Exact Sciences revenue jumps
Exact Sciences, the Madison-based manufacturer of Cologuard, an at-home screening test for colon cancer, reported an 80 percent revenue surge in the first quarter of 2019 ending March 31 to $162 million.
A year ago, the company reported $90.3 million in revenue. Exact Sciences reported a 79 percent increase in the number of stool tests it processed in the first quarter (334,000) compared to 186,000 tests processed in the first quarter of 2018.
At the same time, the company’s losses widened to a reported $83.1 million (66 cents/share). For the same period a year ago, the company had a net loss of $39.4 million (33 cents/share). Research and development and increased sales efforts drove much of those costs.
Also, in August 2018, Exact Sciences entered into a three-year marketing agreement with Pfizer, which also added over $30 million in costs and fees.