|EXACT Sciences Slumps 5.50% After update on Cologuard tests|
|By Josh Gee|
|Thursday, 25 June 2015 18:22|
EXACT Sciences Corporation(NASDAQ:EXAS) has confirmed that it is expecting expects ending quarter two of the year with about 21,000 completed Cologuard tests.Over 13,800 physicians made order of more than one Cologuard test since October 2014 launch and patient compliance rate for Cologuard surged to 73 percent. The company is expecting completion of 32,000 tests during quarter three of the year.
Kevin T. Conroy, chairman and chief executive officer of Exact Sciences, opined that the launch of Cologuard continues to be robust and one must continue to invest in the growth. Conroy opined that they are glad with patient compliance as it confirmed Cologuard is growing the number who got screened.
The U.S. Food and Drug Administration confirmed non-invasive stool-DNA based colon cancer screening test for average-risk patients previous year and the final national coverage determination for Cologuard was confirmed by Centers for Medicare and Medicaid Services (CMS) on October 9, 2014.
Exact Sciences would be confirming quarter two of the year and give a commercial update during the earnings call in July 2015.
The patient compliance rate is received from some valid test results confirmed by number of collection kits given to patients two months or more before June 19, 2015.
Exact Sciences Corp is molecular diagnostics firm which is focused on early detection as well as prevention of deadliest forms of cancer. The firm has intellectual property protecting the non-invasive screening technology for detection of colorectal cancer.
Shares of the company were down 5.50% to $29.45.