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EXACT SCIENCES 1 Our purpose is to help eradicate cancer by preventing it, detecting it earlier, and guiding personalized treatment. May 1, 2025 First-quarter 2025 earnings call
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EXACT SCIENCES This presentation contains forward-looking statements concerning our expectations, anticipations, intentions, beliefs or strategies regarding the future. These forward-looking statements are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions and events to differ materially from those anticipated. Therefore, you should not place undue reliance on forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results; expectations for development of new or improved products and services; our strategies, positioning, resources, capabilities and expectations for future events or performance; and the anticipated benefits of our acquisitions, including estimated synergies and other financial impacts. In addition to the Company's financial results determined in accordance with U.S. GAAP, the Company provides non-GAAP measures that it determines to be useful in evaluating its operating performance and liquidity. Management believes that presentation of non-GAAP financial measures provides supplemental information useful to investors in understanding our underlying operating results and trends. Non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability of the Company's operating results across reporting periods. The Company uses this non-GAAP financial information to establish budgets, manage the Company's business, and set incentive and compensation arrangements. The Company presents core revenue, adjusted EBITDA, adjusted EBITDA margin, adjusted gross profit, adjusted gross margin, adjusted research and development expenses, adjusted sales and marketing expenses, adjusted general and administrative expenses, adjusted operating loss, adjusted net loss before tax, adjusted income tax benefit (expense), adjusted net loss, adjusted net loss per share, and free cash flow. This presentation includes certain of these measures. Please refer to our first-quarter 2025 earnings release for discussion of non-GAAP financial measures and reconciliations to U.S. GAAP financial measures. Safe harbor and non-GAAP disclosures 2
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EXACT SCIENCES 3 Exact Sciences is a global leader in advanced cancer diagnostics with a differentiated platform OUR FOOTPRINT OUR IMPACT & SCALE OUR CAPABILITIES Unrivaled ExactNexusTM tech platform enabling connectivity across healthcare Proprietary scientific platform detects cancer earlier and accurately Powerful commercial engine, deep relationships, broad platform 7,000+ global team members ~200K ordering providers each quarter 9 R&D centers and labs 1.2M test results in 1Q25 $707M total revenue in 1Q25, up 11% Y/Y $63M adjusted EBITDA in 1Q25, up 61% YY Please refer to our first-quarter 2025 earnings release at exactsciences.com for discussion of non-GAAP financial measures and reconciliations to GAAP financial measures
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EXACT SCIENCES 4 $161M $167M 1Q24 1Q25 $475M $540M 1Q24 1Q25 $635M $707M 1Q24 1Q25 +4% +11% +14% Screening revenue Precision Oncology core revenueCore revenue Please refer to our first-quarter 2025 earnings release at exactsciences.com for discussion of non-GAAP financial measures and reconciliations to GAAP financial measures Core revenue grew 11% in 1Q25
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EXACT SCIENCES 5 Please refer to our first-quarter 2025 earnings release at exactsciences.com for discussion of non-GAAP financial measures and reconciliations to GAAP financial measures -$120M $0M 1Q24 1Q25 $39M $63M 6% 9% 1Q24 1Q25 +$24M +280 bps Adjusted EBITDA Adjusted EBITDA margin +$120M Free cash flow Profitability continued to improve in 1Q25, enabling investment to support the launch of new products
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EXACT SCIENCES 6 Exact Sciences guidance provided May 1, 2025 Please refer to our first-quarter 2025 earnings release at exactsciences.com for discussion of non-GAAP financial measures and reconciliations to GAAP financial measures Updated 2025 guidance Prior guidance May 1 update $ ∆ at midpoint Total revenue $3.025 – 3.085B $3.070 – 3.120B +$40M Screening $2.350 - 2.390B $2.390 – 2.425B +$38M Precision Oncology $675 - 695M $680 - 695M +$3M Adj. EBITDA $410 - 440M $425 - 455M +$15M
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EXACT SCIENCES 7 ~30% Y/Y increase in customer engagement Reach Source: Exact Sciences internal data >190K ordering providers in 1Q25, up nearly 10% Y/Y Breadth Leading indicators of commercial productivity improvement are positive
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EXACT SCIENCES 8 Improved performance Covered for Medicare patients Included in quality measures Progress with multi-cancer early detection and upcoming milestones Make available as a lab developed test in in 2025 Cologuard® first. Colonoscopy as needed. Our Cologuard PlusTM test can revolutionize non-invasive tests in screening for colorectal cancer
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EXACT SCIENCES 9 Source: R. Schoen et al., Journal of Surgical Oncology (2025) A positive Oncodetect patient is ~50X more likely to recur The OncodetectTM test uses unique science to predict and detect cancer relapses earlier Oncodetect detects relapse >2 years sooner than standard of care
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EXACT SCIENCES 10 Progress with multi-cancer early detection and upcoming milestones Make available as a lab developed test in in 2025 FOCUS AREAS AHEAD OF PIVOTAL READOUT Lab readiness Sample readiness IT readiness BLUE-C study results mid-summer 2025 Advancing a blood-based colon cancer screening test for patients
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EXACT SCIENCES 14% 11 of cancers are found through recommended screening could reduce cancer mortality by 17% Problem Solution Progress with multi-cancer early detection and upcoming milestones Make available as a lab developed test in in 2025 Progress with Cancerguard and upcoming milestones Generate real-world evidence with health systems Launch LDT in 2H25 Published data showing 67% sensitivity for 6 deadliest cancers standard of care Source: NORC at the University of Chicago; Briggs et. al, AACR liquid biopsy conference (2024) CancerguardTM screens for multiple types of cancer through a single blood draw
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EXACT SCIENCESEXACT SCIENCES Our purpose is to help eradicate cancer by preventing it, detecting it earlier, and guiding personalized treatment 12
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EXACT SCIENCES 14 EXACT SCIENCES CORPORATION Selected Unaudited Financial Information Condensed Consolidated Statements of Operations (Amounts in thousands, except per share data) Three Months Ended March 31, 2025 2024 Revenue $ 706,785 $ 637,524 Cost of sales 206,238 191,201 Gross profit 500,547 446,323 Operating expenses Research and development 105,310 110,869 Sales and marketing 264,310 217,780 General and administrative 220,686 219,652 Impairment of long-lived and indefinite-lived assets 6,251 4,446 Total operating expenses 596,557 552,747 Other operating loss — (268) Loss from operations (96,010) (106,692) Other income (expense) Investment income, net 4,997 6,213 Interest expense (9,978) (7,943) Total other income (expense) (4,981) (1,730) Net loss before tax (100,991) (108,422) Income tax expense (224) (1,806) Net loss $ (101,215) $ (110,228) Net loss per share—basic and diluted $ (0.54) $ (0.60) Weighted average common shares outstanding—basic and diluted 186,813 182,350
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EXACT SCIENCES EXACT SCIENCES CORPORATION Selected Unaudited Financial Information Condensed Consolidated Balance Sheets (Amounts in thousands) 15 March 31, 2025 December 31, 2024 Assets Cash and cash equivalents $ 347,127 $ 600,889 Marketable securities 439,048 437,137 Accounts receivable, net 279,800 248,968 Inventory 176,574 162,383 Prepaid expenses and other current assets 127,792 122,046 Property, plant and equipment, net 697,907 693,673 Operating lease right-of-use assets 126,659 116,952 Goodwill 2,367,111 2,366,676 Intangible assets, net 988,873 1,009,693 Other long-term assets, net 160,182 169,722 Total assets $ 5,711,073 $ 5,928,139 Liabilities and stockholders’ equity Convertible notes, net, current portion $ — $ 249,153 Current liabilities 502,465 483,034 Convertible notes, net, less current portion 2,322,574 2,321,067 Other long-term liabilities 320,225 315,503 Operating lease liabilities, less current portion 168,902 157,133 Total stockholders’ equity 2,396,907 2,402,249 Total liabilities and stockholders’ equity $ 5,711,073 $ 5,928,139
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EXACT SCIENCES 16 EXACT SCIENCES CORPORATION Selected Unaudited Financial Information Reconciliation of Core Revenue (Amounts in thousands) For associated footnote, please refer to the table in the first quarter 2025 earnings release labeled Reconciliation of Core Revenue GAAP Three Months Ended March 31, 2025 2024 % Change Screening $ 540,007 $ 474,798 14 % Precision Oncology 166,778 162,726 2 % Total $ 706,785 $ 637,524 11 % Non-GAAP Three Months Ended March 31, 2025 2024 % Change Foreign Currency Impact (2) Core Revenue (3) % Change (3) Screening $ 540,007 $ 474,798 14 % $ — $ 540,007 14 % Precision Oncology 166,778 160,659 4 % 540 167,318 4 % Total $ 706,785 $ 635,457 11 % $ 540 $ 707,325 11 %
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EXACT SCIENCES 17 EXACT SCIENCES CORPORATION Selected Unaudited Financial Information EBITDA and Adjusted EBITDA Reconciliations (Amounts in thousands) For associated footnotes, please refer to the table in the first quarter 2025 earnings release labeled Reconciliation of U.S. GAAP to Non-GAAP Measures Three Months Ended March 31, 2025 2024 Net loss $ (101,215) $ (110,228) Interest expense 9,978 7,943 Income tax expense 224 1,806 Investment income (4,997) (6,213) Depreciation and amortization 54,061 53,943 Stock-based compensation (2) 65,880 73,538 Acquisition and integration costs (2) 8,287 10,765 Impairment of long-lived and indefinite-lived assets (3) 6,251 4,446 Loss on sale of asset (4) — 268 Restructuring and business transformation (5) 24,788 2,936 Adjusted EBITDA $ 63,257 $ 39,204 Adjusted EBITDA margin 9 % 6 %
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EXACT SCIENCES 18 EXACT SCIENCES CORPORATION Selected Unaudited Financial Information Reconciliation of U.S. GAAP to Non-GAAP Measures (Amounts in thousands) (6) The Company defines Non-GAAP operating expenses as adjusted research & development, adjusted sales & marketing, and adjusted general & administrative expenses For remaining associated footnotes, please refer to the table in the first quarter 2025 earnings release labeled Reconciliation of U.S. GAAP to Non-GAAP Measures Three Months Ended March 31, 2025 Gross Profit Research & Development Expenses(6) Sales & Marketing Expenses(6) General & Administrative Expenses(6) Loss from Operations Net Loss Before Tax Income Tax Benefit (Expense) Net Loss Net Loss Per Share Reported $ 500,547 $ 105,310 $ 264,310 $ 220,686 $ (96,010) $ (100,991) $ (224) $ (101,215) $ (0.54) Reported percent of revenue 71 % 15 % 37 % 31 % Amortization of acquired intangible assets 20,768 (1,383) (1,924) (26) 24,101 24,101 (1,070) 23,031 0.12 Acquisition and integration costs (2) — — — (8,287) 8,287 8,287 (20) 8,267 0.04 Impairment of long-lived and indefinite-lived assets (3) — — — — 6,251 6,251 — 6,251 0.03 Restructuring and business transformation (5) 342 (428) (5,931) (18,087) 24,788 24,788 (61) 24,727 0.13 Adjusted (non-GAAP) $ 521,657 $ 103,499 $ 256,455 $ 194,286 $ (32,583) $ (37,564) $ (1,375) $ (38,939) $ (0.21) Adjusted percent of revenue (non-GAAP) 74 % 15 % 36 % 27 % Three Months Ended March 31, 2024 Gross Profit Research & Development Expenses(6) Sales & Marketing Expenses(6) General & Administrative Expenses(6) Loss from Operations Net Loss Before Tax Income Tax Benefit (Expense) Net Loss Net Loss Per Share Reported $ 446,323 $ 110,869 $ 217,780 $ 219,652 $ (106,692) $ (108,422) $ (1,806) $ (110,228) $ (0.60) Reported percent of revenue 70 % 17 % 34 % 34 % Amortization of acquired intangible assets 21,100 (261) (1,924) (26) 23,311 23,311 675 23,986 0.13 Acquisition and integration costs (2) — — — (10,765) 10,765 10,765 (25) 10,740 0.06 Impairment of long-lived and indefinite-lived assets (3) — — — — 4,446 4,446 — 4,446 0.02 Loss on sale of asset (4) — — — — 268 268 — 268 — Restructuring and business transformation (5) 200 (2,393) (222) (121) 2,936 2,936 (10) 2,926 0.02 Adjusted (non-GAAP) $ 467,623 $ 108,215 $ 215,634 $ 208,740 $ (64,966) $ (66,696) $ (1,166) $ (67,862) $ (0.37) Adjusted percent of revenue (non-GAAP) 73 % 17 % 34 % 33 %
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EXACT SCIENCES 19 EXACT SCIENCES CORPORATION Selected Unaudited Financial Information Condensed Consolidated Statements of Cash Flows and Reconciliation of Free Cash Flow (Amounts in thousands) Three Months Ended March 31, 2025 2024 Net cash provided by (used in) operating activities 30,809 (82,311) Net cash used in investing activities (34,437) (171,438) Net cash used in financing activities (256,171) (3,002) Effects of exchange rate changes on cash and cash equivalents 290 (1,140) Net decrease in cash, cash equivalents and restricted cash (259,509) (257,891) Cash, cash equivalents and restricted cash, beginning of period 606,636 609,675 Cash, cash equivalents and restricted cash, end of period 347,127 351,784 Reconciliation of free cash flow: Net cash provided by (used in) operating activities 30,809 (82,311) Purchases of property, plant and equipment (31,174) (37,649) Free cash flow (365) (119,960)