Exagen (XGN) 5 Aug 242024 Q2 Earnings call transcript

Greetings. Welcome to the Exagen Inc.

Second Quarter 2024 Earnings Call. [Operator Instructions] Please note that this conference is being recorded.

At this time, I'll turn the conference over to Ryan Douglas with Investor Relations. begin. now may you Ryan,

the Good this morning, Exagen ended us. today, Executive available for XX, Aballi, www.exagen.com. President and call. thank released financial you Chief on currently Inc. is quarter will The joining website results at XXXX. John host Earlier Officer, release and company's morning's for June the

within federal this remind will be management laws we started, call include made the Before that that pursuant get of XXXX. Securities I of safe everyone would Reform the forward-looking are which harbor statements statements Act of securities the like during meaning Litigation to to making Private provisions

forward-looking in should guidance, limitation, product and statements statements, of this contained and offerings are that regarding historical our statements business reimbursement based be not assumptions. financial including and be upon facts to and performance, strategy and operating statements current future various and All current are estimates including, Any deemed future potential without call statements. our profitability coverage forward-looking

on material These you differ implied statements. uncertainties to cause results anticipated actual those undue from materially these and statements place reliance not forward-looking statements. by risks should that Accordingly, could involve these or

June and risks XXXX, our including Form please Securities associated and XXXX, year December XX, For our any the XX, ended ended and and description Exchange Form filings XX-Q with a list the of with business, Commission, our subsequent our uncertainties see the XX-K filings. quarter for for

with and GAAP provide and accounting in addition information or have be should assessing for a in been our measures as operating States information in these that useful such some accepted GAAP. not metrics performance. of financial principles the accordance These in revenue adjusted In today believe substitute We discussed United non-GAAP non-GAAP to include not results. addition, the as supplemental calculated EBITDA generally items used any

presented directly measures been to the in end the posted the issued GAAP of non-GAAP the the of release page comparable our has to are at Relations these financial which measures earnings of financial Investor most Reconciliations tables today, website. company's earlier

only or law, in The August intention events information, as conference information the required obligation, any X, new call other live update today, of except Exagen financial future XXXX. to or revise otherwise. disclaims information, forward-looking by provided whether broadcast or to projections statements, or any because this speaks

I will the now over and to turn Aballi, Exagen. CEO John call President of

few on to quarter morning Today, our this reshape long-term Exagen progress good to on the everyone The progress performance. months and record our updates including provide performance growth, we've of I'll goals. and track Ryan, the for profitable over starting to of Thanks, the and demonstrate a quarter call. results continuing last towards joining really made financial second are details

over half of grow the trajectory can the over our Our year first last results and expand pursuing and simultaneously XX shown the the months, profitability. has while specifically we that business

XXXX half continue To bottom performance first and that $X.X EBITDA major loss. history. quarterly delivered $X.X million financial year-over-year strides EBITDA line of to we million, performance. XX% and improvement loss only top Exagen's And adjusted with a this the make on adjusted we in end, both quarter, best the

is at before joined were where back I Exagen, progress look I we As just our impressive. truly

EBITDA In was loss million million revenue, our XXXX, delivered $XX.X adjusted we but in $XX accelerating. and

to a year, levels. And XXXX now have adjusted business, just XX% profitability. quarterly exciting lose We've quarter, what into were we under reshaped year loss today, which year an to Sitting expect almost that for average margins we our grown revenue par improvement. EBITDA this with Exagen on full from achieve used pace is XX%. here our to on XX% gross be we every Our

further of time organization. I'm this have the our the R&D This our cusp margins this enhanced deleveraging volume protection such core for and XX product, incredibly IP points over which period. of our past our while with X% Our our team pipeline quarter, all expanded process transformation our we revamping margin proud and progress we've volume ordering summer. expansion on on team in best sequentially we testing last grew adjustments and astounded the made short was since a total by quarterly to made are

see It test in expected. is exciting we momentum the as volume growth to

by great after with our Our through quarter progress significant rheumatology working is change over they and in energized making customers the year. serving team sales the the community, are management successful past

CTD. ASPs trailing exceed AVISE an And XX-month price for of. mark. the average Additionally, proud very public selling time our company, one we which exciting first a and This we $XXX milestone to the for as are continue increase seeing are is

QX. We to CMS price for our record made near-term trajectory the in tremendous us encouraged past have increasing to at The business by growth X quarters, to progress seeing least AVISE efforts combined volume our well. at over I'm core just led I'm our getting and $XX revenue over we of continue in attaining of execute goal quarterly XX% of closer growing CTD. AVISE ASP and million as the

improve seronegative traditionally QX, as with conveyed rheumatoid where our AVISE through sensitivity SLE our we RA. diagnosis offering diagnosed the expect markers, which and and existing we've better identified year, of products and be can will would as services. believe throughout for capture Additionally, areas the the CTD to we arthritis who we we've enhance addition In upgrade patients

provide I we platform AVISE options continue past This development expect to to aspect, a disease and efforts, by will believe These a made are improvements advance differential. launch tissue we will X by top And that connective we meaningful product advantages. progress the year-end. our quarter, prevalence each competitive of proprietary the has significant to under which enhancements CTD

of we year launching improving a expect AVISE of AVISE the both of to the flow in sets positive profile, markers. from progress CTD and business, revamped impact our launch cash a new Given the expect within we be

continue strategy. our on Our horizon to as for execute into achieving focus profitability is we coming

profitability, first since contracts areas near of see believe have of to additional I've the This this serving where we growth potential been for have we've segment here. and biopharma area we In better begun expansion. on and the a substantial placed business of opportunity is signed we heightened immunology I an second quarter, focus As untapped the ecosystem.

they Our the high-quality working to realize in proprietary as knowledge receive gives us with service more will space. our we pharma us. and testing, this offerings continue and capabilities by an domain And companies advantage quality can superior build

organization to down. our Before the sincere Kamal the he appreciation I into the contributions for made to as financial steps performance dive the deeper want I Exagen second extend quarter, for has

and to as value us track next executive and advantageous decade, has I team of the the that, join strong as and been has creation financials. will of roles as companies. numerous Chief he CFO His been throughout forward past to been the held Jeff Black supporter we Officer. has record leadership continue Over we a execute on Financial grateful. Subsequently, profitable look point. inflection my strategy transition Kamal Exagen our key progress I'm growth, and Jeff our our meaningful steward for a of be incredible deliver having of multiple public to

resetting our with autoimmune consistent for perfect have our and improving time Given of our join now clinical providing year disease. to mission the patients internal and it's of Jeff start to expectations, clarity the outcomes

to dive Now in.

what intense business our on can customer highlights strength performance under an of and the revised our QX focus strategy the Our shows accomplish.

and over Total To increase. in million quarter second driven clinical quarter $X.X and XXXX record same revenues 'XX, in last combination XXXX revenue year. a the X.X% million second second at ASPs of increased first a of through were $XX.X provide million of compared Growth Total improved the quarter. $X.X few with is driven now highlights. Other adoption compared in strong a revenues volumes quarter were primarily Exagen reimbursement. the was testing by CTD the being million AVISE of with the a $XX.X for in period increased

quarter cycle period over to of collections second period to QX with XX% compared we forecast, 'XX. of Cost in of but just revenue as margin continue difficult million a $X in $X.X gross performed our revenue to collections from in total generally job team revenue internal saw this tests to XX.X% Our a projections. million over resulting prior year very continues are of quarter do past the ago. outpace Prior strong again were a fantastic

driven of legal to of a headcount. in Operating The increases as the increase ASP. were primarily was XXXX decreases stock-based by compensation primarily fees million lower million excluding result COGS, in were for margin second compared with in $XX.X gross due 'XX. Year-over-year reduction in a expenses quarter of and $XX.X QX

million $X.X to year, second The the in loss million the a with $X.X $X XX% same loss million, improvement. EBITDA was Adjusted compared was loss 'XX. QX compared $XX of $X quarter in second loss million the last 'XX million for a representing period net of of a quarter for

first through year Adjusted million the the EBITDA $X.X half compared million first 'XX. quarters to X loss of the to was of $X.X

our EBITDA for our EBITDA today Please expense adjusted organization. issued a loss. refer a to release since the As of for adjusted is a stock comp excludes reminder, expense it to earlier noncash earnings reconciliation net

approximately as at XX, Looking XXXX, million. was balance and and of our cash sheet. June $XX.X equivalents $XX.X Cash receivable were accounts balance our million

months be X to the believe growth, the Given loss full $XX just our us ago. flow our better expectations enhancements least increasing our new within CTD positive from at now million we year profitable in and improvement ability $XX launch to cash EBITDA drive million, Again, guidance expected AVISE than dramatic a the is of year to are will which launch. make our is of first to revenue adjusted

now open will the questions. We call for

And of with Genuity. [Operator Canaccord is Kyle Instructions] the question our Mikson line from first

guess on Congrats on results. ASP. just I John, the maybe, the

$XXX quarter think just itself maybe or was quarter, I last above So so. fourth

to so, was XX% the of how bit just take it Medicare stabilizing list the price or price. or it I a of It's $XXX. $XXX. maybe Now to $XXX, kind $XXX at long get mean maybe could about like

that ASP? closing Are kind you about volume this target is I mean critical And of that? could take -- drive growth thinking how than how like rather maybe to step try are on here? And and a reinvest back to is that? you you

Kyle, for question. relevant. the Very thanks

I it's think good a one.

way we ambition ASPs our there look all. changed at and not the So has at

years that XX% level term. in has last the to of achieve been relatively couple the goal Our has over near been,

over For AVISE $XXX, $XXX somewhere CTD mark. that's just around that

XX-month we in variability quarter-to-quarter AVISE number, the the folks continue pointed we think We really we great trailing quarter anticipation to so see. had that a the of expected ASP we've up. to to push And and

our from perspective, view changed. so really And hasn't the

see you that negative nothing really or anything while So quarter-to-quarter of behind terms trends meaningful that in there's like transition, that.

still just It's inherently we'll it. exact We've difficult as when to guided hit forecast. remains goal really believe our point never the to to time an same. So we

we that appeals Some can be do. momentum in strong. really of But remain drive these things our payer things behavior, also can that changes but efforts

We're X starting feedback some now of get that we've in appeals. that of to completed levels X or

so And we as still maybe more we've last remain the so were over optimistic just given made progress the several we months. as even

And rather driving volume question expansion, the commercial collections then or like in things was inherit we've that kind ASP that. of key investment just in like of commercial kind -- and implied growth than and

been higher. penetration last much is your So in level maybe and in SG&A year, past rheumatologist us reach the level country? refresh has quarters the -- expand pretty market force of the of increase couple the just the I plans to sales mean stable on the the kind quarterly

absolutely. Yes,

driving of exciting what organization. And a strategic the we is improvement. we're anticipated had reshaping the is heart at us standpoint, thing from doing for the ASP So

If been increase joining now that the all prior really X organization. not seen me you XXXX we've years to recall, And XX% the from done levels. a at for has

that successful regard. being in we're So

QX of effect clinicians, our time, the At ordering required call what process had kind on this the that reset our and we and kicked from with That's what same last seen a volume transient was the volume, that some plan along. all growth. perspective, been that sort us And And it's of of time year. that to the off we we've expected. our in now,

right well. of about kind what as expected is we Timing

due now, this to couldn't it up drawn it. be where volume really see growth we be And One to continues on as One is to I on X sit better ASP side. different levers. the So side. any we the have continues

team, You across we a asked territory XX United growing States. footprint me sales the have to specifically continue the about

now. volume We've I the year, organization the for now believe right-sized started. right then first We the with that it's footprint. rightsized the is And right when us organization still impact last for

expand report We sales continue to monitor each And areas or territory with split we'll new to an into profitability. that force territories time, for but we're covering there. over nothing inside those

product is the fronts. likely launch year of second X] half operating for general, of in into think X low. little terms SG&A in product going a the expense a in [XX I do enhancement in here the We're

increase. marketing So likely to expenses are our

may commissions different and do we As to period, also have that, break throughout incentivize in sales we'll out. that team we ways the see how

operating XX level as in enhancements. likely is in, XX coming move overall when of of the that expenses these is right reasonable, increase factor kind we probably best our different But especially validation R&D in to to you model way under through expense not are it probably

So gives hopefully that color. some you

year was That then the just Yes. and the third ACR stuff the of interesting. given guess for quarter. in, interesting of And I It's Exagen conference dynamics is to in of the interesting I kind moving November. -- end some think, industry

a I into thinking bit be core growth, kind prior talk of And about third heading just year-end given thing, should kind quarter, recently? how like into about maybe about the excluding period collections feel you XXXX, how accelerate cadence So fourth momentum little then quarter of the into you as guess? business the we

Sure.

So asking more EBITDA are -- or you picture? adjusted are on also revenue entire you the the side,

revenue? line top The

So clinicians, extended in seasonality impact. some with we the this historically of top We're some have seen our second vacations. half of certainly typically the seeing or year,

when see our news. it in busy Airports You the flying. I'm is when extremely flying, are team

that So we right of impact some do see now.

QX. expect that into continue We

has most out quarter As the in you the QX of referenced, any holidays year.

in us, societal rheumatology for before we month week a Thanksgiving. And the November, of have meeting the

then least onto of So holiday it a week, rheumatology good out at week. that for pulls piggybacks the practice and chunk a a of community clinical

we think light few see or enhancements, in and hard product even to QX. We're I a were change highly historically. which working that of is So either flattening decline to motivated team do trend, a coming so, slight the especially over do

year if perspective, the So remove But that to out-of-period how we'll you and have first shapes exactly look half $X see million at out. from the our prior revenue, account it to grow the of just relatively XXXX. the that provided impact we've that that into conveyed. takes basically, period seasonality continue guide to is due collections, And we sentiment I flat into in as

Okay. That board was Jeff to Kamal good leave it great. definitely, working And I'll great see with now. and there. on it was

is question the Our Mark from BTIG. of next line with Massaro

one, first is in I obvious, it you beat million. the by Maybe QX like think but $X looks this

You raised the $X full by year million. guide

back But how changing your you comments year. expect volumes. -- the not half Obviously, excuse me, in strong you're quarter-over-quarter that trends the heard a quarter-over-quarter X% increase of confirming X% had Just seasonality. you I in about

to guidance you're outperformance was year back to I trajectory the assume in not back not expecting or guess embedding confirm change raise your prior any of changes of the trends for to the full just trying a the relative the that in the half? I the underlying year QX I'm half in to and the your in volume year. function

Sure. Thanks for question. the

the difficult business. dependencies there's of said on no, said, just certain payer time the increases inherently you over given are We've growth behavior. expectation projections As no and magnitude for that of ASP in the changes

lever That's our to growth. always that's forecast. a challenging of one So thing

X% From sequential a fantastic. quarter-over-quarter, the volume that's growth standpoint,

QX, QX volume has has a leveling. QX, build standpoint. historically, been we from QX of really we'll Just kind see. where a But been

the seem Again, have the not trends to that this team, the if analyst to is these them. the like been at said, here. and the sales within evaluate is I way or This you practice community message business, standpoint look historical handled is rheumatology from this an just sit clinical

So kind outlook, the half and to no like very leading the of both terms year. trajectory, in growth here, perform levers optimistic. how are we'll Like in our of see back the change we so of

Okay. Great.

reps. pretty of Can back be strategy or your pharma years, can't Exagen to maybe of the biopharma add. how driving know XX all many who's business us remind it's significant I the imagine mean IPO. You over see. the I XX a the to Nice going the to piece to demand? reps, so that mentioned used just your you I

there probably in biopharma term wins refresher huge years? over couple is And how then should we don't near that? So think expect use the specialized I a I se. could mean a per I about the next on team? of

But and just view strategy you're looking what test and of types this you sign? curious treat deals how to

in in great to model us CTD AVISE rheumatologists tissue the development a And for just was the practice. This business is serve where day-to-day value clear, to our their suspected QX. patients That's greatest clinical Absolutely. the community-based be in clinical disease. connective management of is underlying with

in regard. contracts are the And don't especially organization and revenue recently we biopharma this not in more vein. signed dilute our message our So we've the from that sales that

I team, and we seeing our established or the under And contract Dr. good was do small the to what high We're service offer message for a so to have convey. actively last we be some known there. Chief come feedback in see really have out testing. Medical We quality working to great team, is Officer, for small seems months Nerenberg, Mike It businesses our area. been a initial this new biopharma X they've wanted So the in a differentiated in.

markers in proprietary or enrollment these patients. clinical further have that is characterization We for trials,

so enhance that, the brand pharma with we're And to that perform, our quality within the community. starting combined the we testing of build

forecast. how this that companies so incredibly revenues some you the And follow business also see in of biopharma I'm you're and lumpy other aware difficult evolves. to sure we'll

the So these there stuff be to and because business of contracts way standpoint, we we'll that so up that layering our level higher-margin some performance. also, from but adjusted then that take of minimum a set some on, tends it it we've is

this the my a mentioning to reason for impact Hence, organization. So to expect do meaningful we it. be

this a separate to team. can business or But it become exactly be But unsure first start. big a a good just of is how large seems

with welcome, Kamal will cell Got But third years, also Got it. markers. the working I to T the want Jeff, the my here pleasure over and it. to put reiterate organization. I on question my

to So have who patients otherwise I tested would know identify SLE negative. able with you've talked about more being

So inherently, I you. opportunity for think that provides a significant

the I'm curious could people perhaps greater dollars, opportunity inflection. who not the a of mean you've gens, additional think launch. think just I pricing, characteristics as a there Perhaps always potential that incremental are think for demand But -- other as price if launched any how should what ease it gen? there's trying figure to in in had know to because next then I But several next the revenue relates companies of next-gen next to it's about about or the time some payers change of do you use see over are out path years, the Exagen incremental and from higher we a result to get

great a That's question.

the AVISE the evaluated. the So to explain time for to one makes to demonstrate CTD research most everyone, so we've is then to our through when broad a trials things that is what relevant diagnosis and valuable that markers own clinicians taken differential of unique and aiding a are subsequently being

these the of they, product sensitivity improved So AVISE profiles sub Mark, CTD. X as mentioned, within enhancements, you

lupus profiles. sub the arthritis within specifically So erythematosus rheumatoid and the systemic

available but physicians, clinical these benefit also expect will part enhancements reflect do individually, but as So to from offering. to be virtually benefit AVISE immediate launch. in of ASP also We an that our CTD

that how claims start to So adjudicated, lands exactly I'd once I like we will getting and be said meaningful. accretive it margin but see reimbursement

cash year revenue. within around with with organization. we said, of come now a And we've level and to be that in margins million both we that flow product that earnings and that this call XX% also $XX reached positive historically, a out said expect enhancements launching We've

of that direction. both organization of of are our at the in standpoint, to rate that launch So move from run product a there is our that first least we're towards enhancements. year end And projections initial starting

thinking internally. So that's we're it how about

start takes being get But You goes. never bring clinically, of claims so some utility on additional to of they that use adjudicated this until the these really them. it understand handled. what Volume value kind you CTD educate how time certainty are how you folks see operationally, have markers these adding markers, is of new those into and to to that it how we're impact,

X across And especially, disease we're doing states. it

So that time. take will some

gets at get it is get also then a at cash low of our from about in As volume. is the to that likely And year we're we're expectation XXs having that out realization message above level, such standpoint current combination looking that is it, of hit and confidence gain that and looking line resonate there, us kind a have positivity. what XX% how a of margin that but we're with full of it impact, the clinicians our top mark flow driving to kind ASP

from of line Dan is question the Cowen. Brennan next with Our TD

the loss Great. of one Maybe seeing just half. in first that you're kind the million first $X.X levels on better-than-expected the EBITDA

now $X million $XX down guide think I right, the you million, raised by from million. to

conservative still the think Arguably looks the how first in half Could raise. back more rate. about to speak nice half of just little you cost really So given we bit year? a run trends the

half discussed new kind But full to I $XX and you like first $X.X just translates year what loss to know that's a million loss. how million I'm entail. the of into put going a products trying

Great. than Certainly very relevant. that is Dan, with million to question. run less OpEx we The managing an we're for a the model. prudent quarter expenses being rate $XX per But standpoint, highly the look from one, organization. of good not way a it, at thanks

new launching So increase, when cost to we product enhancements. especially our some do X expect of you're

As would associated launches. we're these expect, product going to a marketing enhancement campaign with have you

The There one for will cytometry. is these some be expense. some enhancements commission R&D also impact methodology There's sales product increased from standpoint. of a flow

this in have validate prospective samples We have assay. to order to

validation. analytical running everything we ready so have and and so perfectly to And from clinical a that validate is that, we're to that assay we're time trial do when ready, the we

in are the likely year. half back of to So those the expenses increase

said, forecast we very collections. So on of the as prior to our it's adjusted or difficult in we've side. period Also, guide factored in, terms what that's EBITDA out-of-period

terms in And so million $X half. had the we the impact of first here in

factored this it do reduce the the over continue year. to accrual can the see half to hard we of back into expect time gets we as We're But what in rate. working to collect

important to in those are So I X think keep mind. factors

our you we've would a The picked Exagen we little gone too other maybe had of FTEs thing to maybe XXX year. in here have you low number That just is last that on I'll at point through likely XX-K, the is the up end at as year.

there key dramatically a we to positions had here, not so few It's organization that. that more above to within But be were fill done the going recently. have

are those we're into factors so And all that taking account.

just as you hearing the the better the Got it. know what then discussed the you're sensitivity markets. call, and performance a And field maybe under new the Could to maybe last these because of kind of maybe on just the there of of some color and those I your on performance, of speak of factors. enhancements these in kind you area like of of terms could kind increase user the from you little base kind basis, like just been you get products penetration curve any bit would the into the test volume shake spending? better that using helpful. launch kind some a doctors be from of entail could haven't ready that Just what given to of

Certainly.

in large it just societal going here happens launching also QX. is QX of you as to rheumatology to these. So will, the get campaign that timing-wise, perfect we're have certainly a meeting timing, if close we kind in And educational

this of lot Clinically, folks. universally, is positive. we'll feedback up to get November we of And very in of work here pretty a point. but market is the this a a as feedback done research we've the with So challenging for dilemma month folks, lot

that it use You've that And much patient. provide connective now, got we're you disease better. with test and tissue making AVISE suspected CTD differential can accurate only why the the improved. they more more the That's

feedback continues to out rheumatology volume-wise certainly been the see positive the XXXX. a in has exactly standpoint, But our from positive, how excuse community. far positive. very been feedback me. within So been -- need shapes it very far so our has It address so clinical high has We'll

holding. it. then been claims in Got terms of that one you've last And the maybe

we fully that are of like look is how 'XX. year kind claims kind Just of lot the remind of as you given a of half the to processing about we today? do where the us, out back Just of end pricing think

Yes.

each beginning year, the opportunities. claims a of hold at cycle we revenue that improves strategy our believe that we So we have as

then organizations And in QX that. claims to out so and we released And do there. those then late the go QX, insurance into we various from

done here in we've that QX. And so

million. You see about $X increased AR by our

Our cash strong. very is position

is to that is how out of the very see So back just played being goes And or half terms did kind as in how similar business released claims last the this, out are year. usual playing it it's in and of but of we'll year regard.

question next Our is Cantor line Fitzgerald. with from the of Osborn Ross

starting Maybe us. from bigger question a just with off

your breakeven next portfolio, thinking a year more the business focus a and thinking a runway Just are will point? at AVISE Given at efficient it reaching product the several CTD you in success the cash new there in be test how this Or bringing test are enough long you so, is that about in the with around Exagen years? an in longer-term or about for turning for growing your flow the story manner, of this point? in terms

work ponder. ago, honest, question. fun quite I the where be appreciate I of To I the to joined what to organization It's on. Ross, but had it couple a the question thought wasn't given about, I at a was of forefront especially years something

into And that material so standpoint, shown is the From progress. and perspective. our coming view. it more we've organization transforming is appreciate I

looking very that And I'm over what that, this in that's to it's it be the it's do, a right? really I've and to years. exciting forward exciting next was regard, is certainly business and of to operating I think That close couple see wanted to

do to be type into move strategies. allocation some we'll more think we able capital things I fun as

XX we're this, then from so has If condition. are quite into evaluation about we thinking of AVISE clinical CTD and to XX take for million look go. a Americans to at positive suspected of room perspective, how autoimmune million referred And bit still ANA a our subsequently rheumatology

penetration terms think digits mid-single kind of CTD. We AVISE somewhere of we're in market with that

front. So we've on got a lot of that room

we'll enhancements, see terms what of how product is new these think adoption work there. the impact clinical and I in they

have perspective, XXX think also kind of as And from we room an to that We good some clip. still is mentioned, a mark that go. ASP I

from So that's on just decent growth our perspective, a the business. base

Additionally, And need one R&D opportunities The only the rheumatology has last not things information our they and area done there. where have completely do diagnostics. of community, this the exciting is years we the X revamped efforts. over proprietary we've

at in patients, arthritis a or of diagnostic disease with subset so both with SLE, that also lupus therapeutic within those nephritis. SLE looking at. scores, actively And We've activity along something looked rheumatoid we're and response

there's other promising that we've efforts the a few research that to look And seem done. from

become own continue our on pipeline But we'll as first a build opportunity then So to and flow and starts business our think opportunities of can that. profitable cash got a I handle customer profile for look And good that organization, it an there how we'll with what enhance standpoint. out and subsequently in need. else also, we've foremost, is a positive we inorganic see regard and from out we

So experience join it. reasons super excited of of able for be and one there. to to some was That the fun thinking I'm about to his why be Jeff leverage

we'll So goes. where it see

All right.

progress. the on Congratulations great. Sounds

line Blair. the from Brackmann of question with Next William Andrew

that the back more you year? in bit on Anything a peer-to-peer, the specific whether anything can and sort conferences, of Maybe ads? like industry for, the maybe just half training the enhancements, it's plans on should that be these education events, around AVISE lookout KOL, on be we of

so going it's training markers of We're training. the of into really will benefit that of having them the wise started heavy are into centralized for pulling month organization. proposition provide. already to month are locations the value a be these actually organization, our within our clinical and August spending clinical regional days and sales X meetings deep terms Andrew, internal And in diving

has will this team I The for of months a been now preparing couple of attending for those. and be portions

of very So see from August, call sit internally training where beginning end excited kind standpoint, to we of September. a of it,

marketing some our all So material. those we're efforts. are revamping internal of Obviously,

a Our CTD AVISE result of report as changing this. is

the that taking AVISE AVISE, the way we new the analytes, We're even but to opportunity provide then these that just standard ones. also enhance

There's there. that will maybe changing, becomes -- the it but to will be that fully happy in is months, report next be that share as educational on it show X.X interpretation and and very some stuff Our month, mature, occur. of

to mentioned, of the in going date key be November. I a It's mid-November there. for ACRs That's month us. As

educational campaign. a have We'll strong

to presentations topics. slated there some already these are We on have

so enhancements. And the that to of out start there get information these commercialization really and excited

So those will, then couple are occurring. the in markers. that main if clinical things And validation, we've publishing see, that a which midst the of the studies are of highlight you of manuscripts, we're we'll run, these also

to hit lines, time control will the ideally public of sometime the tough of end the but domain those end publication year. year, the the before before ideally So

things So domain. at public physicians see from the obviously, you'll those manifest in QX. see reaction And then probably here we'll the

It's a good data generation. actually segue. sort go I to really where wanted of around That's Perfect. next just

got validation. those? some like we studies, sounds importance coming clinical how But about the the it are utility you've So around on terms just of of manuscripts should running be you lookout anything the that in thinking

part something key a that Clinical product at question. of reimbursement of launches. enhancements product we're the utility is in is this great our space and a heart That's

in with these with little and demonstrate markers, utility have exactly is we're at those launch be clinical it. to look results continue start set a taking maybe we trials others of utility. clinical will when discussions that we working the actively clinical to a We to of see folks, are It soon in but enroll XXXX it and and on more we come trials some as something to up

initial strong. results behavior are from 'XX.. clinical And the those markers That's analytical is here reason now, these we'll enhanced how to see So on with in look right subsequently, clinical we're launch of launching very focus validation, both these. of then readouts validation, the

now John call remarks. of closing for the I'll Aballi session. to over question-and-answer reached end the turn We've the

by Great. the and organization. I executing extending the huge want for and process level a high continuing the team end to the at very changes we've a buy made into trust thanks to in to Exagen at at

It be few to forward continues As convey, all. and to is exciting to to months. It's see. showcasing we to our in update next the continue evolve our our a Thanks performance providing I look business, exciting transformation.

conclude will conference. today's This

your your disconnect this time. you participation. may at You Thank lines for