Cancer diagnostics company Exact Sciences Corp. has more than doubled the capital investment and job creation numbers it proposed under an agreement with the Wisconsin Economic Development Corp., according to documents obtained by the Milwaukee Business Journal per a public records request.
In 2015, Madison-based Exact Sciences was approved by the WEDC to receive up to $9 million in tax credits if it added at least 750 jobs and made a capital investment of $26.2 million by 2020. Under the agreement, Exact Sciences would receive the WEDC tax incentives by investing in capital expenditures in Wisconsin and creating 758 full-time positions – with an average wage of $24.47 per hour – in the state by Dec. 31, 2020.
According to the most recent documents for WEDC tax credit awards dated January 2020, Exact Sciences (Nasdaq: EXAS) made a capital investment of $95.85 million and created 1,672 jobs in Wisconsin since 2015. The company also met its goal of retaining 185 jobs in Wisconsin.
Exact Sciences has earned $5.9 million in verified tax credits from the WEDC, per the documents.
In May 2019, however, Exact Sciences reportedly returned $61,000 it received from the WEDC in Enterprise Zone tax credits for creating 261 jobs filled by individuals who lived in 36 states not contiguous with Wisconsin.
For the 12-month period ending Dec. 31, 2019, Exact Sciences is estimating revenue between $874.5 million and $876.5 million. In late 2019, the company closed on its $2.8 billion acquisition deal of California’s Genomic Health. As of the end of March 2019, Genomic employed 840 people while Exact Sciences reported having more than 2,400 employees, with three quarters located in Wisconsin.
The combined companies are expected to generate revenue of about $1.6 billion in 2020.
Exact Sciences in June of last year opened a new 169,000-square-foot clinical laboratory and warehouse in Madison and is having a new headquarters built in Madison that is expected to open in early 2020.