Exact Sciences Corp. on Wednesday posted a net loss of $14.8 million, or 26 cents a share, on revenues of $1 million for the second quarter ending June 30.
That compares with a net loss of $6.6 million, or 13 cents a share, on revenues of $1 million for the same period in 2011.
Operating expenses for the second quarter were $15.9 million, compared with $7.7 million for the second quarter of 2011. The Madison molecular diagnostics company attributed the increase primarily to the ongoing clinical trial of its non-invasive Cologuard colorectal cancer screening test.
The clinical trial "continues to progress toward completion this year and remains our top priority," said Kevin Conroy, president and chief executive. "As we get closer to completing the trial, we are intensifying our operational and commercial preparations, which will ensure that we're ready to deliver our patient-friendly screening test to market, once it is approved," he said.