Exagen ( (XGN) ) has released its Q3 earnings. Here is a breakdown of the information Exagen presented to its investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Exagen Inc., a prominent provider of autoimmune testing solutions, specializes in innovative diagnostics for complex autoimmune disorders, including lupus, rheumatoid arthritis, and Sjögren’s syndrome. The company recently released its financial results for the third quarter of 2024, highlighting continued efforts towards enhancing its flagship product, AVISE CTD, and strategic leadership changes.
In its third quarter of 2024, Exagen reported revenue of $12.5 million, which aligns with its expectations after accounting for one-time adjustments. A significant highlight was the 26% increase in the average selling price of its AVISE CTD product compared to the previous year. The company also reported a reduced net loss of $11.4 million for the first three quarters of 2024, marking an improvement over the prior year’s loss of $18.1 million.
Exagen’s financial performance showed a reduction in operating expenses, from $18.5 million in Q3 2023 to $17.2 million in Q3 2024, while gross margins slightly decreased due to the one-time adjustments. The company closed the quarter with $22.0 million in cash and cash equivalents, indicating a prudent approach towards cash management as it focuses on profitable growth.
Looking ahead, Exagen anticipates full-year revenue for 2024 to range between $55 million to $56 million. The company is optimistic about its future prospects with plans to introduce new biomarkers to its product lineup, which is expected to enhance its market position in the autoimmune diagnostics landscape.
