What does the woman mean?

M: How did you like the new exhibit at the art gallery?
W: I still haven’t been able to take any time out from studying.

W: You look exhausted this morning, Steve.
M: I am pretty tired. I stayed up nearly all night getting ready for a midterm exam this morning.
W: Have you gotten the results of the test yet?
M: Yes, and unfortunately, my grade could have been much better.