Business
Exagen Inc. Reports Strong Second Quarter 2024 Results: Raises Guidance due to Record Performance
CARLSBAD, Calif., Aug. 05, 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., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial results for the quarter ended June 30, 2024. Highlights: Recognized record total revenue of $15.1 million in the second quarter of 2024.Delivered gross margin of 60.1% in the second quarter of 2024, compared to a gross margin of 58.7% in the second quarter of 2023. AVISE® CTD trailing twelve-month average selling price (ASP) of $401, a 25.3% increase over the trailing twelve-month ASP in the second quarter of 2023. Net loss of $3.0 million in the second quarter of 2024, a 40.8% improvement over the second quarter of 2023. Adjusted EBITDA loss of $1.6 million for the second quarter of 2024, a 53.5% improvement over the second quarter of 2023. Cash and cash equivalents were $24.5 million as of June 30, 2024. \"It is exciting to report on another successful quarter as we work to accomplish our goals. We’ve had a very strong start to the year, outpacing our internal expectations, and we are in the middle of transforming the company through product enhancements and continued improvement in our operations. This momentum is a testament to our team's hard work and dedication to our strategic initiatives to bring us to profitability. As we head into the second half of the year, we are confident in our ability to continue delivering outstanding results and driving sustained growth. We are again raising our revenue guidance and adjusted EBITDA expectations for the full year 2024 as a result of the progress we are making,” said John Aballi, President and Chief Executive Officer. Second Quarter 2024 Financial Results Revenue was $15.1 million in the second quarter of 2024, compared to $14.1 million in the second quarter of 2023, primarily due to improved ASP. Gross margin was 60.1% in the second quarter of 2024, compared to 58.7% in the second quarter of 2023. The increase in gross margin percentage was driven by an increase in ASP. Operating expenses were $17.7 million in the second quarter of 2024, compared with $19.1 million in the second quarter of 2023. The decrease in operating expenses was a result of lower legal expenses and lower stock based compensation as a result of decreases in headcount. Net loss was $3.0 million for the second quarter of 2024, compared to a net loss of $5.0...