Exact Sciences shares soar as United Healthcare says it will cover colon cancer test
KNIGHT RIDDER/TRIBUNE 1:07 PM ET 5/31/2017
Symbol Last Price Change
EXAS 36.05 +3.4 (+10.41%)
QUOTES AS OF 01:58:11 PM ET 05/31/2017
May 31--Shares of Madison-based Exact Sciences Corp.(EXAS) are up 10% in Wednesday trading after United Healthcare said it would cover the company's Cologuard colon cancer screening test, effective July 1.
Exact Sciences' (EXAS) shares posted the gains on a day when major stock market indexes are all trending lower.
The company declined to comment on United Healthcare's decision, which was announced Tuesday in what the insurer calls a "medical policy update bulletin."
United Healthcare's networks include 1 million physicians and other health care professionals, as well as 6,000 hospitals across the United States.
Cologuard is a cancer screening tool for adults 50 years or older who are at average risk for colorectal cancer.
In late April, Exact Sciences Corp.(EXAS) said it generated revenue of $48.4 million and completed approximately 100,000 Cologuard tests during the quarter ended March 31.
First-quarter 2017 revenue and completed Cologuard test volume grew 226% and 150% from the same period of 2016, respectively, the company said.
For the first quarter of 2017, Exact Sciences(EXAS) reported a net loss of $34.9 million, or 32 cents per share. The company reported a net loss of $47.5 million, or 49 cents per share, for the same period of 2016.
Things fall apart; the centre cannot hold;
Mere anarchy is loosed upon the world,
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
Yeats
