Exact Sciences on Tuesday reported a net loss of $1 million, or 3 cents a share, for the third quarter that ended Sept. 30, narrower than the $3 million net loss, or 11 cents a share for the same period last year.

Revenue was $1.3 million for the most recent quarter compared to negative $663,000 for the year-ago quarter, which reflected a reversal of previously recorded revenues, chief financial officer Maneesh Arora said.

The 2009 figures include a non-cash allocation that stems from Exact Sciences' patent sale to Genzyme Corp. last January. The $18 million transaction will be recognized over the five-year life of the patents.

Exact Sciences, a biotechnology company working on a stool DNA test for colorectal cancer, recently moved to Madison from Marlborough, Mass.

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