Exagen Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a mixed performance in revenue and losses compared to the previous fiscal period. For the three months ended September 30, 2024, the company generated revenue of $12.5 million, a decrease of 6.8% from $13.4 million in the same period in 2023. However, for the nine months ended September 30, 2024, revenue increased by 8.3% to $42.0 million, compared to $38.8 million in the prior year. The AVISE® CTD test remained a significant revenue driver, accounting for approximately 93% of total revenue in Q3 2024 and 91% for the nine-month period.
Total operating expenses for the third quarter of 2024 were $17.2 million, down from $18.5 million in Q3 2023, reflecting a decrease of 7%. The company reported a loss from operations of $4.7 million for the third quarter, an improvement from a loss of $5.1 million in the same quarter of the previous year. The net loss for Q3 2024 was $5.0 million, compared to a net loss of $5.4 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $11.4 million, significantly improved from $18.1 million in the same period in 2023.
Exagen's cash and cash equivalents decreased to $22.0 million as of September 30, 2024, down from $36.5 million at the end of 2023. The accumulated deficit increased to $290.6 million. The company has financed its operations through equity and debt financing, with ongoing needs for additional funding to support its growth strategy.
Strategically, Exagen has focused on enhancing its product offerings, including the incorporation of new biomarkers into its AVISE® CTD tests, expected to improve diagnostic capabilities and potentially increase revenue. The company also resolved a legal investigation with the U.S. Attorney’s Office in October 2023, resulting in a settlement of $0.7 million related to specimen processing arrangements.
Overall, Exagen's financial performance reflects a combination of revenue growth in the nine-month period, improved operational losses, and ongoing strategic initiatives aimed at enhancing its product portfolio and market position.
About EXAGEN INC.
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