November 2, 2007
Marlborough co. gets more exact with earnings
By Matthew L. Brown
Marlborough-based cancer screening technology company EXACT Sciences Corp. said it had corrected its third quarter financial results to show $600,000 in non-cash stock-based compensation charges.
The company had reported $300,000 in non-cash stock-based compensation in July when it announced management changes. The company said it later discovered that it should've reported a total of $600,000, which increases its net loss to $4.2 million for the quarter and to $7.9 million for the nine months ended Sept. 30.
The company had previously reported a third quarter net loss of $3.6 million and a net loss for the nine months ended Sept. 30 of $7.3 million.
EXACT uses genomics to develop cancer screening technology.
The company had reported $300,000 in non-cash stock-based compensation in July when it announced management changes. The company said it later discovered that it should've reported a total of $600,000, which increases its net loss to $4.2 million for the quarter and to $7.9 million for the nine months ended Sept. 30.
The company had previously reported a third quarter net loss of $3.6 million and a net loss for the nine months ended Sept. 30 of $7.3 million.
EXACT uses genomics to develop cancer screening technology.
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