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Over the next two weeks EXAS will have its annual meeting and second-quarter webcast. The big tell for me will be the growth in quarterly tests completed for Cologuard. Results in this area will solidify if the test is considered effective by physicians and payers (insurers), which is critical for the ongoing steps towards profitability.

What is of greater importance, though, will be insights into research being performed and strategic alliances in those areas. Because of the nature of these endeavors there may be little of anything that can be discussed. From a numbers perspective, though, the continued percentage of revenue directed towards research is telling as to the focus of the company. I am not expecting profitability in the near term, but I am expecting a disciplined approach to moving the company in that direction.


Full disclosure - EXAS is my largest holding based on value, but after having trimmed some shares, it is no longer my largest holding based on initial investment (net of investments made versus shares sold). I am still considering one additional sale which will take my investment cost down to zero while still retaining a substantial (for me at least) position.
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