Business
Exagen Inc. Reports Second Quarter 2021 Results
Quarterly Records: Total Revenue, AVISE® CTD Revenue and Volumes, Ordering Healthcare Providers and Adopters SAN DIEGO, Aug. 09, 2021 (GLOBE NEWSWIRE) --
About this update from Exagen Inc.
[{"type":"text","content":"Quarterly Records: Total Revenue, AVISE® CTD Revenue and Volumes, Ordering Healthcare Providers and Adopters\nSAN DIEGO, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial results for the quarter ended June 30, 2021. Second Quarter Highlights: Generated record total revenue of $12.8 million for the second quarter of 2021, a 43% increase over the second quarter of 2020 and a 21% increase over the first quarter of 2021.Our flagship AVISE® CTD test, including AVISE® Lupus, generated record revenue of $10.4 million for the second quarter of 2021. This represents a 94% increase over the second quarter of 2020 and a 22% increase over the first quarter of 2021.Delivered a record 33,328 flagship AVISE® CTD tests, including AVISE® Lupus, in the second quarter of 2021, an 80% increase over the second quarter of 2020 and a 15% increase over the first quarter of 2021. This represents the third consecutive record demand quarter.Record number of ordering healthcare providers totaling 1,934 in the second quarter, including a record 703 adopters, and sequential quarterly retention rate of approximately 99% among adopting healthcare providers from the prior quarter. \"In the second quarter, Exagen delivered record results in key areas once again. The foundation for these records was driven by our 99% retention rate, which we believe attests to the value Exagen's unique tests provide to rheumatologists and their patients,\" said Ron Rocca, President and Chief Executive Officer of Exagen. \"The business team has executed at a high level in the first half of 2021, and we continue to take the steps necessary to grow and strengthen our position as a leading provider of autoimmune testing solutions. We remain committed to pursuing wider reimbursement for our tests, and believe healthcare systems and payors will continue to recognize the value of the AVISE® franchise. Moreover, we accelerated our investment in research and development, including entering into a research collaboration with AHN Research Institute, as we seek to expand the utility of our proprietary suite of testing products. Most importantly, we remain highly focused on our ultimate mission of reducing the time to treatment and improving patient outcomes in an often overlooked segment of healthcare.\" ...