Revenue Plummets At Marlborough Firm
Exact Sciences Corp. of Marlborough says an amended licensing agreement with another company is to blame for its second quarter revenue nosedive.
Exact reported second quarter revenue of $100,000 compared to $1.1 million for the same period a year ago. The company, which develops cancer screening technologies, said license fees it received up front from the Laboratory Corp. of America Holdings and royalties on LabCorp's sales of colon cancer testing services are now being paid over longer periods of time. Exact said that restructuring accounted for $800,000 of the revenue decrease.
Exact also cut expenses by $2 million by suspending a proposed clinical trial and laying off eight employees. The company expects a charge between $200,000 and $300,000 in the third quarter as a result of the layoffs.
WBJ Web Partners
Most Recent
Most Recent
0 Comments