SAN DIEGO, Nov. 10, 2020 (GLOBE NEWSWIRE) — Exagen Inc. (Nasdaq: XGN), a company devoted to remodeling the care continuum for sufferers affected by autoimmune ailments, right now reported monetary outcomes for the quarter ended September 30, 2020.
Third Quarter Highlights:
- Generated whole income of $10.Eight million for the quarter ended September 30, 2020, a rise of 20% over the quarter ended June 30, 2020 and three% over the quarter ended September 30, 2019.
- Delivered 26,201 flagship AVISE® CTD checks, together with AVISE® Lupus, within the third quarter 2020 regardless of decreased affected person visits ensuing from the COVID-19 pandemic.
- Variety of ordering healthcare suppliers was 1,665 within the third quarter, with a report 600 adopters, and sequential quarterly retention fee of roughly 99% amongst adopting healthcare suppliers from the prior quarter.
- Added to coated lives following the settlement with Humana TRICARE East to make AVISE® testing coated and in-network for roughly 6 million lives, and an settlement with Supplier Community of America making AVISE® in-network for Eight million lives.
- Continued to increase our suite of complete testing options for rheumatologists, launching AVISE® Vasculitis AAV.
“We’re more than happy with our leads to the third quarter, as our core testing enterprise carried out nicely in an setting the place sufferers continued to have challenges visiting their healthcare suppliers because of the COVID-19 pandemic. Regardless of these headwinds, our testing volumes have approached the extent of Q1 2020 volumes which had been solely marginally affected by COVID-19. In the meantime, our co-promotion settlement with Janssen continues to complement our high line and improve our gross margin,” stated Ron Rocca, President and Chief Govt Officer of Exagen. “All through the quarter we continued to place Exagen as a premier autoimmune firm. Our world-class R&D staff launched a brand new product to construct upon our already strong portfolio. We continued to increase entry to our AVISE® franchise via payor and supplier contracting. The Exagen staff delivered sturdy operational execution through the quarter and took concrete strategic steps to strengthen the enterprise for long-term sustainable success.”
Third Quarter 2020 Monetary Outcomes
Income for the three months ended September 30, 2020 was $10.Eight million, in contrast with $10.Four million within the third quarter of 2019. Testing income was $9.5 million for the third quarter of 2020, in comparison with $10.Zero million within the third quarter of 2019, as a consequence of decrease testing volumes attributed to COVID-19 impacts and a lower in common reimbursement per take a look at. Our SIMPONI® co-promotion efforts contributed $1.Three million within the third quarter of 2020, in comparison with $0.Four million within the third quarter of 2019. Gross margin was 60% within the third quarter of 2020 in comparison with 54% within the third quarter of 2019, benefiting from a rise in SIMPONI® revenues and a lower in royalty prices related to the expiration of a royalty on our CB-CAPs expertise.
Working bills had been $14.6 million within the third quarter of 2020, in contrast with $12.6 million within the third quarter of 2019, as a consequence of will increase in worker associated bills, together with stock-based compensation, and public firm bills.
For the third quarter of 2020, web loss was $4.Three million, in comparison with a web lack of $3.1 million for the third quarter of 2019.
Money and money equivalents had been roughly $61.Four million as of September 30, 2020.
A convention name to evaluate third quarter 2020 monetary outcomes and to offer a enterprise replace is scheduled for right now November 10, 2020 at 4:30 PM Japanese Time (1:30 PM Pacific Time). events could entry the convention name by dialing (877) 407-3982 (U.S.) or (201) 493-6780 (worldwide). Moreover, a hyperlink to a reside webcast of the decision will likely be out there within the Investor Relations part of Exagen’s web site at http://investors.exagen.com.
Members are requested to affix a couple of minutes previous to the decision to register for the occasion. A replay of the convention name will likely be out there till Tuesday, November 17, 2020 at 11:59 PM Japanese Time (8:59 PM Pacific Time). events could entry the replay by dialing (844) 512-2921 (U.S.) or (412) 317-6671 (worldwide) utilizing passcode 13711892. A hyperlink to the replay of the webcast may also be out there within the investor relations part of Exagen’s web site.
Exagen is devoted to remodeling the care continuum for sufferers affected by debilitating and continual autoimmune ailments by enabling well timed differential analysis and optimizing therapeutic intervention. Exagen has developed and is commercializing a portfolio of modern testing merchandise below its AVISE® model, a number of of that are primarily based on our proprietary Cell-Sure Complement Activation Merchandise, or CB-CAPs, expertise. CB-CAPs assess the activation of the complement system, a organic pathway that’s broadly implicated throughout many autoimmune and autoimmune-related ailments, together with systemic lupus erythematosus, or SLE. Exagen’s aim is to allow rheumatologists to enhance take care of sufferers via the differential analysis, prognosis and monitoring of complicated autoimmune and autoimmune-related ailments, together with SLE and rheumatoid arthritis, or RA. Exagen’s mannequin of integrating testing merchandise and therapeutics positions Exagen to supply focused options to rheumatologists and, finally, higher serve sufferers. For extra data, please go to www.Exagen.com.
Ahead Wanting Statements
Exagen cautions you that statements contained on this press launch relating to issues that aren’t historic details are forward-looking statements. These statements are primarily based on the corporate’s present beliefs and expectations. Such forward-looking statements embody, however are usually not restricted to, statements relating to: the anticipated impression of COVID-19; the potential good thing about the corporate’s testing merchandise and promoted therapeutic for sufferers and physicians in autoimmune illness remedy; the potential to place the enterprise for long-term sustainable success; and the provision and use of AVISE® checks via Humana TRICARE East and the Supplier Community of America community. The inclusion of forward-looking statements shouldn’t be considered a illustration by Exagen that any of its plans will likely be achieved. Precise outcomes could differ from these set forth on this press launch because of the dangers and uncertainties inherent in Exagen’s enterprise, together with, with out limitation: the COVID-19 pandemic could proceed to adversely have an effect on our enterprise, monetary situation and outcomes of operations, together with because of shutdowns of our amenities and operations in addition to these of our suppliers and courier companies, impeding affected person motion and interruptions to healthcare companies inflicting a lower in take a look at volumes, disruptions to the provision chain of fabric wanted for our checks, our gross sales and commercialization actions and our capability to obtain specimens and carry out or ship the outcomes from our checks, delays in reimbursement and protection choices from Medicare and third-party payors and in interactions with regulatory authorities, and delays in ongoing and deliberate scientific trials involving our checks; the corporate’s industrial success relies upon upon attaining and sustaining important market acceptance of its testing merchandise and promoted therapeutics amongst rheumatologists, sufferers, third-party payers and others within the medical group; the corporate’s capability to efficiently execute on its Dx/Rx technique, together with its promotion efforts for SIMPONI®; third get together payers not offering protection and sufficient reimbursement for the corporate’s testing merchandise or promoted therapeutics; the corporate’s capability to acquire and keep mental property safety for its testing merchandise; regulatory developments affecting the corporate’s enterprise; and different dangers described within the firm’s prior press releases and the Firm’s filings with the Securities and Alternate Fee (SEC), together with below the heading “Danger Components” within the firm’s Annual Report on Type 10-Okay and any subsequent filings with the SEC. You’re cautioned to not place undue reliance on these forward-looking statements, which communicate solely as of the date hereof, and Exagen undertakes no obligation to replace such statements to replicate occasions that happen or circumstances that exist after the date hereof. All forward-looking statements are certified of their entirety by this cautionary assertion, which is made below the protected harbor provisions of the Personal Securities Litigation Reform Act of 1995.
Kamal Adawi, Chief Monetary Officer
Unaudited Condensed Statements of Operations
(in 1000’s, besides share and per share information)
|Three Months Ended September 30,||9 Months Ended September 30,|
|Prices of income||4,341||4,783||12,224||14,217|
|Promoting, normal and administrative bills||9,202||7,306||27,104||20,787|
|Analysis and growth bills||1,018||507||2,403||1,610|
|Complete working bills||14,561||12,596||41,731||36,614|
|Loss from operations||(3,786||)||(2,157||)||(12,424||)||(6,441||)|
|Change in truthful worth of economic devices||—||(200||)||—||267|
|Different earnings, web||125||125||985||264|
|Loss earlier than earnings taxes||(4,308||)||(3,141||)||(13,352||)||(8,630||)|
|Earnings tax profit||—||—||118||—|
|Accretion of redeemable convertible most popular inventory||—||(338||)||—||(4,640||)|
|Deemed dividend recorded in reference to financing transactions||—||(13,601||)||—||(13,601||)|
|Internet loss attributable to frequent stockholders||$||(4,308||)||$||(17,080||)||$||(13,234||)||$||(26,871||)|
|Internet loss per share, primary and diluted||$||(0.34||)||$||(11.29||)||$||(1.05||)||$||(48.70||)|
|Weighted-average variety of shares used to compute web loss per share, primary and diluted||12,644,348||1,513,189||12,626,259||551,730|
Condensed Steadiness Sheets
(in 1000’s, besides share and per share information)
|September 30, 2020||December 31, 2019|
|Money and money equivalents||$||61,434||$||72,084|
|Accounts receivable, web||9,297||5,715|
|Pay as you go bills and different present property||1,824||3,451|
|Complete present property||72,555||81,250|
|Property and gear, web||1,758||1,380|
|Liabilities and Stockholders’ Fairness|
|Accrued and different present liabilities||5,820||4,419|
|Complete present liabilities||8,274||5,895|
|Borrowings-non-current portion, web of reductions and debt issuance prices||26,453||25,854|
|Deferred tax liabilities||147||264|
|Different non-current liabilities||645||638|
|Commitments and contingencies|
|Most popular inventory, $0.001 par worth; 10,000,000 shares approved, no shares issued or excellent at September 30, 2020 and December 31, 2019||—||—|
|Frequent inventory, $0.001 par worth; 200,000,000 shares approved at September 30, 2020 and December 31, 2019; 12,652,113 and 12,560,990 shares issued and excellent at September 30, 2020 and December 31, 2019, respectively||13||13|
|Further paid-in capital||222,297||220,248|
|Complete stockholders’ fairness||44,474||55,659|
|Complete liabilities and stockholders’ fairness||$||79,993||$||88,310|