Exagen Inc
NASDAQ:XGN
Exagen Inc
Exagen, Inc. is a commercial-stage diagnostics company, which engages in transforming the care continuum for patients suffering from debilitating and chronic autoimmune diseases by enabling timely differential diagnosis and optimizing therapeutic intervention. The company is headquartered in Vista, California and currently employs 219 full-time employees. The company went IPO on 2019-09-19. The firm offers physicians testing for patients and healthcare providers in diagnosis, prognosis, and monitoring of autoimmune conditions. The firm develops and commercialize testing products under the brand name AVISE. Its products include AVISE CTD, AVISE Lupus, AVISE APS, AVISE Vasculitis AAV, AVISE SLE Prognostic, AVISE Anti-CarP, AVISE PC4d, AVISE SLE Monitor and AVISE MTX. The firm's lead testing product AVISE enables diagnosis for patients with symptoms of connective tissue diseases (CTD) and Systemic lupus erythematosus (SLE). The Company’s AVISE brand allows for the differential diagnosis, prognosis and monitoring of complex autoimmune and autoimmune-related diseases, including SLE and rheumatoid arthritis (RA). The Company’s product portfolio integrates proprietary CB-CAPs technology, which is a stable and reliable method for differentially diagnosing systemic lupus erythematosus.
Exagen, Inc. is a commercial-stage diagnostics company, which engages in transforming the care continuum for patients suffering from debilitating and chronic autoimmune diseases by enabling timely differential diagnosis and optimizing therapeutic intervention. The company is headquartered in Vista, California and currently employs 219 full-time employees. The company went IPO on 2019-09-19. The firm offers physicians testing for patients and healthcare providers in diagnosis, prognosis, and monitoring of autoimmune conditions. The firm develops and commercialize testing products under the brand name AVISE. Its products include AVISE CTD, AVISE Lupus, AVISE APS, AVISE Vasculitis AAV, AVISE SLE Prognostic, AVISE Anti-CarP, AVISE PC4d, AVISE SLE Monitor and AVISE MTX. The firm's lead testing product AVISE enables diagnosis for patients with symptoms of connective tissue diseases (CTD) and Systemic lupus erythematosus (SLE). The Company’s AVISE brand allows for the differential diagnosis, prognosis and monitoring of complex autoimmune and autoimmune-related diseases, including SLE and rheumatoid arthritis (RA). The Company’s product portfolio integrates proprietary CB-CAPs technology, which is a stable and reliable method for differentially diagnosing systemic lupus erythematosus.
Record Revenue: Q3 revenue reached $17.2 million, the highest in Exagen's history and up nearly 40% from Q3 2024.
Volume & ASP Growth: Year-to-date revenue rose 19% with 8% growth in testing volume and 9% growth in average selling price (ASP); Q3 AVISE CTD test volume up 15% YoY.
Product Innovation: Successfully launched novel anti-PAD4 rheumatoid arthritis biomarkers, further differentiating Exagen's offerings.
Pharma Services Momentum: Pharma and CRO business generated $780,000 in Q3 revenue, with backlog growing to $3.5 million.
Gross Margin Stable: Gross margin was just over 58% in Q3, improving due to ASP gains and lower-than-expected per test costs.
Guidance Maintained: Reaffirmed 2025 revenue guidance of $65–$70 million, with cash flow positivity targeted at the high end but may slip to 2026.
ASP Challenges: ASP expansion is progressing slower than expected due to payer reimbursement delays and one high ASP account loss, but management remains confident in long-term growth.
Strong Balance Sheet: Ended Q3 with $35.7 million cash and $11 million accounts receivable, supporting continued investment and growth.
