Exagen Q1 revenue $10.4M, net loss widens to $10.3M; raises FY 2022 guidance

EXAGEN INC.

2022-Q1 EPS reported -$0.60 revenue$10,394,000

Q1 testing revenue $10.4M (flat YoY); total revenue $10.4M vs $10.6M in Q1 2021.
Net loss $10.3M ($0.84 loss per share) vs $6.2M loss a year ago; gross margin fell to 44% from 55.5%.
AVISE CTD test volume 30,903 (+6.5% YoY); record 2,175 ordering healthcare providers and 761 adopters.
FY 2022 revenue guidance raised to $53-55M from $51-53M; cash $89.8M at quarter end.
AMA issued PLA code for AVISE Lupus; Centene/WellCare in-network effective June 1, 2022.

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