Exact Sciences stock tumbled late Tuesday after the company cut its outlook and posted weaker-than-expected results.
Shares of the Cologuard-maker plunged more than 29% to 50.17 in extended trading. The shares gained a fraction to close at 71.51 in regular trading.
↑ XExact Sciences reported a third-quarter loss of 21 cents a share on revenue of $708.7 million.
Analysts were expecting a loss of 21 cents a share on revenue of $716.8 million.
The company said it now expects revenue in the range of $2.73 billion to $2.75 billion. Previously, Exact Sciences projected revenue in the range of $2.81 billion to $2.85 billion.
The company also said it expects adjusted earnings in the range of $310 million to $320 million, compared to a previous outlook of $335 million to $355 million.
"During the third quarter, we delivered test results to more patients than ever before, improved profitability, and achieved key milestones in our pipeline of innovative cancer diagnostics," CEO Kevin Conroy said in a statement.
But while the company has "made progress, our execution during the third quarter and updated outlook for the full year don't reflect our full potential," Conroy said. "We plan to accelerate growth in 2025, and our long-term outlook remains strong."
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