Exagen Inc. Announces Select Preliminary Full-Year 2023 Results; Cash Balance Of $36.5M As Of December 31, 2023; Reaffirms FY23 Revenue Guidance Of At Least $50M Vs $50.43M Est.

Author: Benzinga Newsdesk | January 07, 2024 04:13pm

Exagen Inc. (NASDAQ:XGN), a leading provider of autoimmune testing solutions, today announces select preliminary unaudited financial results for the full year ended December 31, 2023, and reaffirms its full-year 2023 financial guidance.

 

Select Preliminary Unaudited Financial Results

• Record AVISE® CTD testing volume of approximately 137,000 units delivered during the year ended December 31, 2023.
• Cash balance of $36.5 million as of December 31, 2023.
• Accounts receivables balance of approximately $7 million as of December 31, 2023.
  
   

Reaffirms Financial Guidance

• The company reaffirms its full-year 2023 total revenue guidance of at least $50 million and full-year 2023 non-GAAP adjusted EBITDA guidance of approximately negative $20 million.
  
   

"I'm very proud of the strides the Exagen team made in 2023. Our company has undergone a significant transformation, now operating in a more streamlined manner with a revamped expense structure that points us toward profitability. The unwavering dedication and hard work of our team has laid the foundation for an exciting 2024 where we anticipate seeing growth in both ASP and volume of AVISE® CTD," said John Aballi, President and Chief Executive Officer of Exagen.

Posted In: XGN