Exact Sciences (EXAS), a provider of cancer screening and diagnostic tests, raised revenue estimates for its fourth quarter on Monday. EXAS stock soared on the news.
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The company expects revenue in the range of $550.7 million to $552.7 million. The midpoint of $551.7 million is above estimates for $514.1 million. The estimate excludes Covid-19 testing, the company said.
EXAS stock rocketed 24.6%, closing at 58.82 on the stock market today.
“The foundation supporting Cologuard and Oncotype DX will fuel consistent revenue growth and profitability, putting Exact Sciences in a leading position to deliver the next wave of innovation in cancer diagnostics to patients, health systems, and health care providers globally,” Chief Executive Kevin Conroy said in written remarks with the earnings release.
EXAS stock has an IBD Composite Rating of 63.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
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Source: https://www.investors.com/news/technology/exas-stock-jumps-as-it-raises-estimates-exact-sciences/?src=A00220&yptr=yahoo