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Exact Sciences Reports First-Quarter 2012 Financial Results

Stocks in this article: EXAS

Exact Sciences Corp. (Nasdaq: EXAS) today announced its financial results for the quarter ended March 31, 2012.

Exact reported total revenues of $1.0 million for the first quarter of 2012, compared to total revenues of $1.0 million during the same period of 2011.

Exact reported a net loss of ($10.6) million, or ($0.19) a share, for the first quarter of 2012. The company had a net loss of ($4.4) million, or ($0.08) a share, for the same period of 2011.

Operating expenses for the quarter ended March 31, 2012, were $11.7 million, compared to $5.4 million for the first quarter of 2011. Operating expenses for the quarter ended March 31, 2012, increased from the same period a year ago primarily because of costs associated with the company’s DeeP-C clinical trial of its non-invasive Cologuard colorectal cancer screening test.

Exact ended the first quarter of 2012 with cash, cash equivalents and marketable securities of $83.5 million, compared to $93.4 million at Dec. 31, 2011.

“We are pleased that the DeeP-C clinical trial for our Cologuard ® product, a non-invasive colorectal cancer screening test, remains on track,” said Kevin T. Conroy, president and chief executive of Exact. “In addition to completing the DeeP-C trial, we remain focused on the successful execution of our other 2012 priorities: making our FDA submission, and continuing our manufacturing and marketing preparation. All of us at Exact are steadfastly committed to bringing to market our patient-friendly screening test, which enables early detection of colorectal cancer.”

First-Quarter Conference Call & Webcast

Company management will host a conference call and webcast on May 1, 2012, at 10 a.m. ET to discuss first-quarter results. The webcast will be available at www.exactsciences.com. Domestic callers should dial 877-212-6082 and international callers should dial 707-287-9332. An archive of the webcast and a replay of the conference call will be available at www.exactsciences.com or by calling 855-859-2056 domestically or 404-537-3406 internationally. The access code for the conference call and replay is 74762962. The conference call, webcast and replay are open to all interested parties.

About Exact Sciences Corp.

Exact Sciences Corp. is a molecular diagnostics company focused on colorectal cancer. The company has exclusive intellectual property protecting its non-invasive, molecular screening technology for the detection of colorectal cancer. Stool-based DNA technology is included in the colorectal cancer screening guidelines of the American Cancer Society and the U.S. Multi-Society Task Force on Colorectal Cancer. For more information, please visit the company’s website at www.exactsciences.com.

Certain statements made in this news release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and 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,” “could,” “seek,” “intend,” “plan,” “estimate,” “anticipate” or other comparable terms. Forward-looking statements in this news release may address the following subjects among others: statements regarding the sufficiency of our capital resources, expected operating losses, anticipated results of our pivotal clinical trial, expected license fee revenues, expected research and development expenses, expected general and administrative expenses and our expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

 
EXACT SCIENCES CORPORATION
Selected Unaudited Financial Information
Condensed Consolidated Statements of Operation Data

(Amounts in thousands, except per share data - unaudited)

         
Three Months Ended
March 31,
2012 2011
Revenue:
Product royalty fees $ - $ 4
License fees   1,036     1,036  
1,036 1,040
Cost of revenue:
Product royalty fees   -     6  
Gross profit:   1,036     1,034  
 
Operating Expenses:
Research and development 8,999 2,989
General and administrative 2,145 2,150
Sales and marketing   594     297  
  11,738     5,436  
 
Loss from operations (10,702 ) (4,402 )
 
Interest income 62 34
Interest expense (5 ) (5 )
 
 
Net loss $ (10,645 ) $ (4,373 )
 
Net loss per share - basic and diluted $ (0.19 ) $ (0.08 )
 
Weighted average common shares
outstanding - basic and diluted   56,718     51,930  
 
 
 
EXACT SCIENCES CORPORATION
Selected Unaudited Financial Information
Condensed Consolidated Balance Sheet Data
(Amounts in thousands - unaudited)
 
March 31, December 31,
2012 2011
Assets
Cash and cash equivalents $ 12,292 $ 35,781
Marketable securities - short term 71,244 57,580
Prepaid expenses and other current assets 1,918 1,034
Property and equipment, net   2,551     2,558  
Total assets $ 88,005   $ 96,953  
 
Liabilities and stockholders' equity
Total current liabilities $ 7,692 $ 7,977
Long term debt 1,000 1,000
Long term accrued interest 47 42
Deferred license fees, less current portion 3,403 4,439
Total stockholders’ equity   75,863     83,495  
Total liabilities and stockholders' equity $ 88,005   $ 96,953  




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