Exagen(US:XGN)2024-11-12 13:00Financial Performance - Total revenue for Q3 2024 was $12.5 million, reflecting a net negative impact of $1.2 million from one-time adjustments[2] - Gross margin for Q3 2024 was 55.8%, down from 57.4% in Q3 2023, with approximately 400 bps impact from one-time adjustments[6] - Net loss for Q3 2024 improved to $5.0 million, compared to a net loss of $5.4 million in Q3 2023[8] - Adjusted EBITDA loss for Q3 2024 was $4.0 million, compared to a loss of $3.6 million in Q3 2023[9] - The company expects full-year 2024 revenue to be between $55 million and $56 million, with adjusted EBITDA loss expectations of better than $12 million[10] Cash and Assets - Cash and cash equivalents as of September 30, 2024, were $22.0 million, with a net cash burn of $2.5 million for the quarter[4] - Total current assets decreased from $47,841,000 in December 2023 to $35,557,000 in September 2024, a decline of approximately 25.7%[21] - Cash and cash equivalents dropped from $36,493,000 in December 2023 to $22,035,000 in September 2024, representing a decrease of about 39.6%[21] - Accounts receivable increased from $6,551,000 in December 2023 to $9,387,000 in September 2024, an increase of approximately 43.3%[21] Operating Expenses - Operating expenses for Q3 2024 were $17.2 million, down from $18.5 million in Q3 2023[7] - Stock-based compensation expense decreased from $891,000 in the three months ended September 30, 2023, to $217,000 in the same period of 2024, a reduction of approximately 75.6%[22] Liabilities and Equity - Total liabilities decreased from $34,250,000 in December 2023 to $30,737,000 in September 2024, a reduction of approximately 10.5%[21] - Stockholders' equity fell from $22,694,000 in December 2023 to $12,868,000 in September 2024, a decline of about 43.3%[21] - Non-current operating lease liabilities decreased from $2,760,000 in December 2023 to $1,952,000 in September 2024, a decline of about 29.2%[21] Other Metrics - Trailing twelve-month average selling price (ASP) for AVISE® CTD was $404, a 26% increase from $320 in Q3 2023[3] - Net loss for the first three quarters of 2024 improved by $6.8 million or 37% compared to the same period in 2023[3] - Net loss for the three months ended September 30, 2024, was $5,028,000 compared to a net loss of $5,415,000 for the same period in 2023, showing an improvement of approximately 7.1%[22] - Adjusted EBITDA for the three months ended September 30, 2024, was $(4,024,000), compared to $(3,574,000) for the same period in 2023, indicating a decline of about 12.5%[22] - Interest expense for the three months ended September 30, 2024, was $562,000, slightly up from $557,000 in the same period of 2023[22] Product Development - The company completed analytical validation for novel biomarkers to enhance AVISE® CTD and submitted for approval to NY State Department of Health[4]