Business
Exagen Inc. Reports First Quarter 2022 Results
Records in Ordering Healthcare Providers and Adopters, Set All-Time Record for AVISE® CTD Monthly Volume in March SAN DIEGO, May 11, 2022 (GLOBE NEWSWIRE) --
About this update from Exagen Inc.
[{"type":"text","content":"Records in Ordering Healthcare Providers and Adopters, Set All-Time Record for AVISE® CTD Monthly Volume in March\nSAN DIEGO, May 11, 2022 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial results for the quarter ended March 31, 2022. First Quarter Highlights: Generated total revenue of $10.4 million for the first quarter of 2022. Our flagship AVISE® CTD test, including AVISE® Lupus, generated revenue of $8.7 million for the first quarter of 2022.Delivered 30,903 AVISE® CTD tests, including AVISE® Lupus, in the first quarter of 2022, a 6.5% increase over the first quarter of 2021. Since the launch of AVISE® CTD in 2012 through the first quarter of 2022, we have delivered over 646,000 of these tests.Record number of ordering healthcare providers totaling 2,175 in the first quarter of 2022, including a record of 761 adopters for the AVISE® CTD and AVISE® Lupus tests, and sequential quarterly retention rate of approximately 99% among adopting healthcare providers from the prior quarter. “Exagen once again set records in the first quarter for the number of adopters and healthcare providers. We were very encouraged to see that March was an all-time record for AVISE® CTD tests delivered, especially after Omicron's impact on the first half of the quarter. The American Medical Association's decision to issue and price a Proprietary Laboratory Analyses code for AVISE® Lupus is a major milestone for Exagen as it demonstrates the potential effectiveness of Cell-Bound Complement Activation Products technology and sets us up for long-term success. We are pleased with our continued progress with payors and are expected to have over 90 million in-network lives with the addition of Centene and WellCare effective June 1, 2022. Additionally, our research and development team continues to advance our autoimmune pipeline products to bring much needed tests to the market,\" said Ron Rocca, President and Chief Executive Officer of Exagen. First Quarter 2022 Financial Results Testing revenue was $10.4 million for the first quarter of 2022, compared to $10.3 million in the first quarter of 2021, due to increased AVISE® CTD volumes despite the disruption caused by COVID-19 through mid-February 2022, partially offset by a decrease in average reimbursement per AVISE® CTD test relate...