Exact Sciences Corporation (EXAS) reported that its collaboration with Mayo Clinics for developing a blood-based lung cancer test shows promising prospects. The study involved nearly 400 patients, which demonstrated high accuracy for detecting lung cancer at all stages. Kevin Conroy, chairman and CEO of Exact Sciences, said "Our collaboration with Mayo Clinic is efficiently identifying biomarkers for additional cancer applications on the same technology platform as Cologuard."

The company stock is currently trading 5 percent up. It has shown impressive performance in the recent past as the price climbed over 74 percent in the Year so far. Its 12-months gain stands at 331 percent. Exact had recently announced its full year and fourth quarter results. The company announced fourth quarter 2016 revenue of $35.2 million, surpassing expectations of $35.11 million. For the full year, the company reported revenue of $99.4 million, beating estimates of $99.19 million.

Exact Sciences also provided upbeat guidance for the year 2017. The company expects its revenue to be in the range of $170 million and $180 million. The consensus estimate for the guidance was at $162.6 million. The company expects its Cologuard sales volume to 415,000 in 2017 and 88,000 during the first quarter. Cologuard is a screening tool for adults 50 years or older for colorectal cancer.