Business
Exagen Inc. Reports First Quarter 2020 Results
AVISE® Testing Volumes Increase with Retention Rate of 99% SAN DIEGO, May 11, 2020 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), an organization dedicated to
About this update from Exagen Inc.
[{"type":"text","content":"AVISE® Testing Volumes Increase with Retention Rate of 99%\nSAN DIEGO, May 11, 2020 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), an organization dedicated to transforming the care continuum for patients suffering from autoimmune diseases, today reported financial results for the quarter ended March 31, 2020.\n First Quarter Highlights: Generated total revenue of $9.6 million for the quarter ended March 31, 2020.Delivered 27,126 flagship AVISE® CTD tests, including AVISE® Lupus, in the first quarter 2020, a 13% increase over the first quarter 2019.Grew the number of ordering healthcare providers in the first quarter by 28% year-over-year to 1,692, with a record 582 adopters.Sequential quarterly retention rate of approximately 99% among adopting healthcare providers from the prior quarter.Advanced reimbursement efforts, signing agreements with Sonora Quest and three California medical groups. “In these extraordinary times I would like to thank our employees who have worked with the highest level of professionalism to support our customers and continue providing critical testing and therapeutic solutions for autoimmune disease patients. Despite the trying conditions, Exagen employees have seamlessly maintained our excellent quality standards and turnaround times that healthcare providers and patients expect. I am very proud of our team's efforts,\" said Ron Rocca, President and Chief Executive Officer of Exagen. \"We are all aware of the massive disruption from the COVID-19 pandemic to the healthcare industry, and our business has not been excluded. The company performed extremely well for most of the quarter before the pandemic began to impact our business and operations in March, reflecting the growing momentum in our business that we have built over the past year. We are well-capitalized, and I am confident we will emerge from the pandemic stronger than ever.\" First Quarter 2020 Financial Results Revenue for the three months ended March 31, 2020 was $9.6 million and was derived from our tests, compared with $9.3 million in the first quarter of 2019, driven by higher testing volumes partially offset by a decrease in average reimbursement per test. No revenue was recognized from our co-promotion efforts in the first quarter of 2020, compared to $0.1 million in the first quarter of 2019, due to prescription volume below the pre-...