Business
Exagen Inc. Reports Strong Second Quarter 2023 Results
SAN DIEGO, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial results
About this update from Exagen Inc.
[{"type":"text","content":"SAN DIEGO, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial results for the quarter ended June 30, 2023. Second Quarter Highlights: Delivered a record 37,749 AVISE® CTD tests in the second quarter, an 8% increase over the second quarter of 2022.Recognized total revenue of $14.1 million for the second quarter, a 26% increase over the first quarter of 2023.Achieved gross margin of 54% in the six months ended June 30, 2023.AVISE® CTD trailing twelve-month ASP of $320. \"I'm very proud of the Exagen team and the results we have delivered as we operate a more effective organization, ensuring we continue to provide the best testing solutions to the Rheumatology community. Although these results have surpassed our expectations, our ambitions for the future remain even greater,\" said John Aballi, President and Chief Executive Officer of Exagen. Second Quarter 2023 Financial Results Revenue was $14.1 million for the second quarter of 2023, compared with $11.2 million in the first quarter of 2023 and $7.6 million in the second quarter of 2022, primarily due to an increase in ASP and, as previously disclosed, due to Q2 2022 Medicare revenue being constrained and recognized in Q3 of 2022. Gross margin was 58.7% in the second quarter of 2023, compared to 47.2% in the first quarter of 2023 and 20.1% in the second quarter of 2022, primarily due to increased accrual rates due to improved collections from prior periods. Operating expenses were $19.1 million in the second quarter of 2023, compared with $21.7 million in the second quarter of 2022, primarily due to decreases in employee related expenses from the reduction in force in early December 2022. For the second quarter of 2023, net loss was $5.0 million, compared to a net loss of $7.7 million in the first quarter of 2023 and a net loss of $14.7 million in the second quarter of 2022. Cash and cash equivalents were $31.5 million as of June 30, 2023, which reflects the $10 million principal prepayment we made when refinancing our debt on April 28 of this year and an increase in accounts receivable to $16.2 million. 2023 Guidance We are providing revenue guidance for the third quarter of 2023 in the range of $10 million to $10.5 million. Conference Call A conference call to review second quarter 2023 finan...