Exagen Q2 revenue $9.0M, net loss $13.3M; cuts 2022 guidance to $35-40M

EXAGEN INC.

2022-Q2 EPS reported -$1.39 revenue$19,356,000

AVISE CTD volume hit record 34,919 tests, up 5% YoY and 13% sequentially.
Revenue fell to $9.0M from $12.8M YoY; gross margin dropped to 32.2% from 57.3%.
Net loss widened to $13.3M from $6.4M loss in Q2 2021.
2022 revenue guidance revised to $35-40M, citing Medicare reimbursement uncertainty.
Record 2,273 ordering providers and 797 adopters; ~100M in-network lives under contract.

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