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Investor Relations14 Oct 2025
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Exagen (XGN) investor relations material
Exagen Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary29 Jul, 2025
Executive summary
Achieved record Q2 2025 revenue of $17.2M, up 14% year-over-year, driven by new biomarkers, higher test volume, and strong commercial execution.
AVISE CTD test volume grew 14% sequentially and 7% year-over-year, with per territory revenue up over 50% in two years.
Trailing twelve-month ASP for AVISE CTD increased by $27 to $428 per test year-over-year.
Growth attributed to increased physician engagement, new biomarker launches, and expanded physician base.
Strengthened leadership with new Chief Scientific Officer and board member appointments.
Financial highlights
Q2 2025 revenue was $17.2M, a 14% increase year-over-year; gross margin improved to 60.4% from 60.1% in Q2 2024.
Operating expenses for the first half of 2025 were $25.5M, up 9.8% year-over-year, driven by higher SG&A and R&D.
Net loss for Q2 2025 was $4.4M, compared to $3.0M in Q2 2024; adjusted EBITDA loss was $1.7M versus $1.6M last year.
Ended Q2 2025 with $30M in cash and equivalents; operating cash burn under $3M, with strong liquidity.
Six-month revenue rose 10.9% year-over-year to $32.7M, with AVISE CTD tests comprising 91% of revenue.
Outlook and guidance
Full-year 2025 revenue guidance set at $65M–$70M, with positive adjusted EBITDA expected in Q4 at the high end.
Gross margin expected to maintain or improve moderately in the second half of 2025, driven by ASP improvements and new biomarker contributions.
SG&A and R&D expenses may increase moderately in absolute dollars but are expected to decrease as a percentage of revenue.
Sufficient liquidity is expected for at least the next 12 months, with $50M in additional term loan capacity available upon meeting milestones.
Ongoing investment in R&D and commercial growth, with operating expenses to remain stable as a percentage of revenue.
Assess sustainability of volume growth.
Discuss strategy for lupus nephritis.
Elaborate on ASP increase levers for 2026.
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Next Exagen earnings date
Q3 202511 Nov, 2025
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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.
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