Exact Sciences' headquarters in Madison, Wis. Wikimedia Commons
Exact Sciences reported first-quarter revenues this week that beat market expectations, and the cancer detection company’s executives still believe they’re on track to meet expected 2024 revenue.
That’s usually good news. Yet Exact shares are down nearly 11% on Thursday, dipping to $53.12 within the first few hours of trading. During after-hours trading on Wednesday, shortly after Exact released its financial updates, shares tumbled as low as $47.24.
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The seemingly paradoxical result reflects worries about a potential slowdown in future growth at Exact, a $10 billion biotech best known for Cologuard, a colon cancer screening test that detects blood and DNA from stool samples. The test, which first won regulatory approval in 2014, was designed to boost cancer screening rates by providing a more convenient alternative to colonoscopies.
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