EXACT Sciences Corp.

MADISON, Wis.--(BUSINESS WIRE)--Exact Sciences Corp. (NASDAQ: EXAS), a leading provider of cancer screening and diagnostic tests, today announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) for its previously announced license agreement with Freenome. Under the agreement, the Company acquired exclusive rights in the United States to Freenome’s blood-based colorectal cancer (CRC) screening tests. The exclusive license expands Exact Science’s leadership in cancer screening by adding blood-based CRC screening options to its portfolio. Exclusivity remains subject to Freenome’s test receiving first-line FDA approval. 2025 Outlook As stated on the recent third quarter earnings call, the Company’s 2025 financial guidance did not include the impact of the initial payment under the licensing agreement. With the completion of the transaction, the Company has now updated its full year 2025 adjusted EBITDA guidance to reflect the initial $75 million cash payment as follows: Prior guidance November 10 update Change at midpoint Y/Y growth rate Total revenue $3.220 - $3.235 billion $3.220 - $3.235 billion - 17% Screening $2.510 - $2.520 billion $2.510 - $2.520 billion - 20% Precision Oncology $710 - $715 million $710 - $715 million - 9% Adjusted EBITDA $470 - $480 million $395 - $405 million - $75 million 24% About Exact Sciences Corp. A leading provider of cancer screening and diagnostic tests, Exact Sciences (Nasdaq: EXAS) helps patients and health care providers make timely, informed decisions before, during, and after a cancer diagnosis. The company’s growing portfolio includes well-established brands such as Cologuard® and Oncotype DX®, along with innovative solutions like the Cancerguard™ test for multi-cancer early detection and the Oncodetect™ test for molecular residual disease and recurrence monitoring. Exact Sciences continues to invest in a robust pipeline of advanced cancer diagnostics aimed at improving outcomes. For more information, visit ExactSciences.com, follow @ExactSciences on X, or connect on LinkedIn and Facebook. Non-GAAP disclosure In addition to the Company's financial results determined in accordance with U.S. GAAP, the Company provides non-GAAP measures that it determines to be useful in evaluating its operating performance and liquidity, including adjusted EBITDA. The Company defines adjusted EBITDA as net loss adjusted for interest expense, income tax expense or benefit, depreciation expense, amortization of acquired intangible assets, investment income or loss, and certain other items which include significant non-cash items and other charges or benefits resulting from transactions or events that are highly variable, significant in size, and that we do not believe are indicative of ongoing or future business operations. Management believes that presentation of non-GAAP financial measures provides supplemental information useful to investors in understanding our underlying operating results and trends. Non-GAAP financial information, when taken collectively, maybe helpful to investors because it provides consistency and comparability of the Company's operating results across reporting periods. Management uses this non-GAAP financial information to establish budgets, manage the Company's business, and set incentive and compensation arrangements. Non-GAAP financial information is presented for supplemental information purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. For example, adjusted EBITDA excludes a number of expense items that are included in net loss. As a result, positive adjusted EBITDA may be achieved while a significant net loss persists. For more information on these non-GAAP financial measures, see the tables captioned “U.S. GAAP to Non-GAAP Reconciliation” in the Company’s earnings releases. The Company presents certain forward-looking statements about the Company's future financial performance that include non-GAAP measures. These non-GAAP measures include adjustments like stock-based compensation, acquisition and integration costs including gains and losses on contingent consideration, and other significant charges or gains that are difficult to predict for future periods because the nature of the adjustments pertain to events that have not yet occurred. Additionally, management does not forecast many of the excluded items for internal use. Information reconciling forward-looking non-GAAP measures to U.S. GAAP measures is therefore not available without unreasonable effort and is not provided. The occurrence, timing, and amount of any of the items excluded from GAAP to calculate non-GAAP could significantly impact the Company's GAAP results. Forward-Looking Statement This news release contains forward-looking statements concerning our expectations, anticipations, intentions, beliefs, or strategies regarding the future. These forward-looking statements are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions and events to differ materially from those anticipated. Therefore, you should not place undue reliance on forward-looking statements. Examples of forward-looking statements include, among others, statements regarding expected future operating results and the anticipated benefits of the license agreement and the parties’ ability to successfully implement the terms of the agreement. Important factors that could cause actual results, conditions and events to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully develop and commercialize new products and services and assess potential market opportunities; our ability to successfully and profitably market our products and services; the acceptance of our products and services by patients and healthcare providers; our reliance upon certain suppliers; our ability to retain and hire key personnel; approval and maintenance of adequate reimbursement rates for our products and services within and outside of the U.S.; the amount and nature of competition for our products and services; the effects of any judicial, executive or legislative action affecting us or the healthcare system; government shutdowns and changes in government policies, laws, regulations, and staffing; recommendations, guidelines and quality metrics issued by various organizations regarding cancer screening or our products and services; our ability to obtain and maintain regulatory approvals and comply with applicable regulations; our ability to protect and enforce our intellectual property; our success establishing and maintaining collaborative, licensing, and supplier arrangements; the results of our validation studies and clinical trials, including the risks that the results of future studies and trials may differ materially from the results of previously completed studies and trials; our ability to manage an international business and our expectations regarding our international expansion and opportunities; the potential effects of changing macroeconomic conditions and geopolitical conflict; the possibility that the anticipated benefits from our business acquisitions or collaborative or licensing arrangements will not be realized in full or at all or may take longer to realize than expected; the possibility that the anticipated benefits from our restructuring and cost reduction initiatives will not be realized in full or at all or may take longer to realize than expected; the outcome of any potential litigation or legal proceeding; and our ability to raise the capital necessary to support our operations or meet our payment obligations under our indebtedness. The risks included above are not exhaustive. Other important risks and uncertainties are described in the Risk Factors sections of our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and in our other reports filed with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise

Delivered record total third quarter revenue of $851 million, an increase of 20% on a reported and core revenue basis, including Screening revenue of $666 million and Precision Oncology revenue of $184 million Raised full-year 2025 revenue and adjusted EBITDA guidance midpoints by $78 million and $10 million, respectively Generated record cash from operations and free cash flow Launched Cancerguard ® , the company's multi-cancer early detection test, for patients in the United States MADISON, Wis.--(BUSINESS WIRE)--Exact Sciences Corp. (Nasdaq: EXAS), a leading provider of cancer screening and diagnostic tests, today announced that the Company generated revenue of $851 million for the third quarter ended September 30, 2025, compared to $709 million for the same period of 2024. “Exact Sciences continues to advance our mission to prevent cancer and detect it earlier through a relentless focus on patients,” said Kevin Conroy, chairman and CEO. “Our third quarter results reflect the power of our patient-centric platform and our trusted brands, Cologuard® and Oncotype DX®. The momentum we are building is fueling growth, advancing innovative new tests like Cancerguard, and strengthening our financial performance." Third quarter 2025 financial results For the three-month period ended September 30, 2025, as compared to the same period of 2024 (where applicable): Total revenue was $851 million, an increase of 20% on a reported and core revenue basis Screening revenue was $666 million, an increase of 22% Precision Oncology revenue was $184 million, an increase of 13% Gross margin was 69%, and adjusted gross margin was 71% Net loss was $20 million, or $0.10 per share, an improvement of $19 million and $0.10 per share, respectively Adjusted EBITDA was $135 million, an increase of $37 million or 37%, and adjusted EBITDA margin was 16%, an increase of 200 basis points Operating cash flow was $220 million and free cash flow was $190 million, an increase of 59% and 69%, respectively, Cash, cash equivalents, and marketable securities were $1.00 billion at the end of the quarter Screening primarily includes laboratory service revenue from Cologuard® tests and PreventionGenetics. Precision Oncology includes laboratory service revenue from global Oncotype DX® and therapy selection tests. Platform and pipeline advancements In September 2025, Exact Sciences launched its Cancerguard® multi-cancer early detection (MCED) test as a laboratory-developed test. Cancerguard is the first multi-cancer early detection test commercially available that analyzes multiple biomarker classes to help detect a wide range of cancers, including those that often go undiagnosed until later stages when treatment options are limited. The test is supported by data from robust test-development studies, such as DETECT-A and ASCEND 2, involving more than 20,000 participants, including the first-ever prospective interventional MCED trial. The Company brings the test to patients in the United States through its large commercial organization and unique ExactNexusTM technology platform. To support patient access to Cancerguard, the Company recently announced an agreement with Quest Diagnostics to enable blood collection at the company’s approximately 7,000 patient access sites across the U.S., including through its patient service centers and in-office phlebotomists in provider offices, as well as mobile phlebotomy services for at-home collections. 2025 outlook The Company has updated its full-year 2025 revenue and adjusted EBITDA guidance: Prior guidance November 3 update Change at midpoint Y/Y growth rate Total revenue $3.130 - $3.170 billion $3.220 - $3.235 billion $77.5 million 17% Screening $2.440 - $2.470 billion $2.510 - $2.520 billion $60.0 million 20% Precision Oncology $690 - $700 million $710 - $715 million $17.5 million 9% Adjusted EBITDA $455 - $475 million $470 - $480 million $10.0 million 47% Third-quarter 2025 conference call & webcast Company management will host a conference call and webcast on Monday, November 3, 2025, at 5 p.m. ET to discuss third-quarter 2025 results. The webcast will be available at exactsciences.com. Domestic callers should dial 888-330-2384 and international callers should dial +1-240-789-2701. The access code for both domestic and international callers is 4437608. A replay of the webcast will be available at exactsciences.com. The webcast, conference call, and replay are open to all interested parties. Non-GAAP disclosure In addition to the Company's financial results determined in accordance with U.S. GAAP, the Company provides non-GAAP measures that it determines to be useful in evaluating its operating performance and liquidity. The Company presents the following non-GAAP measures: Core revenue — Core revenue is calculated to adjust for recent acquisitions and divestitures and foreign currency exchange rate fluctuations. Revenue from recent acquisitions and divestitures is adjusted for the 12 months following acquisition or divestiture when the periods are not comparable. To exclude the impact of change in foreign currency exchange rates from the prior period under comparison, the Company converts the current period non-U.S. dollar denominated revenue using the prior year comparative period exchange rates. Adjusted EBITDA and adjusted EBITDA margin — The Company defines adjusted EBITDA as net loss adjusted for interest expense, income tax expense or benefit, depreciation expense, amortization of acquired intangible assets, investment income or loss, and certain other items which include significant non-cash items and other charges or benefits resulting from transactions or events that are highly variable, significant in size, and that we do not believe are indicative of ongoing or future business operations. These items are discussed in more detail below in the tables captioned “U.S. GAAP to Non-GAAP Reconciliation”. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by total revenue. Adjusted gross profit, adjusted research and development expenses, adjusted sales and marketing expenses, adjusted general and administrative expenses, adjusted income (loss) from operations, adjusted net income (loss) before tax, adjusted income tax expense (benefit), adjusted net income (loss), and adjusted earnings per share — The Company refers to various “adjusted” amounts or measures on an “adjusted” basis, which exclude the impact of amortization of intangible assets and certain charges or benefits resulting from transactions or events that are highly variable, significant in size, and that we do not believe are indicative of ongoing or future business operations. These items are described in more detail below in the tables captioned “U.S. GAAP to Non-GAAP Reconciliation”. The Company also presents certain of these adjusted measures as a percentage of revenue including adjusted gross margin. Free cash flow — The Company defines free cash flow as net cash used in or provided by operating activities, reduced by purchases of property, plant and equipment. Management uses free cash flow as a liquidity measure. Management believes that presentation of non-GAAP financial measures provides supplemental information useful to investors in understanding our underlying operating results and trends. Non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability of the Company's operating results across reporting periods. Management uses this non-GAAP financial information to establish budgets, manage the Company's business, and set incentive and compensation arrangements. Free cash flow provides useful information to management and investors since it measures our ability to generate cash from business operations. Non-GAAP financial information is presented for supplemental information purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. For example, adjusted gross margin and adjusted gross profit exclude the amortization of acquired intangible assets although such measures include the revenue associated with the acquisitions. Additionally, adjusted EBITDA and other adjusted operating result metrics exclude a number of expense items that are included in net loss. As a result, positive adjusted EBITDA, adjusted operating income, or adjusted earnings per share may be achieved while a significant net loss persists. For more information on these non-GAAP financial measures, see the tables captioned “U.S. GAAP to Non-GAAP Reconciliation.” The Company presents certain forward-looking statements about the Company's future financial performance that include non-GAAP measures. These non-GAAP measures include adjustments like stock-based compensation, acquisition and integration costs including gains and losses on contingent consideration, and other significant charges or gains that are difficult to predict for future periods because the nature of the adjustments pertain to events that have not yet occurred. Additionally, management does not forecast many of the excluded items for internal use. Information reconciling forward-looking non-GAAP measures to U.S. GAAP measures is therefore not available without unreasonable effort and is not provided. The occurrence, timing, and amount of any of the items excluded from GAAP to calculate non-GAAP could significantly impact the Company's GAAP results. About the Cologuard® and Cologuard Plus™ tests: Developed in collaboration with Mayo Clinic, the Cologuard and Cologuard Plus tests are non-invasive stool-based colorectal cancer (CRC) screening options for the 110 million U.S. adults ages 45 or older who are at average risk for the disease. The Cologuard test revolutionized CRC screening by detecting specific DNA markers and blood associated with cancer and precancer in stool, allowing patients to use the test at home without special preparation or time off. It is covered by Medicare and included in national screening guidelines from both the American Cancer Society (2018) and the U.S. Preventive Services Task Force (2021). Since its launch in 2014, the Cologuard test has been used to screen for CRC 20 million times. Building on this success, the FDA-approved Cologuard Plus test raises the performance bar even further and features novel biomarkers, improved laboratory processes, and enhanced sample stability. The Cologuard Plus test is expected to reduce false positives by nearly 40%, to help minimize unnecessary follow-up colonoscopies. Both tests demonstrate Exact Sciences’ commitment to improving CRC screening access and outcomes. Exact Sciences launched the Cologuard Plus test with Medicare coverage and guideline inclusion in the first quarter of 2025. About the Oncodetect® test Molecular residual disease refers to the presence of tumor-specific DNA in the body. These fragments of genetic information, known as circulating tumor DNA (ctDNA), are shed into the bloodstream by tumors, and their presence may indicate that cancer is present. Exact Sciences’ MRD offering leverages our in-house capabilities in whole exome sequencing to offer a tumor-informed MRD test for a personalized approach to detecting and monitoring residual cancer in patients with solid tumors. By identifying somatic genomic alterations in tumor DNA and detecting a subset in ctDNA from blood, the Oncodetect test enables the detection of ctDNA before, during, and after treatment. This critical information can guide therapy decisions and monitor for cancer recurrence. The Oncodetect test has not been cleared or approved by the U.S. Food and Drug Administration or any other national regulatory authority. About the Cancerguard® test The Cancerguard test is designed to detect multiple cancers in their earliest stages from a single blood draw. Building upon decades of research, Exact Sciences intends to harness the additive sensitivity of multiple biomarker classes to detect more cancers in earlier stages. The Cancerguard test will utilize a streamlined and standardized imaging-based diagnostic pathway, which may result in fewer follow-up procedures. The test is being developed to provide high specificity to help minimize false positives while detecting multiple cancers, including those with the biggest toll on human health. These features describe current development goals. The Cancerguard test has not been cleared or approved by the U.S. Food and Drug Administration or any other national regulatory authority. To learn more, visit http://www.exactsciences.com/cancerguard. About Exact Sciences’ Precision Oncology portfolio Exact Sciences’ Precision Oncology portfolio delivers actionable genomic insights to inform prognosis and cancer treatment after a diagnosis. In breast cancer, the Oncotype DX Breast Recurrence Score® test is the only test shown to predict the likelihood of chemotherapy benefit as well as recurrence in invasive breast cancer. The Oncotype DX test is recognized as the standard of care and is included in all major breast cancer treatment guidelines. The OncoExTra® test applies comprehensive tumor profiling, utilizing whole exome and whole transcriptome sequencing, to aid in therapy selection for patients with advanced, metastatic, refractory, relapsed, or recurrent cancer. With an extensive panel of approximately 20,000 genes and 169 introns, the OncoExTra test is one of the most comprehensive genomic (DNA) and transcriptomic (RNA) panels available today. Exact Sciences enables patients to take a more active role in their cancer care and makes it easy for providers to order tests, interpret results, and personalize medicine, by applying real-world evidence and guideline recommendations. To learn more, visit precisiononcology.exactsciences.com. About PreventionGenetics Founded in 2004 and located in Marshfield, Wisconsin, PreventionGenetics is a CLIA and ISO 15189:2012 accredited laboratory. PreventionGenetics delivers clinical genetic testing of the highest quality at fair prices with exemplary service to people around the world. PreventionGenetics has 25 PhD geneticists on staff and provides tests for nearly all clinically relevant genes including the powerful and comprehensive germline whole genome sequencing test, PGnome® and whole exome sequencing test, PGxome®. PreventionGenetics was acquired by Exact Sciences in December 2021. About Exact Sciences Corp. A leading provider of cancer screening and diagnostic tests, Exact Sciences (Nasdaq: EXAS) helps patients and health care providers make timely, informed decisions before, during, and after a cancer diagnosis. The company’s growing portfolio includes well-established brands such as Cologuard® and Oncotype DX®, along with innovative solutions like the Cancerguard® test for multi-cancer early detection and the Oncodetect® test for molecular residual disease and recurrence monitoring. Exact Sciences continues to invest in a robust pipeline of advanced cancer diagnostics aimed at improving outcomes. For more information, visit ExactSciences.com, follow Exact Sciences on X @ExactSciences, or find Exact Sciences on LinkedIn and Facebook. Forward-Looking Statements This news release contains forward-looking statements concerning our expectations, anticipations, intentions, beliefs or strategies regarding the future. These forward-looking statements are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions and events to differ materially from those anticipated. Therefore, you should not place undue reliance on forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, including the anticipated impacts of restructuring and cost reduction initiatives; expectations for development or launching of new or improved products and services and their adoption and impact on patients; insurance reimbursement potential; our strategies, clinical trials, commercialization efforts, positioning, competition, resources, capabilities and expectations for future events or performance; and the anticipated benefits of our acquisitions and collaborative and licensing arrangements, including estimated synergies and other financial impacts. Important factors that could cause actual results, conditions and events to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully develop and commercialize new products and services and assess potential market opportunities; our ability to successfully and profitably market our products and services; the acceptance of our products and services by patients and healthcare providers; our reliance upon certain suppliers; our ability to retain and hire key personnel; approval and maintenance of adequate reimbursement rates for our products and services within and outside of the U.S.; the amount and nature of competition for our products and services; the effects of any judicial, executive or legislative action affecting us or the healthcare system; government shutdowns and changes in government policies, laws, regulations, and staffing; recommendations, guidelines and quality metrics issued by various organizations regarding cancer screening or our products and services; our ability to obtain and maintain regulatory approvals and comply with applicable regulations; our ability to protect and enforce our intellectual property; our success establishing and maintaining collaborative, licensing, and supplier arrangements; the results of our validation studies and clinical trials, including the risks that the results of future studies and trials may differ materially from the results of previously completed studies and trials; our ability to manage an international business and our expectations regarding our international expansion and opportunities; the potential effects of changing macroeconomic conditions and geopolitical conflict; the possibility that the anticipated benefits from our business acquisitions or collaborative or licensing arrangements will not be realized in full or at all or may take longer to realize than expected; the possibility that the anticipated benefits from our restructuring and cost reduction initiatives will not be realized in full or at all or may take longer to realize than expected; the outcome of any potential litigation or legal proceeding; and our ability to raise the capital necessary to support our operations or meet our payment obligations under our indebtedness. The risks included above are not exhaustive. Other important risks and uncertainties are described in the Risk Factors sections of our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and in our other reports filed with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. EXACT SCIENCES CORPORATION Selected Unaudited Financial Information Condensed Consolidated Statements of Operations (Amounts in thousands, except per share data) ​ Three Months Ended September 30, Nine Months Ended September 30, ​ 2025 2024 2025 2024 Revenue $ 850,739 $ 708,655 $ 2,368,609 $ 2,045,443 Cost of sales 266,810 217,170 721,680 619,319 Gross profit 583,929 491,485 1,646,929 1,426,124 Operating expenses Research and development 117,290 101,487 331,501 333,501 Sales and marketing 250,228 220,264 761,656 649,596 General and administrative 241,413 193,539 670,681 590,715 Impairment of long-lived and indefinite-lived assets 543 18,698 6,794 31,296 Total operating expenses 609,474 533,988 1,770,632 1,605,108 Other operating income — 3,100 — 6,632 Loss from operations (25,545 ) (39,403 ) (123,703 ) (172,352 ) Other income (expense) Investment income, net 17,577 11,582 34,500 29,596 Interest expense, net (9,789 ) (9,607 ) (29,602 ) (17,439 ) Total other income 7,788 1,975 4,898 12,157 Net loss before tax (17,757 ) (37,428 ) (118,805 ) (160,195 ) Income tax expense (1,837 ) (808 ) (3,189 ) (4,077 ) Net loss $ (19,594 ) $ (38,236 ) $ (121,994 ) $ (164,272 ) Net loss per share—basic and diluted $ (0.10 ) $ (0.21 ) $ (0.65 ) $ (0.89 ) Weighted average common shares outstanding—basic and diluted 189,262 184,795 188,335 183,823 EXACT SCIENCES CORPORATION Selected Unaudited Financial Information Condensed Consolidated Balance Sheets (Amounts in thousands) September 30, 2025 December 31, 2024 Assets Cash and cash equivalents $ 789,037 $ 600,889 Marketable securities 214,058 437,137 Accounts receivable, net 306,051 248,968 Inventory 164,784 162,383 Prepaid expenses and other current assets 116,796 122,046 Property, plant and equipment, net 704,065 693,673 Operating lease right-of-use assets 121,114 116,952 Goodwill 2,368,028 2,366,676 Intangible assets, net 941,200 1,009,693 Other long-term assets, net 174,876 169,722 Total assets $ 5,900,009 $ 5,928,139 Liabilities and stockholders’ equity Convertible notes, net, current portion $ — $ 249,153 Current liabilities 584,260 483,034 Convertible notes, net, less current portion 2,325,637 2,321,067 Other long-term liabilities 324,807 315,503 Operating lease liabilities, less current portion 163,886 157,133 Total stockholders’ equity 2,501,419 2,402,249 Total liabilities and stockholders’ equity $ 5,900,009 $ 5,928,139 EXACT SCIENCES CORPORATION U.S. GAAP to Non-GAAP Reconciliation Core Revenue (Unaudited) (Amounts in thousands) GAAP Three Months Ended September 30, 2025 2024 % Change Screening $ 666,240 $ 544,901 22 % Precision Oncology 184,499 163,754 13 % Total $ 850,739 $ 708,655 20 % Non-GAAP Three Months Ended September 30, 2025 2024 (1) % Change Foreign Currency Impact (2) Core Revenue (3) % Change (3) Screening $ 666,240 $ 544,901 22 % $ — $ 666,240 22 % Precision Oncology 184,499 163,193 13 % (1,334 ) 183,165 12 % Total $ 850,739 $ 708,094 20 % $ (1,334 ) $ 849,405 20 % GAAP Nine Months Ended September 30, 2025 2024 % Change Screening $ 1,834,728 $ 1,551,305 18 % Precision Oncology 533,881 494,138 8 % Total $ 2,368,609 $ 2,045,443 16 % Non-GAAP Nine Months Ended September 30, 2025 2024 (1) % Change Foreign Currency Impact (2) Core Revenue (3) % Change (3) Screening $ 1,834,728 $ 1,551,305 18 % $ — $ 1,834,728 18 % Precision Oncology (4) 533,881 488,963 9 % (4,072 ) 529,809 8 % Total $ 2,368,609 $ 2,040,268 16 % $ (4,072 ) $ 2,364,537 16 % (1) Excludes revenue from the divested Oncotype DX Genomic Prostate Score test, which ceased generating revenue at the completion of a transition period in the third quarter of 2024. (2) Foreign currency impact is calculating the change in current period non-U.S. dollar denominated revenue using the prior year comparative period exchange rates. (3) Excludes revenue from the divested Oncotype DX Genomic Prostate Score test for the three and nine months ended September 30, 2024 and the impact of foreign currency exchange rate fluctuations. (4) Includes sublicense revenue of $7.5 million for the nine months ended September 30, 2025 that was recognized under a sublicense agreement executed in the second quarter of 2025 related to technology licensed from TwinStrand Biosciences, Inc. in the third quarter of 2024. EXACT SCIENCES CORPORATION U.S. GAAP to Non-GAAP Reconciliation Adjusted EBITDA (Unaudited) (Amounts in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net loss $ (19,594 ) $ (38,236 ) $ (121,994 ) $ (164,272 ) Interest expense 9,789 9,607 29,602 17,439 Income tax expense 1,837 808 3,189 4,077 Investment income (17,577 ) (11,582 ) (34,500 ) (29,596 ) Depreciation and amortization 55,882 54,771 165,226 161,712 Stock-based compensation (1) 61,406 57,219 192,225 197,143 Acquisition and integration costs (2) 10,559 5,310 23,755 2,836 Impairment of long-lived and indefinite-lived assets (3) 543 18,698 6,794 31,296 Gain on sale of asset (4) — (3,100 ) — (6,632 ) Restructuring and business transformation (5) 32,580 8,736 72,608 11,671 License agreement termination (6) — — — 25,843 Legal settlement (7) — (3,500 ) — (3,500 ) Adjusted EBITDA $ 135,425 $ 98,731 $ 336,905 $ 248,017 Adjusted EBITDA margin 16 % 14 % 14 % 12 % Refer below the Reconciliations of U.S. GAAP to Non-GAAP Measures section for endnote descriptions. EXACT SCIENCES CORPORATION U.S. GAAP to Non-GAAP Reconciliation U.S. GAAP to Non-GAAP Measures (Unaudited) (Amounts in thousands) Three Months Ended September 30, 2025 Gross Profit Research & Development Expenses Sales & Marketing Expenses General & Administrative Expenses Income (Loss) from Operations Net Income (Loss) Before Tax Income Tax Benefit (Expense) Net Income (Loss) Net Income (Loss) Per Diluted Share Reported $ 583,929 $ 117,290 $ 250,228 $ 241,413 $ (25,545 ) $ (17,757 ) $ (1,837 ) $ (19,594 ) $ (0.10 ) Reported percent of revenue 69 % 14 % 29 % 28 % Amortization of acquired intangible assets 21,967 (275 ) (1,924 ) (8 ) 24,174 24,174 461 24,635 0.12 Acquisition and integration costs (2) — — — (10,559 ) 10,559 10,559 (80 ) 10,479 0.05 Impairment of long-lived and indefinite-lived assets (3) — — — — 543 543 — 543 0.00 Restructuring and business transformation (5) — (174 ) (4,508 ) (27,898 ) 32,580 32,580 (232 ) 32,348 0.16 Rounding adjustment from basic to diluted shares (8) — — — — — — — — 0.01 Adjusted (non-GAAP) $ 605,896 $ 116,841 $ 243,796 $ 202,948 $ 42,311 $ 50,099 $ (1,688 ) $ 48,411 $ 0.24 Adjusted percent of revenue (non-GAAP) 71 % 14 % 29 % 24 % Weighted average common shares outstanding - basic 189,262 Weighted average common shares outstanding - diluted 200,591 Nine Months Ended September 30, 2025 Gross Profit Research & Development Expenses Sales & Marketing Expenses General & Administrative Expenses Income (Loss) from Operations Net Income (Loss) Before Tax Income Tax Benefit (Expense) Net Income (Loss) Net Income (Loss) Per Diluted Share Reported $ 1,646,929 $ 331,501 $ 761,656 $ 670,681 $ (123,703 ) $ (118,805 ) $ (3,189 ) $ (121,994 ) $ (0.65 ) Reported percent of revenue 70 % 14 % 32 % 28 % Amortization of acquired intangible assets 64,701 (1,929 ) (5,771 ) (60 ) 72,461 72,461 (369 ) 72,092 0.38 Acquisition and integration costs (2) — — — (23,755 ) 23,755 23,755 (132 ) 23,623 0.12 Impairment of long-lived and indefinite-lived assets (3) — — — — 6,794 6,794 — 6,794 0.04 Restructuring and business transformation (5) 389 (925 ) (14,668 ) (56,626 ) 72,608 72,608 (356 ) 72,252 0.38 Rounding adjustment from basic to diluted shares (8) — — — — — — — — 0.01 Adjusted (non-GAAP) $ 1,712,019 $ 328,647 $ 741,217 $ 590,240 $ 51,915 $ 56,813 $ (4,046 ) $ 52,767 $ 0.28 Adjusted percent of revenue (non-GAAP) 72 % 14 % 31 % 25 % Weighted average common shares outstanding - basic 188,335 Weighted average common shares outstanding - diluted 189,967 EXACT SCIENCES CORPORATION U.S. GAAP to Non-GAAP Reconciliation U.S. GAAP to Non-GAAP Measures (Unaudited) (Amounts in thousands) Three Months Ended September 30, 2024 Gross Profit Research & Development Expenses Sales & Marketing Expenses General & Administrative Expenses Income (Loss) from Operations Net Income (Loss) Before Tax Income Tax Benefit (Expense) Net Income (Loss) Net Income (Loss) Per Diluted Share Reported $ 491,485 $ 101,487 $ 220,264 $ 193,539 $ (39,403 ) $ (37,428 ) $ (808 ) $ (38,236 ) $ (0.21 ) Reported percent of revenue 69 % 14 % 31 % 27 % Amortization of acquired intangible assets 21,100 (1,385 ) (1,924 ) (26 ) 24,435 24,435 76 24,511 0.13 Acquisition and integration costs (2) — — — (5,310 ) 5,310 5,310 (47 ) 5,263 0.03 Impairment of long-lived and indefinite-lived assets (3) — — — — 18,698 18,698 — 18,698 0.10 Gain on sale of asset (4) — — — — (3,100 ) (3,100 ) — (3,100 ) (0.02 ) Restructuring and business transformation (5) — (4,181 ) — (4,555 ) 8,736 8,736 (167 ) 8,569 0.05 Legal settlement (7) — — — 3,500 (3,500 ) (3,500 ) 28 (3,472 ) (0.02 ) Rounding adjustment from basic to diluted shares (8) — — — — — — — — 0.01 Adjusted (non-GAAP) $ 512,585 $ 95,921 $ 218,340 $ 187,148 $ 11,176 $ 13,151 $ (918 ) $ 12,233 $ 0.07 Adjusted percent of revenue (non-GAAP) 72 % 14 % 31 % 26 % Weighted average common shares outstanding - basic 184,795 Weighted average common shares outstanding - diluted 186,369 Nine Months Ended September 30, 2024 Gross Profit Research & Development Expenses Sales & Marketing Expenses General & Administrative Expenses Income (Loss) from Operations Net Income (Loss) Before Tax Income Tax Benefit (Expense) Net Income (Loss) Net Income (Loss) Per Share Reported $ 1,426,124 $ 333,501 $ 649,596 $ 590,715 $ (172,352 ) $ (160,195 ) $ (4,077 ) $ (164,272 ) $ (0.89 ) Reported percent of revenue 70 % 16 % 32 % 29 % Amortization of acquired intangible assets 63,300 (1,908 ) (5,771 ) (78 ) 71,057 71,057 1,125 72,182 0.39 Acquisition and integration costs (2) — — — (2,836 ) 2,836 2,836 (23 ) 2,813 0.02 Impairment of long-lived and indefinite-lived assets (3) — — — — 31,296 31,296 — 31,296 0.17 Gain on sale of asset (4) — — — — (6,632 ) (6,632 ) — (6,632 ) (0.04 ) Restructuring and business transformation (5) 200 (6,574 ) (222 ) (4,675 ) 11,671 11,671 (177 ) 11,494 0.06 License agreement termination (6) — (25,843 ) — — 25,843 25,843 159 26,002 0.14 Legal settlement (7) — — — 3,500 (3,500 ) (3,500 ) 28 (3,472 ) (0.02 ) Adjusted (non-GAAP) $ 1,489,624 $ 299,176 $ 643,603 $ 586,626 $ (39,781 ) $ (27,624 ) $ (2,965 ) $ (30,589 ) $ (0.17 ) Adjusted percent of revenue (non-GAAP) 73 % 15 % 31 % 29 % Weighted average common shares outstanding - basic and diluted 183,823 (1) Represents stock-based compensation expense and 401(k) match expense. The Company matches a portion of Exact Sciences employees’ contributions annually in the form of the Company’s common stock. (2) Represents acquisition and related integration costs incurred as a result of the Company’s acquisitions. Acquisition costs represent legal and professional fees incurred to execute the transaction and integration related costs represent expenses incurred outside regular business operations, specifically relating to the integration of businesses acquired including any gain or loss on contingent consideration liabilities, severance and accelerated vesting of stock awards, and professional services. For the three and nine months ended September 30, 2025, this primarily includes the remeasurement of the contingent consideration, which resulted in an expense of $8.7 million and $21.9 million, respectively. For the three and nine months ended September 30, 2024, the remeasurement of contingent consideration liabilities resulted in an expense of $5.3 million and a gain of $2.3 million, respectively. The Company also incurred severance costs and professional service fees which were not significant for the three and nine months ended September 30, 2024. The majority of the professional service fees relate to the integration of information technology systems. (3) Represents impairment charges on the Company’s long-lived and indefinite-lived assets. For the three and nine months ended September 30, 2025 and September 30, 2024, the Company recorded impairment charges related to certain of our domestic facilities and corresponding leasehold improvements. (4) Relates to the sale of the intellectual property and know-how related to the Company’s Oncotype DX Genomic Prostate Score test to MDxHealth SA. For the three and nine months ended September 30, 2024, this represents the remeasurement of the associated contingent consideration. (5) For the three and nine months ended September 30, 2025, the Company incurred restructuring charges of $15.3 million and $26.4 million, respectively, and business transformation costs of $17.3 million and $46.2 million, respectively, as part of a multi-year productivity plan. Restructuring charges primarily include employee termination costs as a result of restructuring certain support functions globally. Business transformation costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to the Company that do not meet the definition of restructuring charges. For the three and nine months ended September 30, 2025, these costs primarily include consulting services, and employee termination benefits. For the three and nine months ended September 30, 2024, the Company incurred employee termination costs related to the closure of domestic facilities that began in 2023 as part of efforts to consolidate operations. For the three months ended September 30, 2024, this also included an insignificant amount of professional service fees as part of business transformation efforts. (6) Represents termination related charges incurred due to the termination of the Company's license and sponsored research agreements with The Translational Genomics Research Institute related to its Targeted Digital Sequencing technology. (7) The Company reached a settlement with a counterparty related to the Medicare Date of Service Rule Investigation and the Federal Anti-Kickback Statute lawsuit. (8) This adjustment is for rounding and, in those periods in which the Company has a GAAP net loss and adjusted (non-GAAP) net income, also compensates for the effects of additional diluted shares outstanding for the treasury stock impact of restricted stock unit awards, performance share unit awards, stock options, and stock purchased through the employee stock purchase plan, and the if-converted impact of convertible notes. For GAAP earnings per diluted share purposes, the Company cannot reflect the anti-dilutive impact, if applicable, in its diluted shares calculations. EXACT SCIENCES CORPORATION U.S. GAAP to Non-GAAP Reconciliation Operating Cash Flow to Free Cash Flow (Unaudited) (Amounts in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net cash provided by operating activities $ 219,923 $ 138,719 $ 339,749 $ 163,473 Net cash provided by (used in) investing activities (86,454 ) (81,716 ) 104,004 (400,283 ) Net cash provided by (used in) financing activities (1,532 ) (226 ) (262,217 ) 221,375 Effects of exchange rate changes on cash and cash equivalents 1 1,873 865 427 Net increase (decrease) in cash, cash equivalents and restricted cash 131,938 58,650 182,401 (15,008 ) Cash, cash equivalents and restricted cash, beginning of period 657,099 536,017 606,636 609,675 Cash, cash equivalents and restricted cash, end of period $ 789,037 $ 594,667 $ 789,037 $ 594,667 Reconciliation of free cash flow: Net cash provided by operating activities $ 219,923 $ 138,719 $ 339,749 $ 163,473 Purchases of property, plant and equipment (29,897 ) (26,158 ) (103,413 ) (99,673 ) Free cash flow $ 190,026 $ 112,561 $ 236,336 $ 63,800

CHICAGO--(BUSINESS WIRE)--A high-level Japanese delegation focused on biohealth will visit two cities in Wisconsin, Madison and Milwaukee (November 5-7), strengthening ties between Japanese and U.S. leaders in the rapidly advancing field of biohealth. The delegation is comprised of 23 delegates from 19 Japanese companies and representing the following industries: trading company, banking institutions, R&D, medical device manufacturer, CDMO, and healthcare-related startups. The delegation, organized by the Japan External Trade Organization (JETRO), Wisconsin Economic Development Corporation (WEDC), and the Japan America Society of Wisconsin (JASWI) will feature visits to key sites in the state’s biohealth ecosystem. The U.S. bio-healthcare market is expected to grow to $2 trillion by 2034, about three times the current size, expanding to a diverse range of industries such as medical, agriculture and food, environment and energy, chemicals, and IT and data. In addition to existing locations such as Boston and the Research Triangle, Wisconsin has rapidly gained traction as a new biotech hub in recent years. In 2023, Wisconsin was selected as a "Regional Technology and Innovation Hub" by the U.S. Economic Development Agency (EDA), leveraging approximately $49 million in federal funding to advance industry-academia-government collaboration centered on the Wisconsin Biohealth Tech Hub. With the University of Wisconsin, GE HealthCare, Exact Sciences, and others at its core, next-generation medicine and life sciences research are accelerating. In addition, the presence of Japanese companies is increasing, such as Fujifilm's large-scale investment in cell therapy production bases. This mission will allow the delegates to experience Wisconsin's strengths firsthand. A business matching and networking program with local universities, research institutes, and startup companies has also been arranged. This will be a valuable opportunity to deepen the understanding of the U.S. bio market and explore future collaborations and advancements. To gain insight into the region's strength in the biohealth industry, the delegation will visit: Exact Sciences Corporation (a leading company in molecular diagnostics) Promega Corporation (a global company of reagents and instruments for life science research) GE HealthCare (a global leader in diagnostic imaging and patient monitoring) University of Wisconsin School of Medicine and Public Health (a leading life sciences research hub in the United States) Medical College of Wisconsin (the largest private medical research institution in the state) JETRO is looking to continue their relationship with the State of Wisconsin to build on the growing momentum between the region and Japan in the biohealth industry. JETRO, together with Madison-based accelerator gener8tor, will host a pitch and networking reception on Thursday, November 6, from 4:00 PM to 7:00 PM. For more details and registration, please visit: https://www.jetro.go.jp/usa/topics/wisconsin-j-bridge-event-2025.html