Exagen Stock Gains As Q2 Financials Surpass Street Expectations

Exagen Inc XGN shares are moving after the Company's Q2 2021 revenue increased 43% Y/Y to $12.8 million due to increased testing volumes, beating the consensus of $11.48 million.
Its flagship AVISE CTD test, including AVISE Lupus, raked in $10.4 million in sales with the 94% Y/Y growth, indicating an acceleration from ~22% YoY recorded in Q1 2021. Exagen delivered 33,328 AVISE CTD tests, an 80% Y/Y increase.
Exagen CEO Ron Rocca attributed the outperformance to the higher retention rate. "The foundation for these records was driven by our 99% retention rate, which we believe attests to the value Exagen's unique tests provide to rheumatologists and their patients," he said.
However, operating expenses surged 49% Y/Y to $18.5 million, expanding net loss by 88% Y/Y to $6.4 million.
But EPS loss swelled from $(0.38) from $(0.27) a year ago, beating the consensus of $(0.44).
The cash and cash equivalents stood at $112.6 million.
Outlook: For FY21, Exagen reaffirms its prior guidance and expects revenue of $47 million - $49 million.
Price Action: XGN shares are up 25.7% at $12.88 during the market session on the last check Tuesday.