Exact Sciences Corporation

conference call today, November 3rd, 2025. On the call today are Kevin Conroy, the company's chairman and CEO, and Aaron Bloomer, our chief financial officer. Earlier this afternoon, Exact Sciences issued a news release 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 be materially different from such statements. Discussions of non-GAAP figures and reconciliations to GAAP figures are included 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 will now turn the call over to Kevin.

Thanks, Derek. The Exact Sciences team delivered record results in the third quarter. Thanks to the team's execution, we're raising our full year 2025 revenue and adjusted EBITDA guidance. A few highlights from the quarter include growing revenue 20% to $851 million, the highest quarterly growth rate in over two years. This was driven by Cologuard's strong brand awareness, inspiring commercial execution, accelerating health systems integrations, and a record number of ordering providers, screening a quarter of a million more people in the third quarter versus last year, deepening our relationships with payers and health systems by helping close gaps in guideline-recommended cancer screening, and launching CancerGuard, our multi-cancer early detection test. Our team is focused on continued commercial effectiveness, expanding access to Cologuard Plus, and driving adoption of our new test to close a strong year. I will now pass the call to Aaron to discuss our financial results.

Thanks, Kevin, and good afternoon, everyone. Total revenue grew 20% year over year to $851 million, $43 million above the midpoint of our guidance. Growth was led by screening, which increased 22% year over year to $666 million. We saw broad-based Cologuard growth, led by strong execution from the commercial organization, CareGap programs, and rescreens. Precision oncology revenue increased 12% year-over-year on a core basis to $183 million. Growth was led by continued Oncotype DX expansion internationally, U.S. Oncotype DX volumes, and partner revenues. We generated $135 million in adjusted EVA deaths. an increase of $37 million, or 37% year-over-year. Adjusted EBITDA margins expanded 200 basis points to 16%, driven by continued efficiency efforts across our lab, supply chain, G&A, and support functions. Non-GAAP gross margins were 71%, down 100 basis points versus last year. The reduction was driven by record care gap shipments which can cause a temporary timing difference between cost of goods and revenue. Free cash flow was 190 million during the quarter, an increase of $77 million. This was driven by increased receivables collections following the Cologuard Plus launch and continued working capital improvements. Year-to-date free cash flow is 236 million, an increase of $173 million. or 270% year-over-year. We ended the quarter with cash insecurities of just over $1 billion. Turning to guidance, we are raising total full-year revenue to between $3.22 and $3.235 billion, an increase of $78 million at midpoint. This includes screening revenue between $2.51 and $2.52 billion or 20% growth at midpoint and precision oncology revenue between 710 and $715 million or 9% growth at midpoint. We are raising our adjusted EBITDA guidance to between 470 and $480 million for the full year or 14.7% adjusted EBITDA margins at midpoint. Guidance at midpoint implies more than 47% adjusted EBITDA growth or about 300 basis points of adjusted EBITDA margin expansion. As stated on our last call, our adjusted EBITDA guidance does not reflect any potential impact from the Freenome licensing agreement. The upfront payment of $75 million will be expensed to R&D upon clearance of HSR, and it will not be an add-back to adjusted EBITDA. Overall, this quarter marks an inflection point in our business. Momentum is building across the company, Operating leverage is expanding, and cash generation continues to strengthen. We are well-positioned to achieve our 2027 financial targets and create long-term value. Back to you, Kevin.