NEW YORK – DermTech said this week that its first quarter revenues grew 9 percent year over year to $3.8 million from $3.5 million. Test revenues rose to $3.7 million from $3.4 million, while contract revenues were $168,000 compared to $52,000 in Q1 2023. Billable sample dropped 14 percent year over year to about 15,360 samples, the firm said. The San Diego-based developer of skin cancer diagnostics recorded a Q1 net loss of $20.0 million, or $.58 per share, compared to a net loss of $31.3 million, or $1.02 per share, a year ago. Its R&D spending was lowered to $3.3 million from $4.4 million a year ago, while its SG&A costs were cut to $18.0 million from $27.3 million. DermTech ended Q1 with $27.6 million in cash and cash equivalents and $11.4 million in short-term marketable securities.
Autoimmune testing firm Exagen reported this week that its first quarter revenues rose 29 percent to $14.4 million from $11.2 million in the year-ago quarter. The Carlsbad, California-based firm recorded a net loss of $3.4 million, or $.19 per share, for the quarter ended March 31 compared to a net loss of $7.7 million, or $.44 per share, in Q1 2023. The firm ended the quarter with $27.3 million in cash and cash equivalents. Exagen President and CEO John Aballi said in a statement that the firm is also planning to add T-cell and new RA biomarkers to its flagship Avise CTD assay, which is designed to aid in the differential diagnosis of systemic lupus erythematosus.
Lucid Diagnostics this week reported revenues of $1.0 million for the first quarter of 2024, more than doubling from $446,000 in the year-ago quarter. Net loss for the first quarter was $10.6 million, or $.40 per share, compared to a net loss of $16.2 million, or $.40 per share, in Q1 2023. Adjusted EPS for the quarter was a loss of $.21 per share. The New York-based company ended the quarter with $24.8 million in cash and cash equivalents. During the quarter, Lucid performed 2,420 commercial EsoGuard Esophageal DNA tests, up 31 percent from the same quarter in 2023.
Oncocyte this week reported first quarter revenues of $176,000, down 41 percent from $297,000 in Q1 2023 due to decreased revenue from the firm's Pharma Services business. Net loss for the quarter was $9.1 million, or $1.13 per share, compared to a gain of $3.0 million, or $.82 per share, in the prior-year quarter. The Irvine, California-based company ended the quarter with $5.6 million in cash and cash equivalents.