Exagen Inc. Reports Strong Q2 2025 Results
Exagen Inc. (Nasdaq: XGN), a leading autoimmune testing solutions provider, reported strong Q2 2025 financial results with record revenue of $17.2 million, representing 14% growth year-over-year. The company achieved significant milestones including a 14% increase in AVISE CTD test volume compared to Q1 2025 and an expanded ASP of $428.
Key financial metrics include a gross margin of 60.4% and operating expenses of $13 million. The company strengthened its financial position through a $20.2 million public offering and ended Q2 with $30.2 million in cash. Management provided full-year 2025 revenue guidance of $65-70 million, expecting positive adjusted EBITDA at the high end in Q4.
Notable corporate updates include the appointments of Dr. Michael Mahler as CSO and Chas McKhann to the Board of Directors.
Exagen Inc. (Nasdaq: XGN), un fornitore leader di soluzioni per test autoimmuni, ha riportato risultati finanziari solidi nel secondo trimestre 2025 con un fatturato record di 17,2 milioni di dollari, che rappresenta una crescita del 14% rispetto all'anno precedente. L'azienda ha raggiunto traguardi significativi, tra cui un aumento del 14% nel volume dei test AVISE CTD rispetto al primo trimestre 2025 e un prezzo medio di vendita (ASP) ampliato a 428 dollari.
I principali indicatori finanziari includono un margine lordo del 60,4% e spese operative pari a 13 milioni di dollari. L'azienda ha rafforzato la propria posizione finanziaria attraverso un offerta pubblica da 20,2 milioni di dollari e ha chiuso il secondo trimestre con 30,2 milioni di dollari in cassa. La direzione ha fornito una previsione di fatturato per l'intero 2025 tra 65 e 70 milioni di dollari, prevedendo un EBITDA rettificato positivo verso l'estremità superiore nel quarto trimestre.
Tra gli aggiornamenti aziendali di rilievo figurano le nomine del Dr. Michael Mahler come CSO e di Chas McKhann nel Consiglio di Amministrazione.
Exagen Inc. (Nasdaq: XGN), un proveedor líder de soluciones para pruebas autoinmunes, reportó sólidos resultados financieros en el segundo trimestre de 2025 con ingresos récord de 17.2 millones de dólares, lo que representa un crecimiento del 14% interanual. La compañía alcanzó hitos importantes, incluyendo un aumento del 14% en el volumen de pruebas AVISE CTD en comparación con el primer trimestre de 2025 y un precio promedio de venta (ASP) ampliado a 428 dólares.
Las métricas financieras clave incluyen un margen bruto del 60.4% y gastos operativos de 13 millones de dólares. La empresa fortaleció su posición financiera mediante una oferta pública de 20.2 millones de dólares y cerró el segundo trimestre con 30.2 millones de dólares en efectivo. La dirección proporcionó una guía de ingresos para todo el 2025 de 65 a 70 millones de dólares, esperando un EBITDA ajustado positivo en el extremo alto en el cuarto trimestre.
Entre las actualizaciones corporativas destacadas se encuentran los nombramientos del Dr. Michael Mahler como CSO y de Chas McKhann en el Consejo de Administración.
Exagen Inc. (나스닥: XGN)은 선도적인 자가면역 검사 솔루션 제공업체로, 2025년 2분기에 기록적인 1,720만 달러 매출을 보고하며 전년 동기 대비 14% 성장했습니다. 회사는 2025년 1분기 대비 AVISE CTD 검사량이 14% 증가하고 ASP가 428달러로 확대되는 등 중요한 이정표를 달성했습니다.
주요 재무 지표로는 총이익률 60.4%와 1,300만 달러의 영업비용이 포함됩니다. 회사는 2,020만 달러의 공개 주식 발행을 통해 재무 상태를 강화했으며, 2분기 말 현금 보유액은 3,020만 달러였습니다. 경영진은 2025년 연간 매출 가이던스를 6,500만~7,000만 달러로 제시했으며, 4분기에는 조정 EBITDA가 상위권에서 긍정적일 것으로 예상하고 있습니다.
주요 기업 소식으로는 마이클 마흘러 박사가 CSO로, 채스 맥한이 이사회 멤버로 임명된 점이 있습니다.
Exagen Inc. (Nasdaq : XGN), un fournisseur leader de solutions de tests auto-immuns, a annoncé de solides résultats financiers pour le deuxième trimestre 2025 avec un chiffre d'affaires record de 17,2 millions de dollars, soit une croissance de 14 % par rapport à l'année précédente. La société a atteint des étapes importantes, notamment une augmentation de 14 % du volume des tests AVISE CTD par rapport au premier trimestre 2025 et un prix de vente moyen (ASP) élargi à 428 dollars.
Les principaux indicateurs financiers incluent une marge brute de 60,4 % et des charges d'exploitation de 13 millions de dollars. La société a renforcé sa position financière grâce à une offre publique de 20,2 millions de dollars et a terminé le deuxième trimestre avec 30,2 millions de dollars en liquidités. La direction a fourni des prévisions de chiffre d'affaires pour l'année 2025 comprises entre 65 et 70 millions de dollars, s'attendant à un EBITDA ajusté positif dans le haut de la fourchette au quatrième trimestre.
Parmi les mises à jour corporatives notables figurent les nominations du Dr Michael Mahler en tant que CSO et de Chas McKhann au conseil d'administration.
Exagen Inc. (Nasdaq: XGN), ein führender Anbieter von Autoimmun-Testlösungen, meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Rekordumsatz von 17,2 Millionen US-Dollar, was einem Wachstum von 14 % im Jahresvergleich entspricht. Das Unternehmen erreichte bedeutende Meilensteine, darunter eine 14%ige Steigerung des Testvolumens des AVISE CTD im Vergleich zum ersten Quartal 2025 und einen erweiterten durchschnittlichen Verkaufspreis (ASP) von 428 US-Dollar.
Wichtige Finanzkennzahlen umfassen eine Bruttomarge von 60,4% und Betriebskosten von 13 Millionen US-Dollar. Das Unternehmen stärkte seine Finanzlage durch ein öffentliches Angebot in Höhe von 20,2 Millionen US-Dollar und schloss das zweite Quartal mit 30,2 Millionen US-Dollar in bar ab. Das Management gab eine Umsatzerwartung für das Gesamtjahr 2025 von 65 bis 70 Millionen US-Dollar ab und erwartet im vierten Quartal ein positives bereinigtes EBITDA am oberen Ende der Prognose.
Zu den bemerkenswerten Unternehmensneuigkeiten zählen die Ernennungen von Dr. Michael Mahler als CSO und Chas McKhann in den Vorstand.
- Record revenue of $17.2M, up 14% year-over-year
- AVISE CTD test volume grew 14% quarter-over-quarter
- ASP increased by $27 to $428 compared to Q2 2024
- Successfully raised $20.2M through public offering
- Strong cash position of $30.2M at quarter end
- Gross margin improved to 60.4% from 60.1% year-over-year
- Net loss increased to $4.4M from $3.0M in Q2 2024
- Operating loss widened to $2.63M from $2.59M year-over-year
- Operating expenses increased 11.9% to $13.0M
- Adjusted EBITDA loss grew to $1.72M from $1.60M year-over-year
Insights
Exagen shows solid revenue growth and improving metrics, but continues to operate at a loss with widening net losses despite operational improvements.
Exagen's Q2 2025 results reveal a company making measurable progress in its autoimmune testing business while still facing profitability challenges. The 14% year-over-year revenue growth to
However, beneath these positive top-line metrics, Exagen's profitability remains elusive. The company's net loss widened to
The recent
The appointment of scientific and board leadership with extensive industry experience signals Exagen's commitment to both innovation and strategic governance – critical factors for long-term success in the specialized diagnostics market. However, investors should monitor whether these investments translate to narrowing losses in coming quarters.
CARLSBAD, Calif., July 29, 2025 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial results for the quarter ended June 30, 2025, and recent corporate updates.
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Unaudited, in thousands, except ASP data) | ||||||||||||||||
| Revenue | $ | 17,202 | $ | 15,064 | $ | 32,700 | $ | 29,479 | ||||||||
| Gross margin | 60.4 | % | 60.1 | % | 59.7 | % | 59.9 | % | ||||||||
| Operating expenses | $ | 13,025 | $ | 11,643 | $ | 25,513 | $ | 23,244 | ||||||||
| Operating loss | $ | (2,630) | $ | (2,587) | $ | (5,995) | $ | (5,590) | ||||||||
| Net loss | $ | (4,439) | $ | (2,966) | $ | (8,191) | $ | (6,326) | ||||||||
| Adjusted EBITDA | $ | (1,721) | $ | (1,598) | $ | (4,229) | $ | (3,590) | ||||||||
| Cash and cash equivalents | $ | 30,033 | $ | 24,479 | $ | 30,033 | $ | 24,479 | ||||||||
| Trailing-twelve-month average selling price (ASP) | $ | 428 | $ | 401 | $ | 428 | $ | 401 | ||||||||
Q2 2025 Highlights and Recent Corporate Updates:
- Delivered record total revenue of
$17.2 million , which represents11% growth compared to the first quarter of 2025 and14% growth compared to the second quarter of 2024. - Grew AVISE CTD test volume
14% compared to the first quarter of 2025 and7% compared to the second quarter of 2024. - Expanded AVISE CTD trailing twelve-month ASP to
$428 , an increase of$27 per test over the second quarter of 2024. - Strengthened the balance sheet with the closing of a
$20.2 million public offering of common stock and a new loan credit facility. Ended the second quarter of 2025 with cash, cash equivalents and restricted cash of$30.2 million . - Appointed Dr. Michael Mahler as Chief Scientific Officer, bringing over two decades of leadership in autoimmune diagnostic research.
- Welcomed Chas McKhann, an accomplished executive with 25 years of experience in the life sciences sector, to the Board of Directors.
2025 Guidance
The company expects 2025 full-year revenue of between
Conference Call
A conference call to review second quarter 2025 financial results and to provide a business update is scheduled for today, July 29, 2025 at 8:30 a.m. ET (5:30 a.m. PT). Interested parties may access the conference call by dialing (201) 389-0918 (U.S.) or (877) 407-0890 (international). Additionally, a link to a live webcast of the call will be available in the Investor Relations section of Exagen's website at investors.exagen.com.
Participants are asked to join a few minutes prior to the call to register for the event. A replay of the conference call will be available until August 12, 2025. Interested parties may access the replay by dialing (201) 612-7415 (U.S.) or (877) 660-6853 (international) using passcode 13753132. A link to the replay of the webcast will also be available in the Investor Relations section of Exagen's website.
Use of Non-GAAP Financial Measures (UNAUDITED)
In addition to the financial results prepared in accordance with generally accepted accounting principles in the United States (GAAP), this press release contains the metric adjusted EBITDA, which is not calculated in accordance with GAAP and is a non-GAAP financial measure. Adjusted EBITDA excludes from net loss interest income (expense), income tax expense (benefit), depreciation and amortization expense, stock-based compensation expense, loss on extinguishment of debt, change in fair value of warrant liability, income taxes and other expenses or income that management believes are not representative of the company’s operations. Such items could have a significant impact on the calculation of GAAP net loss.
Exagen uses adjusted EBITDA internally because the company believes these metrics provide useful supplemental information in assessing its operating performance reported in accordance with GAAP. Exagen believes adjusted EBITDA may enhance an evaluation of our operating performance because it excludes the impact of prior decisions made about capital investment, financing, investing and certain expenses the company believes are not indicative of our ongoing performance. However, this non-GAAP financial measure may be different from non-GAAP financial measures used by other companies, even when the same or similarly titled terms are used to identify such measures, limiting their usefulness for comparative purposes.
This non-GAAP financial measure is not meant to be considered in isolation or used as a substitute for net loss reported in accordance with GAAP, should be considered in conjunction with our financial information presented in accordance with GAAP, has no standardized meaning prescribed by GAAP, is unaudited, and is not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future, there may be other items that Exagen may exclude for purposes of these non-GAAP financial measures, and the company may in the future cease to exclude items that it has historically excluded for purposes of these non-GAAP financial measures. Likewise, Exagen may determine to modify the nature of adjustments to arrive at these non-GAAP financial measures. Because of the non-standardized definitions of non-GAAP financial measures, the non-GAAP financial measure as used by the company in this press release and the accompanying reconciliation table have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. Accordingly, investors should not place undue reliance on non-GAAP financial measures.
A reconciliation of net loss to non-GAAP adjusted EBITDA is provided in the financial schedules that are part of this press release.
About Exagen
Exagen Inc. (Nasdaq: XGN) is a leading provider of autoimmune diagnostics, committed to transforming care for patients with chronic and debilitating autoimmune conditions. Based in San Diego County, California, Exagen’s mission is to provide clarity in autoimmune disease decision making and improve clinical outcomes through its innovative testing portfolio. The company’s flagship product, AVISE® CTD, enables clinicians to more effectively diagnose complex autoimmune conditions such as lupus, rheumatoid arthritis, and Sjögren’s syndrome earlier and with greater accuracy. Exagen’s laboratory specializes in the testing of rheumatic diseases, delivering precise and timely results, supported by a full suite of AVISE®-branded tests for disease diagnosis, prognosis, and monitoring. With a focus on research, innovation, education, and patient-centered care, Exagen is dedicated to addressing the ongoing challenges of autoimmune disease management.
For more information, please visit Exagen.com or follow @ExagenInc on X.
Forward Looking Statements
Exagen cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Exagen’s current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding: Exagen’s goals, strategies, positioning, and ambitions; evaluations and judgments regarding financial results and the potential implications of those results, potential future financial and business performance, including any improvements to adjusted EBITDA, ASP, net loss and potential profitability and/or Exagen’s ability obtain additional funding; the potential utility and effectiveness of Exagen’s services and testing solutions; potential shareholder value and growth and full-year 2025 guidance. The inclusion of forward-looking statements should not be regarded as a representation by Exagen that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Exagen’s business, including, without limitation: delays in reimbursement and coverage decisions from Medicare and third-party payors and interactions with regulatory authorities, and delays in ongoing and planned clinical trials involving its tests; the potential effects of inflation and tariffs on Exagen’s margins; and changes in laws and regulations related to Exagen’s regulatory requirements. Exagen’s commercial success depends upon attaining and maintaining significant market acceptance of its testing products among rheumatologists, patients, third-party payors and others in the medical community; Exagen’s ability to successfully execute on its business strategies; third-party payors not providing coverage and adequate reimbursement for Exagen’s testing products, including Exagen’s ability to collect on funds due; Exagen’s ability to obtain and maintain intellectual property protection for its testing products; regulatory developments affecting Exagen’s business; and other risks described in Exagen’s prior press releases and Exagen’s filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in Exagen’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 11, 2025, Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC on May 5, 2025 and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Exagen undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Contact:
Ryan Douglas
Exagen Inc.
ir@exagen.com
760.560.1525
| Exagen Inc. | ||||||||||||||||
| Unaudited Condensed Statements of Operations (in thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 17,202 | $ | 15,064 | $ | 32,700 | $ | 29,479 | ||||||||
| Cost of revenue | 6,807 | 6,008 | 13,182 | 11,825 | ||||||||||||
| Gross margin | 10,395 | 9,056 | 19,518 | 17,654 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative expenses | 11,542 | 10,464 | 22,746 | 21,006 | ||||||||||||
| Research and development expenses | 1,483 | 1,179 | 2,767 | 2,238 | ||||||||||||
| Total operating expenses | 13,025 | 11,643 | 25,513 | 23,244 | ||||||||||||
| Loss from operations | (2,630 | ) | (2,587 | ) | (5,995 | ) | (5,590 | ) | ||||||||
| Interest expense | (1,124 | ) | (560 | ) | (1,669 | ) | (1,109 | ) | ||||||||
| Loss on extinguishment of debt | (295 | ) | — | (295 | ) | — | ||||||||||
| Change in fair value of warrant liability | (438 | ) | — | (438 | ) | — | ||||||||||
| Interest income | 85 | 181 | 243 | 373 | ||||||||||||
| Loss before income taxes | (4,402 | ) | (2,966 | ) | (8,154 | ) | (6,326 | ) | ||||||||
| Income tax expense | (37 | ) | — | (37 | ) | — | ||||||||||
| Net loss | $ | (4,439 | ) | $ | (2,966 | ) | $ | (8,191 | ) | $ | (6,326 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.21 | ) | $ | (0.16 | ) | $ | (0.41 | ) | $ | (0.35 | ) | ||||
| Weighted-average number of shares used to compute net loss per share, basic and diluted | 21,085,749 | 18,178,185 | 19,830,265 | 18,061,312 | ||||||||||||
| Exagen Inc. | ||||||||
| Unaudited Condensed Balance Sheets (in thousands, except share and per share data) | ||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 30,033 | $ | 22,036 | ||||
| Accounts receivable, net | 14,272 | 7,835 | ||||||
| Prepaid expenses and other current assets | 6,681 | 6,584 | ||||||
| Total current assets | 50,986 | 36,455 | ||||||
| Property and equipment, net | 4,582 | 5,283 | ||||||
| Operating lease right-of-use assets | 1,929 | 2,401 | ||||||
| Other assets | 1,263 | 550 | ||||||
| Total assets | $ | 58,760 | $ | 44,689 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,510 | $ | 4,137 | ||||
| Accrued and other current liabilities | 4,942 | 7,117 | ||||||
| Deferred revenue | 1,016 | 733 | ||||||
| Operating lease liabilities, current | 1,160 | 1,096 | ||||||
| Borrowings, current | 667 | 423 | ||||||
| Total current liabilities | 10,295 | 13,506 | ||||||
| Borrowings, non-current, net of discounts and debt issuance costs | 22,310 | 19,822 | ||||||
| Operating lease liabilities, non-current | 1,067 | 1,664 | ||||||
| Warrant liability | 3,963 | — | ||||||
| Other liabilities, non-current | 91 | 157 | ||||||
| Total liabilities | 37,726 | 35,149 | ||||||
| Commitments and contingencies (Note 5) | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock, March 31, 2025 and December 31, 2024 | — | — | ||||||
| Common stock, 31, 2024; 21,998,739 and 17,640,328 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 22 | 18 | ||||||
| Additional paid-in capital | 323,534 | 303,853 | ||||||
| Accumulated deficit | (302,522 | ) | (294,331 | ) | ||||
| Total stockholders' equity | 21,034 | 9,540 | ||||||
| Total liabilities and stockholders' equity | $ | 58,760 | $ | 44,689 | ||||
| Exagen Inc. | ||||||||||||||||
| Reconciliation of Non-GAAP Financial Measures (UNAUDITED) | ||||||||||||||||
| The table below presents the reconciliation of adjusted EBITDA, which is a non-GAAP financial measure. See "Use of Non-GAAP Financial Measures (UNAUDITED)" above for further information regarding the company's use of non-GAAP financial measures. | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (in thousands) | ||||||||||||||||
| Adjusted EBITDA | ||||||||||||||||
| Net loss | $ | (4,439 | ) | $ | (2,966 | ) | $ | (8,191 | ) | $ | (6,326 | ) | ||||
| Other (income) expense | (85 | ) | (181 | ) | (243 | ) | (373 | ) | ||||||||
| Interest expense | 1,124 | 560 | 1,669 | 1,109 | ||||||||||||
| Loss on extinguishment of debt | 295 | — | 295 | — | ||||||||||||
| Change in fair value of warrant liability | 438 | — | 438 | — | ||||||||||||
| Income tax expense | 37 | — | 37 | — | ||||||||||||
| Depreciation and amortization expense | 466 | 429 | 906 | 887 | ||||||||||||
| Stock-based compensation expense | 443 | 560 | 860 | 1,113 | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | (1,721 | ) | $ | (1,598 | ) | $ | (4,229 | ) | $ | (3,590 | ) | ||||
FAQ
What were Exagen's (XGN) Q2 2025 revenue and growth rates?
How much cash does Exagen (XGN) have after their public offering in Q2 2025?
What is Exagen's (XGN) revenue guidance for full-year 2025?
How did Exagen's (XGN) AVISE CTD test performance change in Q2 2025?
What was Exagen's (XGN) gross margin in Q2 2025?
