Biotechnology and cancer diagnostics company Exact Sciences Corp. said Monday it expects to report $1.49 billion in 2020 revenue when it officially posts its financial results in February.
Madison-based Exact Sciences (Nasdaq: EXAS), which makes the Cologuard colon cancer take home test, had fiscal 2019 revenue of $876.3 million.
The boost in year-over-year revenue largely reflects the company's acquisition of California’s Genomic Health in a cash and stock deal valued at $2.8 billion in 2019. That deal officially closed in November of 2019.
According to its preliminary 2020 financial report, Exact Sciences expects Genomic's precision oncology business generated between $440 million and $441 million in 2020. Cologuard screening revenue is expected to be between $814.5 million and $815.5 million while Covid-19 testing is projected to have generated between $235 million and $236 million.
The company also expects it will report 2020 fourth quarter revenue between $464.5 million and $467.5 million. For its fiscal 2020, the company is specifically expecting between $1.490 billion and $1.493 billion.
Following the early morning announcement, the company's stock was up about 10% in late-morning trading at $144.50.
Exact Sciences last week finalized its $2.15 billion acquisition of cancer detection company Thrive Earlier Detection Corp. The company announced the deal for the Cambridge, Massachusetts-based firm in October 2020 with plans to complete the deal in the first quarter of 2021.
"I'm incredibly proud of how the Exact Sciences team came together during 2020 to make progress towards our mission of eradicating cancer and the suffering it causes," said Kevin Conroy, chairman and CEO of Exact Sciences, in a statement. "Following our combination with Thrive, we are confident in making blood-based, multi-cancer screening a reality and being a leading provider of earlier, smarter cancer tests for patients at every step of their journey. We've never been more excited about the impact Exact Sciences will have on patient lives with Cologuard, Oncotype, and our future tests."
Between 2016 and 2020, Exact Sciences saw revenue growth of 782%, according to global consulting firm Deloitte.
