Exact Sciences posted fourth-quarter 2019 revenues of $295.6 million and full-year revenues of $876.3 million.
Here's what you should know:
1. Approximately 477,000 Cologuard tests were completed in the quarter, a 63 percent year-over-year increase.
2. Exact's screening revenues were $229.4 million, a 60 percent increase.
3. The company posted net income of $77.9 million for the quarter, but still posted a net loss of $84 million for the year.
4. Exact issued its 2020 guidance, expecting to post revenues between $1.61 billion and $1.645 billion, with Cologuard screening revenue surpassing $1 billion for the first time.
5. In a quarterly earnings call, Exact CEO and Chairman Kevin Conroy said Epic will give physicians the ability to order Cologuard electronically by the end of 2020. Mr. Conroy said the company expects the addition will cause a "large impact" on the number of physicians who order Cologuard, and could significantly boost order rates.
Here are four more quotes from Mr. Conroy, as transcribed by The Motley Fool:
On increasing Exact's efforts to target the 45-49 age group: "To increase adoption in this age group, we're enhancing our marketing efforts and working to raise awareness of the need for earlier screening. We also plan to publish results from our prospective study in the 45- to 49-year-old age group this year to further support Cologuard use."
On the progress of Cologuard 2.0: "The team also made progress on an enhanced version of Cologuard with the potential to further differentiate it as a front-line screening test. We presented promising data, showing new markers with improved specificity, while maintaining a high level of sensitivity when compared to the current version of Cologuard. Based on this study, we kicked off a 10,000 patient prospective trial to validate performance."
On blood-based colorectal cancer tests: "I think there is a role for blood-based tests. We think that will be a smaller role compared to those tests with a longer interval [for] testing — Cologuard, three years; colonoscopy, 10 years."
On the rollout within Epic and the electronic ordering of Cologuard: "Over time, it will be an important growth-driver for us in [2020, 2021], and beyond."
Note: Exact Sciences has 370,000 patients due for three-year repeat testing in the coming year, a more than 200,000-person increase over 2019. How the company captures those patients will be pivotal.
Exact CFO Jeff Elliott on how the company will capture patients due for repeat testing: "When I look month on month, we are seeing a higher capture rate. And I think what this boils down to is, we're doing a better job at both reaching out to the patient and making sure the patient is aware that they're due, and to the physician. So we've given our sales team new tools to make sure that they can communicate with a physician that the patients are due for screening."
Read the entire earnings call here.