Why Exact Sciences Stock Is Soaring Today
Shares of Exact Sciences (NASDAQ: EXAS) were soaring 17.3% higher as of 11 a.m. ET on Friday. The big gain came after the provider of cancer screening and diagnostics tests announced its third-quarter results following the market close on Thursday.
Exact Sciences reported Q3 revenue of $523.1 million, up 15% year over year. The company posted a net loss in the third quarter of $148.8 million, or $0.84 per share. Although this was a wider loss than recorded in the prior-year period, it was better than the consensus Wall Street estimate of a Q3 net loss of $1.08 per share.
In addition, Exact Sciences raised its full-year revenue guidance. The company now expects 2022 revenue of between $2.025 billion and $2.042 billion. The midpoint of this revised outlook is $33 million higher than the previous guidance.
Source Fool.com
