Exact Sciences announced its second quarter fiscal year 2017 earnings and updated investors on the potential launch of a study concerning its new lung cancer test on July 25, the Wisconsin State Journal reports.
Here's what you should know:
1. Exact Sciences is developing a new product that would test for lung cancer. The company plans to launch a major study of the test by early 2018, according to the State Journal.
2. The company doubled year-over-year earnings in the second quarter. The percentage of completed Cologuard tests rose 150 percent over second quarter fiscal year 2016 figures.
3. The company posted revenues of $57.6 million for the second quarter.
4. Net losses were $30.8 million or $0.27 per share. Exact Sciences reported losses of $44.8 million or $0.46 per share for the same quarter last year.
5. Approximately 81,000 providers have ordered a Cologuard test from its inception through the second quarter of 2017.
6. Concerning rest-of-year outlooks, Exact Sciences anticipates revenues between $230 million and $240 million. The company also expects to complete at least 550,000 tests.
Those estimates are higher than previous guidance, which projected revenues between $195 million and $205 million, with at least 470,000 completed tests.