04 Nov Exact Sciences pares its Q3 net losses
Exact Sciences, a colorectal cancer screening firm, is thriving after its move to Wisconsin, having swung from negative revenues a year ago to $1.3 million in third-quarter sales and paring its Q3 net losses by more than one-third.
The move to Wisconsin four months ago seems to agree with Exact Sciences Corp., which swung from negative revenues to positive top-line numbers during the third quarter and narrowed its Q3 net loss.
Exact Sciences said losses for the nine-month period ending Sept. 30 totaled $7.3 million, or 23 cents a share, compared with $7.6 million, or 28 cents a share for the same period last year.
President and CEO Kevin Conroy said the company is on target for getting its non-invasive, stool-based DNA screen for colorectal cancer into clinical trials. Conroy cited a deal to license Hologic’s Invader molecular detection platform and integrate it into its test.
Exact Sciences pulled up stakes in Marlborough, Mass., in June after landing a $1 million loan from Wisconsin to cover the move.