Exact Sciences second quarter total revenues decreases to $1.0 million

Exact Sciences Corp. (Nasdaq: EXAS) today announced its financial results for the quarter ended June 30, 2011.

“We are pleased to have initiated the clinical trial of our Cologuard™ non-invasive colorectal cancer screening product earlier this summer”

Exact reported total revenues of $1.0 million for the second quarter of 2011, compared to total revenues of $1.3 million during the same period of 2010. Total revenues for the six-month period ended June 30, 2011, were $2.1 million, compared to $2.6 million during the first six months of 2010.

Exact reported a net loss of ($6.6) million, or ($0.13) a share, for the second quarter of 2011. The company had a net loss of ($2.5) million, or ($0.06) a share, for the same period of 2010. The net loss for the six-month period ended June 30, 2011, was ($11.0) million, or ($0.21) a share. The company's net loss for the same period of 2010 was ($4.6) million, or ($0.12) a share.

Operating expenses for the quarter ended June 30, 2011, were $7.7 million, compared to $3.8 million for the second quarter of 2010. Operating expenses for the first six months of 2011 totaled $13.1 million, compared to $7.2 million during the same period of 2010. Operating expenses for the quarter and six-month period ended June 30, 2011, increased from the same periods a year ago primarily because of increased research and development activity, and other costs associated with the company's recently initiated clinical trial of its non-invasive Cologuard™ colorectal cancer screening test.

Exact ended the second quarter of 2011 with cash, cash equivalents and marketable securities of $83.5 million, compared to $95.4 million at Dec. 31, 2010.

"We are pleased to have initiated the clinical trial of our Cologuard™ non-invasive colorectal cancer screening product earlier this summer," said Kevin T. Conroy, the company's president and chief executive. "Starting the trial is a major milestone for the company that wouldn't have been possible without the outstanding team we've built. We are focused now on the trial's successful completion and delivering to market a patient-friendly screening test that enables the early detection of the disease."