Exagen Inc. Reports Strong Fourth Quarter and Full-Year 2024 Results and Business Highlights
Exagen Inc. (XGN) reported strong financial results for Q4 and full-year 2024, achieving record total revenue of $55.6 million. The company demonstrated significant improvements in key metrics, including a 300 basis point increase in gross margin to 62.1% in Q4 and 59.5% for the full year.
The AVISE® CTD test reached a milestone of 1,000,000 patients tested, with its trailing twelve-month average selling price expanding to $411, a $75 increase per test. The company reduced its net loss by $1.8 million in Q4 and over $8 million for the full year compared to 2023.
Looking ahead, Exagen expects Q1 2025 revenue of at least $14.5 million and anticipates achieving positive adjusted EBITDA by Q4 2025. The company ended 2024 with $22.2 million in cash and restricted cash.
Exagen Inc. (XGN) ha riportato risultati finanziari solidi per il Q4 e per l'intero anno 2024, raggiungendo un fatturato totale record di $55,6 milioni. L'azienda ha dimostrato miglioramenti significativi in metriche chiave, inclusa un aumento di 300 punti base nel margine lordo, che è salito al 62,1% nel Q4 e al 59,5% per l'intero anno.
Il test AVISE® CTD ha raggiunto un traguardo di 1.000.000 di pazienti testati, con il prezzo medio di vendita degli ultimi dodici mesi che è aumentato a $411, un incremento di $75 per test. L'azienda ha ridotto la sua perdita netta di $1,8 milioni nel Q4 e di oltre $8 milioni per l'intero anno rispetto al 2023.
Guardando al futuro, Exagen prevede un fatturato per il Q1 2025 di almeno $14,5 milioni e si aspetta di raggiungere un EBITDA rettificato positivo entro il Q4 2025. L'azienda ha chiuso il 2024 con $22,2 milioni in contante e contante vincolato.
Exagen Inc. (XGN) reportó resultados financieros sólidos para el Q4 y el año completo 2024, alcanzando un ingreso total récord de $55.6 millones. La compañía mostró mejoras significativas en métricas clave, incluyendo un incremento de 300 puntos básicos en el margen bruto, que alcanzó el 62.1% en el Q4 y el 59.5% para el año completo.
La prueba AVISE® CTD alcanzó un hito de 1,000,000 de pacientes testeados, con su precio promedio de venta de los últimos doce meses expandiéndose a $411, un aumento de $75 por prueba. La compañía redujo su pérdida neta en $1.8 millones en el Q4 y más de $8 millones para el año completo en comparación con 2023.
Mirando hacia adelante, Exagen espera ingresos de al menos $14.5 millones para el Q1 2025 y anticipa alcanzar un EBITDA ajustado positivo para el Q4 2025. La compañía terminó 2024 con $22.2 millones en efectivo y efectivo restringido.
Exagen Inc. (XGN)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고하며, 총 수익이 $55.6 백만으로 기록을 세웠습니다. 이 회사는 4분기 총 매출이 62.1%로 증가하고 전체 연도가 59.5%에 이르는 300 베이시스 포인트 증가를 포함한 주요 지표에서 상당한 개선을 보여주었습니다.
AVISE® CTD 테스트는 1,000,000명의 환자를 테스트하는 이정표에 도달했으며, 지난 12개월 평균 판매 가격이 $411로 증가하였고, 테스트당 $75의 증가가 있었습니다. 이 회사는 4분기 동안 순손실을 $1.8 백만 줄였으며, 2023년과 비교하여 전체 연도에 대해 $8 백만 이상 감소시켰습니다.
앞으로 Exagen은 2025년 1분기 수익이 최소 $14.5 백만에 이를 것으로 예상하며, 2025년 4분기까지 긍정적인 조정 EBITDA를 달성할 것으로 보입니다. 이 회사는 2024년을 $22.2 백만의 현금 및 제한된 현금으로 마감했습니다.
Exagen Inc. (XGN) a annoncé des résultats financiers solides pour le 4ème trimestre et l'année complète 2024, atteignant un chiffre d'affaires total record de $55,6 millions. L'entreprise a montré des améliorations significatives dans des indicateurs clés, y compris une augmentation de 300 points de base de la marge brute à 62,1% au 4ème trimestre et 59,5% pour l'année entière.
Le test AVISE® CTD a atteint un jalon de 1.000.000 de patients testés, avec son prix de vente moyen des douze derniers mois s'élevant à $411, soit une augmentation de $75 par test. L'entreprise a réduit sa perte nette de $1,8 millions au 4ème trimestre et de plus de $8 millions pour l'année entière par rapport à 2023.
En regardant vers l'avenir, Exagen prévoit un chiffre d'affaires d'au moins $14,5 millions pour le 1er trimestre 2025 et s'attend à atteindre un EBITDA ajusté positif d'ici le 4ème trimestre 2025. L'entreprise a terminé 2024 avec $22,2 millions en espèces et en espèces restreintes.
Exagen Inc. (XGN) berichtete über starke Finanzergebnisse für das 4. Quartal und das Gesamtjahr 2024, mit einem Rekordgesamtumsatz von $55,6 Millionen. Das Unternehmen zeigte signifikante Verbesserungen in wichtigen Kennzahlen, einschließlich eines Anstiegs um 300 Basispunkte bei der Bruttomarge auf 62,1% im 4. Quartal und 59,5% für das gesamte Jahr.
Der AVISE® CTD-Test erreichte einen Meilenstein von 1.000.000 getesteten Patienten, wobei der durchschnittliche Verkaufspreis der letzten zwölf Monate auf $411 anstieg, was einem Anstieg von $75 pro Test entspricht. Das Unternehmen verringerte seinen Nettoverlust im 4. Quartal um $1,8 Millionen und um mehr als $8 Millionen für das gesamte Jahr im Vergleich zu 2023.
Für die Zukunft erwartet Exagen einen Umsatz von mindestens $14,5 Millionen im 1. Quartal 2025 und rechnet damit, bis zum 4. Quartal 2025 ein positives angepasstes EBITDA zu erreichen. Das Unternehmen schloss das Jahr 2024 mit $22,2 Millionen in bar und eingeschränkten Bargeldbeständen ab.
- Record total revenue of $55.6 million for full-year 2024
- Gross margin improved by 300 basis points to 62.1% in Q4
- Net loss reduced by over $8 million for the full year
- AVISE CTD test price increased by $75 to $411 per test
- Achieved milestone of 1,000,000th patient tested with AVISE CTD
- Expected positive adjusted EBITDA by Q4 2025
- Company still operating at a net loss
- Cash position of $22.2 million may require additional funding
- Adjusted EBITDA remains negative through Q3 2025
Insights
Exagen's Q4 and full-year 2024 results demonstrate significant operational improvement across key financial metrics. The company achieved record total revenue of $55.6 million for the full year, driven primarily by expanding the average selling price (ASP) of their flagship AVISE CTD test to $411 - representing an impressive $75 increase per test.
Particularly noteworthy is Exagen's substantial progress toward profitability. The company improved its gross margin by 300 basis points to 62.1% in Q4 and 59.5% for the full year compared to 2023. They reduced their net loss by over $8 million for the full year and improved their adjusted EBITDA loss by nearly $7 million. These improvements reflect disciplined cost management while still growing profitable revenue.
The company's current cash position of $22.2 million provides runway as they target positive adjusted EBITDA by Q4 2025 - a critical milestone for investor confidence. Their Q1 2025 revenue guidance of at least $14.5 million suggests continued momentum in their operational turnaround.
The commercial launch of new biomarker assays in January 2025 represents a potential catalyst for future revenue growth. Having reached their millionth patient tested with AVISE CTD demonstrates the test's market penetration and clinical utility in autoimmune disease diagnosis.
Overall, Exagen's results show a company successfully executing its turnaround strategy by focusing on increasing ASP, expanding margins, and controlling costs - putting them on a clear path to profitability within 2025.
Exagen's operational improvements are anchored in the strong clinical utility of their AVISE testing platform. The $75 increase in average selling price indicates growing physician recognition of the test's value in autoimmune disease diagnosis - particularly important in complex conditions like lupus where diagnosis can take years using traditional methods.
The January 2025 launch of new biomarker assays for SLE and rheumatoid arthritis following New York State Department of Health approval represents significant R&D progress. These enhanced capabilities should further differentiate their testing platform in the competitive autoimmune diagnostic market.
The company's research presence at the American College of Rheumatology meeting with five abstracts demonstrates their continued innovation pipeline, particularly their work on novel T Cell biomarkers for lupus and seronegative autoantibodies for rheumatoid arthritis. The plenary presentation in collaboration with Johns Hopkins on urinary biomarkers for Lupus Nephritis management indicates potential for expanding their testing capabilities to help monitor disease progression and treatment response.
Reaching the milestone of 1 million patients tested provides Exagen with a valuable dataset for ongoing test refinement and validation. This extensive clinical experience likely contributes to their ability to maintain premium pricing and physician loyalty in a field where accurate diagnosis significantly impacts treatment decisions and patient outcomes.
The company's focus on high-value biomarkers rather than test volume alone reflects a sophisticated strategy that aligns with the clinical need for precise autoimmune diagnostics, particularly in seronegative and complex overlap syndromes where traditional testing often falls short.
Exagen's Q4 and full-year 2024 results demonstrate significant operational improvement across key financial metrics. The company achieved record total revenue of $55.6 million for the full year, driven primarily by expanding the average selling price (ASP) of their flagship AVISE CTD test to $411 - representing an impressive $75 increase per test.
Particularly noteworthy is Exagen's substantial progress toward profitability. The company improved its gross margin by 300 basis points to 62.1% in Q4 and 59.5% for the full year compared to 2023. They reduced their net loss by over $8 million for the full year and improved their adjusted EBITDA loss by nearly $7 million. These improvements reflect disciplined cost management while still growing profitable revenue.
The company's current cash position of $22.2 million provides runway as they target positive adjusted EBITDA by Q4 2025 - a critical milestone for investor confidence. Their Q1 2025 revenue guidance of at least $14.5 million suggests continued momentum in their operational turnaround.
The commercial launch of new biomarker assays in January 2025 represents a potential catalyst for future revenue growth. Having reached their millionth patient tested with AVISE CTD demonstrates the test's market penetration and clinical utility in autoimmune disease diagnosis.
Overall, Exagen's results show a company successfully executing its turnaround strategy by focusing on increasing ASP, expanding margins, and controlling costs - putting them on a clear path to profitability within 2025.
Delivered record full-year total revenue and AVISE CTD average selling price
Improved full-year adjusted EBITDA loss and cash use by over
Commercialized new biomarkers to enhance clinical utility of AVISE CTD
CARLSBAD, Calif., March 11, 2025 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing, today reported financial results for the fourth quarter and full year ended December 31, 2024, and recent business highlights.
| Three Months Ended December 31, | Year Ended December 31, | |||||||
| 2024 | 2024 | |||||||
| (in thousands, except ASP data) | ||||||||
| Revenue | $ | 13,655 | $ | 55,641 | ||||
| Gross margin | 62.1 | % | 59.5 | % | ||||
| Operating expenses | $ | 11,860 | $ | 46,748 | ||||
| Loss from operations | $ | (3,383 | ) | $ | (13,636 | ) | ||
| Net loss | $ | (3,761 | ) | $ | (15,115 | ) | ||
| Adjusted EBITDA | $ | (2,535 | ) | $ | (10,149 | ) | ||
| Cash, cash equivalents and restricted cash | $ | 22,236 | $ | 22,236 | ||||
| Trailing-twelve-month average selling price (ASP) | $ | 411 | $ | 411 | ||||
2024 Financial Highlights:
- Delivered record total revenue of
$55.6 million on the strength of continued ASP expansion - Expanded AVISE® CTD trailing twelve-month average selling price (ASP) of
$411 , an increase of$75 per test - Grew gross margin by 300 basis points to
62.1% in the fourth quarter and59.5% for the full year over the same periods in 2023 - Improved net loss by
$1.8 million in the fourth quarter and by over$8 million for the full year compared to the same periods in 2023 - Improved adjusted EBITDA loss by
$1.3 million in the fourth quarter and by nearly$7 million for full-year from the same periods in 2023 - Ended 2024 with a cash and restricted cash balance of
$22.2 million
2024 and Recent Business Highlights:
- Achieved key commercial milestone with completion of 1,000,000th patient tested by AVISE CTD
- Featured five abstracts at the 2024 American College of Rheumatology (ACR) annual meeting highlighting Exagen’s innovative research on novel T Cell biomarkers for Lupus and sero-negative autoantibodies for rheumatoid arthritis, in addition to a plenary presentation in collaboration with Johns Hopkins University, highlighting a urinary biomarker panel that holds the potential to guide precision management of Lupus Nephritis patients
- Secured New York State Department of Health approval for and executed commercial launch of new systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA) biomarker assays in January 2025
“The execution of our operational turnaround continued in earnest during 2024, which is reflected in our transformative financial results and is a testament to the strength of our team and strategy,” said John Aballi, President and CEO. “We have continued to grow profitable revenue and expand gross margins while significantly reducing operating expenses and cash burn.”
“Additionally, the successful launch of our new AVISE CTD biomarkers this past January is a significant milestone in our commitment to improving patient care. With these accomplishments, Exagen is better positioned for success, and I am excited about the momentum we carry into 2025 as we drive towards profitability.”
Financial Outlook
The company expects total revenue of at least
Conference Call
A conference call to provide a business update and review fourth quarter and full-year 2024 financial results is scheduled for today March 11, 2025 at 8:30 AM Eastern Time (5:30 AM Pacific Time). Interested parties may access the conference call by dialing (201) 389-0918 (U.S.) or (877) 407-0890 (international). Additionally, a link to a live webcast of the call will be available in the Investor Relations section of Exagen's website at investors.exagen.com.
Participants are asked to join a few minutes prior to the call to register for the event. A replay of the conference call will be available until Monday, April 14, 2025 at 11:59 PM Eastern Time (8:59 PM Pacific Time). Interested parties may access the replay by dialing (201) 612-7415 (U.S.) or (877) 660-6853 (international) using passcode 13751928. A link to the replay will also be available in the investor relations section of Exagen's website.
Use of Non-GAAP Financial Measures (Unaudited)
In addition to the financial results prepared in accordance with generally accepted accounting principles in the United States (GAAP), this press release contains the metric adjusted EBITDA, which is not calculated in accordance with GAAP and is a non-GAAP financial measure. Adjusted EBITDA excludes from net loss interest income (expense), income tax expense (benefit), depreciation and amortization expense, stock-based compensation expense and other expenses or income that management believes are not representative of the company’s operations. Such items could have a significant impact on the calculation of GAAP net loss.
Exagen uses adjusted EBITDA internally because the company believes these metrics provide useful supplemental information in assessing its operating performance reported in accordance with GAAP. Exagen believes adjusted EBITDA may enhance an evaluation of our operating performance because it excludes the impact of prior decisions made about capital investment, financing, investing and certain expenses the company believes are not indicative of our ongoing performance. However, this non-GAAP financial measure may be different from non-GAAP financial measures used by other companies, even when the same or similarly titled terms are used to identify such measures, limiting their usefulness for comparative purposes.
This non-GAAP financial measure is not meant to be considered in isolation or used as a substitute for net loss reported in accordance with GAAP, should be considered in conjunction with our financial information presented in accordance with GAAP, has no standardized meaning prescribed by GAAP, is unaudited, and is not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future, there may be other items that Exagen may exclude for purposes of these non-GAAP financial measures, and the company may in the future cease to exclude items that it has historically excluded for purposes of these non-GAAP financial measures. Likewise, Exagen may determine to modify the nature of adjustments to arrive at these non-GAAP financial measures. Because of the non-standardized definitions of non-GAAP financial measures, the non-GAAP financial measure as used by the company in this press release and the accompanying reconciliation table have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. Accordingly, investors should not place undue reliance on non-GAAP financial measures.
A reconciliation of net loss to non-GAAP adjusted EBITDA is provided in the financial schedules that are part of this press release.
About Exagen
Exagen is a leading provider of autoimmune testing and its purpose as an organization is to provide clarity in autoimmune disease decision making with the goal of improving patients’ clinical outcomes. Exagen is located in San Diego County, California.
For more information, please visit Exagen.com or follow @ExagenInc on X.
Forward Looking Statements
Exagen cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Exagen’s current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding: Exagen’s goals, strategies, positioning, and ambitions; evaluations and judgments regarding financial results and the potential implications of those results, potential future financial and business performance, including any improvements to adjusted EBITDA, net loss and potential profitability; the potential utility and effectiveness of Exagen’s services and testing solutions; potential shareholder value and growth and full-year 2025 guidance. The inclusion of forward-looking statements should not be regarded as a representation by Exagen that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Exagen’s business, including, without limitation: delays in reimbursement and coverage decisions from Medicare and third-party payors and in interactions with regulatory authorities, and delays in ongoing and planned clinical trials involving its tests; and changes in laws and regulations related to Exagen’s regulatory requirements. Exagen’s commercial success depends upon attaining and maintaining significant market acceptance of its testing products among rheumatologists, patients, third-party payors and others in the medical community; Exagen’s ability to successfully execute on its business strategies; third-party payors not providing coverage and adequate reimbursement for Exagen’s testing products, including Exagen’s ability to collect on funds due; Exagen’s ability to obtain and maintain intellectual property protection for its testing products; regulatory developments affecting Exagen’s business; and other risks described in Exagen’s prior press releases and Exagen’s filings with the Securities and Exchange Commission (“SEC”), including under the heading “Risk Factors” in Exagen’s Annual Report or Form 10-K for the year ended December 31, 2024, to be filed with the SEC on or before March 14, 2025 and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Exagen undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Contact:
Ryan Douglas
Exagen Inc.
ir@exagen.com
760.560.1525
| Exagen Inc. | ||||||||||||||||
| Statements of Operations | ||||||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (Unaudited) | ||||||||||||||||
| Revenue | $ | 13,655 | $ | 13,765 | $ | 55,641 | $ | 52,548 | ||||||||
| Costs of revenue | 5,178 | 5,620 | 22,529 | 23,092 | ||||||||||||
| Gross margin | 8,477 | 8,145 | 33,112 | 29,456 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative expenses | 10,204 | 12,216 | 41,373 | 47,428 | ||||||||||||
| Research and development expenses | 1,656 | 1,076 | 5,375 | 4,865 | ||||||||||||
| Total operating expenses | 11,860 | 13,292 | 46,748 | 52,293 | ||||||||||||
| Loss from operations | (3,383 | ) | (5,147 | ) | (13,636 | ) | (22,837 | ) | ||||||||
| Interest expense | (563 | ) | (566 | ) | (2,234 | ) | (2,335 | ) | ||||||||
| Interest income | 185 | 146 | 767 | 1,516 | ||||||||||||
| Loss before income taxes | (3,761 | ) | (5,567 | ) | (15,103 | ) | (23,656 | ) | ||||||||
| Income tax expense | — | (6 | ) | (12 | ) | (33 | ) | |||||||||
| Net loss | $ | (3,761 | ) | $ | (5,573 | ) | $ | (15,115 | ) | $ | (23,689 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.20 | ) | $ | (0.31 | ) | $ | (0.83 | ) | $ | (1.34 | ) | ||||
| Weighted-average number of shares used to compute net loss per share, basic and diluted | 18,427,887 | 17,836,090 | 18,203,044 | 17,679,467 | ||||||||||||
| Exagen Inc. | ||||||||
| Balance Sheets | ||||||||
| (in thousands, except share and per share data) | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 22,036 | $ | 36,493 | ||||
| Accounts receivable, net | 7,835 | 6,551 | ||||||
| Prepaid expenses and other current assets | 6,584 | 4,797 | ||||||
| Total current assets | 36,455 | 47,841 | ||||||
| Property and equipment, net | 5,283 | 5,201 | ||||||
| Operating lease right-of-use assets | 2,401 | 3,286 | ||||||
| Other assets | 550 | 616 | ||||||
| Total assets | $ | 44,689 | $ | 56,944 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,137 | $ | 3,131 | ||||
| Operating lease liabilities | 1,096 | 976 | ||||||
| Borrowings-current portion | 423 | 264 | ||||||
| Accrued and other current liabilities | 7,850 | 7,531 | ||||||
| Total current liabilities | 13,506 | 11,902 | ||||||
| Borrowings-non-current portion, net of discounts and debt issuance costs | 19,822 | 19,231 | ||||||
| Non-current operating lease liabilities | 1,664 | 2,760 | ||||||
| Other non-current liabilities | 157 | 357 | ||||||
| Total liabilities | 35,149 | 34,250 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Common stock, | 18 | 17 | ||||||
| Additional paid-in capital | 303,853 | 301,893 | ||||||
| Accumulated deficit | (294,331 | ) | (279,216 | ) | ||||
| Total stockholders' equity | 9,540 | 22,694 | ||||||
| Total liabilities and stockholders' equity | $ | 44,689 | $ | 56,944 | ||||
| Exagen Inc. | ||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures (UNAUDITED) | ||||||||||||||||
| The table below presents the reconciliation of adjusted EBITDA, which is a non-GAAP financial measure. See "Use of Non-GAAP Financial Measures (UNAUDITED)" above for further information regarding the Company's use of non-GAAP financial measures. | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (in thousands) | ||||||||||||||||
| Adjusted EBITDA | ||||||||||||||||
| Net loss | $ | (3,761 | ) | $ | (5,573 | ) | $ | (15,115 | ) | $ | (23,689 | ) | ||||
| Other (Income) Expense | (185 | ) | (146 | ) | (767 | ) | (1,516 | ) | ||||||||
| Interest Expense | 563 | 566 | 2,234 | 2,335 | ||||||||||||
| Income tax expense | — | 6 | 12 | 33 | ||||||||||||
| Depreciation and amortization expense | 415 | 508 | 1,724 | 2,168 | ||||||||||||
| Stock-based compensation expense | 433 | 763 | 1,763 | 3,617 | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | (2,535 | ) | $ | (3,876 | ) | $ | (10,149 | ) | $ | (17,052 | ) | ||||
FAQ
What was Exagen's (XGN) total revenue for full-year 2024?
How much did Exagen (XGN) improve its net loss in 2024?
What is the new average selling price for Exagen's (XGN) AVISE CTD test?
What is Exagen's (XGN) revenue guidance for Q1 2025?
When does Exagen (XGN) expect to achieve positive adjusted EBITDA?
