Why Exact Sciences Stock Is Soaring Today
Shares of Exact Sciences (NASDAQ: EXAS) were soaring 12% as of 10:49 a.m. EST on Monday. The big jump came after the diagnostics company announced preliminary fourth-quarter results on Sunday evening.
With such an impressive gain today, it's not surprising that Exact Sciences' preliminary results looked really good. The company expects to post fourth-quarter revenue between $464.5 million and $467.5 million. The low end of that range is well above the consensus analysts' estimate of $431.2 million.
The biggest chunk of the company's revenue will come from screening, which includes its Cologuard and Biomatrica products. Exact Sciences projects screening revenue in the fourth quarter will increase 9% year over year to a range of $249 million to $250 million. Precision oncology revenue generated by the Oncotype cancer diagnostics test is anticipated to come in between $117 million and $118 million. The company also looks for another big boost from COVID-19 testing, with fourth-quarter revenue between $98.5 million and $99.5 million.
Source Fool.com
