Exact Sciences Corp. (Nasdaq: EXAS) today announced its financial results for the third quarter ended September 30, 2010.
“Exact Sciences' primary focus during the third quarter was the completion of our validation study, a major milestone in our efforts to bring to market an accurate, patient-friendly screening test that detects both pre-cancers and cancer”
Exact reported total revenues of $1.4 million for the third quarter of 2010, compared to total revenues of $1.3 million during the same period of 2009. Total revenues for the first nine months of 2010 were $4.0 million, compared to total revenues of $3.5 million for the same period of 2009.
Exact reported a net loss of ($3.4) million, or ($0.08) a share, for the third quarter of 2010. The company had a net loss of ($1.0) million, or ($0.03) a share, for the same period of 2009. Exact's net loss for the nine-month period ended September 30, 2010, was ($8.0) million, or ($0.21) a share, compared to ($7.3) million, or ($0.23) a share, for the same period of 2009.
Operating expenses for the third quarter of 2010 were $4.7 million, compared to $2.3 million for the same period of 2009. Operating expenses for the first nine months of 2010 were $12.0 million, compared to $10.9 million for the same period of 2009. Operating expenses for the three and nine-month periods ended September 30, 2010, rose primarily because of increased research and development personnel expense and costs related to the company's validation study.
Exact ended the third quarter of 2010 with cash, cash equivalents and marketable securities of $34.8 million, compared to $24.3 million at December 31, 2009.
"Exact Sciences' primary focus during the third quarter was the completion of our validation study, a major milestone in our efforts to bring to market an accurate, patient-friendly screening test that detects both pre-cancers and cancer," said Kevin T. Conroy, the company's president and chief executive.
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