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Exact Sciences Reports Third-Quarter 2012 Financial Results

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

Exact reported total revenues of $1.0 million for the third quarter of 2012 and the third quarter of 2011. Total revenues for each of the nine-months ended Sept. 30, 2012, and Sept 30, 2011, were $3.1 million.

Exact reported a net loss of ($13.0) million, or ($0.21) a share, for the third quarter of 2012. The company had a net loss of ($7.8) million, or ($0.15) a share, for the same period of 2011. The net loss for the nine-month period ended Sept. 30, 2012, was ($38.4) million, or ($0.66) a share. The company’s net loss for the same period of 2011 was ($18.8) million, or ($0.36) a share.

Operating expenses for the quarter ended Sept. 30, 2012, were $14.0 million, compared to $8.9 million for the third quarter of 2011. Operating expenses for the first nine months of 2012 totaled $41.7 million, compared to $22.0 million during the same period of 2011. Operating expenses for the quarter and nine-month period ended Sept. 30, 2012, increased from the same periods a year ago primarily because of the ongoing clinical trial of the company’s non-invasive colorectal cancer screening test.

Exact ended the third quarter of 2012 with cash, cash equivalents and marketable securities of $118.6 million, compared to $93.4 million at Dec. 31, 2011. The company completed a $57.8-million secondary stock offering in August.

“We are very pleased with the positive data presented recently at the American Association for Cancer Research meeting,” said Kevin T. Conroy, the company’s president and chief executive. “It gives us confidence that the DeeP-C trial will deliver strong results. Both our test and the automation system that will be used to process clinical trial samples performed well in that study.”

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