Exact Sciences reports larger quarterly loss

Exact Sciences Corp. reported larger losses in the first quarter as the Madison company builds its sales force and gains coverage for its Cologuard colon cancer test. The company reported a loss of $35.8 million, or 40 cents a share, in the first quarter, compared with a loss of $16.1 million, or 23 cents a share, for the same period of 2014. Exact Sciences reported revenue of $4.3 million for the quarter, up from $294,000 a year earlier. Cologuard, the company’s first product, in 2014 received approvals from the United States Food and Drug Administration and a final National Coverage Decision from the Centers for Medicare and Medicaid Services. Exact Sciences said patients completed 11,000 of its Dna-based, noninvasive tests and the number of physicians ordering the test more than doubled in the first quarter. The company expanded its sales team from 80 to 140 during the quarter and entered into an exclusive agreement with Ironwood Pharmaceuticals Inc. that it says will bring Cologuard to more physicians and their patients through Ironwood’s 160 sales professionals.