Business
Exagen Inc. Reports Strong Fourth Quarter and Full-Year 2023 Results
CARLSBAD, Calif., March 18, 2024 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial
About this update from Exagen Inc.
[{"type":"text","content":"CARLSBAD, Calif., March 18, 2024 (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, 2023. Financial Highlights: Record total revenue of $52.5 million for the full-year 2023, and total revenue of $13.8 million for the fourth quarter of 2023.Record 137,650 AVISE® CTD tests performed for the full-year 2023, including 30,438 tests for the fourth quarter of 2023. Over 900,000 AVISE® CTD tests performed to date since launch.AVISE® CTD trailing twelve-month average selling price (ASP) of $336, an increase of $51 over the course of the year.Delivered 56% gross margin for full-year 2023 and 59% for the fourth quarter of 2023.Net loss of $23.7 million for the full-year 2023 and $5.6 million for the fourth quarter of 2023.Adjusted EBITDA of $(17.1) million for the full-year 2023 and $(3.9) million in the fourth quarter of 2023.Cash balance of $36.5 million at year-end 2023. “I am extremely proud of our team's commitment and hard work this past year. We transformed quite a bit at Exagen and together, we are steering the company towards profitability, with a sharp focus on increasing ASP while diligently driving down expenses and responsibly managing cash. The progress we've made in the past year has significantly bolstered the health of our organization. We look forward to serving our clinicians and patients in 2024 with a renewed organization which is very much focused on reaching our operating goals. Our strategy has been validated and I’m confident that the best is yet to come for Exagen,” said John Aballi, President and Chief Executive Officer. Fourth Quarter 2023 Financial Results Total revenue for the fourth quarter of 2023 and 2022 was $13.8 million and $12.8 million, respectively. Total gross margin was 59.2% in the fourth quarter of 2023 compared to 50.9% in the fourth quarter of 2022. The increase in gross margin percentage was primarily driven by an increase in ASP. Operating expenses were $18.9 million in the fourth quarter of 2023, compared to $27.3 million in the fourth quarter of 2022. The year-over-year decreases in operating expenses in the fourth quarter was primarily driven by lower selling, general and administrative expenses due to decreases in personnel costs and lower research and de...