Business
Exagen Inc. Reports Third Quarter 2022 Results
Medicare Reimbursement Returns SAN DIEGO, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions,
About this update from Exagen Inc.
[{"type":"text","content":"Medicare Reimbursement Returns\nSAN DIEGO, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial results for the quarter ended September 30, 2022. Third Quarter Highlights: Total revenue of $14.7 million recognized in the third quarter of 2022. Our flagship AVISE® CTD test, including AVISE® Lupus, recognized revenue of $12.8 million in the third quarter of 2022.Delivered 35,569 AVISE CTD tests, including AVISE Lupus, in the third quarter of 2022, a 12% increase over the third quarter of 2021. Since the launch of AVISE CTD in 2012 through the third quarter of 2022, we have delivered over 700,000 of these tests.Number of ordering healthcare providers totaled 2,287 in the third quarter of 2022, an increase of 16% over the third quarter of 2021.Medicare resumed reimbursement dating back to Q2 for AVISE Lupus claims.Increasing full year 2022 revenue guidance, range of $40 million to $43 million. “I’m very excited to be joining Exagen, as President and CEO,” said John Aballi. “Exagen has developed a leadership position in one of the largest fields of medicine with our proprietary AVISE testing platform. We are the Rheumatologist’s trusted partner in diagnostics, and I look forward to working with the team to continue to build on this foundation. Having spent the majority of my career working in labs, developing and commercializing diagnostics in oncology, I’m looking forward to bringing that same successful approach to Exagen.\" Third Quarter 2022 Financial Results Total testing revenue was $14.7 million for the third quarter of 2022 (including $3.7 million that we recognized in the third quarter from AVISE Lupus Medicare claims that were submitted in the second quarter), compared to $11.9 million in the third quarter of 2021. Our revenue resulting from the Janssen Agreement contributed no revenue in the third quarter of 2022, compared to $0.4 million in the third quarter of 2021. Total revenue for the three months ended September 30, 2022 was $14.7 million, compared with $12.3 million in the third quarter of 2021. Gross margin was 59.2% in the third quarter of 2022, compared to 55.2% in the third quarter of 2021. Testing gross margin was 59.2% in the third quarter of 2022, compared to 53.7% in the third quarter of 2021. Operating expenses were $22.5 m...