Exact Sciences Corp. Files 10-Q for Q1 2024

TL;DR

<b>Exact Sciences Corp. filed its Q1 2024 10-Q report detailing financial performance and operational updates.</b>

AI Summary

EXACT SCIENCES CORP (EXAS) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Exact Sciences Corp. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The report details financial performance and operational updates for the specified period. Key financial data and disclosures are included in the filing. The company is based in Madison, WI, and operates in the Medical Laboratories sector.

Why It Matters

For investors and stakeholders tracking EXACT SCIENCES CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial and operational data for Exact Sciences Corp. for the first quarter of 2024, enabling informed investment decisions. Understanding the details within this report is crucial for assessing the company's current financial health, growth trajectory, and potential risks in the competitive diagnostics market.

Risk Assessment

Risk Level: medium — EXACT SCIENCES CORP shows moderate risk based on this filing. The company's financial performance and future outlook are subject to market dynamics and competitive pressures within the diagnostics industry, as detailed in its SEC filings.

Analyst Insight

Review the detailed financial statements and management discussion in the 10-Q to understand Exact Sciences' revenue growth, profitability trends, and strategic initiatives.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-08 — Filing Date (Date the report was filed)
• 2023-03-31 — Prior Year Period End (Comparison period for financial data)
• 2022-12-31 — Prior Year End (Year-end comparison period)

Key Players & Entities

• EXACT SCIENCES CORP (company) — Filer name
• EXAS (company) — Ticker symbol
• 10-Q (regulator) — Form type
• 2024-03-31 (date) — Period of report
• 2024-05-08 (date) — Filed as of date
• Madison, WI (location) — Business address
• 8071 (industry_code) — Standard Industrial Classification
• DE (state) — State of incorporation

FAQ

Industry Context

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

Regulatory Implications

The company is subject to regulatory oversight by the SEC for its financial reporting requirements.

What Investors Should Do

1. Analyze the revenue and net income trends for Q1 2024 compared to prior periods.
2. Examine any disclosed changes in debt, equity, or cash positions.
3. Review management's discussion and analysis for insights into business strategy and outlook.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This filing represents the quarterly report for the period ending March 31, 2024, following the previous annual report (10-K) and prior quarterly filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share EXAS The Nasdaq Sto

Filing Documents

• exas-20240331.htm (10-Q) — 1273KB
• exas-20240331xexx101.htm (EX-10.1) — 103KB
• exas-20240331xexx311.htm (EX-31.1) — 10KB
• exas-20240331xexx312.htm (EX-31.2) — 10KB
• exas-20240331xexx321.htm (EX-32.1) — 8KB
• 0001124140-24-000046.txt (&nbsp;) — 9502KB
• exas-20240331.xsd (EX-101.SCH) — 66KB
• exas-20240331_cal.xml (EX-101.CAL) — 84KB
• exas-20240331_def.xml (EX-101.DEF) — 441KB
• exas-20240331_lab.xml (EX-101.LAB) — 702KB
• exas-20240331_pre.xml (EX-101.PRE) — 609KB
• exas-20240331_htm.xml (XML) — 1931KB

- Financial Information

Part I - Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets (unaudited) as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations (unaudited) for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Loss (unaudited) for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity (unaudited) for the Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows (unaudited) for the Three Months Ended March 31, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements (unaudited) 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 42

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 44

Signatures

Signatures 45 2 Table of Contents EXACT SCIENCES CORPORATION Condensed Consolidated Balance Sheets (Amounts in thousands, except share data - unaudited)

— Financial Information

Part I — Financial Information March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 347,487 $ 605,378 Marketable securities 304,606 172,266 Accounts receivable, net 240,584 203,623 Inventory 128,534 127,475 Prepaid expenses and other current assets 99,059 85,627 Total current assets 1,120,270 1,194,369 Long-term Assets: Property, plant and equipment, net 702,041 698,354 Operating lease right-of-use assets 142,017 143,708 Goodwill 2,367,052 2,367,120 Intangible assets, net 1,866,856 1,890,396 Other long-term assets, net 178,085 177,387 Total assets $ 6,376,321 $ 6,471,334 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 60,498 $ 78,816 Accrued liabilities 265,121 341,683 Operating lease liabilities, current portion 27,225 29,379 Convertible notes, net, current portion 248,810 — Debt, current portion 50,000 50,000 Other current liabilities 33,455 14,823 Total current liabilities 685,109 514,701 Long-term liabilities: Convertible notes, net, less current portion 2,066,805 2,314,276 Other long-term liabilities 329,384 335,982 Operating lease liabilities, less current portion 162,405 161,070 Total liabilities 3,243,703 3,326,029 Commitments and contingencies (Note 14) Stockholders' equity: Preferred stock, $ 0.01 par value Authorized— 5,000,000 ; shares issued and outstanding— no shares at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value Authorized— 400,000,000 ; shares issued and outstanding— 183,845,188 and 181,364,180 shares at March 31, 2024 and December 31, 2023 1,839 1,815 Additional paid-in capital 6,710,681 6,611,237 Accumulated other comprehensive income (loss) ( 499 ) 1,428 Accumulated deficit ( 3,579,403 ) ( 3,469,175 ) Total stockholders' equity 3,132,618 3,145,305 Total liabilities and stockholders' equity $ 6,376,321 $ 6,471,334 The accompanying notes are an integral part of these condensed consolidated financial statements. 3

Business

Business Exact Sciences Corporation (together with its subsidiaries, "Exact," or the "Company") was incorporated in February 1995. A leading provider of cancer screening and diagnostic tests, Exact Sciences gives patients and health care professionals the clarity needed to take life-changing action earlier. Building on the success of the Cologuard and Oncotype DX tests, Exact Sciences is investing in its pipeline to develop innovative solutions for use before, during, and after a cancer diagnosis. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements, which include the accounts of the Company and those of its wholly owned subsidiaries and variable interest entities, are unaudited and have been prepared on a basis substantially consistent with the Company's audited financial statements and notes as of and for the year ended December 31, 2023 included in the Company's Annual Report on Form 10-K (the "2023 Form 10-K"). All intercompany transactions and balances have been eliminated upon consolidation. These condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted ("GAAP") in the United States of America ("U.S.") and follow the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of adjustments of a normal and recurring nature) considered necessary for a fair statement of its financial position, operating results and cash flows for the periods presented. The condensed consolidated balance sheet at December 31, 2023 has been derived from audited financial statements, but does not contain all of the footnote disclosures from the 2023 Form 10-K. The results of the Company's operations for any interim period are not necessarily indicative of the results of the Company's operations

View Full Filing

View this 10-Q filing on SEC EDGAR