Exact Sciences posts Q4 revenue gains, narrows losses

February 16, 2010 By MassDevice staff Leave a Comment

Exact Sciences Corp. (NSDQ:EXAS) posted fourth-quarter sales of $1.2 million for the three months ended Dec. 31, 2009, compared with negative revenues of $109,000 during the same period in 2008. Net losses narrowed 13.9 percent to $1.8 million, compared with $2.1 million during Q4 2008:

Press Release

Exact Sciences Reports Fourth-Quarter, Full-Year 2009 Financial
Results

MADISON, Wis.–(BUSINESS WIRE)–Exact
Sciences Corp. (Nasdaq: EXAS) today announced its financial results
for the fourth quarter ended Dec. 31, 2009.

Exact reported total revenues of $1.2 million for the fourth quarter of
2009, compared to total revenues of ($109,000) during the same period of
2008. Fourth-quarter 2009 total revenues increased due to the quarterly
non-cash allocation that resulted from a 2009 intellectual property
license transaction. Total revenues for the year ended Dec. 31, 2009,
were $4.8 million, compared to total revenues of ($867,000) for the
prior year.

Exact reported a net loss of ($1.8) million, or ($0.05) a share, for the
fourth quarter of 2009. The company had a net loss of ($2.1) million, or
($0.08) a share, for the same period of 2008. Exact’s net loss for the
year ended Dec. 31, 2009, was ($9.1) million, or ($0.28) a share,
compared to ($9.7) million, or ($0.36) a share, for the prior year.

Operating expenses for the fourth quarter of 2009 were $3.0 million,
compared to $2.0 million for the same period of 2008. Operating expenses
for the year ended Dec. 31, 2009, were $13.9 million, compared to $9.1
million for the same period of 2008.

Exact ended the fourth quarter of 2009 with cash, cash equivalents and
marketable securities of $24.3 million, compared to $4.9 million at Dec.
31, 2008.

“After joining the company last April, the company’s new management
outlined three key priorities for 2009: product development, clinical
trial planning and creating a performance culture. We are pleased with
the great progress we made on each of those priorities,” said Kevin T.
Conroy, the company’s president and chief executive. “We simplified our
sDNA test and strengthened its detection capability by licensing
Hologic’s qInvader chemistry. We made significant strides in our
clinical trial planning, engaging the FDA and others in our trial
design, and initiating the recruitment of top-tier investigators. We
rebuilt our research and development team, improved our intellectual
property portfolio and strengthened our balance sheet.

“The licensing and collaboration relationship we entered with Mayo
Clinic at mid-year was an important part of the product development
progress we made during 2009,” Mr. Conroy said. “The broad research and
development collaboration with Dr. David Ahlquist and his lab is a
critical part of our ongoing product refinement efforts.”

Keywords: Exact Sciences, EXAS, fourth quarter, Q4, sales, net losses, earnings

Meta: Exact Sciences Reports Fourth-Quarter, Full-Year 2009 Financial
Results

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