Exagen, Inc. (NASDAQ:XGN) Q3 2024 Earnings Conference Call November 12, 2024 8:30 AM ET
Company Participants
Ryan Douglas – IR
John Aballi - President & CEO
Jeffrey Black - CFO
Conference Call Participants
Mark Massaro – BTIG
Daniel Brennan - TD Cowen
Kyle Mikson - Canaccord Genuity
Ross Osborn - Cantor Fitzgerald
Andrew Brackmann - William Blair
Operator
Greetings. Welcome to the Exagen Inc. Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder this conference is being recorded.
It is now my pleasure to introduce to your host Ryan Douglas, Investor Relations. Please go ahead.
Ryan Douglas
Good morning, and thank you for joining us. Earlier today, Exagen Inc. released financial results for the quarter ended September 30, 2024. John Aballi, President and Chief Executive Officer and Jeffrey Black, Chief Financial Officer will host this morning's call.
A recording of today’s call and the press release announcing the quarterly results can be found on the company's website at www.exagen.com.
As today’s call includes forward-looking statements, we encourage you to review the statements contained in today’s press release and the risks and uncertainties described in our SEC filing, which identify certain factors that may cause the company's actual events, performance and results to differ materially from those contained in the forward-looking statements made on today's call.
In addition, we will discuss non-GAAP financial measures on this call. Descriptions of these non-GAAP financial measures and reconciliations of GAAP to non-GAAP financial measures are included in today's press release.
I'll now turn the call over to John Aballi, President and CEO of Exagen.
John Aballi
Good morning and thanks to everyone for joining the call today. We had an exciting quarter at Exigent where we've continued to make substantial progress in executing our strategic plan. Today, I'll provide detail relating to our near-term goals and cover a few financial highlights for the quarter. But first, I want to officially welcome Jeff Black to the team as our new Chief Financial Officer. Jeff joined us on September 1 and has done a fantastic job jumping in and adding value and has quickly become a key member of the team. Welcome again, Jeff.
Our performance in the third quarter came in line with our expectations as we continue to execute our strategic plan of delivering profitable growth. We have set ourselves up well to achieve overall cash flow positivity, which we now believe will occur by the end of next year. Our total revenue for the third quarter was $12.5 million which includes the net negative impact of $1.2 third quarter in onetime adjustments. These adjustments slightly change our outlook for the year, but I continue to be very excited about the long-term potential of our business and the near-term inflection we anticipate. Jeff will provide additional detail on our financial performance and the onetime adjustments later in the call.