Exagen Q1: record 37,312 AVISE CTD tests, revenue $11.2M (+8% YoY), net loss narrows to $7.7M

EXAGEN INC.

2023-Q1 EPS reported -$0.44 revenue$11,230,000

Delivered 37,312 AVISE CTD tests (+21% YoY); Q2 2023 revenue guided $10.7-11.2M.
Total revenue $11.2M (+8% YoY); gross margin improved to 47.2% from 44.0%.
Operating expenses $18.9M (-5.7% YoY); net loss $7.7M vs. $10.3M loss in Q1 2022.
AVISE CTD trailing 12-month ASP $279; cash and equivalents $52.2M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

EXAGEN INC. reported the first quarter ended March 31, 2023 results: revenue $11.2 million, net income $7.7 million. Guidance initiated.

Period: the first quarter ended March 31, 2023
Revenue: $11.2 million
Net income: $7.7 million
Guidance: initiated
Result: reported results

Exact text from the filing

Revenue was $11.2 million for the first quarter of 2023, compared to $10.4 million in the first quarter of 2022, primarily due to an increase in volume which was partially offset by a decrease in ASP. Gross margin was 47.2% in the first quarter of 2023, compared to 44.0% in the first quarter of 2022, primarily due to an increase in AVISE® CTD volume which also resulted in a favorable impact of absorption of COGS and lower royalty expense due to holding claims. Operating expenses were $18.9 million in the first quarter of 2023, compared with $20.1 million in the first quarter of 2022 and $27.3 million in the fourth quarter of 2022, primarily due to decreases in employee related expenses from the reduction in force in early December 2022. For the first quarter of 2023, net loss was $7.7 million, compared to a net loss of $10.3 million for the first quarter of 2022.

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Source: SEC EDGAR

accession 0001274737-23-000046

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