Exact Sciences Corp. , a leading provider of cancer screening and diagnostic tests, announced that the Company generated revenue of $878 million for the fourth quarter of 2025 and $3.25 billion for the full year of 2025, both ended December 31, 2025.

“In 2025 the Exact Sciences team delivered on our mission by screening more people than ever before, helping guide more personalized treatment decisions, and successfully launching three new tests,” said Kevin Conroy, Chairman and CEO of Exact Sciences. “These defining milestones show what the Exact Sciences team can achieve through a relentless focus on our mission and a dedication to improving the lives of patients. As we look to the future, momentum continues to build. Our core products are driving strong growth, our portfolio is expanding, and we are uniquely positioned to drive lasting change in the way cancer is found and treated globally.”

Fourth quarter 2025 financial results

For the three-month period ended December 31, 2025, as compared to the same period of 2024 (where applicable):

• Total revenue was $878 million, an increase of 23% on a reported and core revenue basis
• Screening revenue was $695 million, an increase of 26%
• Precision Oncology revenue was $183 million, an increase of 14%, or 16% on a core revenue basis
• Gross margin was 70% and adjusted gross margin was 73%
• Net loss was $86 million, or $0.45 per share, compared to a net loss of $49.8 million, or $0.27 per share
• Adjusted EBITDA was $63 million, and adjusted EBITDA margin was 7%. As previously announced, adjusted EBITDA was impacted by an R&D expense of $75.0 million related to our collaboration and license agreement with Freenome Holdings, Inc. in the fourth quarter
• Operating cash flow was $152 million and free cash flow was $120 million in the fourth quarter, an improvement of $105 million and $110 million, respectively
• Cash, cash equivalents, and marketable securities were $965 million at the end of the quarter

Screening primarily includes laboratory service revenue from Cologuard^® tests and PreventionGenetics. Precision Oncology includes laboratory service revenue from global Oncotype DX^® and therapy selection tests.

Platform and pipeline advancements

In the fourth quarter, Exact Sciences announced the first clinical study results from its Oncodetect® molecular residual disease test in breast cancer. Findings from the NSABP B-59 substudy, conducted in collaboration with the NSABP Foundation and the German Breast Group, demonstrated that the Oncodetect test strongly predicts distant recurrence following surgery in patients with early triple-negative breast cancer, one of the most aggressive and difficult-to-treat breast cancer subtypes.

Exact Sciences also announced pivotal clinical validation results from the ALTUS study in the fourth quarter. The prospective, head-to-head trial demonstrated that the company’s Oncoguard® Liver blood test delivers superior early-stage and overall sensitivity for hepatocellular carcinoma — the most common form of liver cancer — compared to the current standard of care.

Additionally, in the fourth quarter, the Company announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for its previously announced license agreement with Freenome. Under the agreement, the Company acquired exclusive rights in the United States to Freenome’s blood-based colorectal cancer screening tests. The exclusive license expands the Company's leadership in cancer screening by adding blood-based CRC screening options to its portfolio. Exclusivity remains subject to Freenome’s test receiving first-line FDA approval.

Pending merger

As previously announced, on November 19, 2025, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Abbott Laboratories ("Abbott") and Badger Merger Sub I, Inc., a direct, wholly owned subsidiary of Abbott ("Merger Sub"), providing for the merger of Merger Sub with and into Exact (the "Merger"). On February 20, 2026, we will hold a special meeting of stockholders to adopt the Merger Agreement. Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger, the separate existence of Merger Sub will cease, and we will continue as the surviving corporation in the Merger as a wholly-owned subsidiary of Abbott.

The consummation of the Merger remains subject to the satisfaction or waiver of customary closing conditions. The two parties are continuing to engage with regulators reviewing the proposed transaction and are working toward closing in the second quarter of 2026, subject to obtaining required regulatory approvals and satisfaction or waiver of other customary closing conditions.