Exagen Inc. Reports Strong First Quarter 2024 Results: Raises Guidance for Full Year May 13, 2024 Carlsbad, Calif., – Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial results for the quarter ended March 31, 2024. First Quarter Highlights: "I'm thrilled with the strong start to the year, where we saw continued improvements in our key metrics, bringing us closer to our goal of profitability. Our volume increased in every month of the first quarter, and we ...

Exagen Inc. (NASDAQ:XGN) Q4 2023 Earnings Conference Call March 18, 2024 8:30 AM ET Company Participants John Aballi - President and CEO Kamal Adawi - CFO Ryan Douglas - IR Conference Call Participants Mark Massaro - BTIG Kyle Mikson - Canaccord Genuity Dan Brennan - TD Cowen Ross Osborn - Cantor Fitzgerald Andrew Brackmann - William Blair Operator Greetings. Welcome to Exagen Inc.’s Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions] At this time, I’ll hand the conference over to Ryan Dou ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-39049 EXAGEN INC. (Exact name of registrant as specified in its charter) Delaware 20-0434866 (State or other jurisdiction of incorpor ...

Exagen Inc. (NASDAQ:XGN) Q3 2023 Earnings Conference Call November 13, 2023 4:30 PM ET Company Participants Ryan Douglas - IR John Aballi - President and CEO Kamal Adawi - CFO Conference Call Participants Kyle Mikson - Canaccord Genuity Mark Massaro - BTIG Dan Brennan - TD Cowen Andrew Brackmann - William Blair Operator Greetings, and welcome to the Exagen Inc. Third Quarter 2023 Earnings Conference Call. [Operator Instructions] And as a reminder, this conference is being recorded. And it is now my pleasure ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-39049 EXAGEN INC. (Exact name of registrant as specified in its charter) Delaware 20-0434866 (State or Other Jurisdiction of Incorporation or Organization) 1261 ...

Exagen Inc. (NASDAQ:XGN) Q2 2023 Earnings Conference Call August 7, 2023 8:30 AM ET Company Participants John Aballi - President and CEO Kamal Adawi - CFO Ryan Douglas - IR Conference Call Participants Dan Brennan - TD Cowen Mark Massaro - BTIG Dustin Scaringe - William Blair Kyle Mikson - Canaccord Ross Osborn - Cantor Fitzgerald Operator Greetings. Welcome to the Exagen Inc. Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will foll ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-39049 EXAGEN INC. (Exact name of registrant as specified in its charter) Delaware 20-0434866 (State or Other Jurisdiction of Incorporation or Organization) 1261 Libe ...

Exagen Inc. (NASDAQ:XGN) Q1 2023 Earnings Conference Call May 15, 2023 4:30 AM ET Company Participants Ryan Douglas - Investor Relations John Aballi - President & Chief Executive Officer Kamal Adawi - Chief Financial Officer Conference Call Participants Kyle Mikson - Canaccord Dan Brennan - TD Cowen Paul Knight - KeyBanc Operator Good day, ladies and gentlemen, and welcome to the Exagen Q1 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow ...

Revenue Performance - Revenue from the AVISE CTD product comprised 87% of total revenue for Q1 2023, down from 84% in Q1 2022[99] - Revenue for the three months ended March 31, 2023, increased by $0.8 million, or 8.0%, to $11.23 million compared to $10.39 million in the same period of 2022, driven by an increase in test volume[121] - The number of AVISE CTD tests delivered rose to 37,312 in Q1 2023, accounting for 87% of revenue, compared to 30,903 tests delivered in Q1 2022, which accounted for 84% of revenue[121] Financial Losses and Cash Position - The company incurred net losses of $7.7 million for Q1 2023, compared to $10.3 million for Q1 2022, and expects to continue incurring operating losses in the near term[101] - As of March 31, 2023, the company had $52.2 million in cash and cash equivalents and an accumulated deficit of $263.2 million[101] - Net loss for the three months ended March 31, 2023, was $7.69 million, a reduction of $2.58 million from a net loss of $10.27 million in Q1 2022[120] - Net cash used in operating activities for Q1 2023 was $9.75 million, compared to $8.57 million in Q1 2022[139] Operating Expenses - Total operating expenses decreased by $1.14 million, or 5.7%, to $18.94 million in Q1 2023 from $20.07 million in Q1 2022[120] - Selling, general and administrative expenses decreased by $0.3 million, or 2.2%, to $11.88 million in Q1 2023 from $12.15 million in Q1 2022[123] - Research and development expenses decreased by $1.0 million, or 46.5%, to $1.13 million in Q1 2023 compared to $2.10 million in Q1 2022[124] - The company expects selling, general and administrative expenses to decrease year-over-year due to cost-saving initiatives initiated in Q4 2022[115] - Research and development expenses are anticipated to decrease year-over-year as a result of cost-saving initiatives and the discontinuation of the AVISE RADR program[117] Market Conditions and Strategic Plans - The current inflationary environment has led to increased costs impacting revenue generation and operational expenses[107] - The company plans to continue investing in research and development to develop additional testing products, which is crucial for business growth[105] - The pricing for the AVISE Lupus test was finalized at $840.65 per test effective January 1, 2023, following a new PLA code recognition[111] Company Status and Future Outlook - The company will remain an emerging growth company until 2024, unless certain conditions are met, such as annual gross revenues exceeding $1.235 billion[148] - If the company issues more than $1.0 billion of non-convertible debt in any three-year period, it will cease to be an emerging growth company prior to the five-year anniversary[148] - The company has not yet sold any shares under the $50 million sales agreement established with Cowen and Company as of March 31, 2023[103] Interest Income and Gross Margin - Interest income increased by $0.65 million, reaching $0.66 million in Q1 2023, primarily due to rising interest rates on invested cash[127] - Gross margin as a percentage of revenue increased to 47.2% in Q1 2023 from 44.0% in Q1 2022[122]

Financial Data and Key Metrics Changes - Revenue in Q4 2022 was $12.8 million, with full year revenue of $45.6 million, representing a 1.2% increase over Q4 2021 [9][32] - The annual average selling price (ASP) for AVISE CTD was $285 in 2022, down from $306 in 2021, indicating a significant opportunity for improvement [14] - Gross margin for Q4 2022 was 50.9%, down from 61.1% in Q4 2021, primarily due to inflationary pressures and decreased testing volumes [33] Business Line Data and Key Metrics Changes - AVISE CTD testing revenue was $11.1 million in Q4 2022, contributing to a total of $38.5 million for the full year [33] - The company delivered a record 135,210 AVISE CTD tests for the full year, with 33,819 tests in Q4 2022 [32] Market Data and Key Metrics Changes - The total ordering physician base reached a record 2,419 healthcare providers in Q4 2022, up from 2,126 in Q4 2021 [32][27] Company Strategy and Development Direction - The company aims to optimize operations around AVISE CTD, focusing on growing ASP and volume while reducing costs to achieve profitability [12][29] - A reduction in sales territories from 63 to 40 was implemented to balance expenses with revenue potential, alongside a reduction in force of 42 employees [20][21] - The company is refining its R&D focus, eliminating projects that do not have a clear return on investment, and concentrating on lupus nephritis and rheumatoid arthritis therapies [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving cash flow breakeven with gross margins around 60% and revenue of approximately $75 million [30] - The company is focused on improving ASP as the most sensitive lever for revenue growth, with ongoing efforts in revenue cycle management and reimbursement strategies [66][68] Other Important Information - The company has a cash balance of approximately $62.4 million as of December 31, 2022, providing a buffer to reach positive cash flow [38][104] - A significant focus is placed on obtaining positive medical policy from payers, which is crucial for future revenue growth [90][91] Q&A Session Summary Question: What prompted the increase in Q1 revenue guidance? - The increase was due to strong momentum from Q4 2022 continuing into Q1 2023, with volume remaining steady [41][42] Question: Is the AVISE RADR program still in development? - Yes, the program is still active but has been narrowed in focus to second-line therapy predictions [48] Question: How did the company decide on the number of sales territories? - The decision was based on an analytical approach to ensure each territory could cover the costs associated with a sales rep [52][54] Question: What is the status of the company's efforts in improving gross margins? - The company is implementing automation and infrastructure improvements to reduce costs and improve efficiencies in lab operations [61] Question: What are the key levers for the company's performance in 2023? - The primary lever is ASP improvement, alongside maintaining strong testing volumes and expanding the physician base [66][68] Question: How does the company view payer coverage moving forward? - Payer coverage is central to the company's strategy, with ongoing efforts to secure positive medical policies from commercial payers [88][90]