Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>In June of 2024, GRAIL, a market leader in early cancer detection, spun off from Illumina into an independent publicly traded company.</li>
<li>Following the spin-off, Illumina retains up to ~15% ownership interest in GRAIL and continues to fund GRAIL’s operations and R&amp;D with disposal funding of ~$974M.</li>
<li>I view GRAIL as a market leader in the MCED testing market and uniquely positioned to be very effective in detecting some of the most aggressive early-stage cancers.</li>
</ul>


In June of 2024, GRAIL, a market leader in early cancer detection, spun off from Illumina into an independent publicly traded company.
Following the spin-off, Illumina retains up to ~15% ownership interest in GRAIL and continues to fund GRAIL’s operations and R&amp;D with disposal funding of ~$974M.
I view GRAIL as a market leader in the MCED testing market and uniquely positioned to be very effective in detecting some of the most aggressive early-stage cancers.


GRAIL: Detecting Early-Stage Cancers With Galleri Test, A Significant Market Opportunity

Independent research on the U.S. markets, Baptista Research

Baptista Research

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Equity Bottom-Up

<ul><li>Exact Sciences Corporation exceeded Wall Street's revenue and earnings expectations.</li><li>Revenue increased in the second quarter.</li><li>Exact Sciences continues to see widespread Cologuard acceptance and traction among health systems.</li></ul>

Exact Sciences Corporation exceeded Wall Street's revenue and earnings expectations.Revenue increased in the second quarter.Exact Sciences continues to see widespread Cologuard acceptance and traction among health systems.

Exact Sciences Corporation: Cancer Research Through Collaborative Partnerships & Other Drivers

Independent Investment Research & Investor, Maverick Equity Research

Maverick Equity Research

Independent Investment Research & Investor

Independent Investment Research & Investor: value, dividend and growth stocks. Risk management & hedging for an all weather portfolio.

Thematic (Sector/Industry)

<ul><li>All 6 ETFs positive in 2023 while ARKW ARKF ARKK ARKQ booming with 35%, 27%, 25% &amp; 17% respectively.</li><li>Risk appetite for the Innovation/Hyper Growth thematic is on!</li><li>Enhanced Price Action view: Ark 6 ETFs 2023 Returns &amp; Rebounders from their 52-week low + I added S&amp;P 500 (SPY) and the Nasdaq 100 (QQQ) for comparison</li></ul>

All 6 ETFs positive in 2023 while ARKW ARKF ARKK ARKQ booming with 35%, 27%, 25% &amp; 17% respectively.Risk appetite for the Innovation/Hyper Growth thematic is on!Enhanced Price Action view: Ark 6 ETFs 2023 Returns &amp; Rebounders from their 52-week low + I added S&amp;P 500 (SPY) and the Nasdaq 100 (QQQ) for comparison

<ul><li>EXACT Sciences delivered an all-around beat in the previous quarter.</li><li>Core revenue grew and screening revenue increased.</li><li>Gross margin furthered from the fixed cost leverage in EXACT Sciences' lab, the Cologuard patient compliance program, and the billing systems.</li></ul>

EXACT Sciences delivered an all-around beat in the previous quarter.Core revenue grew and screening revenue increased.Gross margin furthered from the fixed cost leverage in EXACT Sciences' lab, the Cologuard patient compliance program, and the billing systems.

EXACT Sciences Corporation: Pipeline Advancements & Cologuard Adoption Catalyzing Its Growth? – Key Drivers

<ul><li>Exact Sciences Corporation delivered strong results in the quarter, with fourth quarter revenue increased by 17%, or 28%, excluding COVID testing, to $553 million.</li><li>The company delivered an all-around beat in the quarter as 10,000 new healthcare professionals ordered Cologuard, bringing the total to over 302,000.</li><li>Besides that, Precision Oncology's revenue fell 4% to $143 million, excluding the loss of the company's prostate business and a $2 million forex headwind increase of 1%.</li></ul>

Exact Sciences Corporation delivered strong results in the quarter, with fourth quarter revenue increased by 17%, or 28%, excluding COVID testing, to $553 million.The company delivered an all-around beat in the quarter as 10,000 new healthcare professionals ordered Cologuard, bringing the total to over 302,000.Besides that, Precision Oncology's revenue fell 4% to $143 million, excluding the loss of the company's prostate business and a $2 million forex headwind increase of 1%.

Exact Sciences Corporation: Collaboration With VieCure & Other Drivers

United States

Exact Sciences Corp., is focused on developing and commercializing a non-invasive molecular screening test for the early detection and prevention of colorectal cancer. The Company's test is a stool-based DNA test that identifies both pre-cancer and cancer by detecting genetic mutations in colorectal cancer cells.

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Exact Sciences (EXAS US)

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