10-Q Filing

EXACT SCIENCES CORP CIK: 1124140 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001558370-18-003345`
Period End Date	20180331
Filing Date	20180426
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	exas-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 31 Cash Flow Statement 72 Comprehensive Income 8

Balance Sheet 75 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`	$77.49M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$48.92M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$148.69M	USD	Point-in-time
Preferred stock, Issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$39.21M	USD	Point-in-time
Preferred stock, Issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$347.22M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$893.47M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$34.58M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$26.42M	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`	$26.03M	USD	Point-in-time
Inventory, net	`InventoryNet`	$32.38M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$10.05M	USD	Point-in-time
Common stock, Issued shares	`CommonStockSharesIssued`	121.87M	shares	Point-in-time
Common stock, Issued shares	`CommonStockSharesIssued`	120.50M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$12.87M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$487.22M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.12B	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	121.87M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	120.50M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$103.45M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$79.99M	USD	Point-in-time
Intangibles, net	`FiniteLivedIntangibleAssetsNet`	$21.56M	USD	Point-in-time
Intangibles, net	`FiniteLivedIntangibleAssetsNet`	$22.16M	USD	Point-in-time
Intangibles, net	`FiniteLivedIntangibleAssetsNet`	$21.56M	USD	Point-in-time
Other long-term assets, net	`OtherAssetsNoncurrent`	$9.20M	USD	Point-in-time
Other long-term assets, net	`OtherAssetsNoncurrent`	$9.92M	USD	Point-in-time
Total assets	`Assets`	$1.26B	USD	Point-in-time
Total assets	`Assets`	$598.56M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$12.27M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$16.14M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$56.72M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$49.13M	USD	Point-in-time
Accrued interest	`AccruedInterest`	$1.41M	USD	Point-in-time
Debt, current portion	`LongTermDebtCurrent`	$183.00K	USD	Point-in-time
Debt, current portion	`LongTermDebtCurrent`	$182.00K	USD	Point-in-time
Other short-term liabilities	`OtherLiabilitiesCurrent`	$2.68M	USD	Point-in-time
Other short-term liabilities	`OtherLiabilitiesCurrent`	$2.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$68.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$73.33M	USD	Point-in-time
Convertible notes, net	`ConvertibleDebtNoncurrent`	$486.69M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$4.27M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$4.24M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$5.75M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$5.64M	USD	Point-in-time
Total liabilities	`Liabilities`	$78.14M	USD	Point-in-time
Total liabilities	`Liabilities`	$569.90M	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, 2018 and December 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value Authorized5,000,000 shares issued and outstandingno shares at March 31, 2018 and December 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value Authorized200,000,000 shares issued and outstanding121,866,759 and 120,497,426 shares at March 31, 2018 and December 31, 2017	`CommonStockValue`	$1.22M	USD	Point-in-time
Common stock, $0.01 par value Authorized200,000,000 shares issued and outstanding121,866,759 and 120,497,426 shares at March 31, 2018 and December 31, 2017	`CommonStockValue`	$1.21M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.59B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.38B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-431.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-750.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-418.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.34M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-860.61M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-900.04M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$520.42M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$687.02M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.26B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$598.56M	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Laboratory service revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$90.30M	USD	1 Quarter
Laboratory service revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$48.36M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$22.91M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$16.98M	USD	1 Quarter
Gross margin	`GrossProfit`	$31.38M	USD	1 Quarter
Gross margin	`GrossProfit`	$67.38M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$8.00M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$14.94M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$35.57M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$20.07M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$53.41M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$38.80M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$66.87M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$103.91M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-36.53M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-35.49M	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$3.67M	USD	1 Quarter
Investment income	`InvestmentIncomeInterest`	$595.00K	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-50.00K	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-6.51M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$545.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-2.84M	USD	1 Quarter
Net loss before tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-39.37M	USD	1 Quarter
Net loss before tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-34.95M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$59.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-34.95M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-39.42M	USD	1 Quarter
Net loss per share-basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.33	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`	110.58M	shares	1 Quarter
Weighted average common shares outstanding-basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	121.02M	shares	1 Quarter

Cash Flow Statement 72 line items

Line Item	Tag	Value	Unit	Period
Issuance of shares of common stock to fund the Company's 401(k) matching contribution	`DeferredCompensationArrangementWithIndividualSharesIssued`	86.83M	shares	1 Quarter
Issuance of shares of common stock to fund the Company's 401(k) matching contribution	`DeferredCompensationArrangementWithIndividualSharesIssued`	158.72M	shares	1 Quarter
Net loss	`ProfitLoss`	$-39.42M	USD	1 Quarter
Net loss	`ProfitLoss`	$-34.95M	USD	1 Quarter
Depreciation and amortization of fixed assets	`DepreciationAndAmortizationOfFixedAssets`	$3.25M	USD	1 Quarter
Depreciation and amortization of fixed assets	`DepreciationAndAmortizationOfFixedAssets`	$4.28M	USD	1 Quarter
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-20.00K	USD	1 Quarter
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-98.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$6.13M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$12.46M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$4.65M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$402.00K	USD	1 Quarter
Amortization of other liabilities	`AmortizationOfOtherLongTermLiabilities`	$377.00K	USD	1 Quarter
Amortization of other liabilities	`AmortizationOfOtherLongTermLiabilities`	$533.00K	USD	1 Quarter
Amortization of deferred financing costs	`OtherAmortizationOfDeferredCharges`	$23.00K	USD	1 Quarter
Amortization of deferred financing costs	`OtherAmortizationOfDeferredCharges`	$14.00K	USD	1 Quarter
Amortization of premium on short-term investments	`IncreaseDecreaseInAmortizationOfPremiumOnShortTermInvestments`	$37.00K	USD	1 Quarter
Amortization of premium on short-term investments	`IncreaseDecreaseInAmortizationOfPremiumOnShortTermInvestments`	$-515.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$612.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$50.00K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$1.41M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$8.16M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$7.69M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$1.03M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$6.35M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.81M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$329.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$181.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-3.86M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.20M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-623.00K	USD	1 Quarter
Other short-term liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$-29.00K	USD	1 Quarter
Other short-term liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$-154.00K	USD	1 Quarter
Lease incentive obligation	`IncreaseDecreaseInLeaseIncentivePayable`	$-153.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-33.64M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-38.52M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireMarketableSecurities`	$628.50M	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`	$81.16M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.75M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$15.33M	USD	1 Quarter
Internally developed software	`PaymentsToDevelopSoftware`	$62.00K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$23.93M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-562.73M	USD	1 Quarter
Proceeds from issuance of convertible notes, net	`ProceedsFromConvertibleDebt`	$671.09M	USD	1 Quarter
Proceeds from exercise of common stock options	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$1.39M	USD	1 Quarter
Proceeds from exercise of common stock options	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$47.00K	USD	1 Quarter
Payments on mortgage payable	`RepaymentsOfNotesPayable`	$45.00K	USD	1 Quarter
Payments on mortgage payable	`RepaymentsOfNotesPayable`	$44.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$672.44M	USD	1 Quarter
Effects of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$20.00K	USD	1 Quarter
Effects of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-8.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-9.71M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$71.20M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$77.49M	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`	$148.69M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$39.21M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$77.49M	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`	$148.69M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$39.21M	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`	$12.51M	USD	1 Quarter
Unrealized gain (loss) on available-for-sale investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax`	$-1.61M	USD	1 Quarter
Unrealized gain (loss) on available-for-sale investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax`	$-5.00K	USD	1 Quarter
Issuance of 86,828 and 158,717 shares of common stock to fund the Companys 401(k) matching contribution for 2017 and 2016, respectively	`IssuanceOfStockToFundMatchingContributions`	$3.01M	USD	1 Quarter
Issuance of 86,828 and 158,717 shares of common stock to fund the Companys 401(k) matching contribution for 2017 and 2016, respectively	`IssuanceOfStockToFundMatchingContributions`	$4.30M	USD	1 Quarter
Interest paid	`InterestPaid`	$48.00K	USD	1 Quarter
Interest paid	`InterestPaid`	$50.00K	USD	1 Quarter

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-34.95M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-39.42M	USD	1 Quarter
Unrealized loss on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-5.00K	USD	1 Quarter
Unrealized loss on available-for-sale investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-1.61M	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax`	$-8.00K	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax`	$20.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-34.96M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-41.01M	USD	1 Quarter

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