The following is a summary of the Exagen Inc. (XGN) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Exagen reported a record full-year revenue of $52.5 million for 2023, a 15% increase over 2022.

• Q4 revenues accounted for $13.8 million of the total annual revenue.

• The company saw an improvement in gross margin to 56% for the full year of 2023, and over 59% for the 4th quarter. They aim to reach a target of 60% gross margins.

• A significant improvement was also seen in the adjusted EBITDA year-over-year, which increased by $22 million or 57%.

Business Progress:

• Exagen reported record deliveries of 137,000 AVISE CTD tests in 2023, including about 30,000 in the fourth quarter.

• The average selling price of AVISE CTD testing increased by 18%, from $285 at the end of 2022 to $336 in 2023.

• The company announced plans to launch new proprietary T cell markers within the AVISE CTD platform in 2024. These markers are expected to identify up to 50% of SLE patients who would test negative by standard care testing.

• Patent protection for these markers will last through 2035 and are projected to improve the company's financial performance by the end of 2024.

• For 2024, growth is expected to be primarily driven by average selling price (ASP), with an increase in testing volumes also anticipated.

• The company has set ambitious goals to achieve a gross margin of around 60% and revenue of approximately $75 million with their current cash balance.

More details: Exagen IR

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