Exact Sciences Corporation

Good evening. My name is Colby, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Exact Sciences third quarter 2022 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. We ask you to keep yourself to one question only. If you'd like to withdraw your question, again, press star followed by the number one. I will now turn the call over to Megan Jones.

Thanks, Colby, and thank all of you for joining us for Exact Science's third quarter 2022 conference call. On the call today are Kevin Conroy, the company's chairman and CEO, and Jeff Elliott, our chief financial officer and chief operating officer. Everett Cunningham, our chief commercial officer, will also be available for questions. Exact Sciences issued a news release earlier this afternoon detailing our third quarter financial results. This news release and today's presentation are available on our website at exactsciences.com. During today's call, we will make forward-looking statements based on current expectations. Our actual results may have material differences from such statements. Discussions of non-GAAP figures and reconciliations to GAAP figures are available in our earnings press release, and descriptions of the risks and uncertainties associated with Exact Sciences are included in our SEC filings. Both can be accessed through our website. I'll now turn the call over to Kevin.

Our third quarter results demonstrate the strength of our business and the unique platform this team has built to engage patients and physicians. Together, we're working to help fewer people turn into cancer patients and improving care for those who do. During the quarter, we had record revenue of $523 million, or 20% growth excluding COVID-19 testing. We're raising our full year revenue guidance by $33 million while decreasing our operating expense guidance by $113 million. We're also pulling forward adjusted EBITDA profitability to the third quarter of 2023 from our previous target of 2024. We're building an unstoppable engine that will allow us to achieve our vision to help eradicate cancer. Our differentiated approach starts with world-class science and scientists rigorously developing tests to solve real patient needs. When launched, these tests are immediately supported by our sales and marketing teams with broad reach and deep relationships. Our well-known tests, sophisticated patient navigation, electronic ordering and resulting platform, expansive lab capabilities and deep payer relationships will support new cancer tests with modest incremental investment. This fuels revenue growth and profit generation, which will invest in better cancer tests and solutions for patients. As we quickly approach profitability, this engine is set to gain momentum with each new test dropped into the platform. Additional highlights from the third quarter include delivering 960,000 total tests, including a record number of Cologuard and Oncotype DX results to patients, improving our adjusted EBITDA loss by more than 70% from last quarter and 86% from the first quarter, launching an innovative Cologuard collection kit to give patients more time to get their samples back to our lab, displaying the power of our multi-cancer early detection approach at the European Society for Medical Oncology Congress and making our hereditary cancer test, RiskGuard, available to oncologists through an early access program. Jeff will now review our financial results.