EXAS Inventory Surges After Precise Sciences Raises Steerage On Huge Quarterly Beat

Precise Sciences (EXAS) massively beat third-quarter expectations Thursday and raised its full-year outlook — and EXAS inventory jumped.

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Through the September quarter, Precise Sciences introduced in $523.1 million in gross sales. That handily topped projections for $502 million, in line with FactSet. On a year-over-year foundation, gross sales grew roughly 15%.

However excluding the impression of Covid exams — which have dropped off amid falling demand — income grew a stronger 20%, Precise Sciences stated in a information launch. Precise additionally misplaced 84 cents a share, narrowing from a 97-cent per-share loss within the year-earlier interval. That beat estimates for one more 97-cent loss.

Through the common session, EXAS inventory sank 2% to 32.34. However shares climbed 4.5% larger, close to 33.80, in after-hours buying and selling on at present’s inventory market.

EXAS Inventory: Steerage Boosted By $33 Million

The outcomes pushed Precise Sciences to spice up its full-year gross sales outlook by $33 million. Now, the medtech firm expects $2.025 billion to $2.042 billion in gross sales. EXAS inventory analysts forecasted $2.01 billion in full-year gross sales.

That outlook contains $1.375 billion to $1.382 billion from its most cancers screening enterprise. Precise additionally requires its precision oncology phase to herald $595 million to $600 million in gross sales, and for Covid exams to generate $55 million to $60 million.

The corporate additionally stated it expects adjusted earnings earlier than curiosity, taxes, depreciation and amortization to be worthwhile within the third quarter of 2023, forward of expectations for 2024.

Observe Allison Gatlin on Twitter at @IBD_AGatlin.

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