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Exact Sciences Reports Second-Quarter 2012 Financial Results

Exact Sciences Corp. (Nasdaq: EXAS) today announced its financial results for the quarter ended June 30, 2012.

Exact reported total revenues of $1.0 million for the second quarter of 2012, compared to total revenues of $1.0 million during the same period of 2011. Total revenues for the six-month period ended June 30, 2012, were $2.1 million, compared to $2.1 million during the first six months of 2011.

Exact reported a net loss of ($14.8) million, or ($0.26) a share, for the second quarter of 2012. The company had a net loss of ($6.6) million, or ($0.13) a share, for the same period of 2011. The net loss for the six-month period ended June 30, 2012, was ($25.5) million, or ($0.45) a share. The company’s net loss for the same period of 2011 was ($11.0) million, or ($0.21) a share.

Operating expenses for the quarter ended June 30, 2012, were $15.9 million, compared to $7.7 million for the second quarter of 2011. Operating expenses for the first six months of 2012 totaled $27.7 million, compared to $13.1 million during the same period of 2011. Operating expenses for the quarter and six-month period ended June 30, 2012, increased from the same periods a year ago primarily because of the ongoing clinical trial of the company’s non-invasive Cologuard™ colorectal cancer screening test.

Exact ended the second quarter of 2012 with cash, cash equivalents and marketable securities of $70.9 million, compared to $93.4 million at Dec. 31, 2011.

“The DeeP-C clinical trial of our Cologuard™ non-invasive colorectal cancer screening product continues to progress towards completion this year and remains our top priority,” said Kevin T. Conroy, the company’s president and chief executive. “As we get closer to completing the trial, we are intensifying our operational and commercial preparations, which will ensure that we’re ready to deliver our patient-friendly screening test to market, once it is approved.”

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