October 24, 2006
EXACT Sciences posts 3Q results; losses total $3.1 million
By Jeff Lavery
EXACT Sciences Corp. in Marlboro announced financial results for Q3 ended Sept. 30, 2006. The company posted a net loss of $3.1 million, and revenues remained equal to Q3 results in 2005 at $1.2 million.
Last year's losses for Q3 totaled $3.3 million. The decrease in losses was attributed to to Effipure write-offs of $0.3 million recorded in the quarter ended September 30, 2005, due to excess inventory levels. Operating expenses in Q3 rose to $4.5 million, compared to $4.4 million in the same quarter last year.
Last week, the WBJ reported on Exact Science's plans to eliminate 21 jobs in a restructuring effort. (Read about the coming changes at Exact Sciences)
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