Exact Sciences Corp

EXAS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$64.00	Zdkvd	Lpmqmhxb

Exact Sciences Earnings: Cologuard Strength Improves Projected Timeline to Free Cash Flow

Julie Utterback

May 10, 2023

Exact Sciences delivered strong first-quarter results on better-than-anticipated Cologuard expansion that allowed management to increase its 2023 sales outlook and accelerate its timeline to reaching positive free cash flow in 2023, up from 2024. Exact's positive sales growth and profit trends inform our positive moat trend, although we do not think Exact has dug an economic moat quite yet. Based on these positive trends, we have tinkered with our near-term assumptions slightly, but we do not anticipate changing our $64 fair value estimate materially. Shares remain about fairly valued, too.

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