Q1 2024 Exagen Inc Earnings Call Transcript
Key Points
- Exagen Inc reported a strong start to 2024 with total revenue of $14.4 million for Q1, marking a 28.4% increase compared to Q1 2023.
- The company achieved a significant improvement in adjusted EBITDA, which was a negative $2 million, compared to negative $6.2 million in the same period last year.
- Exagen Inc has made substantial progress in increasing the Average Selling Price (ASP) of ADVISE CTD tests, which is now $377 per test, up nearly $100 from a year ago.
- Gross margin improved significantly to 59.6% in Q1 2024 from 47.2% in Q1 2023, driven by increases in ASP.
- The company is planning to enhance its ADVISE CTD offering by adding new markers for SLE and rheumatoid arthritis, which are expected to increase clinical utility and financial performance.
- Despite improvements, the company still reported a net loss of $3.4 million in Q1 2024.
- Volume for ADVISE CTD tests was flat compared to the previous quarter, indicating a need for further growth in test utilization.
- Adjusted EBITDA, although improved, remained negative at $2 million for the first quarter.
- The company anticipates a slow initial uptake for the new ADVISE CTD enhancements, dependent on the pace of educational progress among clinicians.
- Exagen Inc faces challenges in forecasting and managing collections from prior periods, which adds uncertainty to financial projections.
Greetings, and welcome to Exagen Inc's first quarter 2024 earnings call. (Operator Instructions) Please note that this conference is being recorded. I will now turn the call over to Ryan Douglas with Investor Relations. Ryan, you may now begin.
Good morning, and thank you for joining us. Earlier today, Exagen Inc released financial results for the quarter ended March 31, 2024. The release is currently available on the company's website at www.exagen.com. John Aballi, President and Chief Executive Officer, and Kamal Adwai, our Chief Financial Officer, will host this morning's call.
Before we get started, I would like to remind everyone that management will be making statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that are not statements of historical
| 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
