Exagen delivered record first-quarter revenue and improved adjusted EBITDA metrics as the autoimmune diagnostics company continued expanding adoption of its AVISE CTD testing platform.
Key Investor Takeaways
- Exagen Inc. (NASDAQ:XGN) reported record Q1 revenue of $17.3 million, up 12% year-over-year.
- AVISE CTD test volume increased 10%, while average selling price rose 6% to $444 per test.
- Adjusted EBITDA loss improved 14%, suggesting progress toward operating leverage.
- Exagen maintained full-year 2026 revenue guidance of $70 million to $73 million.
- Investors may focus on whether rising autoimmune test adoption can eventually offset continued net losses.
Why (NASDAQ:XGN) Stock Is in Focus
Exagen reported first-quarter 2026 revenue of $17.3 million, marking a 12% increase compared with the same period last year and representing the highest quarterly revenue in the company’s history.
Growth was driven by stronger demand for the company’s AVISE CTD autoimmune testing platform.
AVISE CTD test volume rose 10% year-over-year, while the trailing twelve-month average selling price increased to $444 per test from $419 a year earlier.
Gross margin remained stable at 59.0%.
The company reported a net loss of $4.0 million for the quarter, compared with a loss of $3.8 million in the prior-year period.
However, adjusted EBITDA loss improved to $2.2 million from $2.5 million last year.
Exagen ended the quarter with approximately $21.5 million in cash and cash equivalents, nearly doubling the balance held a year earlier.
CEO John Aballi said: “First quarter results establish a solid start to 2026, reflecting our team’s disciplined execution and effective revenue cycle management.”
The company reaffirmed its full-year 2026 revenue guidance range of $70 million to $73 million.
Why This Matters for Investors
The results suggest Exagen is continuing to improve commercial execution within the autoimmune diagnostics market, particularly through higher testing volume and improved pricing dynamics.
For investors, the combination of revenue growth, stable margins, and improving adjusted EBITDA may support the view that the company is gaining operating scale, even though profitability remains elusive.
The increase in average selling price is also notable because reimbursement pressure and pricing stability are key issues across diagnostic testing businesses.
At the same time, Exagen remains unprofitable and continues consuming cash, which means investors may remain focused on the company’s path toward sustainable operating leverage.
The autoimmune diagnostics market also remains competitive, making continued adoption and physician utilization important variables for future growth.
Still, the reaffirmed guidance and improved cash position may help support confidence in near-term operational stability.
What To Watch Next
Investors will likely monitor several areas in coming quarters:
- Continued growth in AVISE CTD testing volume
- Stability in reimbursement rates and average selling prices
- Progress toward adjusted EBITDA breakeven
- Cash balance trends and liquidity position
- Expansion of Exagen’s autoimmune diagnostics portfolio and clinician adoption