Exact Sciences Stock Earnings Reports

Exact Sciences reported a strong Q3 2025 with total revenue up 20% year-over-year to $851M, driven by screening revenue growth of 22% to $666M and Precision Oncology core growth of 12% to $183M. Management raised full-year 2025 revenue guidance to $3.22B–$3.235B and increased adjusted EBITDA guidance to $470M–$480M (implying ~47% adjusted EBITDA growth at midpoint). Adjusted EBITDA for the quarter was $135M (up 37% YoY) and adjusted EBITDA margin expanded 200 bps to 16%. Free cash flow was $190M for the quarter and year-to-date free cash flow improved to $236M; cash and securities ended the quarter at just over $1B. Key commercial drivers: strong Cologuard demand (brand awareness >90%), expansion and payer coverage of Cologuard Plus (95% sensitivity, 94% specificity), record care-gap program shipments, rescreen volume growth, and accelerating consumer-initiated orders (CIO). The company launched Cancerguard (MCED) and activated initial commercial training; Cancerguard is being marketed via primary care, health systems and direct-to-consumer channels. Precision Oncology momentum continues with Oncotype DX international expansion and early traction for Oncodetect (MRD) in colorectal and breast cancer; MAESTRO next-gen MRD tech is expected to advance in 2026. Financial commentary: Q3 non-GAAP gross margin was 71% (down 100 bps due to care-gap timing), Q4 margins are expected to improve as care-gap shipments normalize, and the $150M productivity program is on track (one-time costs expected lower than prior guide). On the Freenome-licensed CRC blood test: management expects upcoming V2 data presentation in the near term, pivotal data next year, and reiterated that the licensed CRC blood test will be marketed exclusively by Exact Sciences subject to regulatory clearance; the $75M upfront Freenome payment will be expensed to R&D when HSR clears and is excluded from adjusted EBITDA. Overall, management characterized Q3 as an inflection point with expanding operating leverage and strengthened cash generation, positioning the company toward its 2027 targets.