Exagen Inc. Reports 37.9% Revenue Growth to $17.2 Million in Latest Quarter

Exagen Inc. reported significant financial performance improvements in its latest quarterly filing, with revenues reaching $17.2 million for the three months ended September 30, 2025, a 37.9% increase from $12.5 million in the same period last year. For the nine months ending September 30, 2025, total revenue was $49.9 million, up 19% from $42.0 million in the prior year. The company’s gross profit also saw a notable rise, amounting to $10.1 million for the third quarter, compared to $7.0 million in the previous year, reflecting a gross margin increase to 58.4% from 55.8%. Despite these gains, Exagen reported a net loss of $7.1 million for the quarter, widening from a loss of $5.0 million in the same quarter of 2024.

The company’s operational metrics indicate a positive trend, with the number of AVISE® CTD tests delivered increasing by approximately 16% year-over-year. The average selling price (ASP) for these tests also improved, rising to $441 per test from $404. This growth is attributed to the successful launch of new biomarkers and an expanded sales force, which has enhanced the company’s market penetration. Exagen's total assets increased to $62.8 million as of September 30, 2025, up from $44.7 million at the end of 2024, driven by higher cash reserves and accounts receivable.

Strategically, Exagen has made significant moves to bolster its financial position, including a public offering in May 2025 that generated approximately $18.6 million in net proceeds. The company also entered into a Credit Agreement with Perceptive Credit Holdings, securing a $25 million term loan, which is part of a larger facility of up to $75 million. This funding is intended to support ongoing operations and product development, particularly in the area of autoimmune disease diagnostics. The company has also expanded its workforce, with employee-related expenses increasing as it invests in its sales and research capabilities.

Looking ahead, Exagen anticipates continued revenue growth driven by the adoption of its AVISE® CTD tests and the introduction of new biomarkers. The company is focused on enhancing its product offerings and expanding its market share, particularly in the rheumatology sector. However, it acknowledges the ongoing challenges related to reimbursement from third-party payors, which could impact future revenue growth. Management believes that existing capital resources will be sufficient to fund operations for at least the next twelve months, although they may seek additional funding to support growth initiatives.