By Connor Hart
Shares of Exact Sciences tumbled after the company cut its full-year outlook and posted third-quarter results that missed estimates.
The stock fell 29%, to $50.51, in after-hours trading Tuesday. Shares, which ended the regular session having edged 0.5% higher, to $71.51, are down 3.3% since the beginning of the year.
The company, which makes cancer screening and diagnostic tests, now expects revenue between $2.73 billion and $2.75 billion for the year, down from a prior outlook of between $2.81 billion and $2.85 billion. Exact lowered its adjusted earnings before interest, taxes, depreciation and amortization outlook to between $310 million and $320 million from between $335 million and $355 million.
For the year, analysts polled by FactSet expect revenue of $2.83 billion and adjusted Ebitda of $347.1 million.
Chief Executive Kevin Conroy said the company's updated outlook and third-quarter results don't reflect its full potential. "We plan to accelerate growth in 2025, and our long-term outlook remains strong," he said.
In the recent quarter, Exact reported a loss of $38.2 million, or 21 cents a share, compared with a profit of $794,000, or 0 cents a share, in last year's quarter. Analysts surveyed by FactSet were expecting a per-share loss of 20 cents.
Revenue increased 13% to $708.7 million but missed the $716.8 million that analysts forecast, according to FactSet.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
November 05, 2024 18:30 ET (23:30 GMT)
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