EXACT SCIENCES CORP (: EXAS)

Exact Sciences Corporation is a leading provider of cancer screening and diagnostic tests that aim to detect cancer earlier and guide treatment decisions. The company develops and commercializes non invasive stool based DNA tests for colorectal cancer and blood based multi cancer early detection tests. Its portfolio also includes precision oncology genomic tests that help physicians tailor therapy after a cancer diagnosis. In 2025 Exact Sciences delivered more than 5.5 million test results to patients reflecting broad adoption of its screening and diagnostic offerings. The company launched Cologuard Plus an improved stool DNA test, Oncodetect a molecular residual disease test, and Cancerguard a multi cancer early detection blood test. Exact Sciences operates primarily in the United States while expanding the international reach of its Oncotype DX franchise.

Exact Sciences generates revenue mainly from the sale of its diagnostic tests to patients, health care providers, hospitals, and laboratories. Revenue also comes from licensing agreements and partnerships, such as the collaboration with Quest Diagnostics for specimen collection, and the exclusive license with Freenome for blood based colorectal cancer screening technology. In 2025 the company reported revenue growth of 18 percent while decreasing operating expenses as a percentage of revenue. Cash provided by operating activities was $491.4 million, an increase of $280.9 million compared with the prior year. The average revenue per Cologuard Plus test is approximately $592 and with nearly 110 million Americans aged 45 to 85 at average risk for colorectal cancer the three year screening interval represents a potential market of about $22 billion annually. Reimbursement from Medicare, commercial payers, and government health plans supports a significant share of sales. Medicare Part B covers Cologuard and Cologuard Plus once every three years for beneficiaries who are age 45 to 85 asymptomatic and at average risk for colorectal cancer. The company’s precision oncology tests including Oncotype DX Breast Recurrence Score, Oncotype DX Colon Recurrence Score, Oncodetect, and Riskguard receive coverage under the Molecular Diagnostics Services Program and other payer policies.

Exact Sciences holds a strong position in the cancer diagnostics industry through its FDA approved tests, broad reimbursement coverage, and proprietary biomarker algorithms. Its Cologuard test was the first FDA approved stool DNA based colorectal cancer screening test and maintains sensitivity of 92 percent and specificity of 87 percent. Cologuard Plus offers improved sensitivity of 95 percent and specificity of 91 percent. The Cancerguard test launched in September 2025 as a self pay laboratory developed test demonstrates sensitivity of 68 percent across six of the deadliest cancers and overall sensitivity of 64 percent across a broad range of cancers excluding breast and prostate with a specificity of 97.4 percent. The Oncodetect MRD test received Medicare reimbursement effective April 2025 for serial use in patients with stage II III and resectable stage IV colorectal cancer showing sensitivity of 78 percent post surgical and 91 percent during surveillance with specificities of 80 percent and 94 percent. The Oncotype DX suite is recognized as standard of care in major breast cancer treatment guidelines and is reimbursed in numerous international markets. Competitors include Guardant Health, GRAIL, Freenome, Natera, Myriad Genetics, Ambry Genetics, LabCorp, and Quest Diagnostics. Exact Sciences differentiates itself through its focus on early detection, its strong pipeline of MRD and MCED tests, and its extensive adherence and patient support programs that help increase test completion rates.

The company serves a broad customer base that includes individual patients seeking cancer screening or diagnostic information, physicians, oncologists, surgeons, hospitals, health systems, clinical laboratories, and payers. Its tests are ordered by primary care providers, gastroenterologists, oncologists, and other specialists. Exact Sciences works with national laboratory service providers such as Quest Diagnostics to expand patient access to its blood based tests including Cancerguard and Oncodetect. Reimbursement relationships with Medicare, Medicaid, and private insurers are critical to the company's commercial success. Internationally the Oncotype DX tests are available in approximately 120 countries outside the United States while the Cologuard, Cancerguard, and Oncodetect tests are not currently offered abroad although the company is exploring opportunities to make these tests available in additional markets.