 60,318 shares in the company, valued at approximately $2,722,754.52. The sale was announced in a filing with the Securities and Exchange Commission, available at this link. Also, insider Everett Cunningham sold 16,872 shares of Exact Sciences stock in a transaction dated Wednesday, October 12th. Shares were sold at an average price of $31.37, for a total of $529,274.64. Following the completion of the sale, the insider now directly owns 18,654 shares of the company's stock, valued at approximately $585,175.98. Information on this sale can be found here. Currently, 1.30% of shares are owned by insiders.
Analysts have set new pricing benchmarks
A number of equities research analysts recently commented on the company. BTIG Research reduced their price objective on Exact Sciences to $70.00 from $100.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Credit Suisse Group assumed coverage on Exact Sciences in a research report on Wednesday, August 24th. They assigned an “outperform” rating and a $55.00 target price on the stock. Benchmark decreased their target price on Exact Sciences to $54.00 in a research report on Tuesday, August 9th. Raymond James decreased their target price on Exact Sciences to $70.00 from $80.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 3rd. Finally, Robert W. Baird decreased their price objective on Exact Sciences to $75.00 from $90.00 and gave the stock an outperform rating in a research report on Wednesday, August 3rd. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of “Moderate Buy” and a consensus target price of $69.14, according to MarketBeat .
Shares of Exact Sciences fell 3.8%
NASDAQ:EXAS opened at $30.42 on Friday. Exact Sciences Co. has a 12-month low of $29.27 and a 12-month high of $104.50. The company has a quick ratio of 2.23, a current ratio of 2.48, and a debt-to-equity ratio of 0.70. The company has a market cap of $5.38 billion, a p/e of -7.19 and a beta of 1.34. The 50 day simple moving average is $37.41 and the 200 day simple moving average is $47.05.
Exact Sciences (NASDAQ: EXAS – Get Rating ) last posted its quarterly earnings results on Tuesday, August 2nd. The medical research company reported ($0.94) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.07) by $0.13. Exact Sciences had a negative return on equity of 22.07% and a negative net margin of 37.90%. The company reported revenue of $521.64 million for the quarter, compared to analyst estimates of $496.75 million. Stock analysts expect Exact Sciences Co. Earnings per share for the reporting year is -4.22.
Accurate academic profile
(evaluate)
Exact Sciences Corporation provides cancer screening products and diagnostic tests in the United States and internationally. The company offers Cologuard, a noninvasive stool-based DNA screening test for the detection of DNA and hemoglobin biomarkers associated with colorectal cancer and precancerous lesions. It also offers Oncotype DX, a gene expression test for breast, prostate and colon cancers; Oncotype testing, a tissue analysis that creates a tumor profile to help guide therapy choices for patients with advanced, metastatic, refractory, or relapsed cancer; Oncotype DX AR-V7 Nucleus Detect Test, a liquid test for advanced prostate cancer; Oncomap ExTra, which provides a complete biological picture of certain refractory, rare or aggressive tumors; and COVID-19 testing services.
Further reading
Want to see what other hedge funds EXAS has? Visit HoldingsChannel.com for Exact Sciences Co's latest 13F filings and insider trading. (NASDAQ: EXAS – Get Ratings ).
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A recent report indicated that the pandemic will further boost employment.
Maine, United States. The pandemic has fueled Maine's life sciences jobs for the past five years.
The Maine Biosciences Association says 1,600 jobs will be added between 2020 and 2021 alone as more companies respond to growing demand for Covid-19 diagnostic tests and equipment.
The association's latest report lists more than 9,500 jobs at nearly 500 companies, the fastest growth in all of New England, including Massachusetts.
"We've seen a 42 percent increase in the last five years and a 48 percent increase in the last ten years," said Agnieszka Carpenter, executive director of the Maine Bioscience Association.
During the outbreak, life sciences companies including Puritan and Abbott increased production of COVID-19 tests and swabs. IDEXX, Maine's largest life sciences employer, has added hundreds of new non-pandemic jobs. Carpenter said more distant events could continue the momentum.
"I think we're really well positioned to bring startups here," added Carpenter, a place that attracts talented entrepreneurs.
"We're both from Maine, we want to live in Maine," says Wayne McCarthy, founder of digital health startup MedRhythms.
UMaine alumni McCarthy and Brian Harris moved their company from Boston to Portland six years ago. The company has developed a therapeutic software tool to help stroke patients improve their mobility.
Patients attach sensors to their shoes, put on headphones and learn to listen to acoustic beats or music, and try to adjust their feet to improve their gait over time.
“They think they're listening to music and the rhythm changes in the background and we add something to improve their steps,” McCarthy explained.
Digital therapy, which has not yet been approved by the Food and Drug Administration, requires a prescription but allows patients to improve their mobility at home. The company has grown to 40 employees, and McCarthy said Maine continues to attract additional skilled workers from Boston and other metropolitan areas.
“This talent is spreading out and building things and people are setting up offices,” McCarthy enthuses.
In the near future, MedRhythms will be researching people with multiple sclerosis. Any MS patient who wants to get involved can contact MedRhythms directly at [email protected] or fill out the "Contact Us" form on the company's website.
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Workers seem to be moving out of traditional offices, crowded labs and research buildings as life science jobs reach new heights.A new report fromCushman & Wakefieldshows how U.S. life sciences employment has grown rapidly and doubled over the past 10 years.
According to the Life Sciences Market Survey, the employment rate for scientists and laboratory users during this period exceeded the overall employment rate with an annual growth rate of 6.6%. By comparison, the total annual employment growth rate is only 1.2%.
According to Cushman & Wakefield, this shows that the sector is well positioned to overcome the uncertainty caused by the economic downturn. Indeed, life sciences employment has not declined during the pandemic, with annual job growth of 11.4% in 2021 and 14.5% in June 2022.
Jobs in life sciences have also doubled to pandemic levels. As of August this year, there were a total of 413,120 job offers in the life sciences sector, up 28% over the same period last year.
"The increase in demand for workers in the life sciences sector reflects an increase in lab space as employers try to meet the needs of this growing industry," C&W's Sandy Romero said . “Projects currently under construction in the United States are expected to add an additional 26.6 million square feet of lab space to existing inventory. These brand new state-of-the-art facilities in key markets will be home to the next generation of talent and innovation in the life sciences.”
The San Francisco Bay Area and Boston have two of the largest job bases and the largest list of labs. Boston is home to the largest construction company with 13.9 million square feet of building space, representing 43% of Boston's current lab inventory. For projects expected to be completed in 2022, 60 percent of the space has been vacated.
About 19.9 million square feet of life sciences construction, or 74% of current construction volume, is expected to be completed in the US by the end of 2023. After Boston, the largest pipelines are in San Diego, at 3.7 million square feet; San Francisco 3.5 million square feet; Seattle with 1.5 million square feet; and Los Angeles at 1.4 million square feet.
Although laboratory development in New York City is still in its infancy, thanks to its large research institutions, includingWeill Cornell Medicine , it has one of the nation's largest staffs of life science specialists. ,NYU LangoneandMemorial Sloan Kettering. According to Cushman and Wakefield.Taconic Partnerswill add more spacewith a 325,000-square-foot redevelopment of 345 Park Avenue South and a399,000- square-foot redevelopment of 125 West End Avenue in Deerfield.
“After unprecedented investment, expansion and innovation in 2021, the life sciences industry is poised for continued growth and strong demand in the coming years,” said C&W's Jason D'Orlando. “Over the past seven years, the life sciences sector has grown significantly and the fundamentals remain strong. We expect the life sciences sector to continue to perform well in the coming years.”
In the first half of 2022, National Life Sciences' leasing business totaled 7.2 million square feet. The three most active markets in the first half were San Diego, Boston and the Bay Area. Asking rent in the US is up 67% this year compared to 2015, and inventory is up 29% in markets monitored by Cushman & Wakefield.
While its track record looks solid, the life sciences sector is not immune to broader economic factors such as inflation, high interest rates and tightening capital markets. While rental demand in some markets has continued to rise since the end of the year, including double-digit growth in Seattle with increases of 27.2% and 31.3% in San Diego, some markets have slowed, including Boston and the Bay Area, where rentals decreased. The decrease was 4.5 percent and 3.3 percent, respectively.
Greenville Technical College opened a nearly $70 million building dedicated to health, life sciences and education.
The dirt mound in the South Pleasantburg Drive parking lot is the proposed centerpiece of the proposed 125,000-square-foot three-story building, according to college president Keith Miller.
During the groundbreaking ceremony on Oct. 5, college leaders, along with Governor Henry McMaster, state and local officials, and Prisma Health officials, dug small mounds.
Planning started about 12 years ago. Its opening is scheduled for 2024.
Miller said students and campus visitors will be able to see "science in action" once the partially glass structure is complete.
In addition to the traditional classrooms, there will be rooms for medical imaging, ultrasound, radiology, etc. The anatomy lab will serve as a virtual cadaver, Miller said, using electronic autopsy tables with life-size touch screens.
The building will also house classrooms for general education courses. Miller estimates that about 90% of students will use the site. Outside the classroom, there will be areas such as meeting rooms, study rooms, and outdoor rest areas.
To deepen its longstanding partnership, Prisma Health System awarded the college $1.5 million to help cover construction costs and "strengthen health workforce development programs at Greenville Technical College," said Jonathan Gleason. , executive vice president and chief medical officer of Prisma Health. . .
It will be known as the Prisma Health and Life Sciences Building.
According to Miller, Prisma is the best employer for Greenville Tech students who become nurses, radiologists, physical therapists and other healthcare professionals.
From left, Jonathan Gleason, chief medical officer and executive vice president, Prisma Health, Gov. Henry McMaster and Keith Miller, president of Greenville Technical College. All three were part of a 16-member team that led the groundbreaking ceremony for the new Greenville Tech Health and Life Sciences building. Stephanie Mira / Staff
Greenville Tech turns 60 this year and opened in 1962. It was the first technical college in the state, now joined by 15 other colleges across South Carolina.
Further work is planned. Last year, the college opened a Student Success Center. In the future, it is planned to reconstruct the buildings of the Faculty of Engineering and Technology of the University, which are already two decades old. Later, the medical building, the simulation and training technology center and the student building are rebuilt.
McMaster said the life sciences industry has a $12 billion impact on South Carolina, with more than 1,000 companies across the state employing about 30,700 people.
This summer, McMaster added $25 million to a scholarship program for employees of South Carolina's 16 technical colleges to provide opportunities for 40,000 state residents.
There are rumors on social media that Exact Sciences will buy Invitae. Investors should stop dreaming.
One of the most important lessons learned from the stock market correction is that the power of positive thinking can only push investors so far.
For Invited Shareholders ( NVTA ): Get the Invited Corporation report , this can lead to even more pain and suffering.
As genetic testing stocks fall, some investors predict that a larger competitor such as Exact Sciences ( EXAS ), reported by Exact Sciences Corporation , will step in and buy Invitae on the cheap.
The speculation may seem plausible given that rumors of a possible merger were circulating in August 2021.
However, hopes for such a deal seem unlikely given investors' assessment of the difficult operating environment affecting all companies and the promising performance of its larger peer.
Profits are the next big thing
Invitae embodied the "growth at any cost" business model that became common at a time when interest rates were extremely low.
Flaws in the company's approach were exposed almost as soon as Wall Street began to assess the impact of rising interest rates. Shares of the genetic testing company are down 83% in 2022.
Investors are aware of the company's performance and recovery, including lower growth expectations, issuing service bills to 33% of its employees and replacing the CEO.
The company expects sales to be flat in 2023. If sales pick up again in 2024, annual growth could be less than half of previous promises.
Some important nuances are lost in the acquisition speculation. One detail is that the work environment of the genetic testing industry has changed. Sema4 ( SMFR ) , 23andMe ( ME ) – Get 23andMe Holding Co. Report and other colleagues also vowed to abandon the incremental business model at all costs.
Exact sciences have never used such an approach. It wasn't meant to be. The company relies on colorectal cancer screening tool Cologuard, which last year was the first and only diagnostic product to generate at least $1 billion in annual sales. The flagship continues to grow at more than 20% per year despite, or perhaps because of, its size.
However, management promised to be profitable by 2024 based on adjusted EBITDA. The main difference between Exact Sciences and its competitors is that this promise was announced before the stock market started to wobble. Even if not, Wall Street will likely demand more efficient operations given the growing macroeconomic uncertainty.
For this reason, Exact Sciences is not expected to acquire Invitae anytime soon. An analysis of the financial details shows that this would jeopardize the increasingly strong position of the largest competitor.
Quality of Revenue : Exact Science generates more revenue each quarter than Visitor does in a year. However, the biggest competitor reports lower operating losses, with operating margins lower by 30% for Exact Sciences and 170% for Invitae. The purchase will lead to an immediate deterioration in the quality of earnings.
Money is everything: Exact Sciences will soon spend about $350 million on operating expenses in 2022, although about half of that amount was spent in the first quarter of the year. Invitae expects cash losses of at least $600 million in 2022 (less likely) and at least $225 million in 2023. The acquisition would double Exact Sciences' cash costs. In addition, the acquisition could cost close to a billion dollars, an amount that a larger competitor does not have. And the money could have been better spent elsewhere.
PreventionGenetics : Exact Sciences made an acquisition to venture into the early detection of inherited cancers. But she won a small company. PreventionGenetics was already profitable. It may only generate $41 million in revenue by 2022, but it can expand quickly within the business infrastructure of its new parent company. Acquiring Invitee would not fit well with the current profitable growth strategy in this new business category.
Don't invest in rumours
It's easy to get caught up in speculation and excitement when investing in growth stocks. Of course, it's fun to imagine what would happen if you made the right bet that a failed business could be restored to its former glory.
However, Invitee's new management has made it clear that growth expectations will be limited at least until 2024. Investors have no reason to expect more than the projections.
Invitae could still be a takeover target for a larger party, eventually. But investors shouldn't expect Exact Sciences to be a competitor anytime soon.
Exact Sciences is on the verge of profitability with its existing product portfolio and development portfolio. For example, an updated version of Cologuard could come out in 2024. If it meets expectations, adjusted Ebitda may not be the right metric to judge the company by.
The new Cologuard could help the company achieve positive operating margins and cash flows by 2025 or 2026.
Simply put, the acquisition of Invitee by Exact Sciences will reduce the quality of the company's earnings and make profitable operations impossible for the foreseeable future. No amount of positive thinking can change that.
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The importance of positive results of non-invasive prenatal screening
Vontobel Holding Ltd. sold its interest to Exact Sciences Co. (NASDAQ: EXAS – Get Rating ) by 25.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,851 shares of the medical research company’s stock after acquiring an additional 5,621 shares during the period. Vontobel Holding AG's holdings in Exact Sciences were worth $1,130,000 at the end of the most recent reporting period.
