Exact Sciences Corp. Files Q2 2024 10-Q

TL;DR

EXAS Q2 2024 10-Q filed. Financials look solid.

AI Summary

Exact Sciences Corp. reported its financial results for the period ending June 30, 2024. The company's filing provides details on its financial position and performance, including data related to its common stock, additional paid-in capital, and retained earnings as of December 31, 2023, and for the first and second quarters of 2024.

Why It Matters

This filing provides investors with a detailed look at Exact Sciences' financial health and operational performance during the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative disclosures.

Key Numbers

• 20240630 — Reporting Period End (Covers the financial performance up to the end of the second quarter of 2024.)
• 20240731 — Filing Date (Indicates when the report was officially submitted to the SEC.)

Key Players & Entities

• EXACT SCIENCES CORP (company) — Filer
• 20240630 (date) — Reporting period end date
• 20240731 (date) — Filing date
• 0001124140 (company) — Central Index Key

FAQ

Key Financial Figures

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

Filing Documents

• exas-20240630.htm (10-Q) — 1534KB
• exas-20240630xexx311.htm (EX-31.1) — 10KB
• exas-20240630xexx312.htm (EX-31.2) — 10KB
• exas-20240630xexx321.htm (EX-32.1) — 8KB
• 0001124140-24-000069.txt ( ) — 10053KB
• exas-20240630.xsd (EX-101.SCH) — 67KB
• exas-20240630_cal.xml (EX-101.CAL) — 86KB
• exas-20240630_def.xml (EX-101.DEF) — 453KB
• exas-20240630_lab.xml (EX-101.LAB) — 728KB
• exas-20240630_pre.xml (EX-101.PRE) — 625KB
• exas-20240630_htm.xml (XML) — 2034KB

- Financial Information

Part I - Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets (unaudited) as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations (unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Loss (unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Stockholders' Equity (unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements (unaudited) 10 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 36 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 4.

Controls and Procedures

Controls and Procedures 47

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 48 Item 1A.

Risk Factors

Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 50

Signatures

Signatures 51 2 Table of Contents EXACT SCIENCES CORPORATION Condensed Consolidated Balance Sheets (Amounts in thousands, except share data - unaudited)

— Financial Information

Part I — Financial Information June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 530,180 $ 605,378 Marketable securities 416,602 172,266 Accounts receivable, net 263,865 203,623 Inventory 127,373 127,475 Prepaid expenses and other current assets 114,467 85,627 Total current assets 1,452,487 1,194,369 Long-term Assets: Property, plant and equipment, net 703,083 698,354 Operating lease right-of-use assets 139,807 143,708 Goodwill 2,366,972 2,367,120 Intangible assets, net 1,843,478 1,890,396 Other long-term assets, net 167,468 177,387 Total assets $ 6,673,295 $ 6,471,334 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 52,980 $ 78,816 Accrued liabilities 302,540 341,683 Operating lease liabilities, current portion 27,096 29,379 Convertible notes, net, current portion 248,923 — Debt, current portion — 50,000 Other current liabilities 37,103 14,823 Total current liabilities 668,642 514,701 Long-term liabilities: Convertible notes, net, less current portion 2,317,948 2,314,276 Other long-term liabilities 326,678 335,982 Operating lease liabilities, less current portion 167,665 161,070 Total liabilities 3,480,933 3,326,029 Commitments and contingencies (Note 13) Stockholders' equity: Preferred stock, $ 0.01 par value Authorized— 5,000,000 ; shares issued and outstanding— no shares at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value Authorized— 400,000,000 ; shares issued and outstanding— 184,668,188 and 181,364,180 shares at June 30, 2024 and December 31, 2023 1,848 1,815 Additional paid-in capital 6,786,668 6,611,237 Accumulated other comprehensive income (loss) ( 943 ) 1,428 Accumulated deficit ( 3,595,211 ) ( 3,469,175 ) Total stockholders' equity 3,192,362 3,145,305 Total liabilities and stockholders' equity $ 6,673,295 $ 6,471,334 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table

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