Exact Sciences posted first-quarter 2020 revenues of $347.8 million, a 114 percent year-over-year increase, but still realized a net loss of $105.7 million, or $0.71 per share.
Here are four quotes from CEO and Chair Kevin Conroy and CFO Jeff Elliott on the company's quarterly earnings and plans going forward, as transcribed by Motley Fool:
Mr. Elliott on how COVID-19 affected Cologuard: "Cologuard revenue has been negatively impacted in two key ways by COVID-19 and related actions, such as stay-at-home measures and decreased wellness visits. First, fewer Cologuard tests are being ordered. Second, patients are completing tests at a lower rate. After a 63 percent year-over-year decline in Cologuard test orders during the first 20 days of April, we have recently seen a slight recovery."
Mr. Conroy on the company's post-COVID-19 outlook: "The Exact Sciences team rewrote our 2020 priorities in response to the coronavirus pandemic. Our new priorities are getting people tested, taking care of our customers and preserving our financial strength. … We accelerated the launch of our telehealth site with patient education resources, highlighting their ability to request Cologuard online through a telehealth provider. People can now request a telehealth consult specific to Cologuard from home. … We've introduced new social, digital and TV advertisements. COVID-19 will change the way people interact with their healthcare providers. And with these investments, Cologuard fits seamlessly into, we believe, a permanently changed healthcare environment."
Mr. Conroy on Exact's SARS-CoV-2 testing capabilities: "Exact Sciences decided to develop and rapidly roll out testing for the SARS-CoV-2 virus. We now have the capacity to test more than 60,000 people per week. Our goal is to keep our team healthy through ready access to our own testing. It also allows us to do our part in helping to increase our country's overall testing capacity."
Mr. Elliott on Exact's telehealth launch: "We're pleased with the early launch. We're pleased with the growth we've seen so far, and we're very excited about the long-term opportunity with telehealth, especially in a COVID world. COVID, one of the lasting impacts that we see is a shift toward telehealth and Cologuard fits into that market very well. Again, this really highlights the at-home convenient nature and the underlying value of Cologuard, so we're excited about what it can mean."
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