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Exagen Inc. (XGN-0.66%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $12.5 million from $13.4 million in the same quarter the previous year. This decrease is attributed to adjustments related to accounts receivable and coding discrepancies.
Cost of revenue for the quarter was $5.5 million, representing 44.2% of revenue, compared to 42.6% in the same quarter of the previous year. The increase in cost ratio is due to adjustments in revenue and increased shipping costs.
The company reported a net loss of $5.0 million for the quarter, compared to $5.4 million in the previous year, with the decline attributed to reduced operating expenses.
Selling, general, and administrative expenses decreased to $10.2 million from $11.4 million, primarily due to reduced headcount and professional service expenses.
Research and development expenses increased to $1.5 million from $1.4 million, primarily due to increased employee-related expenses.
Net cash used in operating activities was $13.6 million, while cash used in investing and financing activities was $0.4 million and $0.4 million, respectively.
Exagen had cash and cash equivalents of $22.0 million as of September 30, 2024. The company anticipates the need for additional funding to support its operations and growth strategy.
The filing also details the company's efforts to develop new biomarkers and expand its AVISE® CTD test offerings, with plans to incorporate new biomarkers by the end of 2024.
Exagen continues to focus on expanding its market presence and improving reimbursement rates for its testing products, while managing costs and operational efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Exagen Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.