Exagen Inc. Reports Strong Second Quarter 2024 Results: Raises Guidance due to Record Performance
Exagen Inc. (Nasdaq: XGN) reported strong Q2 2024 results, raising guidance due to record performance. Key highlights include:
- Record total revenue of $15.1 million, up from $14.1 million in Q2 2023
- Gross margin improved to 60.1% from 58.7% year-over-year
- AVISE® CTD trailing twelve-month ASP increased 25.3% to $401
- Net loss reduced by 40.8% to $3.0 million
- Adjusted EBITDA loss improved by 53.5% to $1.6 million
The company raised its full-year 2024 revenue guidance to at least $57 million and expects adjusted EBITDA loss to be better than $12 million. Cash and cash equivalents stood at $24.5 million as of June 30, 2024.
Exagen Inc. (Nasdaq: XGN) ha riportato risultati solidi per il secondo trimestre del 2024, innalzando le previsioni grazie a una performance record. I punti salienti includono:
- Ricavi totali record di 15,1 milioni di dollari, in aumento rispetto ai 14,1 milioni di dollari del secondo trimestre 2023
- Il margine lordo è migliorato al 60,1% rispetto al 58,7% dell'anno precedente
- Il prezzo medio di vendita dell'AVISE® CTD negli ultimi dodici mesi è aumentato del 25,3% a 401 dollari
- La perdita netta è stata ridotta del 40,8% a 3,0 milioni di dollari
- La perdita di EBITDA rettificato è migliorata del 53,5% a 1,6 milioni di dollari
La compagnia ha innalzato le sue previsioni di ricavi per l'intero anno 2024 ad almeno 57 milioni di dollari e prevede che la perdita di EBITDA rettificato sarà migliore di 12 milioni di dollari. Le disponibilità liquide e i mezzi equivalenti ammontano a 24,5 milioni di dollari al 30 giugno 2024.
Exagen Inc. (Nasdaq: XGN) reportó resultados sólidos para el segundo trimestre de 2024, elevando la guía debido a un rendimiento récord. Los puntos destacados incluyen:
- Ingresos totales récord de 15,1 millones de dólares, en comparación con 14,1 millones de dólares en el segundo trimestre de 2023
- El margen bruto mejoró al 60,1% desde el 58,7% del año anterior
- El ASP de AVISE® CTD en los últimos doce meses aumentó un 25,3% a 401 dólares
- La pérdida neta se redujo en un 40,8% a 3,0 millones de dólares
- La pérdida de EBITDA ajustado mejoró un 53,5% a 1,6 millones de dólares
La compañía elevó su guía de ingresos para todo el año 2024 a al menos 57 millones de dólares y espera que la pérdida de EBITDA ajustado sea mejor que 12 millones de dólares. El efectivo y equivalentes de efectivo se situaron en 24,5 millones de dólares al 30 de junio de 2024.
Exagen Inc. (Nasdaq: XGN)는 2024년 2분기 강력한 실적을 보고하며 기록적인 성과 덕분에 가이던스를 상향 조정했습니다. 주요 포인트는 다음과 같습니다:
- 2분기 1,410만 달러에서 2분기 1,510만 달러로 증가한 기록적인 총 수익
- 총 이익률이 지난해의 58.7%에서 60.1%로 개선됨
- AVISE® CTD의 최근 12개월 평균 판매가가 25.3% 증가하여 401달러에 도달
- 순손실이 40.8% 감소하여 300만 달러로 줄어듦
- 조정된 EBITDA 손실이 53.5% 개선되어 160만 달러로 감소
회사는 2024년 전체 수익 가이던스를 최소 5,700만 달러로 상향 조정했으며, 조정된 EBITDA 손실이 1,200만 달러보다 나아질 것으로 예상하고 있습니다. 2024년 6월 30일 기준으로 현금 및 현금성 자산은 2,450만 달러입니다.
Exagen Inc. (Nasdaq: XGN) a annoncé de solides résultats pour le deuxième trimestre 2024, augmentant ses prévisions en raison d'une performance record. Les points forts incluent :
- Chiffre d'affaires total record de 15,1 millions de dollars, contre 14,1 millions de dollars au deuxième trimestre 2023
- La marge brute s'est améliorée à 60,1%, contre 58,7% d'une année sur l'autre
- Le prix de vente moyen sur douze mois de l'AVISE® CTD a augmenté de 25,3% pour atteindre 401 dollars
- La perte nette a été réduite de 40,8% à 3,0 millions de dollars
- La perte d'EBITDA ajusté s'est améliorée de 53,5% pour atteindre 1,6 million de dollars
L'entreprise a relevé ses prévisions de revenus pour l'année 2024 à au moins 57 millions de dollars et s'attend à ce que la perte d'EBITDA ajusté soit inférieure à 12 millions de dollars. Les liquidités et équivalents de liquidités étaient de 24,5 millions de dollars au 30 juin 2024.
Exagen Inc. (Nasdaq: XGN) hat starke Ergebnisse für das zweite Quartal 2024 berichtet und die Prognose aufgrund einer Rekordleistung angehoben. Zu den wichtigsten Punkten gehören:
- Rekord-Gesamtumsatz von 15,1 Millionen US-Dollar, im Vergleich zu 14,1 Millionen US-Dollar im zweiten Quartal 2023
- Die Bruttomarge verbesserte sich von 58,7% auf 60,1% im Jahresvergleich
- Der durchschnittliche Verkaufspreis von AVISE® CTD in den letzten zwölf Monaten stieg um 25,3% auf 401 US-Dollar
- Der Nettoverlust hat sich um 40,8% auf 3,0 Millionen US-Dollar verringert
- Der Verlust des bereinigten EBITDA verbesserte sich um 53,5% auf 1,6 Millionen US-Dollar
Das Unternehmen hob seine Jahresumsatzprognose für 2024 auf mindestens 57 Millionen US-Dollar an und erwartet, dass der bereinigte EBITDA-Verlust besser als 12 Millionen US-Dollar ausfällt. Zum 30. Juni 2024 beliefen sich Bargeld und Zahlungsmitteläquivalente auf 24,5 Millionen US-Dollar.
- Record total revenue of $15.1 million in Q2 2024, up from $14.1 million in Q2 2023
- Gross margin improved to 60.1% from 58.7% year-over-year
- AVISE® CTD trailing twelve-month ASP increased 25.3% to $401
- Net loss reduced by 40.8% to $3.0 million
- Adjusted EBITDA loss improved by 53.5% to $1.6 million
- Raised full-year 2024 revenue guidance to at least $57 million
- Improved adjusted EBITDA loss expectation to better than $12 million for full-year 2024
- Operating expenses of $17.7 million in Q2 2024, although lower than $19.1 million in Q2 2023
- Net loss of $3.0 million in Q2 2024, despite improvement from previous year
- Adjusted EBITDA loss of $1.6 million for Q2 2024, although improved from previous year
Insights
Exagen's Q2 2024 results show significant improvement, with record revenue of
The company's cash position of
Exagen's strong Q2 performance in the autoimmune testing market signals growing demand for its AVISE® CTD test. The
The company's ability to raise guidance amid economic uncertainties reflects confidence in its market strategy. However, investors should consider the broader healthcare landscape, including potential reimbursement changes and competition in the autoimmune diagnostics sector. Exagen's focus on product enhancements and operational improvements could be key differentiators in maintaining its growth momentum.
CARLSBAD, Calif., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial results for the quarter ended June 30, 2024.
Highlights:
- Recognized record total revenue of
$15.1 million in the second quarter of 2024. - Delivered gross margin of
60.1% in the second quarter of 2024, compared to a gross margin of58.7% in the second quarter of 2023.
- AVISE® CTD trailing twelve-month average selling price (ASP) of
$401 , a25.3% increase over the trailing twelve-month ASP in the second quarter of 2023.
- Net loss of
$3.0 million in the second quarter of 2024, a40.8% improvement over the second quarter of 2023.
- Adjusted EBITDA loss of
$1.6 million for the second quarter of 2024, a53.5% improvement over the second quarter of 2023.
- Cash and cash equivalents were
$24.5 million as of June 30, 2024.
"It is exciting to report on another successful quarter as we work to accomplish our goals. We’ve had a very strong start to the year, outpacing our internal expectations, and we are in the middle of transforming the company through product enhancements and continued improvement in our operations. This momentum is a testament to our team's hard work and dedication to our strategic initiatives to bring us to profitability. As we head into the second half of the year, we are confident in our ability to continue delivering outstanding results and driving sustained growth. We are again raising our revenue guidance and adjusted EBITDA expectations for the full year 2024 as a result of the progress we are making,” said John Aballi, President and Chief Executive Officer.
Second Quarter 2024 Financial Results
Revenue was
Operating expenses were
Net loss was
Adjusted EBITDA loss was
Cash and cash equivalents were
A reconciliation of non-GAAP adjusted EBITDA to GAAP net loss, the closest GAAP financial measure, is provided in the financial schedules that are part of this press release. An explanation of this non-GAAP financial measures is also included below under the heading “Use of Non-GAAP Financial Measures (unaudited).”
2024 Guidance
Given our continued improved performance, we are increasing our guidance for full-year 2024 revenue to at least
Conference Call
A conference call to review second quarter 2024 financial results and to provide a business update is scheduled for today, August 5, 2024, 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, August 19, 2024, 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 13747595. A link to the replay of the webcast will also be available in the Investor Relations section of Exagen's website.
Use of Non-GAAP Financial Measures (UNAUDITED)
In this release, we use the metrics of adjusted EBITDA, which is not calculated in accordance with generally accepted accounting principles in the United States (GAAP) and is a non-GAAP financial measure. Adjusted EBITDA excludes from net loss interest income (expense), depreciation and amortization expense, and stock-based compensation expense.
We use adjusted EBITDA internally because we believe these metrics provide useful supplemental information in assessing our operating performance reported in accordance with GAAP. We believe 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 we believe 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 we may exclude for purposes of these non-GAAP financial measures, and we may in the future cease to exclude items that we have historically excluded for purposes of these non-GAAP financial measures. Likewise, we 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 us 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.
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 (formally known as Twitter).
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 and ambitions; potential future financial and business performance; the potential utility and effectiveness of Exagen’s services and testing solutions; updates to be made to AVISE® CTD; potential shareholder value and growth and 2024 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; 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 on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 18, 2024, its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on August 5, 2024 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. Unaudited Condensed Statements of Operations (in thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 15,064 | $ | 14,137 | $ | 29,479 | $ | 25,367 | ||||||||
| Operating expenses: | ||||||||||||||||
| Costs of revenue | 6,008 | 5,836 | 11,825 | 11,762 | ||||||||||||
| Selling, general and administrative expenses | 10,464 | 11,953 | 21,006 | 23,837 | ||||||||||||
| Research and development expenses | 1,179 | 1,263 | 2,238 | 2,389 | ||||||||||||
| Total operating expenses | 17,651 | 19,052 | 35,069 | 37,988 | ||||||||||||
| Loss from operations | (2,587 | ) | (4,915 | ) | (5,590 | ) | (12,621 | ) | ||||||||
| Interest expense | (560 | ) | (574 | ) | (1,109 | ) | (1,212 | ) | ||||||||
| Interest income | 181 | 476 | 373 | 1,132 | ||||||||||||
| Net loss | $ | (2,966 | ) | $ | (5,013 | ) | $ | (6,326 | ) | $ | (12,701 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.16 | ) | $ | (0.28 | ) | $ | (0.35 | ) | $ | (0.72 | ) | ||||
| Weighted-average number of shares used to compute net loss per share, basic and diluted | 18,178,185 | 17,655,483 | 18,061,312 | 17,591,478 | ||||||||||||
| Exagen Inc. Unaudited Condensed Balance Sheets (in thousands, except share and per share data) | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 24,479 | $ | 36,493 | ||||
| Accounts receivable, net | 11,703 | 6,551 | ||||||
| Prepaid expenses and other current assets | 4,612 | 4,797 | ||||||
| Total current assets | 40,794 | 47,841 | ||||||
| Property and equipment, net | 5,147 | 5,201 | ||||||
| Operating lease right-of-use assets | 2,853 | 3,286 | ||||||
| Other assets | 513 | 616 | ||||||
| Total assets | $ | 49,307 | $ | 56,944 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,330 | $ | 3,131 | ||||
| Accrued and other current liabilities | 5,658 | 7,531 | ||||||
| Operating lease liabilities | 1,035 | 976 | ||||||
| Borrowings-current portion | 423 | 264 | ||||||
| Total current liabilities | 9,446 | 11,902 | ||||||
| Borrowings-non-current portion, net of discounts and debt issuance costs | 19,830 | 19,231 | ||||||
| Non-current operating lease liabilities | 2,227 | 2,760 | ||||||
| Other non-current liabilities | 219 | 357 | ||||||
| Total liabilities | 31,722 | 34,250 | ||||||
| Commitments and contingencies (Note 5) | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 17 | 17 | ||||||
| Additional paid-in capital | 303,110 | 301,893 | ||||||
| Accumulated deficit | (285,542 | ) | (279,216 | ) | ||||
| Total stockholders' equity | 17,585 | 22,694 | ||||||
| Total liabilities and stockholders' equity | $ | 49,307 | $ | 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 June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (in thousands) | ||||||||||||||||
| Adjusted EBITDA | ||||||||||||||||
| Net loss | $ | (2,966 | ) | $ | (5,013 | ) | $ | (6,326 | ) | $ | (12,701 | ) | ||||
| Other (Income) Expense | (181 | ) | (476 | ) | (373 | ) | (1,132 | ) | ||||||||
| Interest Expense | 560 | 574 | 1,109 | 1,212 | ||||||||||||
| Income tax expense (benefit) | — | — | — | — | ||||||||||||
| Depreciation and amortization expense | 429 | 503 | 887 | 1,056 | ||||||||||||
| Stock-based compensation expense | 560 | 979 | 1,113 | 1,963 | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | (1,598 | ) | $ | (3,433 | ) | $ | (3,590 | ) | $ | (9,602 | ) | ||||
FAQ
What was Exagen's (XGN) revenue in Q2 2024?
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What is Exagen's (XGN) revised revenue guidance for full-year 2024?
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What was Exagen's (XGN) cash position as of June 30, 2024?
