Exagen Inc. Reports Third Quarter 2024 Results
Exagen Inc. (Nasdaq: XGN), a leader in autoimmune testing solutions, reported financial results for Q3 2024. Revenue was $12.5 million, including a $1.2 million negative impact from one-time adjustments. The trailing twelve-month average selling price (ASP) for AVISE® CTD increased by 26% to $404. Gross margin was 55.8%, down from 57.4% in Q3 2023. Operating expenses decreased to $17.2 million from $18.5 million in Q3 2023. The net loss for the quarter was $5.0 million, an improvement from $5.4 million in Q3 2023.
For the first three quarters of 2024, revenue reached $42.0 million, up from $38.8 million in the same period of 2023. The net loss improved to $11.4 million, compared to $18.1 million in the first three quarters of 2023. Adjusted EBITDA loss also improved to $7.6 million from $13.2 million. Cash and cash equivalents were $22.0 million as of September 30, 2024. The company expects full-year 2024 revenue of $55-$56 million and an adjusted EBITDA loss of better than $12 million.
Exagen Inc. (Nasdaq: XGN), leader nelle soluzioni per i test autoimmune, ha riportato i risultati finanziari per il terzo trimestre del 2024. I ricavi sono stati di 12,5 milioni di dollari, inclusi 1,2 milioni di dollari di impatto negativo a causa di rettifiche una tantum. Il prezzo medio di vendita (ASP) negli ultimi dodici mesi per AVISE® CTD è aumentato del 26% a 404 dollari. Il margine lordo è stato del 55,8%, in calo rispetto al 57,4% del terzo trimestre 2023. Le spese operative sono diminuite a 17,2 milioni di dollari, rispetto ai 18,5 milioni di dollari del terzo trimestre 2023. La perdita netta per il trimestre è stata di 5,0 milioni di dollari, un miglioramento rispetto ai 5,4 milioni di dollari del terzo trimestre 2023.
Per i primi tre trimestri del 2024, i ricavi hanno raggiunto i 42,0 milioni di dollari, in aumento rispetto ai 38,8 milioni di dollari nello stesso periodo del 2023. La perdita netta è migliorata a 11,4 milioni di dollari, rispetto ai 18,1 milioni di dollari nei primi tre trimestri del 2023. La perdita dell'EBITDA rettificato è anche migliorata a 7,6 milioni di dollari, rispetto ai 13,2 milioni di dollari. Le disponibilità liquide e equivalenti erano di 22,0 milioni di dollari al 30 settembre 2024. L'azienda prevede ricavi per l'intero anno 2024 compresi tra 55 e 56 milioni di dollari e una perdita di EBITDA rettificato inferiore ai 12 milioni di dollari.
Exagen Inc. (Nasdaq: XGN), líder en soluciones de pruebas autoinmunes, informó sobre los resultados financieros para el tercer trimestre de 2024. Los ingresos fueron de 12,5 millones de dólares, incluyendo un impacto negativo de 1,2 millones de dólares por ajustes únicos. El precio medio de venta (ASP) durante los últimos doce meses para AVISE® CTD aumentó un 26% a 404 dólares. El margen bruto fue del 55,8%, por debajo del 57,4% del tercer trimestre de 2023. Los gastos operativos disminuyeron a 17,2 millones de dólares desde 18,5 millones de dólares en el tercer trimestre de 2023. La pérdida neta del trimestre fue de 5,0 millones de dólares, una mejora respecto a los 5,4 millones de dólares del tercer trimestre de 2023.
Para los primeros tres trimestres de 2024, los ingresos alcanzaron los 42,0 millones de dólares, un aumento desde los 38,8 millones en el mismo período de 2023. La pérdida neta se mejoró a 11,4 millones de dólares, en comparación con 18,1 millones de dólares en los primeros tres trimestres de 2023. La pérdida de EBITDA ajustado también mejoró a 7,6 millones de dólares desde 13,2 millones de dólares. El efectivo y equivalentes de efectivo eran 22,0 millones de dólares al 30 de septiembre de 2024. La compañía espera ingresos de 55 a 56 millones de dólares para todo el año 2024 y una pérdida de EBITDA ajustado de menos de 12 millones de dólares.
Exagen Inc. (Nasdaq: XGN), 자가면역 검사 솔루션의 선두주자인, 2024년 3분기 재무 결과를 보고했습니다. 수익은 1,250만 달러였으며, 일회성 조정으로 인한 부정적인 영향이 120만 달러 포함되었습니다. AVISE® CTD의 최근 12개월 평균 판매 가격(ASP)은 26% 증가하여 404달러에 달했습니다. 총 마진은 55.8%로, 2023년 3분기의 57.4%에서 하락했습니다. 운영 비용은 1,850만 달러에서 1,720만 달러로 감소했습니다. 분기 순손실은 500만 달러로, 2023년 3분기의 540만 달러에서 개선되었습니다.
2024년 첫 세 분기에 대한 수익은 4,200만 달러에 달했으며, 이는 2023년 같은 기간의 3,880만 달러에서 증가한 것입니다. 순손실은 1,140만 달러로 개선되었으며, 이는 2023년 첫 세 분기의 1,810만 달러와 비교됩니다. 조정된 EBITDA 손실도 1,320만 달러에서 760만 달러로 개선되었습니다. 2024년 9월 30일 기준으로 현금 및 현금성 자산은 2,200만 달러였습니다. 회사는 2024년 전체 수익을 5,500만 달러에서 5,600만 달러로 예상하며, 조정 EBITDA 손실은 1,200만 달러 이하가 될 것으로 보입니다.
Exagen Inc. (Nasdaq: XGN), leader dans les solutions de tests auto-immuns, a annoncé ses résultats financiers pour le troisième trimestre 2024. Les revenus se sont élevés à 12,5 millions de dollars, incluant un impact négatif de 1,2 million de dollars en raison d’ajustements ponctuels. Le prix de vente moyen (ASP) pour AVISE® CTD a augmenté de 26% pour atteindre 404 dollars. La marge brute était de 55,8%, en baisse par rapport à 57,4% au troisième trimestre 2023. Les dépenses d’exploitation ont diminué à 17,2 millions de dollars contre 18,5 millions de dollars au troisième trimestre 2023. La perte nette pour le trimestre était de 5,0 millions de dollars, une amélioration par rapport à 5,4 millions de dollars au troisième trimestre 2023.
Pour les trois premiers trimestres de 2024, les revenus ont atteint 42,0 millions de dollars, en hausse par rapport à 38,8 millions de dollars pour la même période en 2023. La perte nette s’est améliorée à 11,4 millions de dollars, contre 18,1 millions de dollars pour les trois premiers trimestres de 2023. La perte d’EBITDA ajusté s’est également améliorée, passant de 13,2 millions de dollars à 7,6 millions de dollars. Les liquidités et équivalents de liquidités s’élevaient à 22,0 millions de dollars au 30 septembre 2024. L’entreprise prévoit des revenus pour l’année 2024 compris entre 55 et 56 millions de dollars et une perte d’EBITDA ajusté inférieure à 12 millions de dollars.
Exagen Inc. (Nasdaq: XGN), führend in Lösungen für Autoimmununtersuchungen, berichtete über die Finanzergebnisse für das 3. Quartal 2024. Der Umsatz betrug 12,5 Millionen Dollar, einschließlich eines negativen Einflusses von 1,2 Millionen Dollar aufgrund von einmaligen Anpassungen. Der durchschnittliche Verkaufspreis (ASP) für AVISE® CTD stieg in den letzten zwölf Monaten um 26% auf 404 Dollar. Die Bruttomarge betrug 55,8%, ein Rückgang gegenüber 57,4% im 3. Quartal 2023. Die Betriebsausgaben verringerten sich auf 17,2 Millionen Dollar von 18,5 Millionen Dollar im 3. Quartal 2023. Der Nettopverlust für das Quartal betrug 5,0 Millionen Dollar, eine Verbesserung gegenüber 5,4 Millionen Dollar im 3. Quartal 2023.
In den ersten drei Quartalen 2024 belief sich der Umsatz auf 42,0 Millionen Dollar, ein Anstieg gegenüber 38,8 Millionen Dollar im gleichen Zeitraum 2023. Der Nettopverlust verbesserte sich auf 11,4 Millionen Dollar im Vergleich zu 18,1 Millionen Dollar in den ersten drei Quartalen 2023. Der Verlust des bereinigten EBITDA verbesserte sich ebenfalls auf 7,6 Millionen Dollar von 13,2 Millionen Dollar. Die liquiden Mittel und Zahlungsmitteläquivalente betrugen zum 30. September 2024 22,0 Millionen Dollar. Das Unternehmen erwartet einen Gesamtumsatz von 55 bis 56 Millionen Dollar für das Gesamtjahr 2024 und einen bereinigten EBITDA-Verlust von weniger als 12 Millionen Dollar.
- Revenue for the first three quarters of 2024 increased to $42.0 million from $38.8 million in 2023.
- Net loss for the first three quarters of 2024 improved by $6.8 million, a 37% reduction compared to 2023.
- Adjusted EBITDA loss for the first three quarters of 2024 improved by $5.6 million, a 42% reduction compared to 2023.
- Operating expenses decreased to $17.2 million in Q3 2024 from $18.5 million in Q3 2023.
- Trailing twelve-month average selling price (ASP) for AVISE® CTD increased by 26% to $404.
- Revenue for Q3 2024 decreased to $12.5 million from $13.4 million in Q3 2023.
- Gross margin decreased to 55.8% in Q3 2024 from 57.4% in Q3 2023.
- Net loss for Q3 2024 was $5.0 million, only a marginal improvement from $5.4 million in Q3 2023.
- Adjusted EBITDA loss increased to $4.0 million in Q3 2024 from $3.6 million in Q3 2023.
- Cash and cash equivalents decreased to $22.0 million as of September 30, 2024, from $28.4 million in 2023.
Insights
The Q3 2024 results show mixed signals. Revenue declined to
The company's net loss improved, with the first three quarters showing a
Expanded AVISE® CTD trailing twelve-month average selling price
Reduced Adjusted EBITDA loss for first three quarters of 2024
Revenue in line with expectations, excluding one-time adjustments
CARLSBAD, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial results for the quarter ended September 30, 2024 and recent corporate updates.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (in thousands, except ASP data) | ||||||||||||||||
| Revenue | $ | 12,507 | $ | 13,416 | $ | 41,986 | $ | 38,783 | ||||||||
| Gross margin | 55.8 | % | 57.4 | % | 58.7 | % | 54.9 | % | ||||||||
| Operating expenses (including COGS) | $ | 17,170 | $ | 18,485 | $ | 52,239 | $ | 56,473 | ||||||||
| Operating loss | $ | (4,663 | ) | $ | (5,069 | ) | $ | (10,253 | ) | $ | (17,690 | ) | ||||
| Net loss | $ | (5,028 | ) | $ | (5,415 | ) | $ | (11,354 | ) | $ | (18,116 | ) | ||||
| Adjusted EBITDA | $ | (4,024 | ) | $ | (3,574 | ) | $ | (7,614 | ) | $ | (13,176 | ) | ||||
| Cash and cash equivalents | $ | 22,035 | $ | 28,448 | $ | 22,035 | $ | 28,448 | ||||||||
| Trailing-twelve-month average selling price (ASP) | $ | 404 | $ | 320 | $ | 404 | $ | 320 | ||||||||
Q3 2024 Highlights and Recent Corporate Updates:
- Total revenue of
$12.5 million in the third quarter of 2024 included the net negative impact of$1.2 million in one-time adjustments. Prior to these adjustments, revenue was in line with expectations. - AVISE® CTD trailing twelve-month average selling price (ASP) of
$404 , a26% increase over the trailing twelve-month ASP in the third quarter of 2023. - Net Loss for the first three quarters of 2024 improved
$6.8 million or37% over the same period in 2023. - Adjusted EBITDA loss for the first three quarters of 2024 improved
$5.6 million or42% over the same period in 2023. - Cash and cash equivalents were
$22.0 million as of September 30, 2024, with net cash burn for the quarter of$2.5 million . - Analytical validation completed for novel biomarkers to enhance AVISE CTD and submitted to NY State Department of Health for approval.
- Welcomed Jeff Black as Chief Financial Officer, effective as of September 1, 2024.
“We've positioned ourselves for a strong finish to 2024 and laid the groundwork for an exciting 2025, as we look to add new proprietary biomarkers to enhance our flagship product, AVISE CTD. We remain prudent with our cash as we drive towards profitable growth and continue to shape Exagen as an industry leader in novel autoimmune testing. This is the perfect time to have Jeff join our leadership team and I welcome him as we deliver on the potential that lies ahead,” said John Aballi, President and Chief Executive Officer.
2024 Selected Unaudited Interim Financial Results (in thousands)
Total revenue was
Operating expenses were
Net loss was
Adjusted EBITDA loss was
As of September 30, 2024, cash and cash equivalents were
Reconciliations of non-GAAP adjusted EBITDA to GAAP net loss, the closest GAAP financial measures, are provided in the financial schedules that are part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Use of Non-GAAP Financial Measures (unaudited).”
2024 Guidance
The Company now expects 2024 full-year revenue of
Conference Call
A conference call to review third quarter 2024 financial results and to provide a business update is scheduled for today, November 12, 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 Tuesday, November 26, 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 13749452. 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 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 Inc. (Nasdaq: XGN) is a leading provider of autoimmune diagnostics, committed to transforming care for patients with chronic and debilitating autoimmune conditions. Based in San Diego County, California, Exagen’s mission is to provide clarity in autoimmune disease decision making and improve clinical outcomes through its innovative testing portfolio. The Company’s flagship product, AVISE® CTD, enables clinicians to more effectively diagnose complex autoimmune conditions such as lupus, rheumatoid arthritis, and Sjögren’s syndrome earlier and with greater accuracy. Exagen’s laboratory specializes in the testing of rheumatic diseases, delivering precise and timely results, supported by a full suite of AVISE-branded tests for disease diagnosis, prognosis, and monitoring. With a focus on research, innovation, education, and patient-centered care, Exagen is dedicated to addressing the ongoing challenges of autoimmune disease management.
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 full-year 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 September 30, 2024, filed with the SEC on November 12, 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 12,507 | $ | 13,416 | $ | 41,986 | $ | 38,783 | ||||||||
| Operating expenses: | ||||||||||||||||
| Costs of revenue | 5,526 | 5,710 | 17,351 | 17,472 | ||||||||||||
| Selling, general and administrative expenses | 10,163 | 11,375 | 31,169 | 35,212 | ||||||||||||
| Research and development expenses | 1,481 | 1,400 | 3,719 | 3,789 | ||||||||||||
| Total operating expenses | 17,170 | 18,485 | 52,239 | 56,473 | ||||||||||||
| Loss from operations | (4,663 | ) | (5,069 | ) | (10,253 | ) | (17,690 | ) | ||||||||
| Interest expense | (562 | ) | (557 | ) | (1,671 | ) | (1,769 | ) | ||||||||
| Interest income | 197 | 211 | 570 | 1,343 | ||||||||||||
| Net loss | $ | (5,028 | ) | $ | (5,415 | ) | $ | (11,354 | ) | $ | (18,116 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.28 | ) | $ | (0.31 | ) | $ | (0.63 | ) | $ | (1.03 | ) | ||||
| Weighted-average number of shares used to compute net loss per share, basic and diluted | 18,254,937 | 17,692,603 | 18,127,549 | 17,626,686 | ||||||||||||
| Exagen Inc. Unaudited Condensed Balance Sheets (in thousands, except share and per share data) | ||||||||
| September 30, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 22,035 | $ | 36,493 | ||||
| Accounts receivable, net | 9,387 | 6,551 | ||||||
| Prepaid expenses and other current assets | 4,135 | 4,797 | ||||||
| Total current assets | 35,557 | 47,841 | ||||||
| Property and equipment, net | 4,855 | 5,201 | ||||||
| Operating lease right-of-use assets | 2,630 | 3,286 | ||||||
| Other assets | 563 | 616 | ||||||
| Total assets | $ | 43,605 | $ | 56,944 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,105 | $ | 3,131 | ||||
| Accrued and other current liabilities | 6,177 | 7,531 | ||||||
| Operating lease liabilities | 1,065 | 976 | ||||||
| Borrowings-current portion | 430 | 264 | ||||||
| Total current liabilities | 8,777 | 11,902 | ||||||
| Borrowings-non-current portion, net of discounts and debt issuance costs | 19,823 | 19,231 | ||||||
| Non-current operating lease liabilities | 1,952 | 2,760 | ||||||
| Other non-current liabilities | 185 | 357 | ||||||
| Total liabilities | 30,737 | 34,250 | ||||||
| Commitments and contingencies (Note 5) | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 18 | 17 | ||||||
| Additional paid-in capital | 303,420 | 301,893 | ||||||
| Accumulated deficit | (290,570 | ) | (279,216 | ) | ||||
| Total stockholders' equity | 12,868 | 22,694 | ||||||
| Total liabilities and stockholders' equity | $ | 43,605 | $ | 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (in thousands) | ||||||||||||||||
| Adjusted EBITDA | ||||||||||||||||
| Net loss | $ | (5,028 | ) | $ | (5,415 | ) | $ | (11,354 | ) | $ | (18,116 | ) | ||||
| Other (Income) Expense | (197 | ) | (211 | ) | (570 | ) | (1,343 | ) | ||||||||
| Interest Expense | 562 | 557 | 1,671 | 1,769 | ||||||||||||
| Depreciation and amortization expense | 422 | 604 | 1,309 | 1,660 | ||||||||||||
| Stock-based compensation expense | 217 | 891 | 1,330 | 2,854 | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | (4,024 | ) | $ | (3,574 | ) | $ | (7,614 | ) | $ | (13,176 | ) | ||||
FAQ
What was Exagen's revenue for Q3 2024?
How did Exagen's trailing twelve-month average selling price (ASP) for AVISE® CTD change?
What was Exagen's net loss for the first three quarters of 2024?
What is Exagen's full-year 2024 revenue guidance?
How did Exagen's adjusted EBITDA loss change for the first three quarters of 2024?
