Exagen Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Exagen Inc. filed its Q1 2024 10-Q, detailing financial performance and highlighting customer and supplier concentration risks.</b>

AI Summary

EXAGEN INC. (XGN) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Exagen Inc. reported financial results for the quarter ended March 31, 2024. The filing details revenue and accounts receivable related to Medicare and Medicare Advantage segments. Product concentration risk is noted for the AVISECTDTest. Supplier concentration risk is highlighted with two major suppliers. The company is incorporated in Delaware and headquartered in Vista, California.

Why It Matters

For investors and stakeholders tracking EXAGEN INC., this filing contains several important signals. The filing provides specific data on revenue and accounts receivable, crucial for understanding the company's financial health and customer base. Identification of concentration risks in customers (Medicare, Medicare Advantage) and suppliers is important for assessing potential business vulnerabilities.

Risk Assessment

Risk Level: medium — EXAGEN INC. shows moderate risk based on this filing. The company faces medium risk due to significant concentration in its customer base, particularly with Medicare and Medicare Advantage, and reliance on two major suppliers, as detailed in the filing.

Analyst Insight

Investors should monitor Exagen Inc.'s strategies for diversifying its customer base and mitigating supplier dependency to ensure long-term stability.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-13 — Filing Date (Filed as of date)
• 8071 — Standard Industrial Classification (SIC code for Medical Laboratories)
• DE — State of Incorporation (State where Exagen Inc. is incorporated)

Key Players & Entities

• EXAGEN INC. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-13 (date) — Filed as of date
• 1261 LIBERTY WAY (address) — Business address street 1
• VISTA (location) — Business address city
• CA (location) — Business address state
• 92081 (postal_code) — Business address zip
• EXAGEN DIAGNOSTICS INC (company) — Former company name

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company's revenue and accounts receivable are significantly concentrated with Medicare and Medicare Advantage, posing a risk if these programs experience changes.
• Product Concentration Risk [medium — financial]: Revenue is concentrated for the AVISECTDTest, indicating a reliance on a specific product.
• Supplier Concentration Risk [medium — financial]: The company relies on two major suppliers, creating a risk if these suppliers face disruptions.

Key Dates

• 2024-03-31: Quarterly Period End — Reporting period for the 10-Q filing.
• 2024-05-13: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a snapshot of the company's financial performance and condition during the quarter.)

Customer Concentration Risk

The risk that a company's revenue is heavily dependent on a small number of customers. (Indicates potential vulnerability if key customers reduce their business or terminate relationships.)

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share XGN The Nasdaq Global Market

Filing Documents

• exdx-20240331.htm (10-Q) — 679KB
• innovatusfourthamendmentto.htm (EX-10.1) — 35KB
• xgn311-033124.htm (EX-31.1) — 12KB
• xgn312-033124.htm (EX-31.2) — 12KB
• xgn321-033124.htm (EX-32.1) — 9KB
• 0001274737-24-000048.txt (&nbsp;) — 4879KB
• exdx-20240331.xsd (EX-101.SCH) — 32KB
• exdx-20240331_cal.xml (EX-101.CAL) — 48KB
• exdx-20240331_def.xml (EX-101.DEF) — 182KB
• exdx-20240331_lab.xml (EX-101.LAB) — 537KB
• exdx-20240331_pre.xml (EX-101.PRE) — 353KB
• exdx-20240331_htm.xml (XML) — 552KB

Financial Information

Part I. Financial Information

Unaudited Condensed Financial Statements

Item 1. Unaudited Condensed Financial Statements 1 Unaudited Condensed Balance Sheets as of March 31, 2024 and December 31, 20 23 1 Unaudited Condensed Statements of Operations for the Three Months ended March 31, 20 24 and 202 3 2 Unaudited Condensed Statements of Stockholders' Equity for the Three Months ended March 3 1 , 202 4 and 202 3 3 Unaudited Condensed Statements of Cash Flows for the T hree Months ended March 3 1 , 202 4 and 202 3 5 Notes to Unaudited Condensed Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 29

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 30

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 33

Financial Information

Part I. Financial Information

Unaudited Condensed Financial Statements

Item 1. Unaudited Condensed Financial Statements Exagen Inc. Unaudited Condensed Balance Sheets (in thousands, except share and per share data) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 27,267 $ 36,493 Accounts receivable, net 10,901 6,551 Prepaid expenses and other current assets 4,232 4,797 Total current assets 42,400 47,841 Property and equipment, net 4,775 5,201 Operating lease right-of-use assets 3,072 3,286 Other assets 561 616 Total assets $ 50,808 $ 56,944 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 1,470 $ 3,131 Accrued and other current liabilities 6,040 7,531 Operating lease liabilities 1,005 976 Borrowings-current portion 268 264 Total current liabilities 8,783 11,902 Borrowings-non-current portion, net of discounts and debt issuance costs 19,269 19,231 Non-current operating lease liabilities 2,497 2,760 Other non-current liabilities 268 357 Total liabilities 30,817 34,250 Commitments and contingencies (Note 5) Stockholders' equity: Preferred stock, $ 0.001 par value per share; 10,000,000 shares authorized, no shares issued or outstanding as of March 31, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value per share; 200,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 17,317,941 and 17,045,954 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 17 17 Additional paid-in capital 302,550 301,893 Accumulated deficit ( 282,576 ) ( 279,216 ) Total stockholders' equity 19,991 22,694 Total liabilities and stockholders' equity $ 50,808 $ 56,944 The accompanying notes are an integral part of these condensed financial statements 1 Exagen Inc. Unaudited Condensed Statements of Operations (in thousands, except share and per share data) Three Months Ended March 31, 2024 2023 Revenue $ 14,415 $ 11,230 Operating expenses: Costs of revenue 5,817 5,926 Selling, general and admin

View Full Filing

View this 10-Q filing on SEC EDGAR