EXAGEN INC. (XGN): auditor change — Exagen restates Q2 2022 financials for revenue errors; Q3 revenue $14.7M, guidance raised

EXAGEN INC.

2022-Q3 EPS reported -$1.94 revenue$32,726,000

Audit Committee determined revenue recognition errors: revenue overstated $1.4M, AR overstated $0.9M, liabilities understated $0.5M for Q2 2022.
Q3 2022 revenue $14.7M (vs $12.3M in Q3 2021); net loss $8.1M (vs $7.2M loss).
Full-year 2022 revenue guidance raised to $40-43M from prior range; Medicare resumed AVISE Lupus payments dating to Q2.
John Aballi appointed President and CEO, effective with Q3 earnings release.
Company expects to report at least one material weakness in internal controls over financial reporting.

item 2.02 item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

EXAGEN INC. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

the Company’s financial statements as of and for the three and six months ended June 30, 2022 (the “Non-Reliance Period”) included in the associated Form 10-Q for the period ended June 30, 2022, filed with the Securities Exchange Commission (the “SEC”), (1) should no longer be relied upon due to such errors, and (2) will require restatement.

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

EXAGEN INC. reported the quarter ended September 30, 2022 results: revenue $14.7 million, net income $8.1 million. Guidance raised.

Period: the quarter ended September 30, 2022
Revenue: $14.7 million
Net income: $8.1 million
Guidance: raised
Result: reported results

Exact text from the filing

Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial results for the quarter ended September 30, 2022. Third Quarter Highlights: • Total revenue of $14.7 million recognized in the third quarter of 2022. Our flagship AVISE® CTD test, including AVISE® Lupus, recognized revenue of $12.8 million in the third quarter of 2022. • Delivered 35,569 AVISE® CTD tests, including AVISE® Lupus, in the third quarter of 2022, a 12% increase over the third quarter of 2021. Since the launch of AVISE® CTD in 2012 through the third quarter of 2022, we have delivered over 700,000 of these tests. • Number of ordering healthcare providers totaled 2,287 in the third quarter of 2022, an increase of 16% over the third quarter of 2021. • Medicare resumed reimbursement dating back to Q2 for AVISE Lupus claims. • Increasing full year 2022 revenue guidance, range of $40 million to $43 million.

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Source: SEC EDGAR

accession 0001274737-22-000070

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