EXAS - Earnings call transcript Q3 2021 | Exact Sciences Corporation

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Operator

Good day and thank you for standing by, and welcome to the Exact Sciences Corp.

Third Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. now today, hand Megan would to conference I speaker your Jones. Instructions] like the to over [Operator Please go ahead.

Megan Jones

Thank all quarter third for Exact of you for XXXX joining conference us Sciences' call.

at and are and results. Financial Operating This quarter today's this Officer. exactsciences.com. a and the call afternoon our issued Chief Kevin presentation Sciences news on release the Jeff Elliott, release today Company's On our are financial Chairman new CEO; Exact detailing and Chief third website Conroy, available earlier our

we call, statements on today's forward-looking During will based current make expectations.

Both Our Chairman such risks actual website. our press figures and in different our with Company's results my can release, now may introduce be It's the filings. are uncertainties earnings and CEO, statements. are to be materially from Sciences accessed our the Conroy. GAAP Reconciliations in Exact to through of Kevin pleasure associated and descriptions included available SEC

Kevin Conroy

to joining life-changing offering Exact to proven thanks will an Megan, impact patients. and today. This and team can standard Sciences minimum everyone that monitoring. disease care. care, these cancer focused on us We're transform has they advancing for take is new and to physicians. a Thanks, to idea greatest patients multicancer cancer and hope early residual from test recurrence believe We screening have currently the detection, opportunities colon of on solutions

to is information pipeline. the top team an our partner, We're people lives routinely third data to primary group our improve become XXX,XXX the from and Executing covered increasing used detect, record and patients, cancer liver guidance Japan. initiating in screens quarter new approval for will during we'll need include customer get testing third copromotion and also our we validation these We Cancer been promising from program, to and This tests to diagnostic ensure screened earlier, detection diagnose to quarter hiring regulatory discuss which focused our Cologuard, Early is powerful and more Cologuard outcomes, throughout cancer. X.X on urgent. efficient genomic enhancing DX will our can XXX have XX- Breast as and getting representatives priorities is data for on advancing publishing is have securing ONCOGUARD clinical important solutions. deep generating study, field experience our care on engine, people COVID, treat more priority. our Highlights disease for tested a pandemic. progress commercial a minimum introduce Oncotype new finding and the global from deprioritized even detail, XX% quarter performance committed more XX-year-old Today, year full residual Pfizer, in XXXX priorities. our fourth cancer in

Jeff COO, financial Elliott, now results. will and CFO review Our our

Jeff Elliott

good Thanks, Kevin, afternoon. and

of XX% XX%, revenue increased increase Cologuard in were $XXX Margins $XXX Third testing an was quarter or expense contributed growth amortization COVID with Sales age revenue the and Precision points new group. have million, lower Screening of due our excludes million was which XX revenue testing. GAAP to Ashion testing as during of from quarter, health or was margin, volume. COVID gross $XX by Oncotype was $XXX in quarter. the contributions XX% launch. rescreen variant XXX,XXX and Delta of intangibles, margin to was XX down care U.S. DX mainly from gross acquisition. was ordered Growth Breast two Non-GAAP COVID points, driven acquired growth, million, since cases an the XX%, XX%%. was million XX%. during including internationally. excluding strong million. marketing increase $XXX ordered Cologuard Oncology rapidly providers and revenue X,XXX X the

of EBITDA was investments increase quarter, loss made $XXX was colorectal of and The $XX acquisition growth. costs expense our was ended $X.X multicancer Adjusted support programs. cancer expense integration and costs. to and legal million settlement with $XX G&A commercial million. billion. of by million a of team the the continued $XX securities $XX and quarter includes was our in we driven million. During cash R&D This million. We

actions Turning our their in-person to growth down, to August Due and coming Pfizer September. July and Combined, also order from and partner of sales sales the actions their decision impacted the rapid of market Delta as October, taken improving This is representatives sales size grew we're less pulled In and reaching offices. during representatives our and the orders September orders temporary delay in weekly have are rise backdrop. August With this to force will quarter. than a mid-September, accelerated to we expected. starting Fourth around record month, the modest to partner on and returning by also $X.XXX seasonality between Pfizer's time sales mid-September. hired and This internal physician quarter. testing a our revenue XX an Cologuard our cases It then cases expect and lowered in led had field revenue our revenue now got Cologuard in fourth in Cologuard now reducing during backdrop concerns, guidance new million decrease the due in-person to the them our impact Growth tripled by about medicine range. Thanksgiving and quarter had quarter flattening to Exact assumption was third improving, that $XXX means in Sciences the XX% variant was by and between variant caused we period. Oncology the taking. commercial patients orders increased to slightly in access This Precision reduced Pfizer due July billion full during increased Cologuard We of a expect XXX We've Delta calls the late from now a team access affected Delta through $X.XX the out takes COVID to billion Cologuard kits. and million. order screening a and of revenue days in We've in test narrowing when mind, the and revenue. expect $XXX bigger impact COVID prior assumptions we're and between between revenue completed September toward also high $X.XXX leads $XXX $XXX is between on expect when $X.XXX million. Christmas billion. that end field. our and assumption back our year a and fewer late recognize million holidays, and billion. We've and

and between between revenue and million. between $XXX million. quarter, million, fourth million revenue million This $XXX and Oncology revenue million $XXX million Precision and $XX between we million $XXX COVID the expect $XXX $XXX For $XX screening assumes revenue and testing

guidance our prior fewer our range. calls, our marketing sales expect is partner them. from expense Turning sales to expense. operating This and We of reducing $XXX fees million made lower million. We're because our now to decreasing to $XXX

For enrollment growth. our $XXX the million and We're for studies. in number settlement due G&A, to certain investments to This to excludes million also IT to $XXX to people $XXX acquisition, million we're guidance raising integration to due of R&D support our of and timing clinical $XXX million guidance additional legal lowering costs.

will turn for million $XX I Kevin. run intangible back to CapEx. call amortization million the to expect to continue now and of $XXX We

Kevin Conroy

care our care get the Thanks, care primary team screening primary more taking XXX have medicine Jeff. our We of members They we over this to partnered deep a expanded internal the years. our tested. setting, and mission cancer across actions welcoming Exact physicians and by people top is to with Pfizer's talented the team quarter country. Achieving eradicating to past family. long-standing starts mission in three more sales we're with Sciences the This of primary the than same with relationships team commitment

reach test million our In our Cologuard the team multicancer physicians Americans Cologuard who engine and systems. engagement deep emphasize our adoption we and relationships care IP colon health cancer educate Our will blood and should These blood our will future, to screened. customer the XXX experience, has changed primary at-home capabilities importance screening about seamless strengthened powered early with pandemic detection to X.X, and care tests The help digital commercial fuel and of access by solutions. expect be test, sales easy others. be health

outperforming and is We're important Cologuard by simpler in the improving more Because experience in commercial one, effective in growth COVID X people accurate the more backdrop we Delta and screening more an where of an the earlier. it three, and convenient, Cologuard XX have building throughout sales and years; benefits investing on variant, make three can focusing catch million most Cologuard cancer people years began. and screened to leadership screening on Cologuard nearly experience is at and every Even areas training future pandemic the for patients digital we screened. are to Cologuard screens will These come. role will our with by to to order benefit cancer rescreening getting continue provide fewer electronically and customer due the care focus recently health making tests. starting our since impact: best force two, and effectiveness; age Our the initiatives three team, playing customer organization people

more Our electronic Cologuard than did than to people ordering And the We've year. of we screened years three XX this people XX% in we last in more from year third ages rate continues XX% to did combined. XX with prior to this we the year. grow, rescreened rising quarter all

XXXX. benefit DX Oncotype capabilities. than opens and Responder opportunity to node-negative. new differentiated supported of showed in The DX business provides diagnosed because cancer plan team testing seen growth Cologuard and guiding responder effective One negative frequency standard brand since provides for to release for in generation at our most Oncology is the we're Bringing requires evidence team conference our cancer treatments. DX. in for year it definitively DX and results a idea test Japanese in and XXXX. look with period which will improving We node-positive is data to unmatched capability Oncology of number with powerful X.X women an more early data successfully example care to XX,XXX recent breast experienced January. a cancer from internally is in and evidence. pipeline to plan sequencing, our Breast germline known foundation generated Oncotype We've thrilled exciting cancer Oncotype growth integrated new regulatory of is and with and for growth our and platform, we're the expanded at launch sharing chemotherapy, the in to the the Oncotype capabilities Precision Precision cancer, transcriptome tests from next study capability. Our breast common most cases entering forward the recent in approval TAILORx onto We've in Ashion, women, rigorous a scientific which care whole-exome, evidence, with disease that colorectal residual by last similar Japanese process. for tested proteomics In an patients Breast matched our Japan December. minimum patients strong bioinformatics more the standard a platform another by disease

test to plan colon share our also We symbol cancer next year. data case supporting blood

share we will late test data has BLUE-C, increasing To multicancer, XX,XXX nearly support early Our incidents. due line FDA BLUE-C for time patients patients it in X.X for are read we study now talented colon the sets top team half patients, than expect expect blood to take to the Because lower-than-expected in blood enrolled XXXX trial X.X our year. in and more Cologuard first and next out our prospective enroll cancer power and XXXX. to of pivotal to we stuff. more enrollment Cologuard case-control to XX,XXX clinical our or of cancer In test, two approval XXXX results

The feasibility first show of across marker. multiple will classes

generate to NSABP for of The step [indiscernible] Bowel NSABP, we or National studies cancer power the called In approaches expected Thrive clinical decisions validation disease Breast recurrence to patients and new study validation II XXX Sciences our prospective with to Oncotype patients. risk DX and a III residual and and combining on validation We for Adjuvant the recently area testing show Breast. every study announced partnering will second several Surgical CORRECT-MRD with treatment test. II in with conduct including surgery. important multicenter the clinical enroll disease, in studies, guide data [indiscernible]. we're Exact Stage and our minimum minimum We'll one important The [indiscernible] of partnered colorectal patients is the previously residual Project,

to That [indiscernible] receive Moving submission XX% and hepatology in to supported reliably early higher expect ONCOGUARD we to liver sensitivity, validation recommended nearly current cancer. stage This [indiscernible] published gastroenterology than XX months. reimbursement, which liver density Clinical points the XX% our early-stage testing liver cancer. about detect option. [indiscernible] guideline publication demonstrated XX

continuum working clinical tests have leveraging for the innovation generating deep across We're cancer from more for pipeline. outpouring expertise an this late-stage XXX of evidence support We treatment. screening on to through completed our our from than trials,

to detect, us diagnose routinely. engine your expertise We're and We terrible scientific eradicate commercial which care take this envision and forefront genomic information Our disease. this where position used to cancer. future defeat happy a transform Exact to help and the Sciences at questions. now treat will cancer of We're is cancer evolution,

Operator

our [Operator Instructions] first line Goldman Matt We have comments Sykes the question from with of Sachs.

open. line Your is

Unidentified Analyst

bit these Could offices This on physicians' what some strongly of Pfizer? to Exact for the doing about in COVID see and little adapt folks headwinds on hired now more some Congrats being of instead sales And glad there. We is tell these the be are excited the would rebounding environment? Pfizer you've Dave into getting to for Matt. the were changes they're to things a folks from full-time quarter. main employees us what of of you

Kevin Conroy

the our we're this early as half worked Well, full committed our of partnership. time primary of just are of with team care deeply years the accelerating three incredible to of gold. is and remarkable results of And XX%, promoting our with team start full part over in of mission. Cologuard of in coming their they've team was Pfizer orders already as team, hand-in-hand up a average innings Cologuard seeing in position month medicine, the team, Cologuard within Pfizer October, on let's first one the we're years selling over This very XX of strong promotion of that one reps And last first an internal their the in month. the years primary experience, seven with team last reps our care built we've back

our be best-in-class force more excited sales sales sales about our care Cologuard. in we do, can primary health combined force, combined GI this our So force, sales couldn't with what organization OB-GYN system

awfully year comes what the as needed. we're pandemic the country can next out opportunity about excited screening is -- So believe for desperately we do we our as of the and U.S.

Operator

coming of Bruin the America. We Bank Derik line our have question next of with De from

Your line open. is

Derik De Bruin

just would a little telehealth to the given pickup but Kevin, just a expected time for to that. how just product missed clarity why don't the has little And the have as I I think on delay. think some bit realizing ordering a mean online you more the the that think on you've on market. line, that some is I I long going Cologuard? seen safe while, There then pandemic and for in been follow-up I a BLUE-C we and more have feedback on was opposed on more of see bit -- the

over bit. why that So the you a go just -- -- and just delayed could why being of trial sort reasons is the

Kevin Conroy

that working telehealth, Well, experience. thrilled we enhance to to patient we're are team quickly how up bring moved with the and

of So required is a we for learned all a what lot telehealth solution. in terms

growth things cancer is care generally, that screening is or continue the or screening And that telehealth With self-initiated testing likely we other opportunity be reasons. the that visits to through that the is most see face-to-face partners to biggest driver. still we that primary something mammography colon screening, whether of cervical learned it's will for setting. cancer generate said, cancer initiated is One do the significant Cologuard in

the to up, you we you'll see screened break be that sales also So in our but about will what your you do to this long and force you direct-to-consumer. growth doctor, initiate growth we're a screened means The to don't just We like drivers to continue term. we segment, visit. as go continue main and get continue believe get when over see telehealth this in and we that -- excited

Operator

We have the coming Brian Blair. our from Weinstein of next line question with William

open. is line Your

Brian Weinstein

like Kevin, broad-based if know other class, Derik's about guess a a you But don't market think broadly kind we of class. we broad the mine think What broad more opportunity, you do just to CRC not I address so formally. it's on answering question but here, screening, it's think want I you matter for this you if company-specific than what Cologuard? I as before as looks data products is broad these Cologuard for performance Cologuard in class the as good metrics like pre-cancer, detection early I'm isn't worse if performance the as then that Stage class think and And be class is on the in. is versus to curious all likely performance whilst

Kevin Conroy

close going performance not to be In blood Brian. for prospective a class Cologuard. to is study, Thanks, test

and to to the it's we space. the going that have to -- of know work in We not current and Let's it's close be to our Cologuard done because not be going close X.X. certainly that X.X, version,

that investing million screened. We unscreened said, a with we're There play that Americans. important know blood-based choice blood an screening role. why colon people However, a testing in cancer are That's more gets XX program.

positioned to lead blood real from with with base that to capability, a internally into test that seen sales have study. a prefer -- deliver ordering in others data would data stool generated brand, enrollment data. test we have quality we hurdles a our case generated patients the have being control as that with a is from built and This with our blood others over results. significant of than that we We know electronic case prospective The expect have able off minimize. more are fall said, as test. the we well our in control infrastructure have setting, Also, don't we our you stool a move that we to so space tests, and seen a that even BLUE-C want this blood With to

XX% that draw. but seeing Cologuard to get people test of complete we're refused a blood BLUE-C, in fact, to a In choose

important for part Cologuard that continue come. cancer incredibly the to be long time a colorectal know of will screening we to an brand So

group, now the on year three one despite, Finally, interval. a main won't a blood-based years we right likely test prospective probably a for test blood only Medicare only is a performance proposing guideline USPSTF, justify every until opine in the pay to setting XXXX. will believe,

we'll of will testing are these more So million there coming and get which, and of point, first course, confront unscreened are XX people the with. hopefully screened. some headwinds, Americans, blood the deal to But help back

Jeff Elliott

Really sufficient like Brian, enroll getting cancers. to had of on that is second to power sufficient study time prospective of this, Derik's what of number goal question time. cancers. the then, said we a take more of to large a study answer it's BLUE-C it's the going And take enrollment, number a to the It's going by

have lower thus of prevalence far. the have seen We cancer patients in we enrolled

of testing we north keep Cologuard enough both blood that cancer product with people to as So two our well will enough colon to likely move get open, as ensure forward number we -- program. XX,XXX study cancers our

Operator

We have Kumar ISI. Evercore coming from our next line Vijay the of question with

Your line open. is

Vijay Kumar

and QX on one two-parter, one a on bigger question had I M&A.

queue revenue month On itself, think the between Jeff, orders a six-week a recognition. you or mentioned delay I and

Given at of time? of visits XX office revenues Is months, physician that that, how that's trended, on the past have lack lower digest question here. to large impact volumes that to a have need for there deals over Should on Considering do you physician in in for there's Exact a visits done transaction couple the one impacted Sciences be Kevin, guys M&A. office a the you normalized? this can those large QX? Related of So in in queue. point a some impact quantify XQ have QX? we there

Jeff Elliott

Jeff. I'll things the quarter. the This during on two Vijay. is happened start quarter, Look,

during in of Pfizer, to and look, things we is that, to access in-person of continued, quarter. a saw That strong Delta by promotionally force first access, that of in two Cologuard XX% a in partner, late offices. And Normally, field July the that July, variant sales mid-September. force top a see when pull orders. have decline activities sensitive. First size On and led was out in physician through we caused starting reps in relationship the and their the The mid-September. then reducing the sales significant actions sales by of combination and decline continuing to taken we between our starting late calls those plate sales

are return that We to see starting now.

orders As Kevin growth acceleration makes year. the XX% month. we and during of very this acceleration mentioned, we during us as Cologuard October, optimistic exit with saw That

pass, as However, between there lag said, I revenue. when XX-day normal an is we which a and is order recognize completed a

for felt orders, midpoint what as modestly. at August impact QX So of gives the for that's was say the September, asked, you growth. impact in to growth. primarily the you if and which XX% prior look impact, much we QX, I just indication Cologuard what of feel we're It then QX. XX% of a delivered pointing pretty bigger in To guidance to, the guide impact compare QX. point And impacts on today, has would I'll And on is the there. impact -- a was good a that QX for The quantify you

The down XX exciting However, not yet. sales XX% trending the reasons again, are speaks back probably in part team of normal from optimistic This field to talented. next They They and people are entirely mission, to -- be time to again, starting They're thrilled for XXX the there's now in improve. they're is the welcome on are wellness but that they to to direction, year all back a They're very here. XX%, Pfizer are a We're expanded also lot seeing Cologuard. we this of to a out be months. year visits motivated. field. in for first good

Kevin Conroy

as And team Cologuard as have back field relating the heading and priority we about that abatement of seen the to -- come pandemic variant. into have is following continue and philosophy, the We're they thrilled Delta the year position the we're to performance question abates. we've your in that on strong next to grow to the to our M&A first our with focus as

residual blood multicancer year. and excited year, program readouts, X.X disease. minimum we into next There Cologuard we're as our So head that are the next CRC other our data and about for highlights

of testing have and for about We we more solution and something to long-term this on So, our to end-to-end that foundation fit, the contributes If screening can help we are good patients. consider choice of promise built delivering provider the platform a cancer cultural excited leverage cancer being we there's the and that and testing. teams strategy it.

and now is and right priority that on about basics XXXX. we first we're to growing, business as look opportunity the our excited focus Our of at

Operator

We have from question Catherine our next coming of with Schulte the Baird. line

open. is line Your

Catherine Schulte

I guess just the fourth fourth looks guidance. like looking screening year-over-year quarter in implies to your about at X% revenue in It growth X% it quarter.

Just given COVID you're better? so year, worse why wave last of early does in incorporate terms another the of cases? that adoption assumption rate shouldn't the fourth and environment quarter shouldn't the around growth I And potential would be think than be any guide

Jeff Elliott

Catherine, is this Jeff.

COVID at are you cases, and access the If still the to muted. very they elevated, physicians still is very look

probably access of the pandemic. was now, right think the it XX% is what I before

still we've are dealt the in about It's there. that intra-quarter what I there QX, seen. So heavily already is talked guidance and assumes. impact that the

very to COVID we forward, in not another COVID, would as difficult know, going as is assume happen. far predict. As you spike do

we've a continued currently improvement we're -- access assumed and clinic and abatement, is trends in slow and cases that patient modest in visits. So October seeing, steady which both continuation in of the

Operator

Dan We the from coming line Cowen. Brennan question with have next of our

Your open. line is

Kevin Conroy

question? to we don't on next Dan. come move We'll the Why to back

Operator

with line come Stifel. Dan We have next Arias the question from of our

Your open. line is

Dan Arias

the in kind the And I was factor the again. outlook of we could I to going next year touch tackle but Kevin you XQ. or on I just of reason beginning maybe I on seasonality guide XXXX Jeff, hoping know guys for in a is know the you're ask because is quarter, the here,

the constrained is think that of first it we as Or Cologuard So is about the acceleration for you're XQ start XQ to guys still things XQ? in because typically COVID couple because likely the just you less happen months of that way XQ year? think of about off way in the to right to in transition, the

Jeff Elliott

In it's in at Jeff. when QX. QX larger from normal impact is than a you impact on Dan, seasonality, the revenue look the year,

So it's normalized. been

from guide decline are a QX moving expect There's sequential about in add trends should I QX you exciting. a look look, and that about year prior other today forward, above prepared the revenue would like exceedingly out that. well We're That to there, But tracking versus expect is lot Going talked talked there before, going XX. to Cologuard. rescreen, factors pieces Kevin put the launch well. at rescreens, growth we significant not things you XX to three-year well QX. growth to guidance for million, had above we've that now. to of $XXX when But very next

As coverage mentioned in remarks, Kevin has picked up his meaningfully.

you if launch the tracking is and the to adoption over pace fact, early XX, of look Cologuard at than In XX initial faster in of population. did the [XX]

That ordering. than electronically, they they via physician So order And start And spend there. to order fax. a up when XX% far thing, electronic last to more orders I good really ordering. would we're electronic when add XX% compared Today, -- to the year. when somebody

speak trends are Cologuard. very these good for to exciting So very all 'XX that a

Operator

our Andrew have the James. We of next from Cooper line coming with question Raymond

open. Your is line

Andrew Cooper

Maybe first, just...

Kevin Conroy

there? you are Andrew,

Andrew Cooper

me? you hear Can

Kevin Conroy

can. we Now

Andrew Cooper

going as in the XQ, sort into so to in a was back U.S., think opposed turning was feels When in quarter. and XQ Sorry near-term question last on the definitely then XQ really about that. fourth despite to And there's asking the of bit move we maybe more there difference sequential year, what I saw on, impact we lag don't just bit the COVID March. little of a some not differently. in the then know it that but a like little

bit should trajectory maybe you a obviously relative thinking of seasonality? different way little sort little there now bit the different balance just look be about we a standpoint? any just why to help is So it can it what's How then? from might a Is

Jeff Elliott

we're Andrew. now, happened biggest March In initial kind the COVID, about spike The time and April. QX. back into be This of of the talking difference into half of heading seasonality, would it

do is period fewer for here to into going orders. It's And physical. decline. then biggest during Cologuard the of -- ordered normally is Cologuard holidays, time orders time in go now, Sitting Thanksgiving is be we're So February, difference. typically for strong heading is patients Seasonally, of seasonality the the when because around very physical. kind April, very a really May March,

when And so later start impact. XX a big days to you see

a variant it's being layer of combination significant top you on COVID a very Delta seasonality. of So cases that spike and in then

Operator

Leerink. coming have with Souda the We line next question of SVB Puneet our from

open. Your line is

Puneet Souda

Just a quick brief very two-parter.

XX,XXX that just on trying There there. are have Is sales the two to rep is many now space you about seen Jeff, the are update, the you more just just in would event a I earlier? you if And effect. wondering trial? the And have so in today, how the increased of rate this dynamic And On that in don't enrollment if something this class far. earlier trials that missed say there then as patient that. person? what see of Is -- something understand percent apologies for the could are potentially

Kevin Conroy

enrollment. are question, to we was appears significantly that first in the our the be space, same than the yes, it in other entrants cancer aspiring believe colon studies prevalence we of number the enrollment And reasons many that's into lower experiencing For with that DeeP-C is and been rate for because disease, but the this that dynamic this overall be study driving of stops what through has could that's that, you continue get to There a once need sufficient study. what we're event-based patients seeing.

Jeff Elliott

force prior to Puneet, this about question, physicians. believe second asked it what Today, XX% was on of pandemic I to the Jeff. it's starting. access your you sales On is

Operator

line We Patrick Donnelly from question the Citi. have with of next our coming

open. Your line is

Patrick Donnelly

will what on touched in dive on on of the You you terms expect little for timing? data we late into 'XX a 'XX you the touched do it X.X BLUE-C bit BLUE-C the then catalyst like in a obviously market expect commercial? Can terms little other data. maybe And Kevin, products. secondarily, delay, multicancer. the bit of the with on when sounds be Cologuard some you should of the set

Kevin Conroy

to that X.X, complete testing the by or Cologuard mentioned, end XXXX. I we -- next and beginning Well, we study as year expect the of complete of

to to and want need busy. awfully the then is don't will -- We to FDA, FDA submit I

be will data that Multicancer -- long see we'll specificity we supporting to that will year. of the improve in submission. of screening, readouts in expect expect that case-control sensitivity we throughout our belief both January. It's data different So and performance, how test present terms following the two studies takes --

would occur of two present will one be will later but little We haven't in the different another and a present early yet data, when we data in testing or rounds how we residual that year that that in decided disease testing, would year. to Minimum the that liver likely early present most back half XX. Genomics touched at Antonio also, August And here data next then up in the Data ONCOGUARD team on was the We little coming December. bit year. upon of earlier. in conference expects San our PFS a published bit

exciting can disease So the for -- all and significant highlighting I lots sure minimum making residual Lots memory. of year of but covered of I I'm the early that's do investments all we're coming best that testing. it, cancer not data way next from through

Operator

have from next of the with coming question We our line BTIG. Massaro Mark

is line open. Your

Mark Massaro

on comments your just you could if Just clarify one. one maybe initiative. quick MRD the Kevin,

think just you're can second when that say I I I XXX you're could LDT. launch frankly, heard you the of you -- your this? would And earliest And what's said think out patients the read in time you year. you expecting that you assume to And in think half prepared planning data clarify remarks. next an I --

Kevin Conroy

that planning another study. MRD-X we study. correct doing highlighted year are release the which is study, also we not an NSABP that correct yet next We It's in -- haven't and or are LDT. from I The from MRD-X data

we're additional And well. working that So be on studies as will data. other

initial answer come will that study. the So separate your a data Does from question?

Operator

our coming the Couillard with of line have question from next Brandon Jefferies. We

line open. Your is

Unidentified Analyst

Curious quarters? or of may your return year? touch on One next few in-office Jeff. thoughts potentially tools levels normal when the possibility next first you to or on new the normal in updated is the of of we of This your for a forward you more access, is guys half new then Matt disposal and various sort Kevin for and scenario in kind XQ into on going this of can Brandon. a there have the And normal of

Kevin Conroy

is offices. getting of The a job great doing team into

things a of so real month-over-month. seeing signal up. growth October positive. We're And opening great was again. are a That's month the

as scores in. and now Many asking practices reps that or for calling missed of star of dozens, and offices call cases, to back once. want really physicians They in a their they're HEDIS scores having hundreds reps had what would bulk that We've want We over help. all at see orders number trying And significant up, we have it some program in to and, people X,XXX continue. screened office. you the expect are their get

And had good. So launch. we've remember, physicians Cologuard the order XXX,XXX is signal since

-- that get the in different So now are team The partnership, that ours I physician field we all and and being XX% than we're to. of team health field, full And now care physicians doing. pandemic part out slightly that decisions getting access terms up of the of they're made key over, the access. of because offices, face-to-face to can were in there think, access we things that we our back because visits know principal were the they has field, that we're to are access business that's And with and providers. our

So to getting offices. we're

frequency, find Another they we are base terms segment at next customer year I of the compelling higher the look ordering XX% were point about that as bottom in find our rate ordering if they pre-pandemic. that fact we at a than to you XX% of -- is

typically there. are Cologuard these Now evident that of The brand power physicians call we on. the don't is

more down most ordering They Our frequently, the to their prepandemic. our promotion. is Cologuard order more customers about sensitive better XX% -- are rate

XXX in see now growth tremendous we excited we field, a back the XXXX, physicians, And expect and XX% calling ordering out that. get people in about we're of to so as the top on

Operator

with Nephron. from next Meehan We Jack line question have our coming the of

Your is open. line

Jack Meehan

questions I had two liquid follow-up on biopsy.

the X.X? would BLUE-C. why in And control elaborate Could readout in you you blood of Why more than on case just you the the prospective, later is that drop you first Cologuard showed in from that blood to for colon performance what Kevin, The is stool. going cancer think than commented you timing second, then think that?

Kevin Conroy

Yes. Sure.

Jeff, that, I colon this is the of we key the asking test with time is and significant blood. the XX% known you of The getting mean screened is take study, drawn. stool first colonoscopy to stool provide they you a when an That question where enroll patients thing long indicative have X.X. time, We Cologuard you're is at-home into blood And is the leading to long of believe than blood. a that one. will Cologuard. for and two there And for not that versus market think be getting want something continue patient a the The tests that a again? but prefer is the point? blood We term. really do then, powerful indicator of second that

Jeff Elliott

Yes.

biology stream. the second the really the comes the blood to of relative one The colon of biology down to

With contact. direct in the come full-blown stool, in colon, contact with small cancers early-stage cancers. the is goes polyps a has to it stool and direct important, This

at And the how so, of use type, sample the the Stage or from true works, into of stool [indiscernible] sick. we stool by design, It's a through wall and wall colon II III. more It's blood, can very both early-stage all typically is the that's colon, of to late colon of In they its and early-stage generally enriched precancer outer keep find biology prove in high why an cancer. that's getting do think prove-out. out of an sample and Stage not cancers not the you levels

supply. That's the pick where there's up reliably in sample. start to a blood colon within older colon, We when have the blood That's you muscle. can of cancer more layer procured the

there's a test of And what between the will there. confidence have more sample and a biology comes on that sample, stool we beyond, us do blood tests most gives to So X.X. which with Cologuard differences some is out [indiscernible]

Kevin Conroy

XX% a Stage About And when a the in because colonoscopy typically see removed patients cancers blood surgery, access those, to to a are cancer strong XX% I in prior to add case removed embedded that's cancers. than Case during so all on bias the would is see towards the of studies large blood that, the sample Obviously, being I have because be Stage Cologuard done. of colonoscopy polyp. studies not already. saw to a half gone control that's a they're And why you DeeP-C procedure you in prospective before prospective The study. study, polyp don't we for collect higher comparator those in collecting we sensitivity a stool typically can't study. sample is

our do out when that's And will be. then deal conclusion that to studies, modeling that, we figure Stage because probably these the that all looking at internal sensitivity drops the program types we're So of are ultimate sensitivity case things to with control to come we that have of dynamic. where and with where the you I

Operator

question of our next Cowen. with have Dan the line from We coming Brennan

Your open. line is

Dan Brennan

having the how mean Any we Pfizer relationships could when certainly way talked was expecting read first and first Apologize reps think just did having Kevin it just and deal about usage. the nice Megan. I before, head lot a that and work Pfizer, Kevin Maybe know one, can Jeff of be? just we through the I I of drive the already heard signed you on into 'XX. impactful as was the a to about really notes kind impact

once as exact any COVID. normalize to salespeople just So the now magnitude with having through to the things the trying just of just way part of the I'm benefit of quantify think help kind

Kevin Conroy

on where think this physicians about telling dynamic when that attention during is Cologuard the test Cologuard among getting line those team, impact frequency historical with around the that's to uniformly our In is GI. physicians. big our reason care a That's team has we're the out year always that have XX coming be straight corner. calling among from -- especially our there's cautious And pandemic. sales field primary We And a we care, increased And team lot now XX Well, we ago back team orders, this with an of Net Promoter Pfizer, better pandemic know as to amazing don't the screenings Score built. absolutely in a combined which from OB/GYN, today. is With into now were having how next deal, a of customers. getting the this that what's of of said, you know correlate primary Cologuard. -- down an the

there's at optimistic be reason when about those to every So you look XXXX. dynamics,

we not with did happy enter think if give to In have Jeff to do Dan, me you an a but terms next I that. quantifying of that, year. I would be we'll I'd number, opportunity love, as that

Operator

We Craig-Hallum. have Nowak our next from the of question with Alex coming line

open. is line Your

Alex Nowak

there MRD and Already CRC. they're number of going out tests into and additional cancers in already the a market,

yes, the to advantage Or So I test you're And make what I it are the sales to it down just there. to Does come want else then, the how recurrence that to first-mover uniquely despite bit trying market? your guess better when you the do understand to it touch does positioning come comes unique team? being team? not a to sales down

Kevin Conroy

with long I term, you you at start look of think colon their customers this look them if In start at where Cologuard. the cancer, journey. many

we have half seeing so tissue In breast breast cancer, we're almost the a cancer their patients And samples. of with relationship and physician. all

point So the for tissue test. we of tissue a point be have a deep the relationship, starting and starting would the that informed

that in methylation unique deep we capabilities. We also are have

leverage backbone ability -- MRD, of this excited And the have also upon allows and way we generated. great capability. informed come type about acquisition in for to this us all the capabilities. both has then treatment this the combined tissue which our based that in native infrastructure, of -- that Thrive data we And we're giving addition our IT from field, from do So the blood-based of testing with to that's else technologies nobody us testing options and that, through ultimately Epic presented all scientific initiation to connect our of can

space. will that But we that not first to So is -- long us believe we're this strengths term, great have lead. the in this we over allow obviously

Operator

coming Mikson with our Kyle Canaccord. line the from have next question of We

is line open. Your

Kyle Mikson

a very one, a simple So just multiparter, had though.

And context, the productivity X,XXX is quarter, -- in providers the what the added trends just the on force, then daily break into guidance. range benefit assuming wondering to guess relationships provider network through third force trying that just obviously broad fourth to XX% just that I then sales quarter that, you're or in of cancer, were from So guess, your sales still, just helps. like even for a companies access screening there's and pre-COVID. of different similar I I the guess, of

your portion finally, temporary force a between there's an a about, of think to I pipeline on tests think exciting, Exact offering it's of think in just contract now this [indiscernible] guess, most time potential, these things frame, and is important 'XX about or, I question lot to screening to whether maybe to consider basis ever that. And ask again, monitoring and of you would obviously, with So and perspective? and kind maybe investor sales long-term like kind of a competitor being all the launched then that going 'XX, be from what's like an

Jeff Elliott

I'll Jeff. is This start.

productivity trend force to what fully in they're field and sales were the and know is we this on September. into capable question. at Look, high for So expectations the relative broader have August now team. back we more getting where We of, this team

the rest improve into this expect throughout So to productivity year. of year I next and

the So Cologuard business that's driver for probably biggest forward. going the

established as capability, platforms second we we think We we a -- IT the more get pipeline, another we have. to engine copromoted other have This still what I love that is about marketing products consider that, a lot same only productive we've is talked we foundation for we'll the On would have internally Cologuard. it. add that something And full would. Kevin project? the the the as the question [indiscernible] we We have, with question,

full blood, support X.X, Now multicancer, other products. Cologuard colon

allow but this us productivity, also not only of that to the improve so the leverage improve and will this profitability And investment.

Cologuard, answer internally. Last through the they busy XXXX, talked the consider the I growth myself franchise. frame are lot really our the on unsurpassed XXXX we it, breadth a Internally, the what what it's have think although opportunities today Oncotype have said I'll of time we space. about would personally, in we for So this of we've level growth

really out [indiscernible] years. for going X, multicancer, [deteriorate] MRD, Cologuard We to a really few hit also next and that's a be robust have pipeline, exciting you the

Operator

Thank you Thank conference you. for concludes call. This participating. today's

now may You disconnect.

Exact Sciences (EXAS) 3 Nov 212021 Q3 Earnings call transcript