)
Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
Exagen (XGN) investor relations material
Exagen Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved record Q3 2025 revenue of $17.2 million, a 38% year-over-year increase, driven by higher test volume and ASP expansion, with AVISE CTD test volume up 16%.
Gross margin improved to 58.4% in Q3 2025 from 55.8% in Q3 2024, reflecting operational efficiencies and new biomarker launches.
Net loss for Q3 2025 was $7.1 million, primarily due to higher interest expense and warrant liability revaluation.
Successfully launched new anti-PAD4 antibody assays and seronegative RA markers, further differentiating the rheumatoid arthritis portfolio.
Cash and cash equivalents stood at $35.7 million as of September 30, 2025.
Financial highlights
Q3 2025 revenue reached $17.2 million, a record high and nearly 38% increase year-over-year; nine-month revenue was $49.9 million.
Gross margin for Q3 2025 was 58.4%; year-to-date gross margin was just over 59%.
Operating expenses for Q3 2025 were $13.2 million, up 13.2% year-over-year, mainly due to R&D and sales expansion.
Adjusted EBITDA loss improved to $1.9 million in Q3 2025 from $4 million in Q3 2024.
Net loss per share for Q3 2025 was $(0.31); cash used in operations for nine months was $10.6 million.
Outlook and guidance
Reiterated 2025 full-year revenue guidance of $65–$70 million, with positive adjusted EBITDA expected in Q4 if revenue reaches the high end.
Revenue growth guidance for 2025 remains 17% to over 25%.
Existing cash and anticipated revenue are expected to fund operations for at least the next 12 months.
Long-term ASP target remains $500–$600, with $500 expected to drive cash flow positivity.
Management expects moderate increases in operating expenses to support growth, but these will decrease as a percentage of revenue.
What drives Q4 2025 positive adjusted EBITDA?
Future growth drivers for AVISE CTD?
Source of cash increase in Q3 2025?
ASP headwinds: actions to reach $500 target?
How do new RA markers differentiate Exagen?
Pharma Services: long-term strategic role?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Exagen earnings date
Q4 202516 Mar, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Exagen Inc. is a life sciences company focused on transforming the diagnosis, prognosis, and management of autoimmune diseases. The company develops and commercializes advanced diagnostic solutions designed to provide actionable insights for physicians treating conditions such as lupus and rheumatoid arthritis. Exagen’s product portfolio includes proprietary tests and services that integrate genomic and proteomic technologies to support personalized patient care. The company is headquartered in Vista, California, and its shares are listed on the NASDAQ.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage