NEW YORK – Autoimmune testing firm Exagen released preliminary financial results Monday, reporting that its preliminary Q4 2024 revenue is between $13.3 million and $13.8 million.
This range implies between a 4 percent year-over-year decline to flat revenues compared to the $13.8 million in revenue the firm reported in Q4 2023. The consensus Wall Street estimate predicted Q4 2024 revenue of $13.7 million.
Exagen projected a net loss for Q4 2024 of between $3.4 million and $4.4 million. It posted a net loss of $5.6 million in Q4 2023.
For full-year 2024, the company said revenue would be between $55.3 million and $55.8 million, up 5 percent to 6 percent compared to $52.5 million in full-year 2023. Exagen projected a full-year 2024 net loss of between $14.8 million and $15.8 million. It posted a net loss of $23.7 million in full-year 2023.
The company said it ended the quarter with $22.2 million in cash, cash equivalents, and restricted cash.
In a statement accompanying the release of the preliminary results, Exagen CEO John Aballi, noted that the company tested its 1 millionth patient with its Avise CTD test, which is used to diagnose complex autoimmune conditions such as lupus and rheumatoid arthritis, in 2024.
Carlsbad, California-based Exagen also said that it has received conditional approval from the New York State Department of Health for its new systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA) biomarker assays and that it plans to launch those assays in January. The SLE assays includes the markers TC4d, TIgG, and TIgM, and the RA markers include anti-RA33 IgA, IgG, and IgM. The new markers will be incorporated into Exagen's Avise CTD platform.