Shares of autoimmune testing solutions provider Exagen Inc. (XGN) are surging more than 24% Tuesday morning after reporting better-than-expected second-quarter results. The company also reaffirmed its full-year revenue outlook.
Exagen reported net loss of $6.4 million or $0.38 per share, wider than net loss of $3.36 million or $0.27 per share in the same quarter a year ago. However, the loss bettered the average estimate of 6 analysts polled by Thomson Reuters at $0.44 per share.
Revenue for the quarter increased 43% year-over-year to $12.8 million, helped by 94% sales growth in the company's flagship AVISE CTD test. The consensus estimate was for $11.48 million.
Looking forward to the full year, Exagen reaffirmed its revenue guidance of $47 million to $49 million. Analysts see earnings of $48.03 million for the period.
XGN is at $12.72 currently. It has traded in the range of $10.12- $24.67 in the last 52 weeks.
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