Exact Sciences shares hit new all-time highs in after-hours trading Monday after the Madison cancer test company released third-quarter results well above analysts’ expectations, and raised its financial projections for 2017.
Exact reported revenue of $72.6 million for the three months that ended Sept. 30, more than double its revenue of $28.1 million for the 2016 third quarter.
The company said it processed about 161,000 Cologuard tests during the most recent quarter, up from 68,000 in the same period last year. Exact Sciences makes Cologuard, a stool-based DNA test to screen for colorectal cancer.
Exact’s third-quarter loss was $26.9 million, or 23 cents a share, down from $37.8 million, or 36 cents a share a year ago.
Another 10,000 health care providers began prescribing Cologuard during the quarter, raising the total number to 91,000. “A growing number of patients and physicians are demanding Cologuard,” CEO and chairman Kevin Conroy said.
Wall Street analysts surveyed by Zacks Investment Research expected revenue of $64.8 million and a loss of 30 cents a share.
Exact also boosted its outlook for the full year, projecting revenue of $254 million to $257 million and Cologuard test volume of 568,000 to 572,000, up from previously anticipated revenue of $230 million to $240 million from at least 550,000 completed tests.
The third-quarter results were released after the markets closed for the day. Exact stock ended Monday at $50.10 a share, down $1.06. But in after-hours trading, the stock rose to $53 a share. After-hours trading involves buying and selling securities over electronic communication networks during a four-hour period after the markets have closed.
Exact Sciences shares have jumped significantly in recent months. In the past year, the stock has ranged from $13.05 to $51.70 a share.
A Barron’s article on Oct. 3 noted the stock had, at that point, tripled its value over the course of the year and said investors are betting Cologuard will “go from a niche product to a mainstream one.” At least one analyst projected even bigger gains, the article noted: Canaccord’s Mark Massaro had raised his price target to $60 a share, up from $45, saying he thinks Cologuard revenue “will likely be explosive” by 2020 and 2021.
The Associated Press contributed to this report.