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| Statement |
|---|
| I'm pleased with the continuing improvements made to the organization and the progress we have seen on our financial statements |
| So, very happy with that |
| The revenue cycle management team made great strides in improving the processes, and it was a big driver for our accomplishments in 2023 |
| We're very pleased with the progress we made there |
| Certainly, with patients who have had long journeys in their diagnostic odyssey, it's a dramatic improvement |
| Looking at our performance this past year, we are extremely proud that our full-year revenue was a record $52.5 million, with $13.8 million coming in the fourth quarter |
| We're very proud to bring these to market |
| This resulted in a $22 million or 57% improvement in adjusted EBITDA year-over-year |
| We also improved our gross margin to 56% for the full year 2023, and to over 59% in the fourth quarter |
| This is fantastic progress over our 2022 performance, and we are steadily moving towards our cashflow-positive target of 60% gross margins |
| In achieving our 2023 performance, one of the key areas we focused on was improving the average selling price of AVISE CTD |
| In many respects, we've laid the groundwork for continued progress this past year, but also shown that we can simultaneously generate momentum in improving the realized price of our core testing |
| We're encouraged by what we've seen here in Q1 where we sit today in the quarter, but ASP is going to be the driver of growth there |
| We believe it will be better than negative $20 million |
| We are very proud to deliver a change of that magnitude without sacrificing progress in growing the business |
| What we've worked to do is as the business performance has improved and we've seen the runway extend, we've worked to communicate that consistently |
| So, I'm very pleased with the progress we're making there |
| As we've progressed into the first quarter, we are seeing encouraging progress in building back our business from a volume standpoint, and continue to expect growth in 2024 to be driven by improvements in ASP and increasing test volumes |
| 2023 has gone by quick, was an exciting year, and I'm very proud of the progress we've made |
| And while I'm very happy with our 59% gross margin in Q4, what we usually see going into the next year is a lower gross margin in Q1, and then we increase our gross margin in each quarter |
| And the gross margins of 59% in the quarter came in well above our expectations |
| We're very confident with the performance of these markers |
| Additionally, and from a competitive advantage standpoint, we have patent protection in offering these markers through 2035, which reinforces our commitment to innovating in this space, and further highlights Exagen as a company that can continually bring novel biomarkers to the rheumatology community |
| We've pointed to a trailing 12-month number, but the quarterly progress is very positive as well |
| Execution of our strategy is demonstrating results, moving us closer to these goals, and I'm excited about the progress we expect this year |
| So, the superior performance of AVISE CTD test is still seen by around 2,400 clinicians |
| For full-year 2024, we believe our adjusted EBITDA will be better than negative $20 million |
| Total revenues for the full year were driven by a combination of record volume from a strong first half of the year, and ASPs from our flagship product, AVISE CTD increasing 18% for the year |
| As I previously shared, our gross margins were just shy of 60% this past quarter on the strength of improving ASPs |
| We continue to make improvements to the billing processes and strive to collect the maximum amount per test |
| Statement |
|---|
| Understanding when you're going to have specific payer traction and when that cash actually hits the door, is somewhat challenging |
| As we implemented changes to accomplish this goal, as expected, we did experience a decline in AVISE CTD testing in the second half of the year |
| Adjusted EBITDA was negative $3.9 million for the fourth quarter 2023, compared to negative $13.4 million for Q4 2022 |
| For the full year, adjusted EBITDA was negative $17.1 million for 2023, compared to negative $39.8 million during the full year of 2022 |
| Some of the things to think about is of where we came in at in 2023 with adjusted EBITDA of negative $17.1 million |
| The slight drop in healthcare providers is also a direct result of provider-facing changes we made that impacted volume |
| From our perspective, if you were to model 40,000 tests per year on a quarterly basis, 40,000 tests on a quarterly basis, you would have to model a significant decline in the ASP, and that is not consistent with what we're achieving or our progress |
| Another key component to this, when you bring novel biomarkers to clinical practice, there's a huge educational burden required |
| That's an inherently difficult metric to forecast progress on |
| We try very hard not to make our problems our customers’ problems |
| For the full year 2023, the net loss was $23.7 million, compared to $47.4 million in 2022 |
| We're no different, as healthcare costs are increasing, those of us with fixed pricing are getting squeezed, and the practicing clinician is seeing the exact same scenario |
| And so, as we work through some of that explanation, then it comes down to execution |
| And unfortunately, that's - yes, that can be a bottleneck for some practices |
| Again, this decrease was expected and necessary as we look to build a profitable business |
| That's not consistent with our strategic approach |
| The net loss in Q4 2023 was $5.6 million, compared with $14.4 million in Q4 2022 |
| And then we just need to execute |
| Year-over-year Decreases were primarily due to the decreases in employee-related expenses due to decreases in headcount and reduced R&D expenses |
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