EXAS | Market Cap: $20.0B (03/23/26)
Industry:
Healthcare Equipment, Supplies, & Technology

DESCRIPTION

Exact Sciences is a cancer diagnostics company built around two core products: Cologuard, a non-invasive colorectal cancer (CRC) screening test, and Oncotype DX, a precision oncology test used post-diagnosis. Cologuard is a stool-based DNA test that detects biomarkers associated with CRC and pre-cancerous lesions. Patients collect samples at home and mail them to Exact Sciences' lab for analysis. In March 2025, Exact Sciences launched Cologuard Plus, a next-generation version with 95% cancer sensitivity and 94% specificity. Oncotype DX analyzes gene activity in a breast tumor to predict chemotherapy benefit and recurrence risk, and is recognized as standard of care in early-stage breast cancer globally across roughly 120 countries. Exact Sciences earns revenue by performing lab tests and billing payers — Medicare, commercial insurers, and Medicaid — per test. Volume is driven by physician ordering, patient compliance, and payer coverage, while Cologuard's three-year rescreen cycle creates a recurring revenue stream. Rescreens now represent over 25% of screening volume. The company sells to primary care physicians and oncologists via a large direct sales force, and also reaches patients through care gap programs and a consumer-initiated ordering platform. The Screening segment represents roughly 78% of revenue, growing around 20% annually, while Precision Oncology makes up the remainder. In November 2025, Exact Sciences agreed to be acquired by Abbott for $105 per share in cash, with the deal expected to close in Q2 2026.

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