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Exagen Inc. Reports Strong Fourth Quarter and Full-Year 2024 Results and Business Highlights

1. XGN reported record revenue of $55.6 million for 2024. 2. Adjusted EBITDA losses improved by over 40% compared to prior year. 3. New AVISE CTD biomarkers launched in January 2025 enhance clinical utility. 4. Cash balance at year-end 2024 remains steady at $22.2 million. 5. Revenue forecast for Q1 2025 is at least $14.5 million.

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Why Bullish?

The record revenue and improved financials reflect strong operational performance. Similar past outcomes in biotech often lead to increased investor confidence.

How important is it?

The substantial financial improvements and projections are likely to attract investor interest, making it significant.

Why Short Term?

Q1 revenue forecast signals immediate growth potential, likely affecting the stock price quickly.

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Delivered record full-year total revenue and AVISE CTD average selling priceImproved full-year adjusted EBITDA loss and cash use by over 40%Commercialized new biomarkers to enhance clinical utility of AVISE CTD CARLSBAD, Calif., March 11, 2025 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing, today reported financial results for the fourth quarter and full year ended December 31, 2024, and recent business highlights.   Three Months Ended December 31, Year Ended December 31,   2024   2024 (in thousands, except ASP data)  Revenue $13,655  $55,641 Gross margin  62.1%  59.5%Operating expenses $11,860  $46,748 Loss from operations $(3,383) $(13,636)Net loss $(3,761) $(15,115)Adjusted EBITDA $(2,535) $(10,149)Cash, cash equivalents and restricted cash $22,236  $22,236 Trailing-twelve-month average selling price (ASP) $411  $411   2024 Financial Highlights: Delivered record total revenue of $55.6 million on the strength of continued ASP expansionExpanded AVISE® CTD trailing twelve-month average selling price (ASP) of $411, an increase of $75 per testGrew gross margin by 300 basis points to 62.1% in the fourth quarter and 59.5% for the full year over the same periods in 2023Improved net loss by $1.8 million in the fourth quarter and by over $8 million for the full year compared to the same periods in 2023Improved adjusted EBITDA loss by $1.3 million in the fourth quarter and by nearly $7 million for full-year from the same periods in 2023Ended 2024 with a cash and restricted cash balance of $22.2 million 2024 and Recent Business Highlights: Achieved key commercial milestone with completion of 1,000,000th patient tested by AVISE CTDFeatured five abstracts at the 2024 American College of Rheumatology (ACR) annual meeting highlighting Exagen’s innovative research on novel T Cell biomarkers for Lupus and sero-negative autoantibodies for rheumatoid arthritis, in addition to a plenary presentation in collaboration with Johns Hopkins University, highlighting a urinary biomarker panel that holds the potential to guide precision management of Lupus Nephritis patientsSecured New York State Department of Health approval for and executed commercial launch of new systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA) biomarker assays in January 2025 “The execution of our operational turnaround continued in earnest during 2024, which is reflected in our transformative financial results and is a testament to the strength of our team and strategy,” said John Aballi, President and CEO. “We have continued to grow profitable revenue and expand gross margins while significantly reducing operating expenses and cash burn.” “Additionally, the successful launch of our new AVISE CTD biomarkers this past January is a significant milestone in our commitment to improving patient care. With these accomplishments, Exagen is better positioned for success, and I am excited about the momentum we carry into 2025 as we drive towards profitability.” Financial Outlook   The company expects total revenue of at least $14.5 million for the first quarter of 2025, and anticipates to be on-track to deliver positive adjusted EBITDA in the fourth quarter of 2025. The company expects to provide its full-year 2025 financial outlook in connection with the release of its first quarter 2025 financial results. Conference Call A conference call to provide a business update and review fourth quarter and full-year 2024 financial results is scheduled for today March 11, 2025 at 8:30 AM Eastern Time (5:30 AM Pacific Time). Interested parties may access the conference call by dialing (201) 389-0918 (U.S.) or (877) 407-0890 (international). Additionally, a link to a live webcast of the call will be available in the Investor Relations section of Exagen's website at investors.exagen.com. 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 Monday, April 14, 2025 at 11:59 PM Eastern Time (8:59 PM Pacific Time). Interested parties may access the replay by dialing (201) 612-7415 (U.S.) or (877) 660-6853 (international) using passcode 13751928. A link to the replay will also be available in the investor relations section of Exagen's website. Use of Non-GAAP Financial Measures (Unaudited) In addition to the financial results prepared in accordance with generally accepted accounting principles in the United States (GAAP), this press release contains the metric adjusted EBITDA, which is not calculated in accordance with GAAP and is a non-GAAP financial measure. Adjusted EBITDA excludes from net loss interest income (expense), income tax expense (benefit), depreciation and amortization expense, stock-based compensation expense and other expenses or income that management believes are not representative of the company’s operations. Such items could have a significant impact on the calculation of GAAP net loss. Exagen uses adjusted EBITDA internally because the company believes these metrics provide useful supplemental information in assessing its operating performance reported in accordance with GAAP. Exagen believes 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 the company believes 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 Exagen may exclude for purposes of these non-GAAP financial measures, and the company may in the future cease to exclude items that it has historically excluded for purposes of these non-GAAP financial measures. Likewise, Exagen 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 the company 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. A reconciliation of net loss to non-GAAP adjusted EBITDA is provided in the financial schedules that are part of this press release. About Exagen Exagen is a leading provider of autoimmune testing and its purpose as an organization is to provide clarity in autoimmune disease decision making with the goal of improving patients’ clinical outcomes. Exagen is located in San Diego County, California. For more information, please visit Exagen.com or follow @ExagenInc on X. Forward Looking Statements Exagen cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Exagen’s current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding: Exagen’s goals, strategies, positioning, and ambitions; evaluations and judgments regarding financial results and the potential implications of those results, potential future financial and business performance, including any improvements to adjusted EBITDA, net loss and potential profitability; the potential utility and effectiveness of Exagen’s services and testing solutions; potential shareholder value and growth and full-year 2025 guidance. The inclusion of forward-looking statements should not be regarded as a representation by Exagen that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Exagen’s business, including, without limitation: delays in reimbursement and coverage decisions from Medicare and third-party payors and in interactions with regulatory authorities, and delays in ongoing and planned clinical trials involving its tests; and changes in laws and regulations related to Exagen’s regulatory requirements. Exagen’s commercial success depends upon attaining and maintaining significant market acceptance of its testing products among rheumatologists, patients, third-party payors and others in the medical community; Exagen’s ability to successfully execute on its business strategies; third-party payors not providing coverage and adequate reimbursement for Exagen’s testing products, including Exagen’s ability to collect on funds due; Exagen’s ability to obtain and maintain intellectual property protection for its testing products; regulatory developments affecting Exagen’s business; and other risks described in Exagen’s prior press releases and Exagen’s filings with the Securities and Exchange Commission (“SEC”), including under the heading “Risk Factors” in Exagen’s Annual Report or Form 10-K for the year ended December 31, 2024, to be filed with the SEC on or before March 14, 2025 and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Exagen undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Contact:Ryan DouglasExagen Inc.ir@exagen.com760.560.1525 Exagen Inc.Statements of Operations(in thousands, except share and per share data)  Three Months Ended December 31, Year Ended December 31,   2024   2023   2024   2023   (Unaudited)    Revenue $13,655  $13,765  $55,641  $52,548 Costs of revenue  5,178   5,620   22,529   23,092 Gross margin  8,477   8,145   33,112   29,456 Operating expenses:        Selling, general and administrative expenses  10,204   12,216   41,373   47,428 Research and development expenses  1,656   1,076   5,375   4,865 Total operating expenses  11,860   13,292   46,748   52,293 Loss from operations  (3,383)  (5,147)  (13,636)  (22,837)Interest expense  (563)  (566)  (2,234)  (2,335)Interest income  185   146   767   1,516 Loss before income taxes  (3,761)  (5,567)  (15,103)  (23,656)Income tax expense  —   (6)  (12)  (33)Net loss $(3,761) $(5,573) $(15,115) $(23,689)Net loss per share, basic and diluted $(0.20) $(0.31) $(0.83) $(1.34)Weighted-average number of shares used to compute net loss per share, basic and diluted  18,427,887   17,836,090   18,203,044   17,679,467  Exagen Inc.Balance Sheets(in thousands, except share and per share data)  December 31,   2024   2023 Assets    Current assets:    Cash and cash equivalents $22,036  $36,493 Accounts receivable, net  7,835   6,551 Prepaid expenses and other current assets  6,584   4,797 Total current assets  36,455   47,841 Property and equipment, net  5,283   5,201 Operating lease right-of-use assets  2,401   3,286 Other assets  550   616 Total assets $44,689  $56,944 Liabilities and Stockholders' Equity    Current liabilities:    Accounts payable $4,137  $3,131 Operating lease liabilities  1,096   976 Borrowings-current portion  423   264 Accrued and other current liabilities  7,850   7,531 Total current liabilities  13,506   11,902 Borrowings-non-current portion, net of discounts and debt issuance costs  19,822   19,231 Non-current operating lease liabilities  1,664   2,760 Other non-current liabilities  157   357 Total liabilities  35,149   34,250 Commitments and contingencies    Stockholders' equity:    Common stock, $0.001 par value; 200,000,000 shares authorized at December 31, 2024 and December 31, 2023; 17,640,328 and 17,045,954 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively  18   17 Additional paid-in capital  303,853   301,893 Accumulated deficit  (294,331)  (279,216)Total stockholders' equity  9,540   22,694 Total liabilities and stockholders' equity $44,689  $56,944  Exagen Inc.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.  Three Months Ended December 31, Twelve Months Ended December 31,   2024   2023   2024   2023 (in thousands)    Adjusted EBITDA        Net loss $(3,761) $(5,573) $(15,115) $(23,689)Other (Income) Expense  (185)  (146)  (767)  (1,516)Interest Expense  563   566   2,234   2,335 Income tax expense  —   6   12   33 Depreciation and amortization expense  415   508   1,724   2,168 Stock-based compensation expense  433   763   1,763   3,617 Adjusted EBITDA (Non-GAAP) $(2,535) $(3,876) $(10,149) $(17,052)

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