Exact Sciences Corporation (NASDAQ:EXAS) Citi’s 2024 Global Healthcare Conference December 3, 2024 8:45 AM ET
Company Participants
Kevin Conroy – Chairman and CEO
Aaron Bloomer – EVP, Finance
Conference Call Participants
Patrick Donnelly – Citi
Patrick Donnelly
Thanks, everybody, for joining us here at the conference. Happy to have Kevin Conroy and Aaron Bloomer from Exact Sciences with us here today. A bunch to cover. There are some QR codes on the table and I think online, I have this iPad up here, see if I can figure it out. But I think questions can load on here. If anyone has any from the audience, feel free to submit those. I’ll try to get to. But Kevin, Aaron, again, thanks for being here. Maybe we can start just with the most recent news. Obviously, got that — the pricing increase on the CMS side. Maybe just talk about you had the flat initial payment, the final payment came through nicely above in terms of that increase. So that 16% increase higher, maybe just talk about what volume that hits? I know there’s the Medicaid fee-for-service, Medicaid Advantage. Maybe just talk about what that means for you guys and where that came in relative to expectations.
Kevin Conroy
Sure. Well — so the price here is for Cologuard Plus, which is a tremendous new innovation. It’s a test that delivers — detects 95% of cancers at a 94% specificity, that specificity is calculated off the people who have no findings in their colon. So it’s a large study, 18,000 patients. And one of the hardest things to do is improve both sensitivity and specificity and we did both leading to a 40% reduction in the false negative rate, the cancers that you miss and a 40% reduction thereabouts in the false positive rate, leading to fewer people having to go to an unnecessary colonoscopy. So there is a greater
Credit: Source link
