Exact Sciences Corporation (NASDAQ:EXAS) Q3 2024 Earnings Conference Call November 5, 2024 5:00 PM ET

Company Participants

Erik Holznecht - Director, Investor Relations
Kevin Conroy - Chairman and CEO
Aaron Bloomer - Chief Financial Officer

Conference Call Participants

Brandon Couillard - Wells Fargo
Tycho Peterson - Jefferies
Andrew Brackman - William Blair
Doug Schenkel - Wolfe Research
Dan Brennan - Cowen
Matt Sykes - Goldman Sachs
Vijay Kumar - Evercore ISI
Dan Arias - Stifel
Jack Meehan - Nephron Research
Patrick Donnelly - Citi
Dan Leonard - UBS
Puneet Souda - Leerink Partners
Subbu Nambi - Guggenheim
Andrew Cooper - Raymond James
Mark Massaro - BTIG

Operator

Hello. At this time, I would like to welcome everyone to the Exact Sciences Third Quarter 2024 Earnings 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]

I would now like to turn the call over to Erik Holznecht, Director of Investor Relations. You may begin.

Erik Holznecht

Thanks, Operator. Thank you for joining us for Exact Sciences third quarter 2024 conference call. On the call today are Kevin Conroy, the company’s Chairman and CEO; and Aaron Bloomer, our Chief Financial Officer.

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 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 Erik. During the third quarter the Exact Sciences team made several advancements for patients while strengthening our platform and growing our business efficiently. Highlights include delivering test results to 1.2 million patients, including a record number with Cologuard and Oncotype DX, growing total revenue 13% year-over-year, while holding operating expenses flat, expanding adjusted EBITDA by 75% year-over-year to $99 million, generating record free cash flow of $113 million and improvement of the same amount year-over-year, increasing Cologuard customer satisfaction and brand awareness to all-time highs, receiving FDA approval for Cologuard Plus, our next-generation Cologuard test, showcasing data at the ESMO Congress for our liquid biopsy colon cancer screening test and also our multi-cancer screening test, and securing acceptance from a peer-reviewed journal for the first publication of Oncodetect, our molecular residual disease or MRD test.