Exact Sciences (EXAS) The 44th Annual William Blair Growth Stock Conference summary

Strategic vision and industry context

• Focused on eradicating cancer through early detection and personalized treatment, leveraging advances in cancer diagnostics for significant healthcare impact.

• Built a robust organization with 6,500+ experienced team members and a network of 400,000 healthcare providers, including 330 major U.S. health systems and 800+ payers.

• Emphasizes the importance of world-class people, evidence-based test development, and seamless integration with healthcare IT systems.

• IT platform, ExactNexus, enables digital ordering, billing, and population health management, integrated with Epic, the leading U.S. EMR.

• Commercial infrastructure and payer relationships drive sustainable growth and profitability.

Product innovation and growth drivers

• Cologuard, a $2B+ franchise, has increased U.S. colon cancer screening rates from 59% to 72% over ten years.

• Cologuard Plus, the next-gen test, offers improved detection and a 30% lower false positive rate, reducing unnecessary colonoscopies and healthcare costs.

• Screening business guided to $1.865B in 2023 revenue, with 15% growth targeted through 2027 and recurring revenue from re-screening every three years.

• Brand awareness for Cologuard is 89%, with high patient and physician satisfaction.

• Expansion potential to 14M annual tests and $7B+ revenue, driven by health system partnerships and payer incentives.

Precision oncology and pipeline expansion

• Oncotype DX is the leading test for early-stage breast cancer, guiding treatment and recurrence risk, with 98% of U.S. oncologists as users.

• International growth, especially in Japan, is a major opportunity for Oncotype DX.

• OncoDetect, a molecular residual disease test, will launch for colon cancer in early 2025, with breast cancer to follow.

• Blood-based colon cancer screening tests are in development, with top-line data expected in October and FDA submission planned.

• Industry-leading gross margins of 74% support ongoing R&D and commercial investment.