Exact Sciences Corporation

Thank you for standing by. My name is Jordan and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Exact Sciences Corporation Q1 2023 conference 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. If you would like to withdraw a question at any time, press star one again and you'll be withdrawn from the queue. With me now is Vice President, Investor of Relations, Megan Jones. You may begin your conference.

Thanks, Jordan. Thank you for joining us for ExactScience's first quarter 2023 conference call. On the call today are Kevin Conroy, the company's chairman and CEO, and Jeff Elliott, our chief financial officer. Everett Cunningham, our chief commercial officer, will also be available for questions. Exact Sciences issued a news release earlier this afternoon detailing our first 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 be materially different 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.

Thanks, Megan. I'm incredibly proud of our team, their dedication to our mission, and the record quarter they delivered. During the first quarter, core revenue grew $148 million year-over-year, or 33%. We're raising our full year guidance for revenue by $110 million and adjusted EBITDA by $100 million. We now expect to turn free cash flow positive during this year ahead of our previous target of next year. In the fourth quarter of 2014, the first quarter we launched Cologuard, we tested 4,000 people. In the first full year after launch, we tested 100,000 people. It took three and a half years to screen our first million people with Cologuard. This year, we've already screened more than 1.2 million people. Cologuard has transformed the way that we screen for the number two deadliest cancer in the U.S. And we still have a huge opportunity to make an impact with 60 million people who are not up to date with screening. The platform we've built will continue to change the way cancer is detected and treated. We're just starting to realize its full potential. Our first quarter results demonstrate the power of focusing on what is best for patients and our customers. At Exact Sciences, this means we develop tests based on a deep understanding of the biology of the disease and science, generate the highest level of clinical evidence supporting the test use, and build the operations necessary to deliver an amazing customer experience. Combining these with an investment in strong brands enables durable revenue growth, industry-leading gross margins, and growing profits. A portion of those profits will support investments in the next wave of life-changing diagnostic advancements, creating an unstoppable innovation engine. Other highlights from the first quarter include delivering more than 1 million total tests, including a record number of Cologuard results, generating 46 million in adjusted EBITDA and improvement of 136 million year over year, launching OncoExtra, our enhanced therapy selection test, and making progress toward completing Blue Sea, our pivotal study to support our next generation Cologuard and colon cancer blood tests. Jeff will now review our first quarter results.