Exact Sciences Corporation (NASDAQ: EXAS), a leading provider of cancer screening and diagnostic tests, experienced a significant stock plunge of 29.55% on November 6, 2024, after reporting disappointing third-quarter results and lowering its full-year guidance.

For the third quarter ended September 30, 2024, Exact Sciences posted revenue of $709 million, an increase of 13% year-over-year, but fell short of analysts' expectations of $717.66 million. The company reported a net loss of $38.2 million, or $0.21 per share, slightly better than the estimated loss of $0.20 per share.

The primary factor driving the stock's sharp decline was the company's lowered full-year 2024 guidance. Exact Sciences revised its revenue guidance downward to a range of $2.73 billion to $2.75 billion, compared to its previous estimate of $2.81 billion to $2.85 billion. The company cited weaker-than-expected Screening revenue as the main reason for the guidance cut.

Additionally, Exact Sciences lowered its adjusted EBITDA outlook for the year to a range of $310 million to $320 million, down from the prior range of $335 million to $355 million.

The company's management attributed the disappointing performance to several factors, including disruptions caused by hurricanes Helene and Milton, which negatively impacted Cologuard orders and results in September and October. Furthermore, the transition of the Precision Oncology portfolio onto the ExactNexus platform faced challenges, leading to a one-time negative impact on revenue.