Exact Sciences (EXAS) Q3 2024 Earnings Call Transcript

In This Article:

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Exact Sciences (NASDAQ: EXAS)
Q3 2024 Earnings Call
Nov 05, 2024, 5:00 p.m. ET

Contents:

  • Prepared Remarks

  • Questions and Answers

  • Call Participants

Prepared Remarks:


Operator

Hello. At this time, I would like to welcome everyone to the Exact Sciences third-quarter 2024 earnings conference call. [Operator instructions] I would now like to turn the call over to Erik Holznecht, director of investor relations. You may begin.

Erik Holznecht -- Manager of Investor Relations

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.

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Kevin T. Conroy -- Chairman and Chief Executive Officer

Thanks, Eric. 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, an 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. While we've made progress, our execution during the third quarter and updated outlook for the full year don't reflect our full potential.