WE'RE HELPING ERADICATE CANCER BY PREVENTING IT, DETECTING IT EARLIER, AND GUIDING PERSONALIZED TREATMENT.
2023 ESG REPORT
2023ESG REPORT
HUMAN CAPITAL
COMMUNITY ENGAGEMENT
BUSINESS ETHICS
PRODUCT QUALITY
ACCESS TO HEALTH CARE
ENVIRONMENTAL STEWARDSHIP
TABLE OF CONTENTS
21 | Wellness programs | 48 | Product quality | ||
22 | Satisfaction & engagement | 51 | Corrective & preventive action | ||
2023 highlights | 25 | Recognizing team members | 53 | Access to health care | |
26 | Career development | 54 | Access to tests | ||
28 | Learning & development | 55 | Health equity initiatives | ||
29 | Diversity, equity & inclusion | 57 | Environmental stewardship | ||
30 | Occupational health & safety | 58 | Greenhouse gas emissions | ||
32 | Community engagement | 58 | Water management | ||
11 | Power of early detection | 33 | Community partnerships | 59 | Energy management |
12 | Leigh Anne's story | 37 | Business ethics | 59 | Waste management |
13 | About the Oncotype DX Breast Recurrence Score® | 38 | Compliance programs | 60 | Employee-led sustainability |
14 | Ayako's story | 39 | Integrity Alertline | 61 | Appendix |
15 | COVID-19 response | 39 | Cybersecurity & data protection | 62 | Sustainability Accounting Standards |
16 | Materiality | 40 | Human & labor rights | Board (SASB) Index | |
17 | Key sustainability focus areas | 41 | Supplier management | 66 | Task Force on Climate-Related Financial |
18 | Human capital | 42 | Board oversight | Disclosures (TCFD) Index | |
19 | Talent attraction & onboarding | 43 | Addressing shareholder feedback | ||
20 | Compensation & benefits | 44 | Clinical research |
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2023ESG REPORT
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BUSINESS ETHICS
PRODUCT QUALITY
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REPORTING OUR PROGRESS
Our 2023 ESG report seeks to provide decision-useful sustainability information to our stakeholders. This report covers 2023 information for our global operations, unless stated otherwise. The content has been informed by leading ESG and sustainability reporting frameworks such as the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD). We strongly support these frameworks and align with their disclosure recommendations, which are provided in the appendix.
All data included in this report has been reviewed by our internal accounting team but has not been externally verified.
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LETTER FROM OUR CHAIRMAN & CEO
At Exact Sciences, our purpose is to help eradicate cancer by preventing it, detecting it earlier, and guiding personalized treatment.
We serve health systems, health care providers, and patients with the best tests, including Cologuard® and Oncotype DX®. Our work makes a lasting impact on our people, our communities, and the planet.
Our 2023 Environmental, Social, and Governance Report (ESG) features several employee-driven sustainability efforts. Our team shows a collective dedication to doing the right thing the right way. We build sustainable and responsible practices into all we do to advance our purpose.
This report outlines our progress in key focus areas, including:
- Human capital
- Community engagement
- Business ethics
- Product quality
- Access to health care
- Environmental stewardship
During 2023, we tested a record 4.1 million patients for cancer and rare diseases. We also became profitable, achieving $219 million in adjusted EBITDA while growing core revenue by 24% to $2.5 billion. With these results, we are ready to magnify our impact in the global fight against cancer.
We achieved these results thanks to the dedication of our world-class team. Exact Sciences' purpose-driven culture helps us attract and retain the best people. They want to work for a company that makes a profound difference in cancer care and in the world at large. We are proud of how they deliver on that every day.
Kevin Conroy
Chairman and Chief Executive Officer
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EXACT SCIENCES AT A GLANCE IN 2023
6,500 4M+
40+ locations globally in 20 cities
employees dedicated | tests delivered | |||
to defeating cancer | ||||
Great Place To Work®
certified for the fifth consecutive year
45%
of total waste recycled
53%
120
countries where we supported patients
400K+
global network of ordering providers
12,000+
workforce gender diversity | hours of volunteer service | 5 |
2023ESG REPORT
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OUR FLAGSHIP TESTS
SCREENING
Cologuard® is the first and only FDA-approved,non-invasive,multi-target,stool-based colorectal cancer screening test. There are nearly 110 million Americans at average risk for colorectal cancer who should be screened regularly. Today, an estimated 60 million of them are not up to date with screening recommendations. The Cologuard test has helped screen more than 14 million people since it was made available in 2014 and has captured about 10% of the addressable market. Our long- term goal is to help meaningfully increase colorectal cancer screening rates and eradicate this terrible disease by capturing 40% of the market with Cologuard, which equates to about
$7 billion in revenue.
PRECISION ONCOLOGY
The Oncotype DX Breast Recurrence Score® is the only test that can predict, with precision, the individual benefit of chemotherapy and risk of recurrence for early-stage breast cancer patients, as published in the landmark TAILORxand RxPONDERtrials. The Oncotype DX test is internationally recognized as standard of care for patients with early- stage, HR-positive,HER2-negative breast cancer.
The OncoExTra® test gives doctors and their late-stage cancer patients a complete molecular picture of the patient's cancer to help inform treatment options. It is a comprehensive DNA- and RNA-based genomic test that provides reliable and actionable results personalized to each patient. The OncoExTra test works by profiling the entire exome (DNA) and transcriptome (RNA) across approximately 20,000 genes.
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FINANCIAL PERFORMANCE
$2.50B
2023 revenue, 24% core growth Y/Y
70%+
2023 gross margins
$470M
Y/Y free cash flow improvement
Exact Sciences generated a record $2.5 billion in revenue in 2023, an increase of 20%, or 24% on a core revenue basis, with Screening revenue of $1.86 billion and Precision Oncology revenue of $629 million. Strong revenue growth and industry-leading gross margins powered $219 million in positive adjusted EBITDA for the year ended December 31, 2023.
30%+ revenue CAGR | Adj. EBITDA improved $362M Y/Y |
Please refer to the appendix for reconciliations to GAAP financial measures. | 7 |
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ADVANCING OUR PIPELINE OF LIFE-CHANGING TESTS
Colorectal cancer | Multi-cancer | Molecular residual disease and |
screening (CRC) | screening | recurrence monitoring (MRD) |
110M | 135M | 12M |
people eligible for | potential people eligible | annual U.S. testing |
screening in U.S. | for screening in U.S. | opportunities |
We are working to solve the biggest problems in cancer care. Our advanced research and development expertise and platform spanning the cancer continuum will help bring the next wave of life-changing tests to more patients. We made meaningful progress in each of our key pipeline programs in 2023 by:
- Announcing positive results from the pivotal BLUE-C study, in which our next-generation Cologuard® test exceeded our expectations for improved sensitivity and specificity
- Making meaningful progress on our molecular residual disease test development in colon cancer and breast cancer
- Advancing our multi-cancer screening test development and initiating a collaboration with Baylor Scott & White to generate real-world evidence
Source: U.S. Census data, Exact Sciences estimates; includes U.S. markets only
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TAKING
CARE OF THE PEOPLE WE SERVE
We are helping to change the way cancer is detected and treated. From screening to treatment guidance, we deliver the clarity that people need to make more informed cancer care decisions.
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IMPROVING QUALITY OF LIFE WITH
For every 1 million patients | By the end of 2023, |
screened with Cologuard, | we delivered |
318K | 14M+ |
years of life are gained | Cologuard test results |
Heath economics models show that Cologuard can lead to
65% reduction in colorectal cancer incidence
73% reduction in colorectal cancer mortality
Source: Imperiale TF et al., N Engl J Med (2014); Gagrat ZD et al., ASCO GI Cancers Symposium (2022); numbers presented here based on modeling analysis performed on Jan. 13, 2022 using point estimates of performance, | |
CRCAIM Natural History version 1.0.5, and CRC-AIM Screening version 1.0.9; simulated a population of 2M individuals screened between ages 45 & 75 with mt-sDNA 1.0 every 3 years - reported results per 1M screened | 10 |
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EXACT Sciences Corporation published this content on 02 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 11:52:26 UTC.