Business
Exagen Inc. Reports Fourth Quarter and Full Year 2019 Results
AVISE® Testing Revenue Drives 24% Revenue Growth SAN DIEGO, March 25, 2020 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), an organization dedicated to
About this update from Exagen Inc.
[{"type":"text","content":"AVISE® Testing Revenue Drives 24% Revenue Growth\nSAN DIEGO, March 25, 2020 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), an organization dedicated to transforming the care continuum for patients suffering from debilitating and chronic autoimmune diseases by enabling timely differential diagnosis and optimizing therapeutic intervention, today reported financial results for the fourth quarter and full year ended December 31, 2019.\n Recent Highlights: Generated total revenue of $40.4 million for the year ended December 31, 2019, representing 24% year-over-year growth.Experienced record demand for the flagship AVISE® CTD test, including AVISE® Lupus, to over 105,000 tests in 2019, a 26% increase over 2018.Grew the number of ordering healthcare providers in the fourth quarter by 34% year-over-year to a record 1,707.Sequential quarter retention rate of approximately 98% among adopting healthcare providers in the fourth quarter of 2019.Advanced strategic integrated testing and therapeutics strategy (Dx/Rx) through co-promotion agreement with Janssen Biotech for SIMPONI®, realizing approximately $1.5 million in revenue for the year. “The Exagen team completed a landmark year. We completed our initial public offering in September, delivered records in both testing volumes and ordering healthcare providers, and generated 24% revenue growth on a year-over-year basis. We are pleased with our continued progress towards our vision to Own the Rheumatology Hilltop,” said Ron Rocca, Exagen President and Chief Executive Officer. \"Importantly, we believe many of the building blocks for the next phase of the Company's growth are in place heading into the remainder of 2020.\" Fourth Quarter 2019 Financial Results Revenue for the three months ended December 31, 2019 was $10.2 million, compared with $9.6 million in the fourth quarter of 2018. Testing revenue was $9.6 million in the quarter, flat year-over-year. While testing volume increased, this was offset by lower average selling prices. Revenue from our co-promotion efforts contributed $0.6 million in the quarter. Gross margin was 55% in the fourth quarter of 2019 compared to 59% in the fourth quarter of 2018, driven by lower average selling prices. Operating expenses increased to $13.1 million in the fourth quarter of 2019, compared with $9.8 million in the fourth quarter of 2018, due primari...