I have similar problems, same ski, same year. Have you pulled the sparkplugs to see if they are fouling? It starts but does it sputter and cut out when throttling? what rpms can you reach? mine seems to top out in the 7000rpm range. (my plugs are wet fouling, mostly on the MAG side cylinder) pull the plugs and check their condition, although it will be a bit inaccurate unless you do that WOT lanyard kill method. theres info on this site how to run and how to shut down to give a better reading of what your plugs are actually doing. Assuming you can run it long enough before it dies on you. Check your basic primarys- compression, spark, fuel delivery,filter, lines, etc.. Ive even heard problems with the kill switch itself. You have to start eliminating potentials to find the problem. and it could be from quite a few things, trust me... ive been dealing with it all spring.
But yep, my xp will start, but eventually dies from wet fouled plug or plugs. im sure i have a leaking Rotary Valve seal or crank seal. when i first started working on it (got it from someone who let it sit all year long without winterizing) a lot of oil would exit out the exhaust from the leaking seals allowing oil into the motor. most of it is blown out now as it no longer shoots out the exhaust but i have yet to run it for more that 30 seconds at a time at WOT because i havent put it in the water yet.