Exagen Inc. Reports First Quarter 2023 Results
15 Maio 2023 - 5:05PM
Exagen Inc. (Nasdaq: XGN)("Exagen"), a leading provider of
autoimmune testing solutions, today reported financial results for
the quarter ended March 31, 2023.
First Quarter Highlights:
- Delivered a record 37,312 AVISE® CTD
tests in the first quarter, a 21% increase over the first quarter
of 2022 and a 10% increase over the fourth quarter of 2022.
- Recognized total revenue of $11.2
million for the first quarter, an 8% increase over the first
quarter of 2022.
- Total operating expenses of $18.9
million for the quarter, a decrease of 5.7% over the first quarter
of 2022.
- AVISE® CTD trailing twelve-month ASP of $279.
“We are starting to see initial results of the plan we put into
place over the last two quarters and I am happy to report a strong
start to the year, with solid execution across the board resulting
in record demand for our tests and lower operating
expenses. Our key metrics are trending in the right
direction, and we recently refinanced our debt to better align with
our strategic goals. I’d like to thank the team for their hard work
in serving our customers and I’m excited about the momentum we
continue to see." said John Aballi, President and Chief Executive
Officer of Exagen.
First Quarter
2023 Financial Results
Revenue was $11.2 million for the first quarter of 2023,
compared to $10.4 million in the first quarter of 2022, primarily
due to an increase in volume which was partially offset by a
decrease in ASP. Gross margin was 47.2% in the first quarter of
2023, compared to 44.0% in the first quarter of 2022, primarily due
to an increase in AVISE® CTD volume which also resulted in a
favorable impact of absorption of COGS and lower royalty expense
due to holding claims.
Operating expenses were $18.9 million in the first quarter of
2023, compared with $20.1 million in the first quarter of 2022 and
$27.3 million in the fourth quarter of 2022, primarily due to
decreases in employee related expenses from the reduction in force
in early December 2022.
For the first quarter of 2023, net loss was $7.7 million,
compared to a net loss of $10.3 million for the first quarter of
2022.
Cash and cash equivalents were $52.2 million as of
March 31, 2023.
2023 Guidance
We are providing revenue guidance for the second
quarter of 2023 in the range of $10.7 million to $11.2 million.
Conference Call
A conference call to review first quarter 2023 financial results
and to provide a business update is scheduled for today May 15,
2023 at 4:30 PM Eastern Time (1:30 PM Pacific Time). Interested
parties may access the conference call by dialing (201) 389-0918
(U.S.) or (877) 407-0890 (international). Additionally, a link to a
live webcast of the call will be available in the Investor
Relations section of Exagen's website at investors.exagen.com.
Participants are asked to join a few minutes prior to the call
to register for the event. A replay of the conference call will be
available until Monday, May 29, 2023 at 11:59 PM Eastern Time (8:59
PM Pacific Time). Interested parties may access the replay by
dialing (201) 612-7415 (U.S.) or (877) 660-6853 (international)
using passcode 13736103. A link to the replay of the webcast will
also be available in the Investor Relations section of Exagen's
website.
About Exagen
Exagen is a leading provider of autoimmune diagnostic,
prognostic, and monitoring testing solutions. Exagen is a patient
focused, discovery driven organization built on the success of
AVISE® testing and is investing in its product pipeline to support
patients throughout their autoimmune diagnosis and treatment
journeys. The goal at Exagen is to assist patients, physicians, and
payors by enabling precision medicine. Exagen is located in San
Diego County.
For more information, please visit Exagen.com or follow
@ExagenInc on Twitter.
Forward Looking Statements
Exagen cautions you that statements contained in this press
release regarding matters that are not historical facts are
forward-looking statements. These statements are based on Exagen's
current beliefs and expectations. Such forward-looking statements
include, but are not limited to, statements regarding: Exagen’s
goals and strategies; the potential utility and effectiveness of
Exagen’s services and testing solutions, potential shareholder
value and growth, and guidance. The inclusion of forward-looking
statements should not be regarded as a representation by Exagen
that any of its plans will be achieved. Actual results may differ
from those set forth in this press release due to the risks and
uncertainties inherent in Exagen’s business, including, without
limitation: the COVID-19 pandemic may continue to adversely affect
its business, financial condition and results of operations,
including as a result of slowdown in its operations as well as
those of its suppliers and courier services, impeding patient
movement and interruptions to healthcare services causing a
decrease in test volumes, disruptions to the supply chain of
material needed for its tests causing an increase in cost per test,
its sales and commercialization activities and its ability to
receive specimens and perform or deliver the results from its
tests, delays in reimbursement and coverage decisions from
third-party payors, such as government payors (Medicare and
Medicaid) and commercial payors (insurance companies), and in
interactions with regulatory authorities, and delays in ongoing and
planned clinical trials involving its tests; Exagen’s commercial
success depends upon attaining and maintaining significant market
acceptance of its testing products among rheumatologists, patients,
third-party payors and others in the medical community; Exagen’s
ability to successfully execute on its business strategies;
third-party payors not providing coverage and adequate
reimbursement for Exagen’s testing products, including Exagen’s
ability to collect on funds due; Exagen’s ability to obtain and
maintain intellectual property protection for its testing products;
regulatory developments affecting Exagen’s business; and other
risks described in Exagen’s prior press releases and Exagen’s
filings with the Securities and Exchange Commission (“SEC”),
including under the heading “Risk Factors” in Exagen’s Annual
Report on Form 10-K for the year ended December 31, 2022 and any
subsequent filings with the SEC. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date hereof, and Exagen undertakes no obligation to
update such statements to reflect events that occur or
circumstances that exist after the date hereof. All forward-looking
statements are qualified in their entirety by this cautionary
statement, which is made under the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995.
Investors RelationsExagen Inc.Ryan
Douglasrdouglas@exagen.com760.560.1525
CompanyExagen Inc.Kamal Adawi, Chief Financial
Officerkadawi@exagen.com
|
Exagen Inc. |
|
Unaudited Condensed Statements of Operations |
(in thousands, except share and per share
data) |
|
|
Three Months Ended March 31, |
|
2023 |
|
2022 |
|
|
Revenue |
$ |
11,230 |
|
|
$ |
10,394 |
|
Operating expenses: |
|
|
|
Costs of revenue |
|
5,926 |
|
|
|
5,817 |
|
Selling, general and administrative expenses |
|
11,884 |
|
|
|
12,152 |
|
Research and development expenses |
|
1,126 |
|
|
|
2,104 |
|
Total operating expenses |
|
18,936 |
|
|
|
20,073 |
|
Loss from operations |
|
(7,706 |
) |
|
|
(9,679 |
) |
Interest expense |
|
(638 |
) |
|
|
(598 |
) |
Interest income |
|
656 |
|
|
|
5 |
|
Net loss |
$ |
(7,688 |
) |
|
$ |
(10,272 |
) |
Net loss per share, basic and
diluted |
$ |
(0.44 |
) |
|
$ |
(0.60 |
) |
Weighted-average number of shares
used to compute net loss per share, basic and diluted |
|
17,526,763 |
|
|
|
16,992,391 |
|
|
|
|
|
|
|
|
|
Exagen Inc. |
|
Unaudited Condensed Balance Sheets |
(in thousands, except share and per share
data) |
|
|
March 31, 2023 |
|
December 31, 2022 |
|
|
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
52,184 |
|
|
$ |
62,391 |
|
Accounts receivable, net |
|
9,303 |
|
|
|
6,077 |
|
Prepaid expenses and other current assets |
|
4,229 |
|
|
|
4,143 |
|
Total current assets |
|
65,716 |
|
|
|
72,611 |
|
Property and equipment, net |
|
8,264 |
|
|
|
8,197 |
|
Operating lease right-of-use
assets |
|
4,651 |
|
|
|
4,885 |
|
Other assets |
|
603 |
|
|
|
528 |
|
Total assets |
$ |
79,234 |
|
|
$ |
86,221 |
|
Liabilities and
Stockholders' Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
1,878 |
|
|
$ |
3,046 |
|
Accrued and other current liabilities |
|
6,064 |
|
|
|
5,347 |
|
Operating lease liabilities |
|
1,072 |
|
|
|
1,040 |
|
Borrowings-current portion |
|
254 |
|
|
|
190 |
|
Total current liabilities |
|
9,268 |
|
|
|
9,623 |
|
Borrowings-non-current
portion, net of discounts and debt issuance costs |
|
29,092 |
|
|
|
28,778 |
|
Non-current operating lease
liabilities |
|
4,211 |
|
|
|
4,493 |
|
Other non-current
liabilities |
|
726 |
|
|
|
867 |
|
Total liabilities |
|
43,297 |
|
|
|
43,761 |
|
Commitments and contingencies
(Note 5) |
|
|
|
Stockholders' equity: |
|
|
|
Preferred stock, $0.001 par value; 10,000,000 shares authorized, no
shares issued or outstanding as of March 31, 2023 and December
31, 2022 |
|
— |
|
|
|
— |
|
Common stock, $0.001 par value; 200,000,000 shares authorized as of
March 31, 2023 and December 31, 2022; 16,827,014 and
16,549,984 shares issued and outstanding as of March 31, 2023
and December 31, 2022, respectively |
|
17 |
|
|
|
17 |
|
Additional paid-in
capital |
|
299,135 |
|
|
|
297,970 |
|
Accumulated deficit |
|
(263,215 |
) |
|
|
(255,527 |
) |
Total stockholders' equity |
|
35,937 |
|
|
|
42,460 |
|
Total liabilities and
stockholders' equity |
$ |
79,234 |
|
|
$ |
86,221 |
|
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