Business
Exagen Inc. Reports Fourth Quarter and Full Year 2022 Results
Record AVISE® CTD Volume in 2022 SAN DIEGO, March 20, 2023 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions,
About this update from Exagen Inc.
[{"type":"text","content":"Record AVISE® CTD Volume in 2022\nSAN DIEGO, March 20, 2023 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial results for the fourth quarter and full year ended December 31, 2022. Recent Highlights: Record 135,210 flagship AVISE® CTD tests, for the full year 2022, including 33,819 tests for the fourth quarter of 2022. Since the launch of AVISE® CTD in 2012, we have now delivered approximately 750,000 of these tests.Total revenue of $45.6 million for the year ended December 31, 2022, and total revenue of $12.8 million for the fourth quarter of 2022.John Aballi, President and CEO, joined the Company in the fourth quarter of 2022 and implemented a new strategy focused on reducing cash burn and driving ASP and GM improvement to ultimately reach profitability with current cash balance. “I’m pleased to be joining Exagen at this exciting time and am happy with our team’s performance to finish the year. 2022 saw significant improvement in our Medicare rate and record AVISE CTD testing delivered, providing rheumatologists with the best diagnostic tool for a comprehensive autoimmune evaluation. I’m excited to be part of this team and look forward to an even better 2023,” said John Aballi, President and CEO. Fourth Quarter 2022 Financial Results Total revenue for the three months ended December 31, 2022 and 2021 was $12.8 million and $12.7 million, respectively. Total gross margin was 50.9% in the fourth quarter of 2022 compared to 61.1% in the fourth quarter of 2021. The decrease in gross margin percentage was driven by an increase in COGS mostly attributable to inflationary pressures and a decrease in other testing volume, which was slightly offset by an increase in ASP. Operating expenses were $27.3 million in the fourth quarter of 2022, compared to $18.9 million in the fourth quarter of 2021. Operating expenses in the fourth quarter include a one-time impairment in the amount of $5.5 million of goodwill from 2010. Additional year-over-year increases were primarily due to an increase in employee related expenses due to headcount and inflation, an increase in public company expenses, an increase in marketing expenditures, and a one-time $1.2 million charge for severance payments related to our reduction-in-force and the CEO transition. For the fourth quarter of 202...