Exagen Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2025, with total revenue reaching $66.6 million, a 19.7% increase from $55.6 million in 2024. This growth was primarily driven by an 11% rise in testing volume and a 7% increase in the average selling price (ASP) of its flagship product, AVISE® CTD, which accounted for 91% of total revenue. The company also noted a substantial improvement in gross margin, which expanded by over 1,100 basis points, reflecting effective cost management and operational efficiencies.
In comparison to the previous fiscal year, Exagen's operating expenses rose to $52.9 million from $46.7 million, largely due to increased personnel costs and investments in sales and marketing. The net loss for the year was reported at $20 million, a slight increase from the $15.1 million loss in 2024. The company attributed this to higher interest expenses related to its new Perceptive Term Loan Facility and ongoing investments in research and development, which saw a 16.4% increase as Exagen focused on enhancing its product offerings.
Strategically, Exagen has revitalized its leadership team since late 2022, bringing in experienced professionals to drive growth and innovation in the autoimmune diagnostics market. The company launched new biomarker assays for systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA) in January 2025, which are expected to enhance the clinical utility of its AVISE® CTD product. Additionally, Exagen is actively pursuing partnerships with pharmaceutical companies to leverage its testing products and de-identified data for research purposes.
Operationally, Exagen has expanded its sales force and improved its revenue cycle management processes, which have contributed to a return to volume growth in the latter half of 2025. The company reported that the number of AVISE® CTD tests delivered increased by approximately 11% compared to the previous year, indicating a positive trend in market adoption. Exagen's laboratory, located in Vista, California, is certified under CLIA and accredited by CAP, ensuring compliance with regulatory standards for high-complexity testing.
Looking ahead, Exagen remains optimistic about its growth trajectory, projecting continued revenue growth and positive Adjusted EBITDA over the next 12 to 18 months. The company plans to focus on expanding its product offerings and enhancing reimbursement rates for its tests, while navigating the complexities of the healthcare reimbursement landscape.
About EXAGEN INC.
Exagen Inc. is a medical technology company specializing in autoimmune disease diagnostics. Its flagship AVISE® tests aid in the differential diagnosis, prognosis, and monitoring of complex rheumatic conditions like lupus and rheumatoid arthritis. The company leverages proprietary biomarkers and advanced assays to improve diagnostic accuracy, reduce healthcare costs, and support personalized treatment, primarily serving rheumatologists and healthcare providers in the U.S. through specialized laboratory services and innovative, clinically validated testing solutions.
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