Exact Sciences Corp. (Nasdaq: EXAS) today announced its financial
results for the quarter ended March 31, 2012.
Exact reported total revenues of $1.0 million for the first quarter of
2012, compared to total revenues of $1.0 million during the same period
of 2011.
Exact reported a net loss of ($10.6) million, or ($0.19) a share, for
the first quarter of 2012. The company had a net loss of ($4.4) million,
or ($0.08) a share, for the same period of 2011.
Operating expenses for the quarter ended March 31, 2012, were $11.7
million, compared to $5.4 million for the first quarter of 2011.
Operating expenses for the quarter ended March 31, 2012, increased from
the same period a year ago primarily because of costs associated with
the company's DeeP-C clinical trial of its non-invasive Cologuard
colorectal cancer screening test.
Exact ended the first quarter of 2012 with cash, cash equivalents and
marketable securities of $83.5 million, compared to $93.4 million at
Dec. 31, 2011.
"We are pleased that the DeeP-C clinical trial for our Cologuard®
product, a non-invasive colorectal cancer screening test, remains on
track," said Kevin T. Conroy, president and chief executive of Exact.
"In addition to completing the DeeP-C trial, we remain focused on the
successful execution of our other 2012 priorities: making our FDA
submission, and continuing our manufacturing and marketing preparation.
All of us at Exact are steadfastly committed to bringing to market our
patient-friendly screening test, which enables early detection of
colorectal cancer."
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