Exact Sciences Corp

EXAS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$73.00	Zmpl	Jbwnzbkp

Exact Sciences Earnings: Guides In Line With Our View; Progress Suggested on Pipeline and Margins

Jay Lee

Feb 23, 2024

Exact Science's fourth-quarter results and 2024 guidance were in line with our expectations. The midpoint of the revenue guidance ranges is $2.83 billion for total revenue, $2.165 billion for screening, and $665 million for Precision Oncology, which are year-on-year growth rates of 13%, 16%, and 6%, respectively. We maintain our fair value estimate of $78 per share. The shares are trading at a 14% discount to this, which we view as slightly undervalued.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

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United States