Exact Sciences slumps after lowering full-year revenue forecast
** Cancer test maker Exact Sciences' EXAS.O shares down 24.9% at $53.72
** After market close on Tuesday, company lowered its 2024 total revenue and screening revenue forecast
** Company now sees its revenue forecast in the range of $2.73 bln to $2.75 bln vs prior estimate of $2.81 bln to $2.85 bln
** "The single biggest reason for why revenue would be down sequentially from Q3 to Q4 is the hurricanes." CFO Aaron Bloomer said in earnings call with analyst
** "Disruption from hurricane Helene and Milton negatively impacted Cologuard orders and results in September and October. Historically, about 18% of Cologuard tests are from patients who live in affected areas" Bloomer further said
** Cologuard is company's flagship product which provides at-home colon cancer screening test
** Company now expects its 2024 forecast for screening revenue to be in range of $2.08 bln and $2.10 bln compared with prior forecast of $2.16 bln to $2.18 bln
** At least 7 brokerages cut PTs on stock after results
**Including session's moves, stock down ~10.6% YTD
Reporting by Prakhar Srivastava in Bengaluru
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