Strong Unit Growth and Mix Expansion
Q4 total billable volume ~38,000 tests (11,000 tissue; 27,000 liquid), representing unit growth of 62% year-over-year; liquid-based test volumes increased 128% YoY, driven by ExoDx and conversion of SelectMDx customers.
Quarterly Revenue and Gross Profit Growth
Q4 revenue rose 19% YoY to $29.5 million (from $24.7M); gross profit increased 20% to $18.7 million, with gross margin improving to 63.2% from 62.7% (+0.5 percentage points).
Full-Year Revenue and Modest Pre-Release Adjustment
Reported full-year revenue of $107.9 million (noted as $1 million below the pre-release estimate due to closing process rationalization after the ExoDx acquisition), with management stating the adjustment does not change 2026 guidance.
Successful Acquisition Integration and Customer Conversions
Initiated ExoDx integration in Q4 and transitioned all SelectMDx customers to ExoDx during the quarter, accelerating operating efficiencies and setting up cross-selling opportunities across the expanded menu.
2026 Growth Guidance and Profitability Target
Management guided 2026 revenue implying ~28% year-over-year growth (midpoint), expects >$20M contribution from ExoDx in 2026, and targets adjusted EBITDA of 10% of revenue as the company exits 2026.
Improved Operational Metrics and Clinical Program Progress
Operational improvements include best-in-class tissue turnaround time of five days or less; clinical milestones include completion of GPS PROMPT and commencement of GPS PROTECT (UK PROTECT trial enrollment >1,500), with potential to advance GPS in NCCN guidelines.
Capital Flexibility from Earnout Amendment
Amendment to Exact Sciences earnout lowers near-term payment by close to $20 million and defers remaining payments by an additional year, providing additional financial flexibility.