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Exagen(XGN) - 2024 Q4 - Annual Results
XGNExagen(XGN)2025-03-11 12:00

Financial Performance - Preliminary revenue for Q4 2024 is projected between 13.3millionand13.3 million and 13.8 million, while full-year revenue is expected to be between 55.3millionand55.3 million and 55.8 million[3] - The net loss for Q4 2024 is estimated between 3.4millionand3.4 million and 4.4 million, with a full-year net loss projected between 14.8millionand14.8 million and 15.8 million[3] - Adjusted EBITDA for Q4 2024 is expected to range from (2.2)millionto(2.2) million to (3.2) million, with full-year adjusted EBITDA between (9.8)millionand(9.8) million and (10.8) million[3] - Exagen's cash, cash equivalents, and restricted cash stood at 22.2millionasofDecember31,2024[3]ProductDevelopment−Exagenreceivedconditionalapprovalfornewsystemiclupuserythematosus(SLE)andrheumatoidarthritis(RA)biomarkerassays,withaplannedcommerciallaunchinJanuary2025[1]−ThenewSLEandRAbiomarkersareexpectedtoenhancetheclinicalutilityoftheAVISECTDplatform,aidinginmoreaccuratediagnoses[2]−Exagentestedits1,000,000thpatientwithAVISECTDin2024,markingasignificantmilestoneinthecompany′shistory[3]OperationalAchievements−TheAVISECTDtrailingtwelve−monthaveragesellingprice(ASP)isprojectedtobebetween22.2 million as of December 31, 2024[3] Product Development - Exagen received conditional approval for new systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA) biomarker assays, with a planned commercial launch in January 2025[1] - The new SLE and RA biomarkers are expected to enhance the clinical utility of the AVISE CTD platform, aiding in more accurate diagnoses[2] - Exagen tested its 1,000,000th patient with AVISE CTD in 2024, marking a significant milestone in the company's history[3] Operational Achievements - The AVISE CTD trailing twelve-month average selling price (ASP) is projected to be between 408 and 412,reflectinganimprovementof412, reflecting an improvement of 72 to $76 compared to Q4 2023[5] - The company achieved record reimbursement per test and overall revenue performance in 2024[3] - Exagen's management emphasizes that achieving profitability is now firmly within reach, supported by operational optimizations[3]