Exact Sciences Corporation (NASDAQ: EXAS), a leading provider of cancer screening and diagnostic tests, experienced a significant stock plunge of 27.93% on November 6, 2024, following the release of its third-quarter 2024 financial results and lowered full-year outlook.

For the third quarter, Exact Sciences reported revenue of $709 million, an increase of 13% year-over-year, but missed analysts' expectations of $717.66 million. The company posted a net loss of $38.2 million, or $0.21 per share, slightly better than analysts' estimates of a $0.20 per share loss. However, the company's revenue and earnings fell short of expectations, contributing to the stock's sell-off.

The primary factor driving the sharp decline was Exact Sciences' lowered full-year 2024 guidance. The company reduced its revenue guidance to a range of $2.73 billion to $2.75 billion, down from its previous estimate of $2.81 billion to $2.85 billion, citing weaker-than-expected Screening revenue. Additionally, Exact Sciences cut its adjusted EBITDA outlook for the year to $310 million to $320 million, down from the prior range of $335 million to $355 million.