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Exagen Q1 Revenues Grow 3 Percent

NEW YORK – Exagen announced after the close of the market on Monday that its first quarter revenues grew 3 percent year over year.

For the three months ended March 31, the San Diego-based autoimmune diagnostics firm posted $9.6 million in revenues, up from $9.3 million a year ago. It bested the consensus Wall Street estimate of $7.7 million.

It said that it delivered 27,126 flagship Avise CTD tests, including Avise Lupus, during the recently completed quarter, a 13 percent year-over-year increase, while the number of ordering providers rose by 28 percent to 1,692, including a record 582 adopters.

"We are all aware of the massive disruption from the COVID-19 pandemic to the healthcare industry, and our business has not been excluded," Exagen President and CEO Ron Rocca said in a statement. "The company performed extremely well for most of the quarter before the pandemic began to impact our business and operations in March, reflecting the growing momentum in our business that we have built over the past year. We are well-capitalized, and I am confident we will emerge from the pandemic stronger than ever." 

Exagen's R&D spending in Q1 2020 increased 24 percent to $634,000 from $513,000 in Q1 2019, while its SG&A costs rose 55 percent to $9.6 million from $6.2 million.

The firm's net loss for Q1 2020 was $5.6 million, or $.44 per share, compared to a net loss of $2.7 million, or $76.46 per share, a year ago. It beat the consensus Wall Street estimate of a loss of $.49 per share.

Exagen went public in September 2019 and used approximately 12.6 million shares to calculate its per-share loss figure for Q1 2020 compared to 63,016 shares to calculate its Q1 2019 per share loss figure.

The company exited the recently completed quarter with $68.6 million in cash and cash equivalents.