Exact Sciences announced financial results for the second quarter ended June 30, 2016.
Here are seven key notes:
1. The company’s second quarter revenue totaled $21.2 million, a 161 percent increase from revenues of $8.1 million in the second quarter of 2015.
2. The company reported a net loss of $44.8 million the second quarter in 2016. This is higher than the net loss of $39.1 million for the same period of 2015.
3. Operating expenses for the second quarter of 2016 reached $56.2 million.
4. Cash utilization totaled $38.5 million during the quarter.
5. The company completed approximately 54,000 Cologuard tests during the second quarter, an increase of approximately 160 percent from same period of 2015.
6. The U.S. Preventive Services Task Force also included Cologuard in its final 2016 colorectal cancer screening recommendations and clarified Cologuard's position as equal to other recommended screening tests.
7. The company anticipates completing more than 240,000 Cologuard tests during 2016, generating revenue of $90 million to $100 million.