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Exagen Posts 43 Percent Increase in Q2 Revenues

NEW YORK — Exagen reported after the close of the market on Monday a 43 percent year-over-year jump in its second quarter revenues on lower testing revenue.

For the three-month period ended June 30, Exagen's revenues were $12.8 million versus $8.9 million a year earlier, topping the consensus Wall Street estimate of $11.5 million. Testing revenue rose 84 percent to $12.5 million year over year from $6.8 million, due to increased testing volumes, the San Diego-based company said.

Exagen said that it delivered 33,328 of its flagship Avise CTD tests for lupus and connective tissue diseases in the quarter with 1,934 healthcare providers ordering the tests, including 703 adopters. The Avise CTD test generated revenue of $10.4 million, a 94 percent increase compared to the same quarter last year.

Second quarter revenues from the company's copromotion of the arthritis drug golimumab (Simponi) with Janssen Biotech were $300,000 versus $2.1 million in the same period last year. 

The firm's R&D spending in the second quarter more than doubled to $1.9 million from $751,000 a year ago, while its SG&A costs rose 35 percent to $11.2 million from $8.3 million.

Part of the R&D spending increase was related to the company's partnership with Allegheny Health Network Research Institute and the AHN Autoimmunity Institute to develop novel patented biomarkers for diagnosing, prognosis, and monitoring of autoimmune diseases, Exagen said.

Under the agreement, the company acquired a worldwide exclusive license to four families of inventions from the laboratory of Joseph Ahearn and Susan Manzi, who helped develop the Avise tests. It also gained access to the Autoimmunity Institute's clinical biobank.

Exagen's Q2 net loss was $6.4 million, or $.38 per share, compared with a net loss of $3.4 million, or $.27 per share, a year earlier. Analysts, on average, expected a loss per share of $.44.

At the end of the second quarter, Exagen had cash and cash equivalents totaling $112.6 million.

Exagen reaffirmed its previous full year guidance and continues to expect revenues in the range of $47 million to $49 million.