On the heels of announcing its preliminary fiscal year 2017 results, Exact Sciences announced plans to ramp up sales and marketing efforts to push the company's flagship product, Cologuard, Xconomy Wisconsin reports.
Here's what you should know:
1. Exact Sciences completed 176,000 Cologuard tests in the fourth quarter of 2017, but narrowly missed analysts' estimates of 177,000 completed tests.
2. This is the first time the company did not surpass estimates for completed tests, and some market analysts view that as a cause for concern.
3. To alleviate concerns, Exact Sciences plans to increase its sales force to 550 employees. It currently has approximately 350 salesmen.
4. The company also announced it would ramp up marketing efforts by increasing its social media presence and by introducing a new celebrity spokesperson.
5. Exact Sciences is in the process of constructing a second laboratory site, which will increase its test-processing capabilities drastically.
More article on gastroenterology:
Top 10 states with the highest volume of gastroenterology procedures per ASC
GI leader to know: Dr. Christopher Brown of Atlanta Gastroenterology Associates
Northside Park Gastroenterology and Endoscopy Center owner Dr. Michael Sue to retire — 4 insights