Q3 2024 Exagen Inc Earnings Call Transcript
Key Points
- Exagen Inc (XGN) reported a 30% revenue growth over the first nine months of 2024 compared to the same period in 2022.
- The company achieved a 45% increase in average selling price (ASP) for its AVISE tests over the same period.
- Exagen Inc (XGN) improved its gross margins by over 1,300 basis points compared to 2022.
- The company is on track to launch new biomarkers, which are expected to drive significant near-term profitable growth.
- Exagen Inc (XGN) has successfully reduced operating expenses by nearly 20% and improved adjusted EBITDA loss by over 70% compared to 2022.
- Third-quarter revenue decreased by 7% compared to the third quarter of 2023, primarily due to one-time adjustments.
- The company faced a $1.2 million negative impact from one-time adjustments, including a $300,000 revenue reversal due to a coding discrepancy.
- Gross margin for the third quarter was negatively impacted by approximately 400 basis points due to the one-time adjustments.
- Testing volume for the AVISE business was slightly down quarter over quarter due to seasonal factors and weather-related events.
- Exagen Inc (XGN) reported a net loss of $5 million for the third quarter, although this was an improvement over the previous year.
Ladies and gentlemen, good morning, and welcome to the Exagen third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Ryan Douglas, Investor Relations. Please go ahead.
Good morning, and thank you for joining us. Earlier today, Exagen Inc., released financial results for the quarter ended September 30, 2024. John Aballi, President and Chief Executive Officer; and Jeff Black, Chief Financial Officer, will host this morning's call.
A recording of today's call and the press release announcing the quarterly results can be found on the company's website at www.exagen.com. As today's call includes forward-looking statements, we encourage you to review the statements contained in today's press release, and the risks and uncertainties described in our SEC filings, which identify certain factors that may cause the company's actual events
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
