Exact Sciences Corporation (EXAS) saw its loss narrow to $34.95 million, or $0.32 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $47.47 million, or $0.49 a share.
Revenue during the quarter surged 226.01 percent to $48.36 million from $14.84 million in the previous year period. Gross margin for the quarter expanded 2595 basis points over the previous year period to 64.89 percent.
Operating loss for the quarter was $35.49 million, compared with an operating loss of $47.88 million in the previous year period.
"Our team is proud of the impact we are having on the early detection of colon cancer," said Kevin Conroy, chairman and chief executive officer of Exact Sciences. "More than 450,000 people have been screened using Cologuard since it was launched, including many patients who had never previously been screened. We believe that increasing patient demand and physician awareness, and Cologuard's recent inclusion in the Star Ratings position our test well for long-term, sustainable growth."
Exact Sciences Corp projects revenue to be in the range of $195 million to $205 million for financial year 2017.
Working capital increases Exact Sciences Corp has recorded an increase in the working capital over the last year. It stood at $276.25 million as at Mar. 31, 2017, up 6.49 percent or $16.83 million from $259.41 million on Mar. 31, 2016. Current ratio was at 10.23 as on Mar. 31, 2017, down from 11.51 on Mar. 31, 2016.
Days sales outstanding went down to 20 days for the quarter compared with 32 days for the same period last year.
Days inventory outstanding has decreased to 21 days for the quarter compared with 75 days for the previous year period.
Debt comes down Exact Sciences Corp has recorded a decline in total debt over the last one year. It stood at $4.59 million as on Mar. 31, 2017, down 6.65 percent or $0.33 million from $4.92 million on Mar. 31, 2016. Total debt was 1.31 percent of total assets as on Mar. 31, 2017, compared with 1.52 percent on Mar. 31, 2016. Debt to equity ratio was almost stable at 0.01 as on Mar. 31, 2017, when compared with the last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
