10-Q Filing

EXACT SCIENCES CORP CIK: 1124140 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001558370-17-002956`
Period End Date	20170331
Filing Date	20170427
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	exas-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 87 Income Statement 28 Cash Flow Statement 65 Comprehensive Income 8

Balance Sheet 87 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, Authorized shares	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, Authorized shares	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$39.21M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$48.92M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$41.13M	USD	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$52.15M	USD	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$235.46M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$262.18M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$16.21M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$8.53M	USD	Point-in-time
Common stock, Authorized shares	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, Authorized shares	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Inventory, net	`InventoryNet`	$6.83M	USD	Point-in-time
Common stock, Issued shares	`CommonStockSharesIssued`	111.20M	shares	Point-in-time
Inventory, net	`InventoryNet`	$7.86M	USD	Point-in-time
Common stock, Issued shares	`CommonStockSharesIssued`	110.24M	shares	Point-in-time
Inventory, net	`InventoryNet`	$6.83M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.44M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$7.11M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	111.20M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	110.24M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$333.57M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$306.19M	USD	Point-in-time
Computer equipment and computer software	`CapitalizedComputerSoftwareGross`	$22.48M	USD	Point-in-time
Computer equipment and computer software	`CapitalizedComputerSoftwareGross`	$20.77M	USD	Point-in-time
Laboratory equipment	`LaboratoryEquipmentGross`	$15.84M	USD	Point-in-time
Laboratory equipment	`LaboratoryEquipmentGross`	$14.75M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$13.65M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$13.55M	USD	Point-in-time
Assets under construction	`ConstructionInProgressGross`	$6.71M	USD	Point-in-time
Assets under construction	`ConstructionInProgressGross`	$7.20M	USD	Point-in-time
Buildings	`BuildingsAndImprovementsGross`	$4.79M	USD	Point-in-time
Buildings	`BuildingsAndImprovementsGross`	$4.79M	USD	Point-in-time
Furniture and fixtures	`FurnitureAndFixturesGross`	$2.58M	USD	Point-in-time
Furniture and fixtures	`FurnitureAndFixturesGross`	$2.52M	USD	Point-in-time
Property and Equipment, gross	`PropertyPlantAndEquipmentGross`	$66.55M	USD	Point-in-time
Property and Equipment, gross	`PropertyPlantAndEquipmentGross`	$63.08M	USD	Point-in-time
Less-Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$24.94M	USD	Point-in-time
Less-Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$28.15M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$38.14M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$38.40M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$5.33M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$5.68M	USD	Point-in-time
Total assets	`Assets`	$350.26M	USD	Point-in-time
Total assets	`Assets`	$377.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$891.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$710.00K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$28.11M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$27.08M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$174.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$176.00K	USD	Point-in-time
Other short-term liabilities	`OtherLiabilitiesCurrent`	$1.70M	USD	Point-in-time
Other short-term liabilities	`OtherLiabilitiesCurrent`	$1.79M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$30.69M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$29.94M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$4.63M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$4.59M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$5.68M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$5.73M	USD	Point-in-time
Lease incentive obligation, less current portion	`LeaseIncentivePayableNoncurrent`	$532.00K	USD	Point-in-time
Lease incentive obligation, less current portion	`LeaseIncentivePayableNoncurrent`	$686.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$41.74M	USD	Point-in-time
Total liabilities	`Liabilities`	$40.74M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value Authorized5,000,000 shares issued and outstandingno shares at March 31, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value Authorized5,000,000 shares issued and outstandingno shares at March 31, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value Authorized200,000,000 shares issued and outstanding111,197,740 and 110,236,127 shares at March 31, 2017 and December 31, 2016	`CommonStockValue`	$1.10M	USD	Point-in-time
Common stock, $0.01 par value Authorized200,000,000 shares issued and outstanding111,197,740 and 110,236,127 shares at March 31, 2017 and December 31, 2016	`CommonStockValue`	$1.11M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.09B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.08B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-17.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-431.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-418.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-433.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-745.82M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-781.16M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$335.30M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$309.52M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$377.04M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$350.26M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Laboratory service revenue	`SalesRevenueServicesNet`	$48.36M	USD	1 Quarter
Laboratory service revenue	`SalesRevenueServicesNet`	$14.84M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$16.98M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$9.06M	USD	1 Quarter
Gross margin	`GrossProfit`	$31.38M	USD	1 Quarter
Gross margin	`GrossProfit`	$5.78M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$10.13M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$8.00M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$20.07M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$17.82M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$25.71M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$38.80M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$53.66M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$66.87M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-35.49M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-47.88M	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$595.00K	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$466.00K	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-50.00K	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-54.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$412.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$545.00K	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-34.95M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-47.47M	USD	1 Quarter
Net loss per share-basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.49	USD	1 Quarter
Net loss per share-basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.32	USD	1 Quarter
Weighted average common shares outstanding-basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	97.25M	shares	1 Quarter
Weighted average common shares outstanding-basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	110.58M	shares	1 Quarter

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Issuance of shares of common stock to fund the Company's 401(k) matching contribution	`DeferredCompensationArrangementWithIndividualSharesIssued`	158.72M	shares	1 Quarter
Issuance of shares of common stock to fund the Company's 401(k) matching contribution	`DeferredCompensationArrangementWithIndividualSharesIssued`	341.51M	shares	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-34.95M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-47.47M	USD	1 Quarter
Depreciation and amortization of fixed assets	`DepreciationAndAmortizationOfFixedAssets`	$3.25M	USD	1 Quarter
Depreciation and amortization of fixed assets	`DepreciationAndAmortizationOfFixedAssets`	$2.47M	USD	1 Quarter
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-20.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$6.10M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$6.13M	USD	1 Quarter
Amortization of other liabilities	`AmortizationOfOtherLongTermLiabilities`	$208.00K	USD	1 Quarter
Amortization of other liabilities	`AmortizationOfOtherLongTermLiabilities`	$377.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$14.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$13.00K	USD	1 Quarter
Amortization of premium on short-term investments	`InvestmentIncomeAmortizationOfPremium`	$214.00K	USD	1 Quarter
Amortization of premium on short-term investments	`InvestmentIncomeAmortizationOfPremium`	$37.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$50.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$50.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$688.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$7.69M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$1.03M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$1.48M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$347.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$329.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-467.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$181.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.20M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-664.00K	USD	1 Quarter
Lease incentive obligation	`IncreaseDecreaseInLeaseIncentivePayable`	$-154.00K	USD	1 Quarter
Lease incentive obligation	`IncreaseDecreaseInLeaseIncentivePayable`	$130.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-33.64M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-42.35M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$6.12M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$30.56M	USD	1 Quarter
Maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$57.24M	USD	1 Quarter
Maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$61.68M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.39M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.75M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$23.93M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$53.17M	USD	1 Quarter
Proceeds from exercise of common stock options	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$47.00K	USD	1 Quarter
Proceeds from exercise of common stock options	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$288.00K	USD	1 Quarter
Payments on mortgage payable	`RepaymentsOfNotesPayable`	$44.00K	USD	1 Quarter
Payments on mortgage payable	`RepaymentsOfNotesPayable`	$41.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$3.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$247.00K	USD	1 Quarter
Effects of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-8.00K	USD	1 Quarter
Effects of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-57.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$11.02M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-9.71M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$39.21M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$48.92M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$41.13M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$52.15M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$39.21M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$48.92M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$41.13M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$52.15M	USD	Point-in-time
Property and equipment acquired but not paid	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$775.00K	USD	1 Quarter
Property and equipment acquired but not paid	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$1.03M	USD	1 Quarter
Unrealized gain (loss) on available-for-sale investments	`AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLoss`	$-5.00K	USD	1 Quarter
Unrealized gain (loss) on available-for-sale investments	`AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLoss`	$473.00K	USD	1 Quarter
Issuance of 158,717 and 341,507 shares of common stock to fund the Company's 401(k) matching contribution for 2016 and 2015, respectively	`IssuanceOfStockToFundMatchingContributions`	$3.01M	USD	1 Quarter
Issuance of 158,717 and 341,507 shares of common stock to fund the Company's 401(k) matching contribution for 2016 and 2015, respectively	`IssuanceOfStockToFundMatchingContributions`	$2.15M	USD	1 Quarter
Interest paid	`InterestPaid`	$50.00K	USD	1 Quarter
Interest paid	`InterestPaid`	$53.00K	USD	1 Quarter

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-34.95M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-47.47M	USD	1 Quarter
Unrealized gain (loss) on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$473.00K	USD	1 Quarter
Unrealized gain (loss) on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-5.00K	USD	1 Quarter
Foreign currency translation loss	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax`	$-57.00K	USD	1 Quarter
Foreign currency translation loss	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax`	$-8.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-34.96M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-47.06M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.