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Exagen Q3 Revenues Rise 27 Percent

NEW YORK – Exagen said after the close of the market on Tuesday that its third quarter revenues grew 27 percent year over year.

For the three months ended Sept. 30, the San Diego-based company, which went public in September, reported revenues of $10.4 million compared to $8.2 million a year ago.

During the recently completed quarter, the firm's Avise CTD test volume grew 29 percent year over year to 27,195 tests, while the number of ordering healthcare providers also rose 29 percent to 1,591. Exagen added it has expanded its salesforce to 55 representatives.

"The company continues to execute at a high level, delivering another record quarter of testing volumes, increasing the number of ordering healthcare providers, and benefitting patients suffering from chronic autoimmune diseases," Exagen President and CEO Ron Rocca said in a statement.

The company reported a net loss of $3.1 million, or $11.29 per share, in Q3 2019 compared to a net loss of $1.8 million, or $71.80 per share in Q3 2018. The weighted-average number of shares used to compute the per-share loss figure in Q3 2019 was about 1.5 million shares, up from 63,005 shares in the year-ago period.

Exagen lowered its R&D spending 3 percent year over year to $507,000 from $525,000 but increased its SG&A spending 49 percent to $7.3 million from $4.9 million.

The company finished Q3 2019 with $77.8 million in cash and cash equivalents.

Exagen guided to full-year 2019 revenues of between $40 million and $41 million.