Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Exagen Inc. Reports Strong Second Quarter 2024 Results: Raises Guidance due to Record Performance By: Exagen Inc. via GlobeNewswire August 05, 2024 at 08:00 AM EDT CARLSBAD, Calif., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial results for the quarter ended June 30, 2024. Highlights: Recognized record total revenue of $15.1 million in the second quarter of 2024.Delivered gross margin of 60.1% in the second quarter of 2024, compared to a gross margin of 58.7% in the second quarter of 2023. AVISE® CTD trailing twelve-month average selling price (ASP) of $401, a 25.3% increase over the trailing twelve-month ASP in the second quarter of 2023. Net loss of $3.0 million in the second quarter of 2024, a 40.8% improvement over the second quarter of 2023. Adjusted EBITDA loss of $1.6 million for the second quarter of 2024, a 53.5% improvement over the second quarter of 2023. Cash and cash equivalents were $24.5 million as of June 30, 2024. "It is exciting to report on another successful quarter as we work to accomplish our goals. We’ve had a very strong start to the year, outpacing our internal expectations, and we are in the middle of transforming the company through product enhancements and continued improvement in our operations. This momentum is a testament to our team's hard work and dedication to our strategic initiatives to bring us to profitability. As we head into the second half of the year, we are confident in our ability to continue delivering outstanding results and driving sustained growth. We are again raising our revenue guidance and adjusted EBITDA expectations for the full year 2024 as a result of the progress we are making,” said John Aballi, President and Chief Executive Officer. Second Quarter 2024 Financial Results Revenue was $15.1 million in the second quarter of 2024, compared to $14.1 million in the second quarter of 2023, primarily due to improved ASP. Gross margin was 60.1% in the second quarter of 2024, compared to 58.7% in the second quarter of 2023. The increase in gross margin percentage was driven by an increase in ASP. Operating expenses were $17.7 million in the second quarter of 2024, compared with $19.1 million in the second quarter of 2023. The decrease in operating expenses was a result of lower legal expenses and lower stock based compensation as a result of decreases in headcount. Net loss was $3.0 million for the second quarter of 2024, compared to a net loss of $5.0 million in the second quarter of 2023. Adjusted EBITDA loss was $1.6 million for the second quarter of 2024, compared to a $3.4 million loss for the second quarter of 2023. Adjusted EBITDA loss through the first two quarters of 2024 was $3.6 million compared to a $9.6 million loss through the first two quarters of 2023. Cash and cash equivalents were $24.5 million as of June 30, 2024 and our accounts receivable balance was $11.7 million. A reconciliation of non-GAAP adjusted EBITDA to GAAP net loss, the closest GAAP financial measure, is provided in the financial schedules that are part of this press release. An explanation of this non-GAAP financial measures is also included below under the heading “Use of Non-GAAP Financial Measures (unaudited).” 2024 Guidance Given our continued improved performance, we are increasing our guidance for full-year 2024 revenue to at least $57 million and now believe our adjusted EBITDA loss will be better than $12 million. Conference Call A conference call to review second quarter 2024 financial results and to provide a business update is scheduled for today, August 5, 2024, at 8:30 AM Eastern Time (5:30 AM 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, August 19, 2024, 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 13747595. A link to the replay of the webcast will also be available in the Investor Relations section of Exagen's website. Use of Non-GAAP Financial Measures (UNAUDITED) In this release, we use the metrics of adjusted EBITDA, which is not calculated in accordance with generally accepted accounting principles in the United States (GAAP) and is a non-GAAP financial measure. Adjusted EBITDA excludes from net loss interest income (expense), depreciation and amortization expense, and stock-based compensation expense. We use adjusted EBITDA internally because we believe these metrics provide useful supplemental information in assessing our operating performance reported in accordance with GAAP. We believe adjusted EBITDA may enhance an evaluation of our operating performance because it excludes the impact of prior decisions made about capital investment, financing, investing and certain expenses we believe are not indicative of our ongoing performance. However, this non-GAAP financial measure may be different from non-GAAP financial measures used by other companies, even when the same or similarly titled terms are used to identify such measures, limiting their usefulness for comparative purposes. This non-GAAP financial measure is not meant to be considered in isolation or used as a substitute for net loss reported in accordance with GAAP, should be considered in conjunction with our financial information presented in accordance with GAAP, has no standardized meaning prescribed by GAAP, is unaudited, and is not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future, there may be other items that we may exclude for purposes of these non-GAAP financial measures, and we may in the future cease to exclude items that we have historically excluded for purposes of these non-GAAP financial measures. Likewise, we may determine to modify the nature of adjustments to arrive at these non-GAAP financial measures. Because of the non-standardized definitions of non-GAAP financial measures, the non-GAAP financial measure as used by us in this press release and the accompanying reconciliation table have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. Accordingly, investors should not place undue reliance on non-GAAP financial measures. About Exagen Exagen is a leading provider of autoimmune testing and its purpose as an organization is to provide clarity in autoimmune disease decision making with the goal of improving patients’ clinical outcomes. Exagen is located in San Diego County, California. For more information, please visit Exagen.com or follow @ExagenInc on X (formally known as 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, strategies and ambitions; potential future financial and business performance; the potential utility and effectiveness of Exagen’s services and testing solutions; updates to be made to AVISE® CTD; potential shareholder value and growth and 2024 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: delays in reimbursement and coverage decisions from Medicare and third-party payors and in interactions with regulatory authorities, and delays in ongoing and planned clinical trials involving its tests; changes in laws and regulations related to Exagen’s regulatory requirements; 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, 2023, filed with the SEC on March 18, 2024, its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on August 5, 2024 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. Contact:Ryan DouglasExagen Inc.ir@exagen.com 760.560.1525 Exagen Inc.Unaudited Condensed Statements of Operations(in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue $15,064 $14,137 $29,479 $25,367 Operating expenses: Costs of revenue 6,008 5,836 11,825 11,762 Selling, general and administrative expenses 10,464 11,953 21,006 23,837 Research and development expenses 1,179 1,263 2,238 2,389 Total operating expenses 17,651 19,052 35,069 37,988 Loss from operations (2,587) (4,915) (5,590) (12,621)Interest expense (560) (574) (1,109) (1,212)Interest income 181 476 373 1,132 Net loss $(2,966) $(5,013) $(6,326) $(12,701)Net loss per share, basic and diluted $(0.16) $(0.28) $(0.35) $(0.72)Weighted-average number of shares used to compute net loss per share, basic and diluted 18,178,185 17,655,483 18,061,312 17,591,478 Exagen Inc.Unaudited Condensed Balance Sheets(in thousands, except share and per share data) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $24,479 $36,493 Accounts receivable, net 11,703 6,551 Prepaid expenses and other current assets 4,612 4,797 Total current assets 40,794 47,841 Property and equipment, net 5,147 5,201 Operating lease right-of-use assets 2,853 3,286 Other assets 513 616 Total assets $49,307 $56,944 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $2,330 $3,131 Accrued and other current liabilities 5,658 7,531 Operating lease liabilities 1,035 976 Borrowings-current portion 423 264 Total current liabilities 9,446 11,902 Borrowings-non-current portion, net of discounts and debt issuance costs 19,830 19,231 Non-current operating lease liabilities 2,227 2,760 Other non-current liabilities 219 357 Total liabilities 31,722 34,250 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 June 30, 2024 and December 31, 2023 — — Common stock, $0.001 par value; 200,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 17,381,575 and 17,045,954 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 17 17 Additional paid-in capital 303,110 301,893 Accumulated deficit (285,542) (279,216)Total stockholders' equity 17,585 22,694 Total liabilities and stockholders' equity $49,307 $56,944 Exagen Inc.Reconciliation of Non-GAAP Financial Measures (UNAUDITED) The table below presents the reconciliation of adjusted EBITDA, which is a non-GAAP financial measure. See "Use of Non-GAAP Financial Measures (UNAUDITED)" above for further information regarding the Company's use of non-GAAP financial measures. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) Adjusted EBITDA Net loss $(2,966) $(5,013) $(6,326) $(12,701)Other (Income) Expense (181) (476) (373) (1,132)Interest Expense 560 574 1,109 1,212 Income tax expense (benefit) — — — — Depreciation and amortization expense 429 503 887 1,056 Stock-based compensation expense 560 979 1,113 1,963 Adjusted EBITDA (Non-GAAP) $(1,598) $(3,433) $(3,590) $(9,602) Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Exagen Inc. Reports Strong Second Quarter 2024 Results: Raises Guidance due to Record Performance By: Exagen Inc. via GlobeNewswire August 05, 2024 at 08:00 AM EDT CARLSBAD, Calif., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial results for the quarter ended June 30, 2024. Highlights: Recognized record total revenue of $15.1 million in the second quarter of 2024.Delivered gross margin of 60.1% in the second quarter of 2024, compared to a gross margin of 58.7% in the second quarter of 2023. AVISE® CTD trailing twelve-month average selling price (ASP) of $401, a 25.3% increase over the trailing twelve-month ASP in the second quarter of 2023. Net loss of $3.0 million in the second quarter of 2024, a 40.8% improvement over the second quarter of 2023. Adjusted EBITDA loss of $1.6 million for the second quarter of 2024, a 53.5% improvement over the second quarter of 2023. Cash and cash equivalents were $24.5 million as of June 30, 2024. "It is exciting to report on another successful quarter as we work to accomplish our goals. We’ve had a very strong start to the year, outpacing our internal expectations, and we are in the middle of transforming the company through product enhancements and continued improvement in our operations. This momentum is a testament to our team's hard work and dedication to our strategic initiatives to bring us to profitability. As we head into the second half of the year, we are confident in our ability to continue delivering outstanding results and driving sustained growth. We are again raising our revenue guidance and adjusted EBITDA expectations for the full year 2024 as a result of the progress we are making,” said John Aballi, President and Chief Executive Officer. Second Quarter 2024 Financial Results Revenue was $15.1 million in the second quarter of 2024, compared to $14.1 million in the second quarter of 2023, primarily due to improved ASP. Gross margin was 60.1% in the second quarter of 2024, compared to 58.7% in the second quarter of 2023. The increase in gross margin percentage was driven by an increase in ASP. Operating expenses were $17.7 million in the second quarter of 2024, compared with $19.1 million in the second quarter of 2023. The decrease in operating expenses was a result of lower legal expenses and lower stock based compensation as a result of decreases in headcount. Net loss was $3.0 million for the second quarter of 2024, compared to a net loss of $5.0 million in the second quarter of 2023. Adjusted EBITDA loss was $1.6 million for the second quarter of 2024, compared to a $3.4 million loss for the second quarter of 2023. Adjusted EBITDA loss through the first two quarters of 2024 was $3.6 million compared to a $9.6 million loss through the first two quarters of 2023. Cash and cash equivalents were $24.5 million as of June 30, 2024 and our accounts receivable balance was $11.7 million. A reconciliation of non-GAAP adjusted EBITDA to GAAP net loss, the closest GAAP financial measure, is provided in the financial schedules that are part of this press release. An explanation of this non-GAAP financial measures is also included below under the heading “Use of Non-GAAP Financial Measures (unaudited).” 2024 Guidance Given our continued improved performance, we are increasing our guidance for full-year 2024 revenue to at least $57 million and now believe our adjusted EBITDA loss will be better than $12 million. Conference Call A conference call to review second quarter 2024 financial results and to provide a business update is scheduled for today, August 5, 2024, at 8:30 AM Eastern Time (5:30 AM 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, August 19, 2024, 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 13747595. A link to the replay of the webcast will also be available in the Investor Relations section of Exagen's website. Use of Non-GAAP Financial Measures (UNAUDITED) In this release, we use the metrics of adjusted EBITDA, which is not calculated in accordance with generally accepted accounting principles in the United States (GAAP) and is a non-GAAP financial measure. Adjusted EBITDA excludes from net loss interest income (expense), depreciation and amortization expense, and stock-based compensation expense. We use adjusted EBITDA internally because we believe these metrics provide useful supplemental information in assessing our operating performance reported in accordance with GAAP. We believe adjusted EBITDA may enhance an evaluation of our operating performance because it excludes the impact of prior decisions made about capital investment, financing, investing and certain expenses we believe are not indicative of our ongoing performance. However, this non-GAAP financial measure may be different from non-GAAP financial measures used by other companies, even when the same or similarly titled terms are used to identify such measures, limiting their usefulness for comparative purposes. This non-GAAP financial measure is not meant to be considered in isolation or used as a substitute for net loss reported in accordance with GAAP, should be considered in conjunction with our financial information presented in accordance with GAAP, has no standardized meaning prescribed by GAAP, is unaudited, and is not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future, there may be other items that we may exclude for purposes of these non-GAAP financial measures, and we may in the future cease to exclude items that we have historically excluded for purposes of these non-GAAP financial measures. Likewise, we may determine to modify the nature of adjustments to arrive at these non-GAAP financial measures. Because of the non-standardized definitions of non-GAAP financial measures, the non-GAAP financial measure as used by us in this press release and the accompanying reconciliation table have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. Accordingly, investors should not place undue reliance on non-GAAP financial measures. About Exagen Exagen is a leading provider of autoimmune testing and its purpose as an organization is to provide clarity in autoimmune disease decision making with the goal of improving patients’ clinical outcomes. Exagen is located in San Diego County, California. For more information, please visit Exagen.com or follow @ExagenInc on X (formally known as 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, strategies and ambitions; potential future financial and business performance; the potential utility and effectiveness of Exagen’s services and testing solutions; updates to be made to AVISE® CTD; potential shareholder value and growth and 2024 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: delays in reimbursement and coverage decisions from Medicare and third-party payors and in interactions with regulatory authorities, and delays in ongoing and planned clinical trials involving its tests; changes in laws and regulations related to Exagen’s regulatory requirements; 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, 2023, filed with the SEC on March 18, 2024, its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on August 5, 2024 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. Contact:Ryan DouglasExagen Inc.ir@exagen.com 760.560.1525 Exagen Inc.Unaudited Condensed Statements of Operations(in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue $15,064 $14,137 $29,479 $25,367 Operating expenses: Costs of revenue 6,008 5,836 11,825 11,762 Selling, general and administrative expenses 10,464 11,953 21,006 23,837 Research and development expenses 1,179 1,263 2,238 2,389 Total operating expenses 17,651 19,052 35,069 37,988 Loss from operations (2,587) (4,915) (5,590) (12,621)Interest expense (560) (574) (1,109) (1,212)Interest income 181 476 373 1,132 Net loss $(2,966) $(5,013) $(6,326) $(12,701)Net loss per share, basic and diluted $(0.16) $(0.28) $(0.35) $(0.72)Weighted-average number of shares used to compute net loss per share, basic and diluted 18,178,185 17,655,483 18,061,312 17,591,478 Exagen Inc.Unaudited Condensed Balance Sheets(in thousands, except share and per share data) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $24,479 $36,493 Accounts receivable, net 11,703 6,551 Prepaid expenses and other current assets 4,612 4,797 Total current assets 40,794 47,841 Property and equipment, net 5,147 5,201 Operating lease right-of-use assets 2,853 3,286 Other assets 513 616 Total assets $49,307 $56,944 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $2,330 $3,131 Accrued and other current liabilities 5,658 7,531 Operating lease liabilities 1,035 976 Borrowings-current portion 423 264 Total current liabilities 9,446 11,902 Borrowings-non-current portion, net of discounts and debt issuance costs 19,830 19,231 Non-current operating lease liabilities 2,227 2,760 Other non-current liabilities 219 357 Total liabilities 31,722 34,250 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 June 30, 2024 and December 31, 2023 — — Common stock, $0.001 par value; 200,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 17,381,575 and 17,045,954 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 17 17 Additional paid-in capital 303,110 301,893 Accumulated deficit (285,542) (279,216)Total stockholders' equity 17,585 22,694 Total liabilities and stockholders' equity $49,307 $56,944 Exagen Inc.Reconciliation of Non-GAAP Financial Measures (UNAUDITED) The table below presents the reconciliation of adjusted EBITDA, which is a non-GAAP financial measure. See "Use of Non-GAAP Financial Measures (UNAUDITED)" above for further information regarding the Company's use of non-GAAP financial measures. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) Adjusted EBITDA Net loss $(2,966) $(5,013) $(6,326) $(12,701)Other (Income) Expense (181) (476) (373) (1,132)Interest Expense 560 574 1,109 1,212 Income tax expense (benefit) — — — — Depreciation and amortization expense 429 503 887 1,056 Stock-based compensation expense 560 979 1,113 1,963 Adjusted EBITDA (Non-GAAP) $(1,598) $(3,433) $(3,590) $(9,602)
CARLSBAD, Calif., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial results for the quarter ended June 30, 2024. Highlights: Recognized record total revenue of $15.1 million in the second quarter of 2024.Delivered gross margin of 60.1% in the second quarter of 2024, compared to a gross margin of 58.7% in the second quarter of 2023. AVISE® CTD trailing twelve-month average selling price (ASP) of $401, a 25.3% increase over the trailing twelve-month ASP in the second quarter of 2023. Net loss of $3.0 million in the second quarter of 2024, a 40.8% improvement over the second quarter of 2023. Adjusted EBITDA loss of $1.6 million for the second quarter of 2024, a 53.5% improvement over the second quarter of 2023. Cash and cash equivalents were $24.5 million as of June 30, 2024. "It is exciting to report on another successful quarter as we work to accomplish our goals. We’ve had a very strong start to the year, outpacing our internal expectations, and we are in the middle of transforming the company through product enhancements and continued improvement in our operations. This momentum is a testament to our team's hard work and dedication to our strategic initiatives to bring us to profitability. As we head into the second half of the year, we are confident in our ability to continue delivering outstanding results and driving sustained growth. We are again raising our revenue guidance and adjusted EBITDA expectations for the full year 2024 as a result of the progress we are making,” said John Aballi, President and Chief Executive Officer. Second Quarter 2024 Financial Results Revenue was $15.1 million in the second quarter of 2024, compared to $14.1 million in the second quarter of 2023, primarily due to improved ASP. Gross margin was 60.1% in the second quarter of 2024, compared to 58.7% in the second quarter of 2023. The increase in gross margin percentage was driven by an increase in ASP. Operating expenses were $17.7 million in the second quarter of 2024, compared with $19.1 million in the second quarter of 2023. The decrease in operating expenses was a result of lower legal expenses and lower stock based compensation as a result of decreases in headcount. Net loss was $3.0 million for the second quarter of 2024, compared to a net loss of $5.0 million in the second quarter of 2023. Adjusted EBITDA loss was $1.6 million for the second quarter of 2024, compared to a $3.4 million loss for the second quarter of 2023. Adjusted EBITDA loss through the first two quarters of 2024 was $3.6 million compared to a $9.6 million loss through the first two quarters of 2023. Cash and cash equivalents were $24.5 million as of June 30, 2024 and our accounts receivable balance was $11.7 million. A reconciliation of non-GAAP adjusted EBITDA to GAAP net loss, the closest GAAP financial measure, is provided in the financial schedules that are part of this press release. An explanation of this non-GAAP financial measures is also included below under the heading “Use of Non-GAAP Financial Measures (unaudited).” 2024 Guidance Given our continued improved performance, we are increasing our guidance for full-year 2024 revenue to at least $57 million and now believe our adjusted EBITDA loss will be better than $12 million. Conference Call A conference call to review second quarter 2024 financial results and to provide a business update is scheduled for today, August 5, 2024, at 8:30 AM Eastern Time (5:30 AM 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, August 19, 2024, 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 13747595. A link to the replay of the webcast will also be available in the Investor Relations section of Exagen's website. Use of Non-GAAP Financial Measures (UNAUDITED) In this release, we use the metrics of adjusted EBITDA, which is not calculated in accordance with generally accepted accounting principles in the United States (GAAP) and is a non-GAAP financial measure. Adjusted EBITDA excludes from net loss interest income (expense), depreciation and amortization expense, and stock-based compensation expense. We use adjusted EBITDA internally because we believe these metrics provide useful supplemental information in assessing our operating performance reported in accordance with GAAP. We believe adjusted EBITDA may enhance an evaluation of our operating performance because it excludes the impact of prior decisions made about capital investment, financing, investing and certain expenses we believe are not indicative of our ongoing performance. However, this non-GAAP financial measure may be different from non-GAAP financial measures used by other companies, even when the same or similarly titled terms are used to identify such measures, limiting their usefulness for comparative purposes. This non-GAAP financial measure is not meant to be considered in isolation or used as a substitute for net loss reported in accordance with GAAP, should be considered in conjunction with our financial information presented in accordance with GAAP, has no standardized meaning prescribed by GAAP, is unaudited, and is not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future, there may be other items that we may exclude for purposes of these non-GAAP financial measures, and we may in the future cease to exclude items that we have historically excluded for purposes of these non-GAAP financial measures. Likewise, we may determine to modify the nature of adjustments to arrive at these non-GAAP financial measures. Because of the non-standardized definitions of non-GAAP financial measures, the non-GAAP financial measure as used by us in this press release and the accompanying reconciliation table have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. Accordingly, investors should not place undue reliance on non-GAAP financial measures. About Exagen Exagen is a leading provider of autoimmune testing and its purpose as an organization is to provide clarity in autoimmune disease decision making with the goal of improving patients’ clinical outcomes. Exagen is located in San Diego County, California. For more information, please visit Exagen.com or follow @ExagenInc on X (formally known as 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, strategies and ambitions; potential future financial and business performance; the potential utility and effectiveness of Exagen’s services and testing solutions; updates to be made to AVISE® CTD; potential shareholder value and growth and 2024 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: delays in reimbursement and coverage decisions from Medicare and third-party payors and in interactions with regulatory authorities, and delays in ongoing and planned clinical trials involving its tests; changes in laws and regulations related to Exagen’s regulatory requirements; 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, 2023, filed with the SEC on March 18, 2024, its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on August 5, 2024 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. Contact:Ryan DouglasExagen Inc.ir@exagen.com 760.560.1525 Exagen Inc.Unaudited Condensed Statements of Operations(in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue $15,064 $14,137 $29,479 $25,367 Operating expenses: Costs of revenue 6,008 5,836 11,825 11,762 Selling, general and administrative expenses 10,464 11,953 21,006 23,837 Research and development expenses 1,179 1,263 2,238 2,389 Total operating expenses 17,651 19,052 35,069 37,988 Loss from operations (2,587) (4,915) (5,590) (12,621)Interest expense (560) (574) (1,109) (1,212)Interest income 181 476 373 1,132 Net loss $(2,966) $(5,013) $(6,326) $(12,701)Net loss per share, basic and diluted $(0.16) $(0.28) $(0.35) $(0.72)Weighted-average number of shares used to compute net loss per share, basic and diluted 18,178,185 17,655,483 18,061,312 17,591,478 Exagen Inc.Unaudited Condensed Balance Sheets(in thousands, except share and per share data) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $24,479 $36,493 Accounts receivable, net 11,703 6,551 Prepaid expenses and other current assets 4,612 4,797 Total current assets 40,794 47,841 Property and equipment, net 5,147 5,201 Operating lease right-of-use assets 2,853 3,286 Other assets 513 616 Total assets $49,307 $56,944 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $2,330 $3,131 Accrued and other current liabilities 5,658 7,531 Operating lease liabilities 1,035 976 Borrowings-current portion 423 264 Total current liabilities 9,446 11,902 Borrowings-non-current portion, net of discounts and debt issuance costs 19,830 19,231 Non-current operating lease liabilities 2,227 2,760 Other non-current liabilities 219 357 Total liabilities 31,722 34,250 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 June 30, 2024 and December 31, 2023 — — Common stock, $0.001 par value; 200,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 17,381,575 and 17,045,954 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 17 17 Additional paid-in capital 303,110 301,893 Accumulated deficit (285,542) (279,216)Total stockholders' equity 17,585 22,694 Total liabilities and stockholders' equity $49,307 $56,944 Exagen Inc.Reconciliation of Non-GAAP Financial Measures (UNAUDITED) The table below presents the reconciliation of adjusted EBITDA, which is a non-GAAP financial measure. See "Use of Non-GAAP Financial Measures (UNAUDITED)" above for further information regarding the Company's use of non-GAAP financial measures. Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands) Adjusted EBITDA Net loss $(2,966) $(5,013) $(6,326) $(12,701)Other (Income) Expense (181) (476) (373) (1,132)Interest Expense 560 574 1,109 1,212 Income tax expense (benefit) — — — — Depreciation and amortization expense 429 503 887 1,056 Stock-based compensation expense 560 979 1,113 1,963 Adjusted EBITDA (Non-GAAP) $(1,598) $(3,433) $(3,590) $(9,602)
