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This statistic highlights Exact Sciences’ Revenue by Segment, split across COVID-19 testing, Precision Oncology, and Screening, reported on a quarterly basis from Q1 2016 onwards.
Exact Sciences’ Revenue by Segment
|Revenue by Segment||Q3 2020||Q2 2021||Q3 2021||Contribution in Q3 2021|
(All figures in millions, except percentages)
The total revenue generated from the segments has been increasing every quarter. The revenue increased 4.95% on a quarter-on-quarter basis, from $434.80 million in Q2 2021 to $456.36 million in Q3 2021. The year-on-year growth was 11.75% when compared to Q3 2020, where the revenue generated was $408.35 million.
Exact Science’s revenue can be bifurcated into the following segments:
Exact Science began offering COVID-19 testing in late March 2020. To administer testing, the firm has worked with several customers, including the Wisconsin Department of Health. Customers are responsible for collecting specimens using trained personnel. Specimens are sent to the company’s laboratory in Madison, Wisconsin, where the assay is performed and test results are given to ordering providers. Given the uncertainties surrounding the COVID-19 pandemic, Exact Science plans to review its COVID-19 testing services on a regular basis.
The revenue generated from this segment has been on a decline. This is mainly due to the decline in the number of cases and the abatement of the pandemic. The revenue decreased by 70% on a year-on-year basis, from $102.16 million in Q3 2020 to $30.58 million in Q3 2021. On a quarterly basis, the revenue fell by 7.52%, as compared to $33.07 in Q2 2021. The contribution also fell from 25.02% in Q3 2020 to just 6.70% in Q3 2021.
Due to the typical lag between cancer screening and genomic test ordering, the widespread decrease in preventive services, such as mammograms and prostate cancer screenings, had a negative impact on Precision Oncology test volumes beginning in May 2020 and continuing through the third quarter of 2020.
Precision Oncology revenue for Q3 2020 and Q3 2021, which largely includes laboratory service revenue from the company’s global Oncotype products, was $91.57 million and $145.41 million, respectively, indicating a year-on-year increase stood at 58.8%. On a quarterly basis, it grew by 5.52%, as compared to $137.80 million in Q2 2021. The contribution also increased from 22.43% in Q3 2020 to 31.86% in Q3 2021.
Laboratory service revenue from the Cologuard test makes up the majority of screening revenue. The Cologuard test, which is Exact Sciences’ flagship screening product, is a non-invasive stool-based DNA screening test that uses a multi-target strategy to detect DNA and hemoglobin biomarkers linked to colorectal cancer and pre-cancer. The Cologuard test became the first and only FDA-approved DNA non-invasive colorectal cancer screening test when it was authorized by the US Food and Drug Administration (“FDA”) in August 2014. The Cologuard test is now recommended for persons 45 years and older who are at average risk.
The total revenue generated from this segment has been increasing every quarter. The revenue increased by 6.23% on a quarter-on-quarter basis, from $263.93 million in Q2 2021 to $280.37 million in Q3 2021. The year-on-year growth was 30.63% when compared to Q3 2020, where the revenue generated was $214.62 million. The contribution also increased from 52.56% in Q3 2020 to 61.44% in Q3 2021.
Exact Sciences Corporation was incorporated in February 1995. Exact Sciences is a global leader in cancer diagnosis.
Cologuard and Oncotype DX are two of the company’s most well-known cancer screening and diagnostics trademarks. The company is presently developing new cancer tests with the purpose of offering new, innovative cancer diagnostics to patients all over the world. Exact Sciences Corporation provides patients with earlier, smarter answers with a leading array of technologies for earlier cancer detection and treatment advice.
Screening tests and precision oncology testing are the company’s current goods and services. The company has created some of the most well-known cancer diagnostic brands and is now working on the creation of new tests with the goal of bringing new, cutting-edge cancer tests to patients all over the world. Exact Sciences is dedicated to offering faster answers and life-changing treatment advice so that people can confidently face the most difficult decisions. It aims to assist people to acquire the answers they need to make more educated decisions across the cancer continuum, from earlier cancer detection to treatment guidelines. Their laboratory testing services, include the Cologuard colorectal cancer screening test, the Oncotype IQ cancer diagnostic tests and services, and the COVID-19 test.
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