Business
Exagen Inc. Reports Third Quarter 2020 Results
Record Adopters with 99% Stickiness and 14 Million In-Network Lives Added for AVISE® Testing SAN DIEGO, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq:
About this update from Exagen Inc.
[{"type":"text","content":"Record Adopters with 99% Stickiness and 14 Million In-Network Lives Added for AVISE® Testing\nSAN DIEGO, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), an organization dedicated to transforming the care continuum for patients suffering from autoimmune diseases, today reported financial results for the quarter ended September 30, 2020.\n Third Quarter Highlights: Generated total revenue of $10.8 million for the quarter ended September 30, 2020, an increase of 20% over the quarter ended June 30, 2020 and 3% over the quarter ended September 30, 2019.Delivered 26,201 flagship AVISE® CTD tests, including AVISE® Lupus, in the third quarter 2020 despite reduced patient visits resulting from the COVID-19 pandemic.Number of ordering healthcare providers was 1,665 in the third quarter, with a record 600 adopters, and sequential quarterly retention rate of approximately 99% among adopting healthcare providers from the prior quarter.Added to covered lives following the agreement with Humana TRICARE East to make AVISE® testing covered and in-network for approximately 6 million lives, and an agreement with Provider Network of America making AVISE® in-network for 8 million lives.Continued to expand our suite of comprehensive testing solutions for rheumatologists, launching AVISE® Vasculitis AAV. “We're very pleased with our results in the third quarter, as our core testing business performed well in an environment where patients continued to have challenges visiting their healthcare providers due to the COVID-19 pandemic. Despite these headwinds, our testing volumes have approached the level of Q1 2020 volumes which were only marginally affected by COVID-19. Meanwhile, our co-promotion agreement with Janssen continues to supplement our top line and enhance our gross margin,\" said Ron Rocca, President and Chief Executive Officer of Exagen. \"Throughout the quarter we continued to position Exagen as a premier autoimmune company. Our world-class R&D team launched a new product to build upon our already robust portfolio. We continued to expand access to our AVISE® franchise through payor and provider contracting. The Exagen team delivered strong operational execution during the quarter and took concrete strategic steps to strengthen the business for long-term sustainable success.\" Third Quarter 2020 Financial Results Revenue for th...