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Exact Sciences Corporation (EXAS) saw its loss narrow to $37.17 million, or $0.34 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $39.99 million, or $0.41 a share. Revenue during the quarter surged 144.39 percent to $35.24 million from $14.42 million in the previous year period. Gross margin for the quarter expanded 1383 basis points over the previous year period to 60.66 percent.
Operating loss for the quarter was $37.71 million, compared with an operating loss of $40.42 million in the previous year period.
"Cologuards strong performance during 2016 reflects the accelerating demand for our non-invasive colon cancer screening test and positions us well for long-term, sustainable growth," said Kevin Conroy, chairman and chief executive officer of Exact Sciences. “Our annual revenue met the high end of our original expectations for 2016."
Exact Sciences Corp projects revenue to be in the range of $170 million to $180 million for financial year 2017.
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