The following is a summary of the Exagen, Inc. (XGN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Exagen reported Q1 2024 total revenue of $14.4 million, driven by a strong increase in AVISE CTD ASP.

• The trailing 12-month ASP is now $377 per test, up 35% from a year ago.

• Adjusted EBITDA for the first quarter was a negative $2 million, a significant improvement over the same period last year.

• Gross margin improved to 59.6% in Q1 2024 from 47.2% in Q1 2023, primarily due to increased ASP.

• Full-year 2024 revenue guidance has been increased from around $54 million to at least $55 million, and adjusted EBITDA will be better than the previously estimated negative $20 million, now expected to be better than negative $18 million.

Business Progress:

• AVISE CTD test volume in Q1 was just over 30,000, essentially flat from Q4 2023, but a monthly increase is expected to continue into Q2.

• Exagen will add three T-cell markers for SLE and new markers for rheumatoid arthritis to the AVISE CTD offering in Q4 2024, promising financial performance improvement and product enhancement.

• The commercial team is preparing to launch the new markers and their laboratory is working to meet the operational requirements for offering the new markers at scale.

• No major hurdles are expected from FDA's new rule on lab-developed tests since Exagen is CLIA, CAP, and New York State certified, with multiple assays already FDA-approved.

• Exagen reduced operating territories from 63 to 40 in December 2022 and recorded increased sales productivity, with record volume in Q1 and Q2 2023.

More details: Exagen IR

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