Exagen Inc. Reports Strong Q3 2025 Results
Exagen (Nasdaq: XGN) reported Q3 2025 results: revenue $17.2M (up 38% year-over-year), gross margin 58.4%, and trailing-twelve-month ASP $441 (up $37 vs Q3 2024). The company ended Q3 with $35.7M cash and reduced adjusted EBITDA loss to $(1.9)M for the quarter. Exagen commercially launched seronegative RA anti-PAD4 markers and presented research at ACR. The company reiterated full-year 2025 revenue guidance of $65M–$70M and said it could reach positive adjusted EBITDA in Q4 at the high end of that range.
Exagen (Nasdaq: XGN) ha riportato i risultati del Q3 2025: ricavi 17,2 milioni di dollari (in crescita del 38% rispetto all'anno precedente), margine lordo 58,4%, e ASP degli ultimi dodici mesi 441 dollari (in aumento di 37 dollari rispetto al Q3 2024). L'azienda ha chiuso il Q3 con 35,7 milioni di dollari in liquidità e ha ridotto la perdita EBITDA rettificata a (1,9) milioni per il trimestre. Exagen ha lanciato commercialmente marcatori anti-PAD4 seronegativi per l'artrite reumatoide e ha presentato ricerche all'ACR. L'azienda ha ribadito la guidance di ricavi per l'intero 2025 di 65–70 milioni di dollari e ha detto che potrebbe raggiungere un EBITDA rettificato positivo nel Q4 al livello superiore di tale intervallo.
Exagen (Nasdaq: XGN) presentó resultados del tercer trimestre de 2025: ingresos de 17,2 millones de dólares (↑ un 38% interanual), margen bruto 58,4%, y ASP de los últimos doce meses 441 dólares (↑ 37 dólares frente al Q3 de 2024). La empresa cerró el tercer trimestre con 35,7 millones de dólares en efectivo y redujo la pérdida de EBITDA ajustado a $(1,9) millones para el trimestre. Exagen lanzó comercialmente marcadores anti-PAD4 seronegativos para RA y presentó investigaciones en el ACR. La empresa reiteró la guía de ingresos para todo 2025 de 65–70 millones de dólares y dijo que podría alcanzar EBITDA ajustado positivo en el Q4 en el extremo superior de ese rango.
Exagen (Nasdaq: XGN)가 2025년 3분기 실적을 발표했습니다: 매출 1,720만 달러 (전년 동기 대비 38% 증가), 총이익률 58.4%, 그리고 지난 12개월 ASP 441달러 (2024년 3분기 대비 37달러 증가). 회사는 3분기를 현금 3,570만 달러로 마감했고 분기 순조정 EBITDA 손실을 (1.9)백만 달러로 감소시켰습니다. Exagen은 RA seronegative anti-PAD4 마커를 상업적으로 출시했고 ACR에서 연구를 발표했습니다. 회사는 2025년 연간 매출 가이던스를 여전히 6,5천만~7천만 달러로 제시했으며 구간의 상단에서 4분기에 양의 조정 EBITDA를 달성할 수 있다고 밝혔습니다.
Exagen (Nasdaq: XGN) a publié les résultats du T3 2025 : un chiffre d'affaires de 17,2 M$, en hausse de 38% sur un an, marge brute de 58,4%, et un ASP sur douze mois de 441$ (en hausse de 37$ par rapport au T3 2024). L'entreprise a terminé le T3 avec 35,7 M$ de trésorerie et a réduit la perte EBITDA ajustée à (1,9) M$ pour le trimestre. Exagen a lancé commercialement des marqueurs anti-PAD4 seronegatifs pour la RA et a présenté des recherches à l'ACR. L'entreprise a réaffirmé les prévisions de chiffre d'affaires pour l'ensemble de 2025 de 65–70 M$ et a déclaré qu'elle pourrait atteindre un EBITDA ajusté positif au Q4, à l'extrémité supérieure de cette fourchette.
Exagen (Nasdaq: XGN) meldete die Ergebnisse für das Q3 2025: Umsatz 17,2 Mio. USD (ca. 38% YoY), Bruttomarge 58,4%, und Trailing-Twelve-Month ASP 441 USD (plus 37 USD gegenüber Q3 2024). Das Unternehmen beendete Q3 mit 35,7 Mio. USD Barmittel und reduzierte den bereinigten EBITDA-Verlust für das Quartal auf (1,9) Mio. USD. Exagen hat seronegative RA Anti-PAD4-Marker kommerziell eingeführt und Forschung auf der ACR präsentiert. Das Unternehmen bekräftigte die Umsatzprognose für das Gesamtjahr 2025 von 65–70 Mio. USD und sagte, dass es im Q4 am oberen Ende dieses Bereichs positives bereinigtes EBITDA erreichen könnte.
Exagen (Nasdaq: XGN) أبلغت عن نتائج الربع الثالث من عام 2025: إيرادات 17.2 مليون دولار (ارتفاع 38% على أساس سنوي)، هامش إجمالي 58.4%، وسعر البيع للاثني عشر شهراً الماضية 441 دولارًا (ارتفاع 37 دولاراً مقارنة بالربع الثالث 2024). أنهت الشركة الربع الثالث بـ35.7 مليون دولار نقداً وخفضت خسارة EBITDA المعدلة إلى (1.9) مليون دولار للربع. قامت Exagen بإطلاق علامات RA غير المتسلسلة seronegative anti-PAD4 تجارياً وقدمت أبحاث في ACR. كررت الشركة توجيهات الإيرادات لعام 2025 بالكامل 65–70 مليون دولار وقالت إنها قد تحقق EBITDA معدلاً إيجابياً في الربع الرابع عند الحد العلوي من هذا النطاق.
- Revenue +38% year-over-year to $17.2M
- Trailing-twelve-month ASP increased by $37 to $441
- Cash and cash equivalents of $35.7M at quarter end
- Adjusted EBITDA loss improved to $(1.9)M in Q3
- Net loss widened to $(7.1)M in Q3 2025
- Operating loss remained at $(3.1)M for the quarter
Insights
Revenue and cash improved sharply; operating losses narrowed and guidance reiterates potential positive adjusted EBITDA in Q4.
The company delivered record quarterly revenue of
Operating expenses increased but operating loss narrowed to
Key dependencies and risks include sustaining test volume growth and ASP gains while controlling operating expense expansion and non‑operating charges that drive net loss. Watch the company’s quarterly revenue trajectory relative to the
CARLSBAD, Calif., Nov. 04, 2025 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial results for the quarter ended September 30, 2025, and recent corporate updates.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Unaudited, in thousands, except ASP data) | ||||||||||||||||
| Revenue | $ | 17,244 | $ | 12,507 | $ | 49,944 | $ | 41,986 | ||||||||
| Gross margin | 58.4 | % | 55.8 | % | 59.3 | % | 58.7 | % | ||||||||
| Operating expenses | $ | 13,175 | $ | 11,644 | $ | 38,688 | $ | 34,888 | ||||||||
| Operating loss | $ | (3,100 | ) | $ | (4,663 | ) | $ | (9,095 | ) | $ | (10,253 | ) | ||||
| Net loss | $ | (7,087 | ) | $ | (5,028 | ) | $ | (15,278 | ) | $ | (11,354 | ) | ||||
| Adjusted EBITDA | $ | (1,895 | ) | $ | (4,024 | ) | $ | (6,124 | ) | $ | (7,614 | ) | ||||
| Cash and cash equivalents | $ | 35,652 | $ | 22,035 | $ | 35,652 | $ | 22,035 | ||||||||
| Trailing-twelve-month average selling price (ASP) | $ | 441 | $ | 404 | $ | 441 | $ | 404 | ||||||||
Q3 2025 Highlights and Recent Corporate Updates:
- Delivered record total revenue of
$17.2 million , representing a38% increase compared to the third quarter of 2024, or a26% increase before the impact of one-time adjustments recorded in 2024. - Grew AVISE CTD test volume
16% compared to the third quarter of 2024. - Expanded AVISE CTD trailing twelve-month ASP to
$441 per test, an increase of$37 per test over the third quarter of 2024. - Ended the third quarter of 2025 with
$35.7 million in cash and cash equivalents, up from$30.0 million in the second quarter of 2025. - At the end of Q3, commercially launched seronegative RA markers for anti-PAD4, the latest enhancement to the AVISE CTD panel.
- Presented six abstracts at the American College of Rheumatology Conference, including a plenary presentation related to the continued development of a lupus nephritis platform.
2025 Guidance
The company reiterates expected 2025 full-year revenue of between
Conference Call
A conference call to review third quarter 2025 financial results and to provide a business update is scheduled for today, November 4, 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 November 18, 2025. Interested parties may access the replay by dialing (201) 612-7415 (U.S.) or (877) 660-6853 (international) using passcode 13756599. 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 the 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 the 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 the 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 disease earlier and with greater accuracy. Exagen’s CLIA-certified, CAP-accredited laboratory specializes in the testing of rheumatic diseases, delivering precise and timely results, supported by a 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, visit Exagen.com or follow Exagen on LinkedIn.
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; the potential utility and effectiveness of Exagen’s services and testing solutions; potential stockholder 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; and ability to obtain additional funding; 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 17,244 | $ | 12,507 | $ | 49,944 | $ | 41,986 | ||||||||
| Cost of revenue | 7,169 | 5,526 | 20,351 | 17,351 | ||||||||||||
| Gross profit | 10,075 | 6,981 | 29,593 | 24,635 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative expenses | 11,445 | 10,163 | 34,191 | 31,169 | ||||||||||||
| Research and development expenses | 1,730 | 1,481 | 4,497 | 3,719 | ||||||||||||
| Total operating expenses | 13,175 | 11,644 | 38,688 | 34,888 | ||||||||||||
| Loss from operations | (3,100 | ) | (4,663 | ) | (9,095 | ) | (10,253 | ) | ||||||||
| Interest expense | (1,319 | ) | (562 | ) | (2,988 | ) | (1,671 | ) | ||||||||
| Loss on extinguishment of debt | — | — | (295 | ) | — | |||||||||||
| Change in fair value of warrant liability | (2,670 | ) | — | (3,108 | ) | — | ||||||||||
| Interest income | 3 | 197 | 246 | 570 | ||||||||||||
| Loss before income taxes | (7,086 | ) | (5,028 | ) | (15,240 | ) | (11,354 | ) | ||||||||
| Income tax expense | (1 | ) | — | (38 | ) | — | ||||||||||
| Net loss | $ | (7,087 | ) | $ | (5,028 | ) | $ | (15,278 | ) | $ | (11,354 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.31 | ) | $ | (0.28 | ) | $ | (0.73 | ) | $ | (0.63 | ) | ||||
| Weighted-average number of shares used to compute net loss per share, basic and diluted | 22,940,412 | 18,254,937 | 20,878,373 | 18,127,549 | ||||||||||||
| Exagen Inc. Unaudited Condensed Balance Sheets (in thousands, except share and per share data) | ||||||||
| September 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 35,652 | $ | 22,036 | ||||
| Accounts receivable, net | 11,092 | 7,835 | ||||||
| Prepaid expenses and other current assets | 5,845 | 6,584 | ||||||
| Total current assets | 52,589 | 36,455 | ||||||
| Property and equipment, net | 7,494 | 5,283 | ||||||
| Operating lease right-of-use assets | 1,685 | 2,401 | ||||||
| Other assets | 1,055 | 550 | ||||||
| Total assets | $ | 62,823 | $ | 44,689 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,559 | $ | 4,137 | ||||
| Accrued and other current liabilities | 5,684 | 6,916 | ||||||
| Deferred revenue | 641 | 733 | ||||||
| Finance lease liabilities, current | 1,134 | 201 | ||||||
| Operating lease liabilities, current | 1,192 | 1,096 | ||||||
| Borrowings, current | 680 | 423 | ||||||
| Total current liabilities | 12,890 | 13,506 | ||||||
| Borrowings, non-current, net of discounts and debt issuance costs | 22,261 | 19,822 | ||||||
| Finance lease liabilities, non-current | 2,141 | 157 | ||||||
| Operating lease liabilities, non-current | 759 | 1,664 | ||||||
| Warrant liability | 6,634 | — | ||||||
| Total liabilities | 44,685 | 35,149 | ||||||
| Commitments and contingencies (Note 5) | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 23 | 18 | ||||||
| Additional paid-in capital | 327,724 | 303,853 | ||||||
| Accumulated deficit | (309,609 | ) | (294,331 | ) | ||||
| Total stockholders' equity | 18,138 | 9,540 | ||||||
| Total liabilities and stockholders' equity | $ | 62,823 | $ | 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (in thousands) | ||||||||||||||||
| Adjusted EBITDA | ||||||||||||||||
| Net loss | $ | (7,087 | ) | $ | (5,028 | ) | $ | (15,278 | ) | $ | (11,354 | ) | ||||
| Other (income) expense | (3 | ) | (197 | ) | (246 | ) | (570 | ) | ||||||||
| Interest expense | 1,319 | 562 | 2,988 | 1,671 | ||||||||||||
| Loss on extinguishment of debt | — | — | 295 | — | ||||||||||||
| Change in fair value of warrant liability | 2,670 | — | 3,108 | — | ||||||||||||
| Income tax expense | 1 | — | 38 | — | ||||||||||||
| Depreciation and amortization expense | 612 | 422 | 1,518 | 1,309 | ||||||||||||
| Stock-based compensation expense | 593 | 217 | 1,453 | 1,330 | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | (1,895 | ) | $ | (4,024 | ) | $ | (6,124 | ) | $ | (7,614 | ) | ||||
FAQ
What were Exagen's Q3 2025 revenue and gross margin (XGN)?
How much cash did Exagen (XGN) hold at the end of Q3 2025?
Did Exagen (XGN) change its 2025 revenue guidance on Nov 4, 2025?
What is Exagen's trailing-twelve-month ASP for AVISE CTD in Q3 2025?
Can Exagen (XGN) achieve positive adjusted EBITDA in 2025?
What product or clinical updates did Exagen announce in Q3 2025?
