NEW YORK – Autoimmune testing firm Exagen on Tuesday announced its Q3 revenues declined 7 percent year over year.
For the three months ended Sept. 30, the firm posted revenues of $12.5 million, down from $13.4 million in Q3 2023 and missing the consensus Wall Street estimates of $13.6 million. The firm noted in a statement that revenues in the recently completed quarter were negatively impacted by $1.2 million in one-time adjustments.
The firm's Avise CTD 12-month average selling price was $404 per test, up 26 percent from Q3 2023. The two-tier test is designed to help diagnose systemic lupus erythematosus.
Exagen's net loss for the quarter was $5.0 million, or $.28 per share, compared to a loss of $5.4 million, or $.31 per share, in the prior-year quarter. The firm beat the consensus Wall Street estimate of a loss of $.29 per share in the quarter.
The company exited the quarter with $22.0 million in cash and cash equivalents.
For full-year 2024, the firm expects revenues to range between $55 million and $56 million.
"We've positioned ourselves for a strong finish to 2024 and laid the groundwork for an exciting 2025, as we look to add new proprietary biomarkers to enhance our flagship product, AVISE CTD," Exagen President and CEO John Aballi said in a statement. "We remain prudent with our cash as we drive towards profitable growth and continue to shape Exagen as an industry leader in novel autoimmune testing."
In Tuesday morning trading on the Nasdaq, Exagen's share price was down 7 percent at $2.77.