Exact Sciences Reports First-Quarter 2025 Financial Results, Launches Two New Cancer Detection Tests
Exact Sciences Corp. (Nasdaq: EXAS), a global leader in cancer diagnostics and early detection, announced its financial results for the first quarter ended March 31, 2025. The Company reported total revenue of $707 million, reflecting robust year-over-year growth and underscoring the strong commercial momentum across its screening and precision oncology businesses.
The 11% increase in revenue from $638 million in the first quarter of 2024 demonstrates the continued expansion of Exact Sciences’ market reach and the growing adoption of its innovative diagnostic solutions. The company is strategically positioned to build on this performance throughout 2025 with the launch of two significant new products: Cologuard® Plus, the next-generation colorectal cancer screening test, and Oncodetect, a molecular residual disease (MRD) test for cancer recurrence monitoring.
“Our strong first quarter results pave the way for 2025 to mark our most transformative year yet,” said Kevin Conroy, chairman and CEO of Exact Sciences. “The Exact Sciences team just launched two innovative tests—Cologuard Plus and Oncodetect—that enhance our portfolio and move us closer to our goal of helping to eradicate cancer. With growing momentum in our commercial organization and improved profitability, we raised our full-year outlook and continue to build a foundation for sustained, long-term growth.”
Q1 2025 Financial Highlights
For the first quarter of 2025, Exact Sciences delivered strong top-line performance across both its major business segments: cancer screening and precision oncology. The Company’s key financial metrics for the quarter include:
- Total revenue reached $707 million, an 11% increase compared to Q1 2024, on both a reported and core revenue basis.
- Screening revenue totaled $540 million, up 14% year-over-year, driven by continued uptake of the legacy Cologuard test and the early rollout of Cologuard Plus.
- Precision Oncology revenue was $167 million, representing a 2% year-over-year increase (or 4% on a core revenue basis). This segment includes Oncotype DX® and other therapy selection and genomic tests.
The Company also demonstrated improved profitability metrics:
- Gross margin for the quarter was 71%, with an adjusted gross margin of 74%, representing a nearly 50-basis-point improvement over the prior year.
- Net loss narrowed to $101 million, or $0.54 per share, representing a year-over-year improvement of $9 million and $0.06 per share, respectively.
- Adjusted EBITDA grew to $63 million, a 61% increase compared to Q1 2024. The adjusted EBITDA margin rose to 9%, up 280 basis points.
- Operating cash flow was $31 million, while free cash flow broke even for the quarter—significant improvements of $113 million and $120 million, respectively.
- The Company ended the quarter with $786 million in cash, cash equivalents, and marketable securities, providing strong liquidity to support ongoing innovation and commercialization efforts.
Segment Overview: Screening and Precision Oncology
Exact Sciences’ core operations are divided into two major revenue-generating segments:
- Screening includes laboratory service revenue from the Cologuard® family of tests and PreventionGenetics offerings. This segment continues to be a primary growth driver, bolstered by high public awareness, physician adoption, and expanded insurance coverage.
- Precision Oncology comprises laboratory service revenue from global Oncotype DX® tests and other therapy selection solutions. While this segment saw modest growth in Q1, it remains a key pillar of the company’s strategy to personalize cancer care and treatment.
Innovation and Product Launches Drive Growth
The first quarter of 2025 marked a pivotal period for Exact Sciences’ innovation pipeline with the commercial launch of two major products aimed at improving early cancer detection and recurrence monitoring.
Cologuard® Plus: A Major Step Forward in Colorectal Cancer Screening
In Q1, Exact Sciences launched Cologuard Plus, its next-generation non-invasive colorectal cancer screening test. Building on the success of the original Cologuard test, Cologuard Plus delivers:
- Improved sensitivity in detecting both cancer and precancerous polyps,
- A nearly 40% reduction in false positives, leading to fewer unnecessary follow-up procedures,
- Medicare coverage at launch,
- Inclusion in the HEDIS quality measures as of March 2025, supporting broader health system adoption.
This advancement reinforces Exact Sciences’ leadership in colorectal cancer screening and supports the company’s mission of expanding access to high-quality, patient-friendly diagnostic tools.
Oncodetect: Transforming Residual Disease Monitoring
In April 2025, Exact Sciences introduced Oncodetect, a cutting-edge molecular residual disease (MRD) test designed to identify early signs of cancer recurrence. The test is capable of detecting molecular traces of residual cancer up to two years earlier than current imaging-based methods, which remain the standard of care.
- Oncodetect enables oncologists to intervene earlier and tailor follow-up treatments based on real-time molecular data.
- The Company expects to receive Medicare reimbursement for colon cancer indications in Q2 2025, further supporting commercial expansion.
These two new product launches not only diversify Exact Sciences’ offerings but also create new revenue streams and reinforce the company’s competitive advantage in cancer diagnostics.
Pipeline and Future Outlook
Exact Sciences continues to invest heavily in research and development with several high-impact projects on the horizon:
- Cancerguard™ EX, a multi-cancer early detection (MCED) test, is on track for launch in the second half of 2025. As a laboratory-developed test (LDT), Cancerguard EX aims to detect multiple cancer types from a single blood sample, targeting asymptomatic individuals at elevated risk.
- The Company plans to release results from its pivotal BLUE-C study—designed to support regulatory approval of a blood-based colorectal cancer test—by mid-summer 2025. The study’s findings could expand Exact Sciences’ footprint in blood-based cancer detection, complementing its stool-based solutions.
Both Cancerguard EX and the BLUE-C blood test will be commercialized through Exact Sciences’ expansive sales organization and supported by its proprietary ExactNexus™ platform, which integrates data analytics, digital engagement, and patient navigation to enhance test adoption and patient compliance.
Strategic Positioning and Long-Term Vision
Exact Sciences’ performance in the first quarter of 2025 reflects not only strong financial execution but also strategic clarity. The Company continues to:
- Broaden its product portfolio through internal innovation and R&D investments,
- Leverage its large commercial infrastructure to accelerate new test adoption,
- Expand payer coverage and clinical guideline inclusion,
- Improve profitability and cash flow, even while maintaining high levels of investment in growth initiatives.
“We’re entering a new chapter for Exact Sciences,” Conroy added. “Every advancement we make—whether it’s a test launch, a regulatory milestone, or a strategic partnership—moves us closer to our mission: eradicating cancer through earlier detection and more personalized care.”
With a strong start to the year, Exact Sciences is well positioned to deliver on its ambitious 2025 roadmap. The launch of Cologuard Plus and Oncodetect has already begun to reshape the Company’s commercial profile, while upcoming products like Cancerguard EX and the blood-based colorectal cancer test promise to further transform cancer screening and diagnostics.
As innovation continues to drive momentum, and as financial performance strengthens across key metrics, Exact Sciences remains focused on its ultimate goal: improving patient outcomes through earlier, more accurate, and more accessible cancer detection.
