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

Strategic vision and industry context

• Focused on eradicating cancer through early detection, prevention, and personalized treatment, leveraging a 6,500-person team and a robust commercial and IT infrastructure.

• Emphasizes the importance of DNA, RNA, and protein alterations in cancer diagnostics, with a strong operational foundation built over 15 years.

• Highlights a network of 400,000 healthcare providers, relationships with 330 major health systems, and over 800 payers, supporting broad test adoption.

• IT platform ExactNexus, built on Epic, enables digital integration with providers and payers, streamlining processes and supporting population health management.

• Industry-leading commercial organization and digital capabilities drive sustainable growth and profitability.

Product innovation and growth drivers

• Cologuard, a $2B+ franchise, has driven U.S. colon cancer screening rates from 59% to 72% in a decade, with 89% brand awareness and high customer satisfaction.

• Next-generation Cologuard Plus offers improved detection and a 30% reduction in false positives, promising significant healthcare savings.

• Blood-based screening tests are positioned as niche offerings due to lower effectiveness in early detection and guideline limitations until at least 2028.

• Oncotype DX, the leading test for early-stage breast cancer, is now reimbursed in Japan and used by 98% of U.S. oncologists, with international expansion as a key growth area.

• OncoDetect, a molecular residual disease test, is set for colon cancer launch early next year, with breast cancer to follow.

Financial outlook and organizational updates

• Guided to 15% CAGR through 2027, with expectations for continued growth beyond and over 20% adjusted EBITDA by 2027.

• Screening business guidance for Cologuard is $1.865B for 2023, with recurring revenue from re-screening every three years.

• Commercial organization restructuring announced, with sales and marketing leadership now embedded in business units for greater agility and clearer accountability.

• Leadership transition as Chief Commercial Officer departs, but sales and marketing teams remain in place to drive growth and pipeline launches.

• Q2, full-year, and long-term guidance reiterated, reflecting confidence in operational and financial trajectory.