Exact Sciences Corporation Reports $3.25 Billion Revenue and Merger Agreement with Abbott Laboratories

**Exact Sciences Corporation Reports Fiscal Year 2025 Results Amidst Merger Agreement with Abbott Laboratories**

Exact Sciences Corporation (EXAS), a leading provider of cancer screening and diagnostic tests, announced its financial results for the fiscal year ended December 31, 2025. The company reported total revenue of $3.25 billion, an increase of 17.7% compared to $2.76 billion in 2024. This growth was primarily driven by a 20.2% increase in Screening revenue, reaching $2.53 billion, and a 9.5% increase in Precision Oncology revenue, totaling $717.1 million. Despite the revenue growth, the company reported a net loss of $207.9 million, a significant decrease from the $1.03 billion net loss in the previous year. This improvement in net loss was attributed to decreased operating expenses as a percentage of revenue and increased cash provided by operating activities.

Key operational developments for Exact Sciences in 2025 included the delivery of over 5.5 million test results to patients and the launch of several new products, including Cologuard Plus™, Oncodetect®, and Cancerguard®. The company also secured Medicare reimbursement for its Oncodetect test, effective April 2025, for serial use in patients with stage II, III, and resectable stage IV colorectal cancer. Furthermore, Exact Sciences entered into an exclusive license agreement with Freenome Holdings, Inc. for blood-based colorectal cancer screening. Employee headcount at the end of 2025 was approximately 7,200, with a voluntary turnover rate of approximately 9%.

Operating expenses for the year included $523.0 million in research and development, $1.05 billion in sales and marketing, and $888.7 million in general and administrative costs. The increase in research and development expenses was primarily due to the upfront payment associated with the Freenome license deal, which resulted in an expense of $75.0 million in the fourth quarter of 2025. The company also incurred $7.2 million in impairment charges related to certain domestic facilities. Cash provided by operating activities for the year ended December 31, 2025, was $491.4 million, an improvement of $280.9 million compared to the year ended December 31, 2024.

A significant development during the year was the Merger Agreement entered into with Abbott Laboratories on November 19, 2025. Under the agreement, Abbott will acquire Exact Sciences for $105.00 per share in cash. The consummation of the Merger, expected in the second quarter of 2026, is subject to customary closing conditions, including stockholder and regulatory approvals. The Merger Agreement contains certain termination rights for both Exact Sciences and Abbott, including the right of either party to terminate if the Merger is not consummated by November 19, 2026. If the Merger Agreement is terminated under specified circumstances, Exact Sciences may be required to pay Abbott a termination fee of approximately $628.7 million.