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Exact Sciences Management Discusses Q2 2012 Results - Earnings Call Transcript

Following the Safe Harbor statement, Maneesh will provide a summary of our second quarter financial results. Next, Kevin will provide an update on our DeeP-C clinical study.

Before we get underway, I'd like to ask everyone to take note of the Safe Harbor paragraph that appears at the end of the news release issued this morning, covering the company's financial results. This paragraph states that any forward-looking statements that we make: one, speak only as of the date made; two, are subject to inherent risks and uncertainties, including those described in our most recently filed annual report on Form 10-K, and our subsequently filed quarterly reports on Form 10-Q; and three, should not be unduly relied upon. 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 to any change in events, conditions or circumstances on which any such statement is based. It is now my pleasure to introduce our Chief Operating and Financial Officer, Maneesh Arora.

Maneesh K. Arora

Thanks, Rod, and good morning, everyone. Our DeeP-C clinical trial is on track. Expenses related to the clinical trial also remain in line with our expectations.

In the second quarter, we invested in expanding our Mayo collaboration. And in connection with this investment, the company took a noncash charge of $1 million in the second quarter. Kevin will provide a full update on both the trial and the Mayo collaboration in just a moment.

As we move towards completion of the trial, we're continuing to make investments in operations and in market development. These investments ensure that we will be ready to commercialize Cologuard after approval by the FDA.

We also remain on track to meet our full year cash utilization target of $41 million to $43 million. Our cash balance at the end of the second quarter was $70.9 million. It's now my pleasure to introduce Exact's President and CEO, Kevin Conroy.

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