Exact Sciences Announces Preliminary Q4 2023 Results; Sees Q4 Revenue $645.5M-$647.5M Vs $631.52M Est.; FY23 Revenue $2.4985B-$2.5005B Vs $2.48B Est.; FY24 Revenue $2.83B Vs $2.83B Est.
Portfolio Pulse from Benzinga Newsdesk
Exact Sciences Corp. (EXAS) reported preliminary Q4 2023 revenue of $645.5M-$647.5M, surpassing estimates of $631.52M. Full-year 2023 revenue is expected to be $2.4985B-$2.5005B, exceeding the $2.48B estimate. For FY24, revenue is projected to match estimates at $2.83B. The company also announced the submission of the next-generation Cologuard to the FDA and a CFO succession plan, with Jeff Elliott stepping down and a search for a new CFO underway.
January 07, 2024 | 10:22 pm
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Exact Sciences exceeded Q4 revenue estimates and anticipates higher FY23 revenue. The company submitted next-gen Cologuard to FDA and announced CFO Jeff Elliott's departure, initiating a search for his successor.
The positive revenue surprise for Q4 and the full year of 2023, along with the submission of a new product to the FDA, are likely to be viewed positively by investors. However, the CFO's departure might introduce some uncertainty. Overall, the financial results are likely to have a more significant impact on the stock price in the short term.
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