Exagen Inc Reports Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-06
Exagen, Inc. Reports Q2 2024 Financial Results
Quarter Overview
Exagen, Inc. (NASDAQ:XGN) reported its financial results for the quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Q1 2024 | QoQ Change | Consensus Estimate (Q2 2024) |
|---|---|---|---|---|---|---|
| Total Revenue | $15.1 Million | $14.1 Million | +6.6% | $13.98 Million | +8% | $13.13 Million |
| Earnings Per Share (EPS) | -$0.15 | -$0.25 | +40% | -$0.25 | -40% | -$0.34 |
Exagen reported a better-than-expected Q2 2024 financial performance, with total revenue reaching a quarterly record of $15.1 million, surpassing Wall Street's consensus estimate of $13.13 million. Earnings per share were -$0.15, a significant improvement over both the prior year's Q2 and the preceding quarter.
Segment Performance
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| Other Testing Revenue | $1.5 Million | $1.6 Million | -6.25% |
The revenue performance across segments indicates that the AVISE CTD test continues to drive growth, though other testing services saw a slight decline in performance. Despite the ongoing challenges, collections from tests performed over a year ago contributed significantly to this quarter’s results.
Operational Highlights
Key operational metrics and additional financial data were not provided.
Executive Commentary
John Aballi, President and CEO of Exagen, shared enthusiasm about the quarter’s results and highlighted expanded test volumes and increased average selling prices (ASPs). Aballi also emphasized the ongoing transformation aimed at long-term profitable growth and hinted at promising times ahead with potential new product enhancements expected to launch by year-end.
Dividends and Share Repurchase Program
No announcements regarding dividends or share repurchase programs were made in the earnings release.
Forward Guidance
Exagen raised its full-year revenue guidance to at least $57 million, up from the previously anticipated $55.75 million, and improved its adjusted EBITDA loss outlook to better than $12 million from the earlier expectation.
Market Reaction
Following the earnings release, Exagen's stock price experienced a 17.65% increase, reflecting investor confidence in the company’s performance and future prospects.
Exagen's strong financial performance in Q2 2024, driven by robust revenue growth and improving profitability metrics, positions the company on a positive trajectory towards its goal of achieving long-term profitability.