Exact Sciences (NASDAQ:EXAS) reported preliminary estimates of its fourth quarter results on Sunday with total revenue expected to come in between $294 million and $296 million. Most of the revenue came from its legacy Cologuard colon cancer screening business, which generated $229 million to $230 million, up 61% year over year.
The company closed on its acquisition of Genomic Health in early November, so the fourth-quarter revenue only includes a partial contribution from Genomic Health's precision oncology business. Fortunately Exact Sciences presented results for Genomic Health as if it were a stand-alone entity for the entire quarter, noting that sales would have been between $118 million and $119 million, up 13% year over year.
On a volume basis, Exact saw Cologuard test volume increase 63% to 477,000 tests for the fourth quarter. For the entire year, the Cologuard test volume was up 80% year over year, suggesting that growth is slowing somewhat.
Genomic Health's Oncotype DX test volume increased 14% to 41,000 tests, in-line with the entire year where volumes for the cancer tests were also up 14%.
"Following our combination with Genomic Health, we have the leading scientific minds, an experienced commercial team with deep relationships, and the global footprint necessary to support the growth of current and future cancer diagnostics. We've never been more excited about the future of Exact Sciences," Kevin Conroy, chairman and CEO of Exact Sciences, said in a statement announcing the preliminary results.
Exact Sciences plans to report its full fourth-quarter results in February, but presumably released the preliminary results on Sunday so management could talk about them during the company's presentation at the J.P. Morgan Healthcare conference this week. Exact Sciences is scheduled to present at the conference on Wednesday.