Exagen Inc. Reports Preliminary Fourth Quarter 2020 Testing Results
January 10 2021 - 5:00PM
Exagen Inc. (Nasdaq: XGN), an organization dedicated to
transforming the care continuum for patients suffering from
autoimmune diseases, today reported preliminary, unaudited
financial results for the quarter ended December 31, 2020.
Testing revenue for the three months ended December
31, 2020 is expected to be between approximately $10.5 million and
$10.8 million, an increase of 11% and 15% compared with $9.5
million in the third quarter of 2020, and an increase of 10% to 13%
compared with $9.6 million in the fourth quarter of 2019. Exagen
delivered a total of approximately 28,600 AVISE CTD tests,
including AVISE Lupus, in the quarter, with 1,690 ordering
healthcare providers, a record number of 635 adopters and a
sequential quarterly retention rate of 99% among adopting
healthcare providers from the prior quarter.
The above financial results exclude SIMPONI®
revenue due to the nature of syndicated pharmaceutical data
reporting timing. The company will provide SIMPONI revenue and
consolidated revenue for the fourth quarter and full year ended
December 31, 2020 when it reports its complete financial results
for such periods, which is expected in March 2021. The preliminary,
unaudited financial information presented in this press release is
based on Exagen's current expectations and is subject to change as
a result of, among other things, completion of financial closing
procedures and the audit for the full year 2020.
“The fourth quarter of 2020 was strong for Exagen,
despite continuing challenges from the COVID-19 pandemic. Our core
testing business delivered record revenue, driven largely by record
quarterly volumes for our flagship AVISE CTD test. It is also
gratifying to note that we attained a record number of healthcare
provider adopters in the quarter, along with another period of very
high retention rates, which are indicative of the value healthcare
providers place on our testing products. We believe we are firmly
positioned as a leading provider of autoimmune-related testing
services and have the momentum and capabilities to drive continued
growth in 2021," said Ron Rocca, President and CEO of Exagen.
About Exagen Inc.
Exagen is dedicated to transforming the care
continuum for patients suffering from debilitating and chronic
autoimmune diseases by enabling timely differential diagnosis and
optimizing therapeutic intervention. Exagen has developed and is
commercializing a portfolio of innovative testing products under
its AVISE brand, several of which are based on our proprietary
Cell-Bound Complement Activation Products, or CB-CAPs, technology.
Exagen’s goal is to enable providers to improve care for patients
through the differential diagnosis, prognosis and monitoring of
complex autoimmune and autoimmune-related diseases, including
rheumatoid arthritis and lupus. For further information please
visit www.Exagen.com.
Forward Looking Statements
Exagen cautions you that statements in this press
release that are not a description of historical facts are
forward-looking statements. These statements are based on the
Company’s current beliefs and expectations. Such forward-looking
statements include, but are not limited to, statements regarding
the Company's fourth quarter 2020 results and expectations
regarding future financial and operational growth in 2021. 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: adjustments to the
preliminary financial results in connection with completion of
financial closing procedures and an audit for the 2020 fiscal year;
the COVID-19 pandemic may continue to adversely affect our
business, financial condition and results of operations, including
as a result of shutdowns of our facilities and operations as well
as those of our suppliers and courier services, impeding patient
movement and interruptions to healthcare services causing a
decrease in test volumes, disruptions to the supply chain of
material needed for our tests, our sales and commercialization
activities and our ability to receive specimens and perform or
deliver the results from our tests, 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 our tests; the company’s
commercial success depends upon attaining and maintaining
significant market acceptance of its testing products and promoted
therapeutics among rheumatologists, patients, third-party payers
and others in the medical community; the company’s ability to
successfully execute on its Dx/Rx strategy, including its promotion
efforts for SIMPONI®; third party payers not providing coverage and
adequate reimbursement for the company’s testing products or
promoted therapeutics; the company’s ability to obtain and maintain
intellectual property protection for its testing products;
regulatory developments affecting the company’s business; and other
risks described in the company’s prior press releases and the
Company’s filings with the Securities and Exchange Commission
(SEC), including under the heading “Risk Factors” in the company’s
Annual Report on Form 10-K 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.
InvestorsWestwicke PartnersMike
CavanaughMike.Cavanaugh@westwicke.com646.677.1838
CompanyExagen Inc.Kamal Adawi,
Chief Financial Officerkadawi@exagen.com760.477.5514
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