Exact Sciences Corporation (EXAS): BCG Matrix [Dec-2025 Updated]

You're looking at Exact Sciences Corporation's portfolio right now, late in 2025, and trying to map where the real money is and where the big bets are failing or succeeding. Honestly, the picture is sharp: you've got the $2.51 billion screening engine powering the show, but you're also pouring capital into brand-new tests that contributed to a $101 million net loss in Q1. Let's cut through the noise and see exactly which products are your Stars, which are your reliable Cash Cows like Oncotype DX with its 13% growth, and which legacy assets are just taking up space. Dive in to see the clear breakdown of Exact Sciences Corporation's current strategic positioning.

Background of Exact Sciences Corporation (EXAS)

Exact Sciences Corporation (EXAS) is a leading provider of cancer screening and diagnostic test products, operating both in the United States and internationally. The company's core mission centers on preventing cancer and detecting it earlier when treatment is most effective. You can see this focus reflected in their primary offerings and recent product launches.

The flagship product remains Cologuard, a noninvasive stool-based DNA screening test designed to detect DNA and hemoglobin biomarkers associated with colorectal cancer and pre-cancer. Building on this success, Exact Sciences launched Cologuard Plus in the first quarter of 2025, which demonstrated even greater sensitivity while reducing false positives by nearly 40 percent compared to the original test. This next-generation test secured Medicare coverage and HEDIS guideline inclusion in March 2025.

Beyond colorectal screening, Exact Sciences operates in the precision oncology market with its Oncotype DX suite of tissue-based genomic tests, which estimate recurrence risk for breast and colon cancers, and the OncoExTra test for tumor profiling in advanced cancer patients. Furthermore, the company expanded its portfolio in 2025 with the launch of Oncodetect, a molecular residual disease and recurrence monitoring test, in the first quarter, and the launch of Cancerguard, a multi-cancer early detection test, in the third quarter.

Financially, Exact Sciences reported record results through the third quarter of 2025. Total revenue for Q3 2025 reached $851 million, marking a strong 20% year-over-year increase. Screening revenue led this growth at $666 million, up 22% from the prior year. The company also generated record free cash flow of $190 million in the quarter, leading management to raise the full-year 2025 revenue guidance midpoint to between $3.22 billion and $3.235 billion.

Despite the strong top-line performance and improved profitability metrics, such as an Adjusted EBITDA margin of 16% in Q3 2025, the company still reported a net loss for the quarter, though it was an improvement year-over-year. The company's market capitalization hovered around $12.68 billion to $19.20 billion as of early November 2025, reflecting the market's view of its aggressive growth strategy funded by significant operational investments.

Exact Sciences Corporation (EXAS) - BCG Matrix: Stars

You're looking at the engine room of Exact Sciences Corporation (EXAS) portfolio right now, and that's the Screening segment, anchored by the next-generation Cologuard Plus test. This product is clearly leading the market in a high-growth space. In the third quarter of 2025, the Screening revenue specifically grew by a strong 22% year-over-year, hitting $666 million for the quarter.

This product maintains a dominant position in the non-invasive colorectal cancer (CRC) screening segment. The Cologuard test, in total, has been used to screen 18 million people since its launch in 2014. The improved Cologuard Plus variant, launched in the first quarter of 2025, is key to this leadership, as it reduces false positives by nearly 40% compared to the original Cologuard. Also, Exact Sciences noted screening 0.25 million more people in the third quarter of 2025 versus the prior year, showing continued penetration.

Here are the key financial figures for the Screening segment as of the third quarter of 2025:

The full-year 2025 revenue guidance midpoint for the entire Screening segment is set at approximately $2.51 billion. This segment remains the largest revenue driver for Exact Sciences Corporation, underpinning its current valuation and growth story. Still, maintaining this leadership requires significant capital deployment.

The high-growth nature of this segment necessitates high reinvestment to defend market share, especially against emerging technologies. For instance, in August 2025, Exact Sciences entered an exclusive license agreement with Freenome for blood-based CRC screening tests, signaling immediate investment to counter future threats. This need for continuous investment is what keeps the cash flow neutral or slightly negative despite high top-line growth; you're spending to keep the lead.

• Cologuard Plus reduced false positives by nearly 40%.
• Q3 2025 Total Revenue reached $851 million, a 20% increase year-over-year.
• Adjusted EBITDA margin for Q3 2025 was 16%.
• Free cash flow for Q3 2025 was $190 million.

Exact Sciences Corporation (EXAS) - BCG Matrix: Cash Cows

You're analyzing the core, reliable engine of Exact Sciences Corporation (EXAS) portfolio, the segment that consistently funds the more volatile, high-growth initiatives. That engine, in the context of the Boston Consulting Group Matrix, is the Cash Cow, characterized by high market share in a mature space.

Oncotype DX fits squarely here. It's the established, high-share genomic test for breast cancer recurrence risk. This test has long set a global standard as a predictive and prognostic tool in breast cancer, helping clinicians confidently guide therapy decisions that improve outcomes and reduce disparities. In fact, the Oncotype DX Breast Recurrence Score® test is the only test shown to predict the likelihood of chemotherapy benefit as well as recurrence in invasive breast cancer. This entrenched position ensures a reliable, predictable revenue stream, which is exactly what a Cash Cow should deliver.

The financial performance in the third quarter of 2025 clearly demonstrates this stability. The Precision Oncology segment, which includes global Oncotype DX and therapy selection tests, delivered $184 million in revenue for Q3 2025. That revenue represented a stable 13% year-over-year growth compared to the same period in 2024. To be fair, the Screening segment grew faster at 22% in Q3 2025, but the Precision Oncology segment's growth is consistent and less susceptible to the massive capital needs of launching new screening platforms.

Here's a quick look at the segment's recent financial output, which is what you want to see from a product that is being 'milked' for cash:

This segment requires lower capital investment to maintain its market position compared to the high-growth screening segment, which is currently absorbing significant resources for launches like Cancerguard®. The result is a significant contribution to the overall corporate liquidity. For instance, the total company generated $190 million in free cash flow in the third quarter alone, and the full-year 2025 guidance for the entire Precision Oncology segment was raised to a range of $710 million to $715 million following Q3 results. This cash is the lifeblood for funding the Question Marks.

The reliability of this cash cow is further supported by its clinical standing. You can count on this revenue because of its established role in treatment pathways. Key attributes reinforcing its Cash Cow status include:

• Recognized as the standard of care in major breast cancer treatment guidelines.
• Drives consistent utilization across racial and ethnic groups, confirming standardizing care.
• Associated with improved outcomes and lower healthcare costs, such as an estimated over 60 million euros in cost-savings from reduced chemotherapy use in Irish centers.
• Its international revenue grew by 19% year-over-year to $59 million in Q3 2025, showing global maturity and reach.

Honestly, these are the products you want to hold and 'milk' passively, using the resulting cash to fund the next big thing. Finance: draft 13-week cash view by Friday.

Exact Sciences Corporation (EXAS) - BCG Matrix: Dogs

DOGS are units or products with a low market share and low growth rates. They frequently break even, neither earning nor consuming much cash. Dogs are generally considered cash traps because businesses have money tied up in them, even though they bring back almost nothing in return. These business units are prime candidates for divestiture.

The Dogs quadrant for Exact Sciences Corporation typically houses legacy products facing obsolescence or non-core assets that have been or are slated for removal from the primary portfolio to focus capital. These units operate in markets that are not expanding rapidly or have lost significant relative market share to newer offerings.

The Original Cologuard Test falls into this category as it is actively being superseded by a superior version. The newer Cologuard Plus test, launched in the first quarter of 2025, is designed to reduce false positives by nearly 40% compared to the original Cologuard test. This performance differential makes the original version a candidate for eventual phase-out, requiring minimal new investment as commercial focus shifts entirely to the next-generation product.

Divested or niche precision oncology assets represent another clear component of the Dogs category. The Oncotype DX Genomic Prostate Score (GPS) test, obtained via the Genomic Health acquisition, was sold off to streamline the portfolio. The deal structure included an upfront payment of $25 million in cash plus $5 million in company shares, with a total potential cost reaching an additional $70 million if revenue milestones were met through the 2025 fiscal year. This transaction exemplifies the strategy of minimizing capital tied to non-core, lower-growth precision oncology tests.

The broader Precision Oncology segment itself often exhibits characteristics of a low-growth area relative to the Screening segment, placing its more mature components in the Dog quadrant. For the third quarter of 2025, Precision Oncology revenue was $184 million, representing a growth rate of 13% year-over-year. This compares to the Screening revenue of $666 million, which grew by 22% in the same period. The lower growth rate in Precision Oncology suggests that its mature products, such as the legacy Oncotype DX breast cancer test, have low relative market share or minimal growth potential within the overall, high-growth cancer diagnostics market.

These products require minimal investment to maintain operations, as the strategic imperative is harvest or divestiture to free up capital for Stars and Question Marks. The financial data from Q3 2025 shows the company generated $220 million in operating cash flow, which is the capital that needs to be redeployed away from these lower-return assets.

Here's a look at the segment performance that helps categorize these units:

You're looking at a portfolio where the clear winners are pulling resources, so the decision on Dogs is about capital efficiency. The goal is to minimize ongoing cash consumption.

The characteristics of these Dog products include:

• Original Cologuard test: Actively replaced by Cologuard Plus.
• Divested GPS test: Sale concluded with final milestones potentially in 2025.
• Precision Oncology (mature tests): Slower growth at 13% in Q3 2025.
• Investment Strategy: Candidates for harvest or divestiture to free up capital.

Finance: draft the final Q4 2025 cash flow projection, isolating any final GPS milestone payments by Friday.

Exact Sciences Corporation (EXAS) - BCG Matrix: Question Marks

You're looking at the Question Marks quadrant for Exact Sciences Corporation (EXAS) as of 2025, and it's clear why: these are the big bets consuming cash now with the hope they become the next Stars. These products are in markets that are growing fast-think multi-cancer early detection (MCED) and molecular residual disease (MRD)-but Exact Sciences Corporation hasn't secured a dominant market share yet. They require heavy investment to gain traction quickly, otherwise, they risk becoming Dogs.

The financial drain is evident in the first quarter of 2025 results, where Exact Sciences Corporation posted a net loss of approximately $101 million. This loss reflects the substantial R&D and commercial investment necessary to push these novel platforms into widespread clinical adoption. For instance, Sales and marketing expenses surged 21.4% to $264.3 million in Q1 2025, and Research and development expenses were $105.3 million in that same quarter, directly fueling these high-growth, low-share ventures.

Here's a breakdown of the key Question Marks demanding capital allocation:

• Cancerguard: Multi-Cancer Early Detection (MCED) test.
• Oncodetect: Molecular Residual Disease (MRD) test.
• Colorectal Cancer Blood Test: Pipeline product awaiting pivotal data.

The strategy here is all about rapid market penetration. You need to decide which ones get the heavy investment to capture share before competitors solidify their positions. If they don't gain ground fast, that cash burn becomes unsustainable.

Consider the specifics of these high-potential assets:

The performance characteristics of the recently launched tests show the scientific rigor Exact Sciences Corporation is bringing to these areas. The Oncodetect test, for example, is highly sensitive, tracking up to 200 tumor-informed variants, and patients testing positive are 50 times more likely to experience recurrence than those with negative results. Cancerguard, launched in the second half of 2025, is positioned to address cancers with no recommended screening, responsible for nearly 70% of annual cancer cases and deaths in the U.S.

For the pipeline blood-based colorectal cancer test, the anticipation centers on the pivotal BLUE-C study results, which were expected mid-summer 2025. Data presented earlier on a blood-based panel from that study showed a sensitivity of 88.3% for CRC at a specificity of 90.1%. These are the kinds of numbers that justify the cash burn, but only if they translate into rapid market share gains against established screening methods.

You need to watch the cash consumption against the market adoption curve for these three:

• Cancerguard: Must quickly gain payer coverage beyond its initial $689 out-of-pocket cost.
• Oncodetect: Needs to secure Medicare reimbursement for colon cancer use following its Q2 2025 launch.
• Colorectal Cancer Blood Test: Success in the pipeline will determine if it becomes a Star or requires divestment.

Finance: draft 13-week cash view by Friday.