Exagen Earnings Call Transcripts
Fiscal Year 2026
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Q3 revenue rose 7% to a record $18.4M, while YTD adjusted EBITDA improved more than 30%. Guidance was reiterated as commercial productivity, Pharma Services and the myositis pipeline supported growth.
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The company has significantly improved reimbursement rates and profitability by focusing on higher-quality test volume and operational efficiency. Product innovation continues with a new myositis test planned for 2027, while commercial expansion and R&D investment support long-term growth ambitions.
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Record revenue and test volumes drove a 16% year-over-year increase, with adjusted EBITDA near break-even. Full-year guidance was raised, gross margin improved, and Pharma Services revenue more than doubled. Myositis product launch remains on track for early 2027.
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Record Q1 2026 revenue grew 12% year-over-year, with gross margin at 59% and improved profitability. Test volume and ASP both increased, and full-year guidance was reaffirmed. Commercial expansion and innovation continue to drive growth.
Fiscal Year 2025
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Record 2025 revenue of $66.6M was driven by 11% test volume growth and 7% ASP increase, with gross margin at 58%. 2026 guidance calls for $70–$73M revenue, high single-digit volume growth, and low single-digit ASP growth, with breakeven expected at $80M revenue run rate.
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Record Q3 revenue and volume growth were driven by new biomarker launches and strong commercial execution, though ASP expansion was slower than expected due to payer challenges. Pharma services revenue surged, and the company remains on track for 2025 guidance, with cash flow positivity targeted at the high end.
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Record Q2 revenue and volume growth were driven by new biomarkers, commercial execution, and expanding clinical adoption. Gross margin and ASP improved, with full-year revenue guidance of $65–$70 million and positive adjusted EBITDA expected by Q4 2025.
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Record Q1 revenue and ASP growth were driven by new biomarker launches and increased test volume. Gross margin is expected to improve as new pricing is fully implemented, and the company is on track for positive Adjusted EBITDA by Q4 2025.
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The company has executed a significant turnaround, achieving sustained ASP growth, cost reductions, and new product launches that are expected to drive cash flow positivity by year-end. Enhanced diagnostic offerings and a renewed R&D pipeline position it for further growth in the expanding autoimmune market.
Fiscal Year 2024
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Record 2024 revenue of $55.6M was driven by higher ASP and new biomarker launches, with gross margin nearing 60% and adjusted EBITDA loss improving 40%. New RA and lupus markers expand the addressable market, and 2025 guidance targets further margin and volume growth.
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Q3 revenue was $12.5M, impacted by $1.2M in one-time adjustments, but underlying growth trends remain strong with improved ASP and gross margin. New biomarker launches and expanded lab capacity position the business for profitability and cash flow positivity by end of 2025.
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Proprietary autoimmune diagnostics drove record revenue and margin gains, with ASP up 44% in two years and volume growth resuming. New AVISE CTD enhancements launching in Q4 are expected to boost sensitivity and financials, targeting cash flow positivity by end of 2025.
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Record Q2 revenue and improved margins highlight strong operational progress, with full-year guidance raised and profitability in sight. Product enhancements and a new biopharma contract position the business for further growth, despite expected seasonality in H2.