Q1 earnings for Exact Sciences Corp. (NASDAQ: EXAS) earned the Top 5 gainers in the Health care sector today as they earning shows improvements across the board with revenues of $48.4 million, which crushed the $14.8 million in revenues of Q1 in 2016. The company managed to reduce the average cost per test to $170 during the first quarter of this year, last year of quarter one the cost per test was a whopping $227. The growth of the company did come at a cost, as their operating expenses for Q1 2017 increased to 66.9 million compared to $53.7 million for Q1 of 2016. According to the company’s earnings report, this is due to personnel additions and increased television advertising spending.
Kevin Conroy, chairman and CEO of Exact Sciences, states, “Our team is proud to impact we are having on early detection of colon cancer…More than 450,000 people have been screened using Cologuard since it was launched, including many patients demand and physician awareness, and Cologuard’s recent inclusion in the Star ratings position our test well for long-term, sustainable growth.”
An increase in completed tests in the amount of 470,000 up from at least 415,000. There were an additional 10,000 providers that ordered The Exact Science product Cologuard, in addition to increasing the amount of insurance coverage by 78% in Q1 2017.
Exact Sciences Corp. is a molecular diagnostics company focused on the early detection and prevention of the deadliest forms of cancer. The company has exclusive intellectual property protecting its non-invasive, molecular screening technology for the detection of colorectal cancer.