Exact Sciences Shares Plummet Following Reduced Annual Forecast

The company reports widening losses and lowers its revenue guidance for 2024, citing execution challenges.

Exact Sciences reported a third-quarter net loss of $38.2 million, widening from the previous quarter's loss of $15.8 million.
The company's quarterly revenue of $708.7 million fell short of analyst expectations, despite a 12.8% increase from the previous year.
Exact Sciences has revised its full-year revenue guidance down to $2.73 billion to $2.75 billion, from an earlier estimate of $2.81 billion to $2.85 billion.
CEO Kevin Conroy acknowledged challenges in execution and stated plans to accelerate growth in 2025 while maintaining a strong long-term outlook.
Shares of Exact Sciences dropped nearly 30% in response to the revised outlook and missed earnings estimates.