Exact Sciences (EXAS +0.00%) reported its fourth-quarter financial results on Tuesday afternoon. While the company still managed to report an impressive revenue increase, the company's net losses excluding tax benefits grew by a fair amount as well.
The company's total revenue came in at $295.6 million, just over double the $124.9 million reported back in Q4 2018. While Exact Sciences reported a profit of $77.9 million for the quarter, it came from a $184.6 million one-time income tax benefit the company reported. Factoring out this tax benefit, the company reported a net loss before tax of $106.7 million, around double the $53.9 million net loss reported last year.
Image source: Getty Images.
One of Exact Sciences' better-known products is Cologaurd, a non-invasive stool DNA test for colorectal cancer. Overall test volume had increased by over 63% to 477,000, with the average revenue per test kit being $481. Another product the company develops is the Oncotype DX, another test that evaluates the chances that breast cancer will return in patients following surgery. Quarterly volume for this test was up a milder 13% to 41,000.
Analyst expectations
While the results were an improvement all around, they didn't meet all of Wall Street's expectations. Specifically, the biotech company fell a little bit short of the consensus revenue target, which had predicted revenue of $297.4 million. While Exact Sciences reported revenue fell short by just $1.8 million -- or less than 1% -- shares of the company were still down a little bit in after-hours trading.
