Exagen ( (XGN) ) has released its Q4 earnings. Here is a breakdown of the information Exagen presented to its investors.
Exagen Inc., based in Carlsbad, California, is a prominent player in the healthcare sector, specializing in autoimmune testing to aid in clinical decision-making and improve patient outcomes.
Exagen Inc. has reported strong financial results for the fourth quarter and full year of 2024, marking a record total revenue of $55.6 million. The company has also achieved significant milestones, including the commercialization of new biomarkers and the completion of one million patient tests with its AVISE CTD product.
Key financial highlights include a 300 basis point increase in gross margin to 62.1% in the fourth quarter and 59.5% for the year, alongside a substantial improvement in net loss and adjusted EBITDA loss by over $8 million and nearly $7 million, respectively, compared to 2023. The company also ended the year with a cash balance of $22.2 million, reflecting a strategic focus on reducing operating expenses and cash use.
Exagen’s strategic advancements include the launch of new systemic lupus erythematosus and rheumatoid arthritis biomarker assays, and significant research contributions at the 2024 American College of Rheumatology meeting. These efforts underscore the company’s commitment to innovation and enhancing the clinical utility of its offerings.
Looking ahead, Exagen anticipates continued revenue growth, projecting at least $14.5 million for the first quarter of 2025, and aims to achieve positive adjusted EBITDA by the fourth quarter of 2025, signaling a strong trajectory towards profitability.
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