- EXACT Sciences Corporation (NASDAQ: EXAS) reportedly approached Invitae Corp (NYSE: NVTA) for a potential merger. These are the details.
EXACT Sciences Corporation (NASDAQ: EXAS) has reportedly approached Invitae Corp (NYSE: NVTA) for a potential merger, according to sources with Bloomberg. The companies are not in active talks and if a deal is reached, it would likely be a low-premium all-stock merger, according to Bloomberg’s sources.
EXACT Sciences is a leading provider of cancer screening and diagnostic tests. And the company pursues smarter solutions providing the clarity to take life-changing action. Building on the success of Cologuard and Oncotype tests, Exact Sciences has been investing in its product pipeline to support patients throughout their cancer diagnosis and treatment.
Invitae is known as a leading medical genetics company whose mission is to bring comprehensive genetic information into mainstream medicine to improve healthcare for billions of people. And Invitae’s goal is to aggregate the world’s genetic tests into a single service with higher quality, faster turnaround time, and lower prices.
EXACT Sciences recently reported its Q2 2021 financial results. The total revenue was $434.8 million, an increase of 62% compared to the same period in 2020. And the net loss was $176.9 million, or $1.03 per share, compared to a net loss of $68.1 million, or $0.45 per share compared to the same period in 2020.
Invitae also recently announced its second quarter 2021 financial results. The company generated revenue of $116.3 million in the quarter, a 152% increase compared to $46.2 million in the same period in 2020. And they achieved preliminary gross profit for the second quarter of 2021 of $25.2 million, compared to $3.2 million in the same period in 2020. The non-GAAP gross profit was $41.2 million in the second quarter.
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