The following is a summary of the Exagen, Inc. (XGN) Q1 2024 Earnings Call Transcript:
Financial Performance:
Exagen reported Q1 2024 total revenue of $14.4 million, driven by a strong increase in AVISE CTD ASP.
The trailing 12-month ASP is now $377 per test, up 35% from a year ago.
Adjusted EBITDA for the first quarter was a negative $2 million, a significant improvement over the same period last year.
Gross margin improved to 59.6% in Q1 2024 from 47.2% in Q1 2023, primarily due to increased ASP.
Full-year 2024 revenue guidance has been increased from around $54 million to at least $55 million, and adjusted EBITDA will be better than the previously estimated negative $20 million, now expected to be better than negative $18 million.
Business Progress:
AVISE CTD test volume in Q1 was just over 30,000, essentially flat from Q4 2023, but a monthly increase is expected to continue into Q2.
Exagen will add three T-cell markers for SLE and new markers for rheumatoid arthritis to the AVISE CTD offering in Q4 2024, promising financial performance improvement and product enhancement.
The commercial team is preparing to launch the new markers and their laboratory is working to meet the operational requirements for offering the new markers at scale.
No major hurdles are expected from FDA's new rule on lab-developed tests since Exagen is CLIA, CAP, and New York State certified, with multiple assays already FDA-approved.
Exagen reduced operating territories from 63 to 40 in December 2022 and recorded increased sales productivity, with record volume in Q1 and Q2 2023.
More details: Exagen IR
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