Press Release Details
Exagen Inc. Reports Strong Fourth Quarter and Full-Year 2023 Results
Financial Highlights:
- Record total revenue of
$52.5 million for the full-year 2023, and total revenue of$13.8 million for the fourth quarter of 2023. - Record 137,650 AVISE® CTD tests performed for the full-year 2023, including 30,438 tests for the fourth quarter of 2023. Over 900,000 AVISE® CTD tests performed to date since launch.
- AVISE® CTD trailing twelve-month average selling price (ASP) of
$336 , an increase of$51 over the course of the year. - Delivered 56% gross margin for full-year 2023 and 59% for the fourth quarter of 2023.
- Net loss of
$23.7 million for the full-year 2023 and$5.6 million for the fourth quarter of 2023. - Adjusted EBITDA of
$(17.1) million for the full-year 2023 and$(3.9) million in the fourth quarter of 2023. - Cash balance of
$36.5 million at year-end 2023.
“I am extremely proud of our team's commitment and hard work this past year. We transformed quite a bit at
Fourth Quarter 2023 Financial Results
Total revenue for the fourth quarter of 2023 and 2022 was
Operating expenses were
For the fourth quarter of 2023, net loss was
Adjusted EBITDA was
A reconciliation of non-GAAP adjusted EBITDA is provided in the financial schedules that are part of this press release. An explanation of this non-GAAP financial measures is also included below under the heading “Use of Non-GAAP Financial Measures (unaudited).”
Full-Year 2023 Financial Results
Total revenue for full-year 2023 was
Operating expenses were
Net loss was
Adjusted EBITDA was
Cash and cash equivalents were approximately
Guidance
For full-year 2024 revenue, we are providing guidance of approximately
Conference Call
A conference call to provide a business update and review fourth quarter and full-year 2023 financial results is scheduled for today
Participants are asked to join a few minutes prior to the call to register for the event. A replay of the conference call will be available until
Use of Non-GAAP Financial Measures (UNAUDITED)
In this release, we use the metrics adjusted EBITDA, which is not calculated in accordance with generally accepted accounting principles in
We use adjusted EBITDA internally because we believe these metrics provide useful supplemental information in assessing our operating performance reported in accordance with GAAP. We believe adjusted EBITDA may enhance an evaluation of our operating performance because it excludes the impact of prior decisions made about capital investment, financing, investing and certain expenses we believe are not indicative of our ongoing performance. However, this non-GAAP financial measure may be different from non-GAAP financial measures used by other companies, even when the same or similarly titled terms are used to identify such measures, limiting their usefulness for comparative purposes.
This non-GAAP financial measure is not meant to be considered in isolation or used as a substitute for net loss reported in accordance with GAAP, should be considered in conjunction with our financial information presented in accordance with GAAP, has no standardized meaning prescribed by GAAP, is unaudited, and is not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future, there may be other items that we may exclude for purposes of these non-GAAP financial measures, and we may in the future cease to exclude items that we have historically excluded for purposes of these non-GAAP financial measures. Likewise, we may determine to modify the nature of adjustments to arrive at these non-GAAP financial measures. Because of the non-standardized definitions of non-GAAP financial measures, the non-GAAP financial measure as used by us in this press release and the accompanying reconciliation table have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. Accordingly, investors should not place undue reliance on non-GAAP financial measures.
About
For more information, please visit Exagen.com or follow @ExagenInc on X (formally known as Twitter).
Forward Looking Statements
Contact:
ir@exagen.com
760.560.1525
Statements of Operations (in thousands, except share and per share data) |
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Three Months Ended |
Year Ended |
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2023 | 2022 | 2023 | 2022 | |||||||||||||
(Unaudited) | ||||||||||||||||
Revenue | $ | 13,765 | $ | 12,837 | $ | 52,548 | $ | 45,563 | ||||||||
Operating expenses: | ||||||||||||||||
Costs of revenue | 5,620 | 6,309 | 23,092 | 24,214 | ||||||||||||
Selling, general and administrative expenses | 12,216 | 12,812 | 47,428 | 52,018 | ||||||||||||
Research and development expenses | 1,076 | 2,701 | 4,865 | 9,876 | ||||||||||||
— | 5,506 | — | 5,506 | |||||||||||||
Total operating expenses | 18,912 | 27,328 | 75,385 | 91,614 | ||||||||||||
Loss from operations | (5,147 | ) | (14,491 | ) | (22,837 | ) | (46,051 | ) | ||||||||
Interest expense | (566 | ) | (626 | ) | (2,335 | ) | (2,448 | ) | ||||||||
Interest income | 146 | 481 | 1,516 | 830 | ||||||||||||
Loss before income taxes | (5,567 | ) | (14,636 | ) | (23,656 | ) | (47,669 | ) | ||||||||
Income tax (expense) benefit | (6 | ) | 282 | (33 | ) | 282 | ||||||||||
Net loss | $ | (5,573 | ) | $ | (14,354 | ) | $ | (23,689 | ) | $ | (47,387 | ) | ||||
Net loss per share, basic and diluted | $ | (0.31 | ) | $ | (0.83 | ) | $ | (1.34 | ) | $ | (2.77 | ) | ||||
Weighted-average number of shares used to compute net loss per share, basic and diluted | 17,836,090 | 17,194,293 | 17,679,467 | 17,082,348 |
Condensed Balance Sheets (in thousands, except share and per share data) |
||||||||
2023 | 2022 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 36,493 | $ | 62,391 | ||||
Accounts receivable, net | 6,551 | 6,077 | ||||||
Prepaid expenses and other current assets | 4,797 | 4,143 | ||||||
Total current assets | 47,841 | 72,611 | ||||||
Property and equipment, net | 5,201 | 8,197 | ||||||
Operating lease right-of-use assets | 3,286 | 4,885 | ||||||
Other assets | 616 | 528 | ||||||
Total assets | $ | 56,944 | $ | 86,221 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 3,131 | $ | 3,046 | ||||
Operating lease liabilities | 976 | 1,040 | ||||||
Borrowings-current portion | 264 | 190 | ||||||
Accrued and other current liabilities | 7,531 | 5,347 | ||||||
Total current liabilities | 11,902 | 9,623 | ||||||
Borrowings-non-current portion, net of discounts and debt issuance costs | 19,231 | 28,778 | ||||||
Non-current operating lease liabilities | 2,760 | 4,493 | ||||||
Other non-current liabilities | 357 | 867 | ||||||
Total liabilities | 34,250 | 43,761 | ||||||
Commitments and contingencies (Note 5) | ||||||||
Stockholders' equity: | ||||||||
Common stock, |
17 | 17 | ||||||
Additional paid-in capital | 301,893 | 297,970 | ||||||
Accumulated deficit | (279,216 | ) | (255,527 | ) | ||||
Total stockholders' equity | 22,694 | 42,460 | ||||||
Total liabilities and stockholders' equity | $ | 56,944 | $ | 86,221 |
Reconciliation of Non-GAAP Financial Measures (UNAUDITED) |
|||||||
The table below presents the reconciliation of adjusted EBITDA, which is a non-GAAP financial measure. See "Use of Non-GAAP Financial Measures (UNAUDITED)" above for further information regarding the Company's use of non-GAAP financial measures. | |||||||
Twelve Months Ended |
|||||||
2023 | 2022 | ||||||
(in thousands) | |||||||
Adjusted EBITDA | |||||||
Net loss | $ | (23,689 | ) | $ | (47,387 | ) | |
Other (Income) Expense | (1,516 | ) | (830 | ) | |||
Interest Expense | 2,335 | 2,448 | |||||
Income tax expense (benefit) | 33 | (282 | ) | ||||
Depreciation and amortization expense | 2,168 | 1,557 | |||||
Stock-based compensation expense | 3,617 | 4,704 | |||||
Adjusted EBITDA (Non-GAAP) | $ | (17,052 | ) | $ | (39,790 | ) |
Source: Exagen Inc.