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Exagen Q3 Revenues Rise 14 Percent

NEW YORK – Autoimmune disease testing firm Exagen said after the close of the market on Wednesday that its third quarter revenues increased 14 percent year over year.

For the three months ended Sept. 30, the San Diego-based company reported revenues of $12.3 million compared to $10.8 million a year ago, beating the analysts' average estimate for revenues of $12.1 million.

The company said that in Q3 2021, its testing revenues grew 25 percent year over year to $11.9 million from $9.5 million due to increased testing volumes. The firm's flagship Avise CTD test generated revenue of $9.9 million during the quarter.

Exagen's co-promotion initiatives for golimumab (Janssen Biotech's Simponi) contributed $400,000 to revenues, down from $1.3 million in the prior-year quarter.

The company entered into a co-promotion agreement with Janssen in December 2018 to exclusively promote Simponi, a biologic prescribed in combination with methotrexate in the US for the treatment of adults with moderate-to-severe rheumatoid arthritis. 

Exagen said that it delivered 31,742 Avise CTD tests, which are used to detect lupus and connective tissue diseases, in the recently completed quarter. The number of ordering healthcare providers was 1,969, with a record of 714 adopters, the company added.

In a statement, Exagen CEO Ron Rocca said the firm signed an agreement with Inland Empire Health to expand its total of in-network patients to around 68.9 million. The firm has also entered an agreement to provide its Avise MTX test, which measures methotrexate in a patient's blood, for a partnership between a retail pharmacy chain and a major insurer, Rocca said.

The company reported a net loss of $7.2 million, or $.42 per share, in Q3 2021 compared to a net loss of $4.3 million, or $.34 per share, in Q3 2020, and beat the analysts' average estimate for a loss of $.46 per share.

In Q3, Exagen's R&D spending increased 70 percent year over year to $1.7 million from $1.0 million while its SG&A spending rose 25 percent to $11.5 million from $9.2 million.

The company finished Q3 with $106.8 million in cash and cash equivalents.

For the full year, Exagen reaffirmed prior guidance expecting revenues in the range of $47 million and $49 million.