Q2 2024 Exagen Inc Earnings Call Transcript
Key Points
- Exagen Inc (XGN) reported a record quarterly revenue of $15.1 million, a 6.6% increase compared to the same period last year.
- The company achieved a 53% year-over-year improvement in adjusted EBITDA loss, marking the best quarterly financial performance in its history.
- Gross margins expanded to just over 60%, up from 58.7% in Q2 2023, primarily driven by increases in ASP.
- Exagen Inc (XGN) has made significant progress in increasing the average selling price (ASP) for AVISE CTD, with ASPs exceeding the $400 mark for the first time as a public company.
- The company signed its first substantial biopharma contracts, indicating untapped potential and a new revenue stream.
- Despite improvements, Exagen Inc (XGN) still reported a net loss of $3 million for Q2 2024.
- Operating expenses, excluding COGS, were $11.6 million, indicating high costs despite a reduction from the previous year.
- The company anticipates increased marketing and R&D expenses in the second half of the year, which could impact profitability.
- Seasonality impacts are expected to affect Q3 and Q4 volumes, potentially leading to a flattening or slight decline in revenue.
- The company faces challenges in forecasting ASP increases and prior period collections, adding uncertainty to future financial performance.
Greetings. Welcome to the Exagen Inc. second quarter 2024 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) Please note that this conference is being recorded.
At this time, I'll turn the conference 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 June 30, 2024. The release is currently available on the company's website at www.exagen.com. John Aballi, President and Chief Executive 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
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