Q3 2025 Exagen Inc Earnings Call Transcript
Key Points
- Exagen Inc (XGN) achieved its highest third-quarter revenue in history, with a 40% increase over the same period last year.
- The company successfully launched new rheumatoid arthritis markers, enhancing their serologic profiling to capture 85% of patients, up from 70%.
- Exagen Inc (XGN) reported a significant increase in CTD testing volume, marking the highest Q3 volume ever recorded.
- The expansion into new territories is yielding positive results, with two recent territories emerging as top performers.
- The company's pharma and CRO business generated $800,000 in revenue this quarter, with a growing order backlog of $3.5 million.
- Exagen Inc (XGN) is facing challenges with ASP expansion, as new biomarker reimbursement has not ramped as quickly as anticipated.
- The company lost a large high ASP direct bill account, impacting current ASP as it transitions to a standard commercial insurance payer mix.
- Despite efforts, the ASP gains are progressing more gradually than expected, affecting top and bottom lines.
- Operating expenses increased to $13.2 million, partly due to R&D spend and sales territory expansion.
- The company reported a net loss of $7 million for the third quarter, including $3 million in non-cash expenses related to a new debt facility.
So hopefully this patient is able to get their disease on the diagnosis and gave insight to guide the treatment in this patient. This is one of the many examples of our clinical utility these markers can bring and that we are hearing about from our customers.
With the launch of these markers, we have now completed patients for rheumatoid arthritis available on the market today.
I'm very proud of the work our team has done to deliver these tests to the clinic and in a field which hasn't historically seen a lot of biomarker innovation.
We are setting a course to change that and better personalized care for these patients.
To remind everyone of the impact our testing now has, conventional biomarker profiling for rheumatoid arthritis consists of rheumatoid factor and anti-CCP antibodies, which are positive in approximately 70% of clinically diagnosed RA patients.
With the addition of RA 33 antibody testing and our new assays for detection of anti-E4 antibodies, our serologic profiling will
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