After Tuesday’s close, Exact Sciences (ticker: EXAS) reported 16% revenue growth for the March period, and a smaller loss than the year-ago quarter. The stock closed down 8% for the day, at $116, then slipped another 2% after hours to $113.40. Invitae (NVTA) also reported late Tuesday, saying that March quarter revenue rose 61%, while reporting a loss; its stock closed down 4%, at $31.50, then fell another 2% after hours, to $31.

Exact Sciences revenue in the latest quarter came to $402 million, compared with $348 million a year earlier. While colon-cancer-screening revenue rose 10%, to $240 million, Exact Sciences is losing some of the tailwind it enjoyed from Covid-19 testing. March revenue from Covid-19 testing was $32 million, down sequentially from $99 million in the December quarter. In its 2021 guidance today, Exact Sciences said it expects just $50 million-$60 million in Covid-19 testing revenue for the whole year.

The net loss in Exact’s March quarter was $31 million, or 18 cents a share, compared with a $135 million loss in the year-ago quarter, or 91 cents a share. Earnings before interest, taxes, depreciation, and amortization in the latest quarter were negative $226 million, but adjusted for things such as stock compensation and acquisitions, Ebitda was negative $25 million, compared with negative $8 million in the year-ago quarter.

Exact Sciences’ March results were better than the FactSet analyst consensus estimate for about $390 million in revenue and net losses of close to $1 a share. Looking ahead, Exact Sciences is guiding for total revenue in 2021 of between $1.69 billion and $1.735 billion.

Invitae’s March quarter revenue was $104 million, compared with the year-earlier quarter’s $64 million. The net loss was $110 million, or 56 cents a share, compared with the year-ago loss of $99 million, or 99 cents a share. Acquisitions and financings have greatly increased the gene-tester’s share count. Excluding noncash charges and acquisitions, Invitae says its latest quarter’s net loss would have been $122 million, or 63 cents a share.

The genetic-sequencing technologies used by these companies to provide their precision medicine services is mostly supplied by Illumina (ILMN), which reported its March quarter results last week. The company had preannounced a good quarter, and the $1.1 billion in revenue it reported was nicely ahead of the $1 billion expected. Earnings of $1.89 a share were far above the $1.40 consensus.

Illumina is battling with federal antitrust regulators in court to complete its deal to acquire Grail, a startup that holds the lead in the race to develop a blood test that could screen for many kinds of cancer. Not counting Grail’s expected losses, Illumina is guiding to 2021 earnings per share of $5.80 to $6.05—nearly 40% above the previous consensus estimate. Closing Tuesday at $378, Illumina’s stock is well below its February peak of $555, and most analysts rate it at Hold, and have price targets that average below $410.

Write to Bill Alpert at william.alpert@barrons.com