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Exact Sciences Q3 2015 Earnings Report

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Third-Quarter 2015 Earnings Call October 29, 2015


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Safe Harbor statement Certain statements made in this presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or other comparable terms. All statements other than statements of historical facts included in this presentation regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, anticipated results of our sales and marketing efforts, expectations concerning payer reimbursement and the anticipated results of our product development efforts. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully and profitably market our products; the acceptance of our products by patients and health care providers; the amount and nature of competition from other cancer screening products and procedures; our ability to maintain regulatory approvals and comply with applicable regulations; our success establishing and maintaining collaborative and licensing arrangements; our ability to successfully develop new products; and the other risks and uncertainties described in the Risk Factors and in the Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Report(s) on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. 2


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Call overview • Strong revenue growth • Cologuard gains traction • USPSTF draft guidance • Compliance rate remains strong • Keys to commercial success 3


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Financial performance remains strong Third Quarter 2015 Revenues $12.6 million Operating expense $48.4 million Cash utilization $41.5 million Quarter-end cash balance $343.5 million 4


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Cologuard addresses a large market opportunity • 50,000 U.S. deaths • Average-risk people between ages 50-84 • ~40% remain unscreened or not compliant with guidelines 80 million Potential Cologuard users Sources: ACS Cancer Facts & Figures 2015; all figures annual US Census, “Health Insurance Coverage Status and Type of Coverage by Selected Characteristics: 2013” US Census, “State Characteristics: Vintage 2013” 5


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Growing unaided physician awareness of Cologuard ® 60% Physicians surveyed who are familiar with Cologuard without prompting 49% 50% 40% 28% 30% 20% 10% 8% 0% Jan 2014 Dec 2014 Source: ZS surveys conducted for Exact Sciences Before FDA approval, awareness of stool DNA testing was measured in lieu of Cologuard awareness Oct 2015 6


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Physicians ordering Cologuard ® continues expanding 21,000 • ~21,000 ordering physicians • Adding ~500 new physicians per week 14,700 8,300 4,100 Q4 2014 Q2 2015 Q1 2015 Aug 2014 Sep Oct Nov Dec Jan Feb Mar Apr May Q3 2015 Jun Jul Aug Sep


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Insurance covers Cologuard ® for majority of people ages 50-84 • Medicare covers 46% • Commercial insurance covers 9% • Total covered: 44 million • In-network contracts 35 % or 28 million 55% of screening population covered for Cologuard Sources: US Census, “Health Insurance Coverage Status and Type of Coverage by Selected Characteristics: 2013” US Census, “State Characteristics: Vintage 2013” AIS Directory of Health Plans: 2015 Exact Sciences internal analysis *market share for individuals ages 50-64 8


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Growth strategy to expand coverage and contracting Compelling payer value proposition Quality of Care NEJM publication – 92% sensitive, Medicare NCD Member Satisfaction Easy, non-invasive test; >70% patient compliance Cost Savings Cologuard® delivering positive budget impact 9


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Completed Cologuard ® tests continue to grow >42K 34K 21K 11K Guidance 4K Q4 Q1 Q2 Q3 Completed Cologuard Tests Q4 10


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Comprehensive screening program drives compliance Physician orders Customer outreach 73% Cologuard completed Physician provided result Patient Compliance* *Patient compliance rate: number of valid test results reported divided by the number of collection kits shipped to patients 60 or more days prior to Sept. 30, 2015. 11


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Response to USPSTF Draft Guidelines Exact Sciences will request clarity from USPSTF in its final guidelines regarding Cologuard based on the following: • New evidence • Modeled performance of Cologuard • Potential confusion caused by current recommendations 12


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Alaska Natives study confirms Cologuard’s ® high cancer, precancer sensitivity in DeeP-C Cologuard Alaska Cologuard DeeP-C Cancer detection 100% 92% (10/10) (60/65) Precancer detection 52% Specificity (24/46) p=0.006 93% p=0.0005 Source: Mayo Clinic Proceedings, Oct 2015 42% (321/757) 87% 13


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Patients prefer sDNA, says independent study Case Western Reserve University study Patient preference Likely to repeat test 75% of patients deemed sDNA more suitable than colonoscopy 84% of patients would take another sDNA test, if recommended Source: Family Medicine and Community Health 2015;3(3):2–8 2 www.fmch-journal.org DOI 10.15212/FMCH.2015.0125 14


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Increasing America’s screening population (ages 50-74) 49% screened with colonoscopy 9% screened only with FIT/FOBT 42% never screened before Screening history of Cologuard® users Source: Colorectal Cancer Screening with Multi-target stool DNA-based Testing Previous Screening History of the Initial Patient Cohort, poster presented at American College of Gastroenterology's Annual Scientific Meeting (ACG 2015), Oct. 16-21, 2015 15


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Keys to Cologuard’s ® commercial success Sales execution Focusing on 21K physicians already ordering Insurance Focus on large commercial insurance plans Ease of ordering Expanding integration with EMR systems 16


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Third-Quarter 2015 Earnings Call October 29, 2015


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Call overview • Strong financial performance • Cologuard gains traction • USPSTF draft guidance • Compliance rate remains strong • Keys to commercial success 18


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