Exact Sciences pre-announced some first quarter 2020 financial figures and will post $348 million in first quarter revenues.
Here's what you should know:
1. The company's total revenue increased 114 percent year over year.
2. Despite the revenue increases, Cologuard orders decreased 36 percent year-over-year in the last 16 days of March and 63 percent in the first 20 days of April. Both decreases were attributable to the COVID-19 pandemic.
3. Still screening revenue related to Cologuard rose 35 percent from the first quarter of 2019 to hit $219 million.
4. Despite COVID-19-related setbacks, April was the first month year-over-year declines in Cologuard test orders stabilized.
5. To combat future COVID-19-related losses, Exact has taken multiple measures including corporate pay cuts, a 2 percent permanent workforce reduction, a series of furloughs and securing a $24 million loan through the Coronavirus Aid, Relief and Economic Security Act, the Milwaukee Business Journal reports.
6. Exact said these measures will result in $400 million in cost savings in 2020.