Exagen Stock Earnings Reports

Key points for investors:

- Strong start to 2026: Q1 revenue $17.3M (+12% YoY), testing volume +10% YoY (mid-30k quarterly run-rate). Gross margin 59%; adjusted EBITDA loss improved to $2.2M (14% improvement YoY). Cash, cash equivalents and restricted cash ~ $22M. Guidance reaffirmed: full-year 2026 revenue $70M–$73M.

- ASP and revenue cycle progress: Trailing 12‑month ASP for AVISE CTD expanded to $444 (+6% YoY). Q1 included ~ $900k of collections on claims >360 days, which materially boosted in‑period ASP. Management targets a longer‑term ASP around 50% of Medicare reimbursement (~$600–$650).

- Commercial traction and growth drivers: Ordering clinicians +15% YoY; sales productivity improving (T12M volume per territory +4%). Pharma services beginning to contribute (~$300k revenue in Q1) with contract backlog >$5M expected to be realized over 2–3 years.

- Product pipeline & innovation: Management reiterates strategy of ~1 new product ~every 12 months; next stand‑alone product is a myositis offering targeted for early 2027 (high unmet clinical need). Several myositis and SLE manuscripts/abstracts accepted recently, supporting evidence generation.

- Margin and cost outlook: Management expects gross margin to progress to the mid‑60s over time as ASP improves, scale is achieved and COGS are optimized. OpEx is being directed at commercial and R&D investments; Q1 OpEx $13.6M (+9% YoY).

- Key risks/near‑term variability: Prior‑period collections are lumpy and can create quarter-to-quarter ASP variability. Q1 volumes were modestly impacted by ~2 weeks of severe winter weather (management estimates ~1/3 volume lost during those two weeks). LCD (MolDX) remains in process with no timing commitment. Execution on revenue cycle, payer engagement and new product commercialization (myositis) are critical to sustaining ASP and volume trends.