NEW YORK – Exagen announced after the close of the market Wednesday that its first quarter revenues fell 2 percent year over year.
For the three months ended March 31, the San Diego-based autoimmune diagnostics firm posted $10.4 million in revenues, down from $10.6 million a year ago. It bested the consensus Wall Street estimate of $10.0 million.
Testing revenue was $10.4 million, up from $10.3 million a year ago on increased testing volumes.
Exagen said that it delivered 30,903 flagship Avise CTD tests, including Avise Lupus, during the recently completed quarter, a 7 percent year-over-year increase, while the number of ordering providers rose to 2,175.
Exagen's R&D spending in Q1 2022 grew 50 percent to $2.1 million from $1.4 million in Q1 2021, while its SG&A costs rose 22 percent to $12.2 million from $10.0 million.
The firm's net loss for Q1 2022 was $10.3 million, or $.60 per share, compared to a net loss of $6.2 million, or $.48 per share, a year ago. It slightly beat the consensus Wall Street estimate for a loss of $.61 per share.
The company exited the recently completed quarter with $89.8 million in cash and cash equivalents.
Exagen adjusted its full-year 2022 revenue guidance to between $53 million and $55 million from a previous range of $51 million to $53 million.