EXACT SCIENCES CORP Files 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>Exact Sciences Corp. has filed its 2023 10-K report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

EXACT SCIENCES CORP (EXAS) filed a Annual Report (10-K) with the SEC on February 21, 2024. Exact Sciences Corp. filed its annual 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 5505 Endeavor Lane, Madison, WI 53719. The filing was submitted on February 21, 2024. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking EXACT SCIENCES CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Exact Sciences Corp.'s financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's progress and future prospects. The detailed financial statements and risk factors within this report are essential for stakeholders to understand the company's financial position, including its assets, liabilities, and equity, as well as potential risks that could impact its business.

Risk Assessment

Risk Level: medium — EXACT SCIENCES CORP shows moderate risk based on this filing. The company's financial performance and future growth are subject to various risks and uncertainties inherent in the healthcare and biotechnology sectors, as detailed in the 10-K filing.

Analyst Insight

Investors should carefully review the financial statements and risk factors in the 10-K to understand Exact Sciences Corp.'s performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-02-21 — Filing Date (Date of submission)
• 001-35092 — SEC File Number (SEC registration number)

Key Players & Entities

• EXACT SCIENCES CORP (company) — Filer name
• 0001124140 (company) — Central Index Key
• 20231231 (date) — Fiscal year end
• 20240221 (date) — Filing date
• 5505 ENDEAVOR LANE (address) — Business address street 1
• MADISON (address) — Business address city
• WI (address) — Business address state
• 53719 (address) — Business address zip

FAQ

Industry Context

Exact Sciences Corp. operates in the medical laboratories industry, focusing on diagnostic tests.

Regulatory Implications

The company is subject to SEC regulations for its public filings, including the 10-K annual report.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the risk factors section to understand potential challenges and uncertainties.
3. Compare the 2023 results with previous years to identify trends and performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-21: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted; comparison with previous filings requires access to historical data.

Key Financial Figures

• $0.01 — ection 12(b) of the Act: Common Stock, $0.01 Par Value EXAS The Nasdaq Stock Market
• $93.90 — rant's Common Stock on June 30, 2023 of $93.90 per share). The number of shares outst
• $2.50 billion — cotype DX results, growing revenues to $2.50 billion for the year ended December 31, 2023, a
• $156.1 million — ash provided by operating activities of $156.1 million for the year ended December 31, 2023, a
• $379.7 million — ed December 31, 2023, an improvement of $379.7 million compared to the year ended December 31,
• $500 — erage revenue per test of approximately $500, this represents a potential $18 billio
• $18 billion — ately $500, this represents a potential $18 billion market for our Cologuard test. More th

Filing Documents

• exas-20231231.htm (10-K) — 2583KB
• exas-20231231xexx1033.htm (EX-10.33) — 46KB
• exas-20231231xexx21.htm (EX-21) — 6KB
• exas-20231231xex231.htm (EX-23.1) — 2KB
• exas-20231231xexx311.htm (EX-31.1) — 10KB
• exas-20231231xexx312.htm (EX-31.2) — 10KB
• exas-20231231xexx32.htm (EX-32) — 7KB
• exas-20231231xexx97.htm (EX-97) — 36KB
• exas-20231231_g1.jpg (GRAPHIC) — 132KB
• 0001124140-24-000012.txt (&nbsp;) — 15557KB
• exas-20231231.xsd (EX-101.SCH) — 104KB
• exas-20231231_cal.xml (EX-101.CAL) — 141KB
• exas-20231231_def.xml (EX-101.DEF) — 652KB
• exas-20231231_lab.xml (EX-101.LAB) — 1236KB
• exas-20231231_pre.xml (EX-101.PRE) — 923KB
• exas-20231231_htm.xml (XML) — 2486KB

Business

Business 4 Item 1A .

Risk Factors

Risk Factors 19 Item 1B . Unresolved Staff Comments 46 Item 1C. Cybersecurity 47 Item 2.

Properties

Properties 48 Item 3.

Legal Proceedings

Legal Proceedings 48 Item 4 . Mine Safety Disclosures 48 Part II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 49 Item 6. Reserved 49 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 50 Item 7A .

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 60 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 61 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 117 Item 9A.

Controls and Procedures

Controls and Procedures 117 Item 9B. Other Information 118 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 118 Part III Item 10. Directors, Executive Officers and Corporate Governance 119 Item 11 .

Executive Compensation

Executive Compensation 119 Item 12 . Security and Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 119 Item 13. Certain Relationships and Related Transactions, and Director Independence 119 Item 14. Principal Accountant Fees and Services 119 Part IV Item 15. Exhibits and Financial Statement Schedules 120 Item 16. Form 10-K Summary 125

Signatures

Signatures 126 2 Table of Contents PART I This Annual Report on Form 10K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "would," "could," "seek," "intend," "plan," "goal," "project," "estimate," "anticipate" or other comparable terms. All statements other than statements of historical facts included in this Annual Report on Form 10K regarding our strategies, prospects, expectations, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results; our strategies, positioning, resources, capabilities and expectations for future events or performance; and the anticipated benefits of our acquisitions, including estimated synergies and other financial impacts. Forward-looking statements are neither historical facts nor assurances of future performance or events. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Actual results, conditions and events may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forwar

Business

Item 1. Business Overview Exact Sciences Corporation (together with its subsidiaries, "Exact," "we," "us," "our" or the "Company") is a leading, global, advanced cancer diagnostics company. We have developed some of the most impactful tests in cancer screening and diagnostics, and are currently working to develop additional tests, with the goal of bringing new, innovative cancer tests to patients throughout the world. Our mission at Exact Sciences is to eradicate cancer and the suffering it causes by preventing it, detecting it earlier, and guiding personalized treatment. Our revenues are primarily generated by our laboratory testing services from our Cologuard colorectal cancer screening test and our Oncotype DX cancer diagnostic tests and services. During 2023, we achieved many milestones, including: delivering more than 4 million tests to patients, including a record number of Cologuard and Oncotype DX results, growing revenues to $2.50 billion for the year ended December 31, 2023, an increase of 20% compared to the year ended December 31, 2022, accelerating our path to profitability through prioritization efforts, leading to improved financial results including positive cash provided by operating activities of $156.1 million for the year ended December 31, 2023, an improvement of $379.7 million compared to the year ended December 31, 2022, increasing the percentage of healthcare professionals who offer our Cologuard test as a front-line screening test, elevating our Cologuard test brand awareness with consumers to 89%, an all-time high, expanding the impact of our Oncotype DX Breast Recurrence Score test by launching in Japan on a reimbursed basis, acquiring Resolution Bioscience, Inc. ("Resolution Bioscience") to complement our solid tumor therapy selection capabilities with a high-quality liquid therapy selection platform, releasing positive results from our pivotal BLUE-C study to support our next generation Cologuard test and submitting these res

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View this 10-K filing on SEC EDGAR