Shares of cancer screening and diagnostic tests provider Exact Sciences (NASDAQ:EXAS) are in focus today after the company announced its preliminary fourth-quarter results and financial outlook. Revenue for the fourth quarter is anticipated to be in the range of $645.5 million to $647.5 million, indicating a 17% year-over-year jump.
In Q4, Exact’s Screening revenue increased by 21%, while Precision Oncology revenue increased by 12%. For the Fiscal Year 2023, the company expects revenue to be in the range of $2,498.5 million to $2,500.5 million. The year was marked by an uptick in Screening and Precision Oncology revenue but a 90% decline in COVID-19 Testing revenue.
Still, its top line is expected to balloon to a record $2.83 billion in 2024. Further, Exact announced the departure of Jeff Elliott, its Chief Financial Officer and Executive Vice President. However, Mr. Elliott will act as CFO until Exact hones in on a successor.
The company is slated to announce its fourth-quarter results on February 20. Analysts expect Exact to incur a net loss per share of $0.48 on revenue of $631.4 million for the quarter. In the comparable year-ago period, Exact’s EPS of -$0.72 had outperformed expectations by a comfortable $0.07 margin.
What is the Outlook for EXAS Stock?
Overall, the Street has a Strong Buy consensus rating on Exact Sciences, and the average EXAS price target of $92.50 points to a 26.4% potential upside in the stock. That’s on top of a nearly 51% jump in the company’s share price over the past year.
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