(Reuters) - Exact Sciences Corp (EXAS.O) reported quarterly revenue that blew past analysts’ estimates as demand for the company’s sole diagnostic test, Cologuard, more than doubled.
The company also raised full-year revenue forecast to a range of $254 million to $257 million from its previous outlook of $230 million to $240 million.
Exact Sciences’ Cologuard device is a non-invasive fecal DNA screening test for colorectal cancer. Sales of the device jumped about 150 percent in both the first and second quarters.
The company said it completed about 161,000 Cologuard tests in the third quarter ended Sept. 30, and raised its full-year Cologuard volume outlook to a range of 568,000 to 572,000, from its previous forecast of at least 550,000.
In May, brokerages said insurer UnitedHealth Group Inc (UNH.N) would start covering its Cologuard test from July 1. The health insurer had earlier declined to cover the device, citing insufficient evidence of its accuracy versus traditional colonoscopy.
Exact Sciences, which was targeted by short-seller Citron Research earlier in May, posted a smaller net loss of $26.9 million, or 23 cents per share, in the quarter, compared with a loss of $37.8 million, or 36 cents per share, a year earlier.
Revenue more than doubled to $72.6 million, beating analysts’ estimates of $65 million, according to Thomson Reuters I/B/E/S.
Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta