Exact Sciences Corporation (NASDAQ:EXAS) Q3 2022 Earnings Conference Call November 3, 2022 5:00 PM ET
Company Participants
Megan Jones - Associate Manager, IR
Kevin Conroy - Chairman & CEO
Jeffrey Elliott - EVP, CFO & COO
Everett Cunningham - Chief Commercial Officer
Conference Call Participants
Brandon Couillard - Jefferies
Derik De Bruin - Bank of America Merrill Lynch
Catherine Schulte - Robert W. Baird & Co.
Jack Meehan - Nephron Research
Alexander Vukasin - Canaccord Genuity
Vijay Kumar - Evercore ISI
David Delahunt - Goldman Sachs
Andrew Brackmann - William Blair & Company
Alexander Nowak - Craig-Hallum
Thomas Stevens - Cowen and Company
Operator
Good evening. My name is Colby and I will be your conference operator today. At this time, I would like to welcome everyone to the Exact Sciences Third Quarter 2022 Earnings Call. .
I will now turn the call over to Megan Jones.
Megan Jones
Thanks, Colby, and I thank all of you for joining us for Exact Sciences Third Quarter 2022 Conference Call. On the call today are Kevin Conroy, the company's Chairman and CEO; and Jeff Elliott, our Chief Financial Officer and Chief Operating Officer. Everett Cunningham, our Chief Commercial Officer, will also be available for questions.
Exact Sciences issued a news release earlier this afternoon detailing our third 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 have material differences 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
Our third quarter results demonstrate the strength of our business and the unique platform this team has built to engage patients and physicians. Together, we're working to help fewer people turn into cancer patients and improving care for those who do.
During the quarter, we had record revenue of $523 million or 20% growth, excluding COVID-19 testing. We're raising our full year revenue guidance by $33 million, while decreasing our operating expense guidance by $113 million. We're also pulling forward adjusted EBITDA profitability to the third quarter of 2023 from our previous target of 2024.
We're building an unstoppable engine that will allow us to achieve our vision to help eradicate cancer. Our differentiated approach starts with world-class science and scientists rigorously developing tests to solve real patient needs. When launched, these tests are immediately supported by our sales and marketing teams with broad reach and deep relationships.