Screening revenue increased by 45% in the fourth quarter allowing EXAS investors to cash in profits.
Exact Sciences Corp. (EXAS) was a successful AI stock pick in the turbulent world of equities. Our AI-based stock forecast on December 28th, 2022, identified EXAS as a strong buy, and proved to be an absolute game-changer for our astute subscribers, as it generated a significant 34.22% profit during a very volatile period in the stock market. With Exact Sciences Corp. at the forefront of the cancer screening and diagnostic testing industry, it's no surprise that investors are clamoring to get a piece of the action. The company's strong financials, cutting-edge scientific capabilities, and deep-rooted partnerships with healthcare providers make it a formidable force in the marketplace. Founded in 1995 and headquartered in Madison, Wisconsin, EXAS specializes in the development and commercialization of cancer diagnostic tests utilizing advanced genomic technologies. The company is known for its flagship product, Cologuard, which is a non-invasive, at-home test for the early detection of colorectal cancer. EXAS also offers other innovative products for detecting various cancers, such as lung and breast cancer.
Despite being a relatively young company, EXAS has already faced numerous challenges in its short history. One of the most significant obstacles it has encountered is the highly regulated and competitive nature of the diagnostic testing industry. Additionally, the COVID-19 pandemic has also impacted the company's financial performance by disrupting its supply chain and negatively affecting demand for its products.
However, despite these challenges, EXAS has managed to achieve significant success in the industry, particularly in recent years. In 2020, the company reported a revenue of $1.5 billion, which was a 90% increase from the previous year. This remarkable achievement was largely attributed to the significant growth in demand for its flagship product, Cologuard, which has gained widespread acceptance among healthcare providers and patients alike.
Furthermore, EXAS has also been actively expanding its product portfolio through acquisitions and partnerships with other healthcare companies. In 2021, the company acquired Ashion Analytics, a cancer testing and research company, to broaden its cancer diagnostics capabilities. EXAS has also partnered with Pfizer to develop a blood-based test for early-stage liver cancer, further solidifying its position as a leader in the cancer diagnostic industry. As per EXAS's latest financial results, the company generated revenue of $553 million for the fourth quarter of 2022, an increase of 17% as compared to the same period of 2021, excluding COVID-19 testing, with Screening revenue of $404 million and Precision Oncology revenue of $143 million. For the full year of 2022, Exact Sciences Corp. reported revenue of $2,084 million, representing an increase of 18% or 25% excluding COVID-19 testing. The Screening revenue accounted for $1,425 million while Precision Oncology revenue accounted for $601 million.
Exact Sciences has surpassed 12 million cumulative people tested for cancer, including 10 million with Cologuard®. Cologuard, a non-invasive colorectal cancer screening test, has been a significant growth driver for the company, with its Screening revenue increasing by 45% in the fourth quarter, excluding the PreventionGenetics acquisition.
Despite the decrease in Precision Oncology revenue by 4%, or an increase of 1% excluding the divested Oncotype DX Genomic Prostate Score test and a $1.8 million foreign exchange impact, Exact Sciences has demonstrated its scientific capabilities and deep partnerships with health systems in developing innovative tests that help prevent cancer, detect it earlier, and guide treatment to more patients globally.
Exact Sciences' gross margin including amortization of acquired intangible assets was 70%, and non-GAAP gross margin excluding amortization of acquired intangible assets was 73%. The company reported a net loss of $127.7 million, or $0.72 per share, compared to a net loss of $220.6 million, or $1.28 per share, with EBITDA of $(75.0) million and adjusted EBITDA of $4.9 million. Exact Sciences had cash, cash equivalents, and marketable securities of $632.1 million at the end of the quarter.
AI Prediction For EXAS
Despite facing regulatory and competitive obstacles, the company has achieved remarkable success in recent years, driven by the high demand for its innovative products. With its strategic acquisitions and partnerships, EXAS is well-positioned to continue expanding its product portfolio and capturing a greater share of the market in the years to come. As such EXAS was recognized as a strong buy by the growthtech.ai's advanced AI analytics system. Subscribers who bought EXAS stock based on our AI forecast on this date generated a profit of 34.22%.
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This stock prediction has been consistently accessible in numerous predictions during December 2022 as well as in different time frames. As a subscriber, you may spot greater possibilities when you review your daily forecasts by monitoring stock picks that keep appearing regularly in the AI stock predictions. Another indicator is stock picks that appear in multiple anticipated time periods, particularly throughout multiple predictions released each morning Eastern Standard Time.
The AI stock prediction system analyzes empirical data on financial market irregularities linked to trader overreaction and underreaction to produce circadian forecasts in various frames. Based on the historical accuracy of each prior financial asset forecast as well as current market variables important to stock price, the AI system calculates the Signal Confidence (SC), which is stated as a percentage out of 100%. In this stock prediction, the Signal Confidence (SC) is 75%. Every day, you will be updated with the best potential stock opportunities identified by AI that are offered from short-term to longer-term time frames. As a general rule of thumb, longer-term predictions tend to be much more accurate and the profits generated tend to be more substantial making our AI trading signals ideal for value-based investors. When combined with machine learning, these incredibly intricate mathematical functions for statistical programming and modeling are capable of comparing their current coefficients and algorithms to newly added data and then adapting to improve the models' accuracy through a process of validation and reflection.
Stock Ticker | Open: Dec 28, 2022 | Close: Mar 28, 2023 | ROI% |
Exact Sciences Corp. (EXAS) | $49.39 | $66.29 | 34.22% |
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