XGN · Exagen Inc.

Exagen Inc. delivered record Q1 2026 revenue of $17.3 million, driven by 10% growth in AVISE CTD test volume and a 6% increase in trailing-twelve-month ASP to $444 per test, reflecting effective pricing power and revenue cycle management. Gross margin edged up slightly to 59.0% from 58.9%, with cost of revenue at $7.1 million versus $6.4 million prior year. Operating expenses rose to $13.6 million, primarily from higher selling, general and administrative costs at $12.1 million, offset by contained R&D at $1.6 million. Operating loss widened modestly to $3.4 million, while net loss increased to $4.0 million or $(0.17) per share from $3.8 million or $(0.20) per share, impacted by higher interest expense of $1.3 million. Adjusted EBITDA improved 14% to a $2.2 million loss, benefiting from operational leverage. Balance sheet shows $21.5 million in cash, down from year-end but ahead of expectations due to first-quarter claims holding strategy, with total assets at $52.0 million and stockholders' equity at $14.4 million. Management highlighted disciplined execution and reaffirmed full-year revenue guidance of $70-73 million, signaling confidence in sustained growth amid autoimmune testing demand. CEO John Aballi noted a solid start to 2026, emphasizing commitment to patient clarity and clinician confidence in a market with unmet needs.