NEW YORK – Exact Sciences announced on Sunday that it expects its revenues for the fourth quarter of 2022 to be between $550.7 million and $552.7 million, a 16 to 17 percent increase year over year from $473.8 million, and an approximately 28 percent bump from Q4 2021 excluding the firm’s temporary provision of COVID-19 testing.
The consensus Wall Street estimate is for $506.5 million in revenues for Q4.
For the three-month period ended Dec. 31, the company projected revenue from its cancer screening test Cologuard between $401.8 million and $402.8 million, up 45 percent compared to the same period in 2021.
Exact also expects Q4 2022 precision oncology revenues to total at least $142.9 million and up to $143.9 million. The firm’s Q4 COVID-19 testing revenue dropped approximately 87 percent year over year to $5.9 million.
For the full year, the company projects total revenue to be approximately $2.08 billion, an increase of 18 percent overall from $1.77 billion in 2021, or 25 percent excluding COVID-19 testing. This includes full-year 2022 screening revenues of $1.42 billion and precision oncology revenues of $601 million to $602 million.
The consensus Wall Street estimates is for $2.03 billion in 2022 revenues.
Exact CEO Kevin Conroy said in a statement that the company expects its core products, Cologuard and Oncotype DX, to continue to fuel revenue growth and profitability moving forward.
The firm plans to report its official 2022 financial results in February.
In morning trading on the Nasdaq Monday, Exact's shares rose 22 percent to $57.36.