Business
Exagen Inc. Reports First Quarter 2023 Results
Record Physician Demand for AVISE® CTD SAN DIEGO, May 15, 2023 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN)("Exagen"), a leading provider of autoimmune
About this update from Exagen Inc.
[{"type":"text","content":"Record Physician Demand for AVISE® CTD\nSAN DIEGO, May 15, 2023 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN)(\"Exagen\"), a leading provider of autoimmune testing solutions, today reported financial results for the quarter ended March 31, 2023. First Quarter Highlights: Delivered a record 37,312 AVISE® CTD tests in the first quarter, a 21% increase over the first quarter of 2022 and a 10% increase over the fourth quarter of 2022.Recognized total revenue of $11.2 million for the first quarter, an 8% increase over the first quarter of 2022.Total operating expenses of $18.9 million for the quarter, a decrease of 5.7% over the first quarter of 2022.AVISE® CTD trailing twelve-month ASP of $279. “We are starting to see initial results of the plan we put into place over the last two quarters and I am happy to report a strong start to the year, with solid execution across the board resulting in record demand for our tests and lower operating expenses. Our key metrics are trending in the right direction, and we recently refinanced our debt to better align with our strategic goals. I’d like to thank the team for their hard work in serving our customers and I’m excited about the momentum we continue to see.\" said John Aballi, President and Chief Executive Officer of Exagen. First Quarter 2023 Financial Results Revenue was $11.2 million for the first quarter of 2023, compared to $10.4 million in the first quarter of 2022, primarily due to an increase in volume which was partially offset by a decrease in ASP. Gross margin was 47.2% in the first quarter of 2023, compared to 44.0% in the first quarter of 2022, primarily due to an increase in AVISE® CTD volume which also resulted in a favorable impact of absorption of COGS and lower royalty expense due to holding claims. Operating expenses were $18.9 million in the first quarter of 2023, compared with $20.1 million in the first quarter of 2022 and $27.3 million in the fourth quarter of 2022, primarily due to decreases in employee related expenses from the reduction in force in early December 2022. For the first quarter of 2023, net loss was $7.7 million, compared to a net loss of $10.3 million for the first quarter of 2022. Cash and cash equivalents were $52.2 million as of March 31, 2023. 2023 Guidance We are providing revenue guidance for the second quarter of 2023 in the range of $10.7 mil...