Exact Sciences Corporation (NASDAQ:EXAS) Q1 2023 Earnings Conference Call May 9, 2023 5:00 PM ET

Company Participants

Megan Jones - IR

Kevin Conroy - Chairman & CEO

Jeffrey Elliott - CFO & COO

Everett Cunningham - Chief Commercial Officer

Conference Call Participants

Brandon Couillard - Jefferies

Catherine Schulte - Baird

Vijay Kumar - Evercore ISI

Andrew Brackmann - William Blair

Jack Meehan - Nephron Research

Daniel Arias - Stifel

Derik De Bruin - Bank of America

Matt Sykes - Goldman Sachs

Dan Brennan - Cowen

Puneet Souda - SVB Securities

Kyle Mikson - Canaccord Genuity

Alex Nowak - Craig-Hallum Capital Group

Operator

Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Exact Sciences Corporation Q1 2023 Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. [Operator Instructions]

With me now is Vice President, Investor of Relations, Megan Jones. You may begin your conference.

Megan Jones

Thanks, Jordan. Thank you for joining us for Exact Sciences' first quarter 2023 conference call. On the call today are Kevin Conroy, the company's Chairman and CEO; and Jeff Elliott, our Chief Financial Officer. Everett Cunningham, our Chief Commercial Officer will also be available for questions. Exact Sciences issued a news release earlier this afternoon detailing our first quarter financial results. This news release and today's presentation are available on our website at exactsciences.com.

During today's call, we will make forward-looking statements based on current expectations. Our actual results may be materially different from such statements. Discussions of non-GAAP figures and reconciliations to GAAP figures are available in our earnings press release and descriptions of the risks and uncertainties associated with Exact Sciences are included in our SEC filings. Both can be accessed through our website.

I'll now turn the call over to Kevin.

Kevin Conroy

Thanks, Megan. I'm incredibly proud of our team, their dedication to our mission and the record quarter they delivered. During the first quarter, core revenue grew $148 million year-over-year or 33%. We're raising our full year guidance for revenue by $110 million and adjusted EBITDA by $100 million. We now expect to turn free cash flow positive during this year ahead of our previous target of next year.

In the fourth quarter of 2014, the first quarter we launched Cologuard, we tested 4,000 people. In the first full year after launch, we tested 100,000 people. It took 3.5 years to screen our first 1 million people with Cologuard. This year, we've already screened more than 1.2 million people. Cologuard has transformed the way that we screen for the number two deadliest cancer in the U.S. And we still have a huge opportunity to make an impact with 60 million people who are not up to date with screening. The platform we've built will continue to change the way cancer is detected and treated. We're just starting to realize its full potential.