MARLBOROUGH, Mass.--(BUSINESS WIRE)--EXACT Sciences Corporation (NASDAQ: EXAS) announced today its financial results for the third quarter ended September 30, 2007. Net loss for the quarter ended September 30, 2007 increased to $3.6 million, or $0.13 per share, from $3.1 million, or $0.12 per share, for the same quarter last year, primarily as a result of a decrease in non-cash license fee amortization. In June 2007, the Company amended its license agreement with Laboratory Corporation of America® Holdings (LabCorp®) to, among other things, extend the exclusive period of the license from August 2008 to December 31, 2010. As a result of this extension, the remaining unamortized up-front license fees that LabCorp previously paid to EXACT are now being recognized over a longer period of time, resulting in lower non-cash license fee amortization as compared to prior periods. The increase in net loss was also driven by restructuring charges of $0.6 million recorded during the third quarter of 2007 related to the elimination of the Company’s sales and marketing functions. The increase in net loss was partially offset by decreases in sales and marketing expenses related to the elimination of those functions in the third quarter, as well as decreases in applied research expenses resulting from the cost reduction actions initiated by the Company during the fourth quarter of 2006.
