Exagen (XGN) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $19.9 million, up 16% year-over-year, driven by an 11% increase in AVISE CTD test volume and a 4% rise in ASP to $446.

• Adjusted EBITDA loss narrowed to $0.1 million from $1.7 million in Q2 2025, reflecting improved operational efficiency and approaching break-even.

• Net loss reduced by nearly 30% year-over-year to $3.2 million, with net loss per share improving to $(0.13) from $(0.21).

• Ended the quarter with $24.6 million in cash and cash equivalents, with liquidity expected to be sufficient for at least the next twelve months.

• Full-year 2026 revenue guidance raised to $72–$75 million, reflecting strong first-half performance and operational momentum.

Financial highlights

• Q2 2026 revenue was $19.9 million, up from $17.2 million in Q2 2025.

• Gross margin improved to 61.3% from 60.4% year-over-year, benefiting from ASP expansion and cost optimization.

• Net loss per share improved to $(0.13) from $(0.21) year-over-year.

• Adjusted EBITDA loss for Q2 2026 was $(0.1) million, a substantial improvement.

• Six-month revenue reached $37.2 million, up 13.9% year-over-year.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $72–$75 million from prior $70–$73 million, with projected 8%–13% growth.

• Guidance assumes high single-digit volume growth and mid-single-digit ASP growth for the year.

• Adjusted EBITDA breakeven expected at around $80 million in annual revenue.

• Gross margin expected to reach 60% or above by year-end, with a long-term target in the mid-60s.

• Liquidity is expected to be sufficient for at least the next twelve months, with $40 million available under the Perceptive Term Loan Facility if revenue milestones are met.