Exagen Reports Record Q1 2026 Revenue of $17.3 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 12 2026
0mins
Source: seekingalpha
- Revenue Growth: Exagen reported a record revenue of $17.3 million for Q1 2026, reflecting a 12% year-over-year increase, which underscores the company's ongoing progress in expanding market share and increasing average selling price (ASP), likely driving future revenue growth.
- Market Share Gains: With an estimated addressable market of over $2.2 billion in autoimmune testing, Exagen currently holds just over 3% market share, while AVISE CTD test volume grew by 10% year-over-year, indicating effective market share capture and enhanced competitiveness.
- Cost Control and Profitability: The company achieved a gross margin of 59% in Q1, with operating expenses at $13.6 million, demonstrating ongoing improvements in cost management and operational efficiency, which further support profitability enhancement.
- Outlook Reaffirmation: Management reaffirmed full-year 2026 revenue guidance of $70 million to $73 million, anticipating high single-digit volume growth and low single-digit ASP growth, reflecting confidence in future performance despite uncertainties in collection timing.
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Analyst Views on XGN
Wall Street analysts forecast XGN stock price to rise
7 Analyst Rating
7 Buy
0 Hold
0 Sell
Strong Buy
Current: 4.400
Low
13.00
Averages
15.20
High
18.00
Current: 4.400
Low
13.00
Averages
15.20
High
18.00
About XGN
Exagen Inc. is a provider of autoimmune diagnostics focused on transforming care for patients with chronic and debilitating autoimmune conditions. The Company is focused on the design, development and commercialization of a portfolio of testing products under its AVISE brand, which allow for the differential diagnosis, prognosis and monitoring of complex rheumatic, autoimmune and autoimmune-related disease including, among others, systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA). Its testing products are supported by two proprietary technologies: its AVISE Lupus platform, which incorporates Cell-Bound Complement Activation Products (CB-CAPs) for diagnosing SLE, and a set of three biomarkers, the t-cell-based CB-CAP TC4d, along with two t-cell antibodies, TIgG, and TIgM (the T-Cell Biomarkers), all of which are incorporated into its AVISE CTD product. The Company’s flagship product, AVISE CTD, enables clinicians to more effectively diagnose complex autoimmune conditions.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Exagen Publishes Study on AVISE Lupus Algorithm's Diagnostic Superiority
- Enhanced Diagnostic Accuracy: The AVISE Lupus algorithm demonstrated superior diagnostic accuracy across over 1,200 SLE patients, uniquely identifying 25% of cases missed by conventional tests, thereby enabling earlier intervention and improved long-term outcomes.
- Expanded Clinical Validation: The study consolidated biomarker data from 3,132 individuals across 14 academic medical centers, showcasing AVISE Lupus's strong performance across diverse patient populations, further solidifying its leadership in autoimmune diagnostics.
- Market Competitive Advantage: CEO John Aballi emphasized that the consistent superior performance of AVISE Lupus establishes a robust competitive moat for Exagen, supporting its premium market positioning and broader adoption of its testing solutions.
- Technological Innovation and IP: The study revealed an AUC of up to 0.90 and specificity exceeding 98%, reinforcing the durability and robustness of the proprietary algorithm while providing strong support for Exagen's intellectual property.
See More
Exagen Reports 12% Year-over-Year Revenue Growth in Q1
- Revenue Growth: Exagen Inc reported first-quarter revenue of $17.3 million, marking a 12% year-over-year increase, indicating strong market performance that is expected to drive future investments and expansion.
- Gross Margin Improvement: The gross margin improved to 59%, up 360 basis points sequentially, demonstrating significant progress in cost control and product pricing, which will aid in enhancing overall financial health.
- Testing Volume Growth: The AVISE CTD test volume grew by 10% year-over-year, surpassing the market growth rate of 5%, indicating an increase in market penetration that may further strengthen the customer base.
- Full-Year Revenue Guidance: Exagen reaffirmed its full-year 2026 revenue guidance of $70 million to $73 million, reflecting confidence in continued growth despite challenges from weather disruptions and rising operating costs.
See More
Exagen Reports Record Q1 2026 Revenue of $17.3 Million
- Revenue Growth: Exagen reported a record revenue of $17.3 million for Q1 2026, reflecting a 12% year-over-year increase, which underscores the company's ongoing progress in expanding market share and increasing average selling price (ASP), likely driving future revenue growth.
- Market Share Gains: With an estimated addressable market of over $2.2 billion in autoimmune testing, Exagen currently holds just over 3% market share, while AVISE CTD test volume grew by 10% year-over-year, indicating effective market share capture and enhanced competitiveness.
- Cost Control and Profitability: The company achieved a gross margin of 59% in Q1, with operating expenses at $13.6 million, demonstrating ongoing improvements in cost management and operational efficiency, which further support profitability enhancement.
- Outlook Reaffirmation: Management reaffirmed full-year 2026 revenue guidance of $70 million to $73 million, anticipating high single-digit volume growth and low single-digit ASP growth, reflecting confidence in future performance despite uncertainties in collection timing.
See More
Exagen to Release Q1 2026 Financial Results
- Earnings Release Schedule: Exagen Inc. will announce its financial results for the quarter ending March 31, 2026, before the market opens on May 11, 2026, providing investors with the latest financial performance data.
- Conference Call Details: CEO John Aballi and CFO Jeff Black will host a conference call at 8:30 a.m. ET (5:30 a.m. PT) to review the financial results and answer investor questions, enhancing transparency and engagement with stakeholders.
- Webcast and Replay: Investors can listen to the live webcast via Exagen's Investor Relations website, with a replay available one hour after the call, ensuring that those unable to attend in real-time can still access the information.
- Company Overview: Exagen Inc. is a leading provider of autoimmune diagnostics, committed to improving care for patients with chronic autoimmune diseases, with its flagship product AVISE® CTD playing a crucial role in the early diagnosis of complex autoimmune conditions.
See More
Exagen Inc. Reports Record Q4 2025 Earnings and Growth Outlook
- Significant Revenue Growth: Exagen achieved a record $66.6 million in revenue for 2025, nearly a 20% increase over 2024, with testing volume up over 11%, indicating strong performance and sustained customer demand in its market.
- Sales Team Expansion: The sales force expanded from 40 to 45 territories, aiming to drive future revenue growth through broader market coverage and more efficient customer service, which is expected to enhance market share further.
- Product Development Plan: The company plans to launch one new product each year, with a myositis solution targeted for 2027, demonstrating Exagen's strategic commitment to expanding its market opportunities and product portfolio.
- Profitability Outlook: Exagen projects 2026 revenue guidance between $70 million and $73 million, with management confident that breakeven adjusted EBITDA can be achieved at an $80 million revenue run rate, reflecting a strong focus on future growth and investment priorities.
See More
Exagen Reports Q4 Earnings Miss Despite Revenue Growth
- Earnings Performance: Exagen's Q4 GAAP EPS of -$0.20 misses expectations by $0.01, indicating challenges in profitability that may affect investor confidence moving forward.
- Revenue Growth: The company reported revenue of $16.63 million, reflecting a 21.7% year-over-year increase, surpassing market expectations by $0.06 million, suggesting improved sales performance despite the earnings miss.
- Future Outlook: Exagen anticipates full-year 2026 revenue between $70 million and $73 million, compared to the consensus of $73.84 million, indicating a cautious outlook that may influence shareholder perceptions of its long-term strategy.
- Market Reaction: Despite revenue growth, Exagen's performance lags behind peers like Avino Silver & Gold and Harmony Gold, potentially prompting investors to reassess the risk and return profile of their portfolios.
See More
Exagen Publishes Study on AVISE Lupus Algorithm's Diagnostic Superiority
- Enhanced Diagnostic Accuracy: The AVISE Lupus algorithm demonstrated superior diagnostic accuracy across over 1,200 SLE patients, uniquely identifying 25% of cases missed by conventional tests, thereby enabling earlier intervention and improved long-term outcomes.
- Expanded Clinical Validation: The study consolidated biomarker data from 3,132 individuals across 14 academic medical centers, showcasing AVISE Lupus's strong performance across diverse patient populations, further solidifying its leadership in autoimmune diagnostics.
- Market Competitive Advantage: CEO John Aballi emphasized that the consistent superior performance of AVISE Lupus establishes a robust competitive moat for Exagen, supporting its premium market positioning and broader adoption of its testing solutions.
- Technological Innovation and IP: The study revealed an AUC of up to 0.90 and specificity exceeding 98%, reinforcing the durability and robustness of the proprietary algorithm while providing strong support for Exagen's intellectual property.
See More
Exagen Reports 12% Year-over-Year Revenue Growth in Q1
- Revenue Growth: Exagen Inc reported first-quarter revenue of $17.3 million, marking a 12% year-over-year increase, indicating strong market performance that is expected to drive future investments and expansion.
- Gross Margin Improvement: The gross margin improved to 59%, up 360 basis points sequentially, demonstrating significant progress in cost control and product pricing, which will aid in enhancing overall financial health.
- Testing Volume Growth: The AVISE CTD test volume grew by 10% year-over-year, surpassing the market growth rate of 5%, indicating an increase in market penetration that may further strengthen the customer base.
- Full-Year Revenue Guidance: Exagen reaffirmed its full-year 2026 revenue guidance of $70 million to $73 million, reflecting confidence in continued growth despite challenges from weather disruptions and rising operating costs.
See More
Exagen Reports Record Q1 2026 Revenue of $17.3 Million
- Revenue Growth: Exagen reported a record revenue of $17.3 million for Q1 2026, reflecting a 12% year-over-year increase, which underscores the company's ongoing progress in expanding market share and increasing average selling price (ASP), likely driving future revenue growth.
- Market Share Gains: With an estimated addressable market of over $2.2 billion in autoimmune testing, Exagen currently holds just over 3% market share, while AVISE CTD test volume grew by 10% year-over-year, indicating effective market share capture and enhanced competitiveness.
- Cost Control and Profitability: The company achieved a gross margin of 59% in Q1, with operating expenses at $13.6 million, demonstrating ongoing improvements in cost management and operational efficiency, which further support profitability enhancement.
- Outlook Reaffirmation: Management reaffirmed full-year 2026 revenue guidance of $70 million to $73 million, anticipating high single-digit volume growth and low single-digit ASP growth, reflecting confidence in future performance despite uncertainties in collection timing.
See More
Exagen to Release Q1 2026 Financial Results
- Earnings Release Schedule: Exagen Inc. will announce its financial results for the quarter ending March 31, 2026, before the market opens on May 11, 2026, providing investors with the latest financial performance data.
- Conference Call Details: CEO John Aballi and CFO Jeff Black will host a conference call at 8:30 a.m. ET (5:30 a.m. PT) to review the financial results and answer investor questions, enhancing transparency and engagement with stakeholders.
- Webcast and Replay: Investors can listen to the live webcast via Exagen's Investor Relations website, with a replay available one hour after the call, ensuring that those unable to attend in real-time can still access the information.
- Company Overview: Exagen Inc. is a leading provider of autoimmune diagnostics, committed to improving care for patients with chronic autoimmune diseases, with its flagship product AVISE® CTD playing a crucial role in the early diagnosis of complex autoimmune conditions.
See More
Exagen Inc. Reports Record Q4 2025 Earnings and Growth Outlook
- Significant Revenue Growth: Exagen achieved a record $66.6 million in revenue for 2025, nearly a 20% increase over 2024, with testing volume up over 11%, indicating strong performance and sustained customer demand in its market.
- Sales Team Expansion: The sales force expanded from 40 to 45 territories, aiming to drive future revenue growth through broader market coverage and more efficient customer service, which is expected to enhance market share further.
- Product Development Plan: The company plans to launch one new product each year, with a myositis solution targeted for 2027, demonstrating Exagen's strategic commitment to expanding its market opportunities and product portfolio.
- Profitability Outlook: Exagen projects 2026 revenue guidance between $70 million and $73 million, with management confident that breakeven adjusted EBITDA can be achieved at an $80 million revenue run rate, reflecting a strong focus on future growth and investment priorities.
See More
Exagen Reports Q4 Earnings Miss Despite Revenue Growth
- Earnings Performance: Exagen's Q4 GAAP EPS of -$0.20 misses expectations by $0.01, indicating challenges in profitability that may affect investor confidence moving forward.
- Revenue Growth: The company reported revenue of $16.63 million, reflecting a 21.7% year-over-year increase, surpassing market expectations by $0.06 million, suggesting improved sales performance despite the earnings miss.
- Future Outlook: Exagen anticipates full-year 2026 revenue between $70 million and $73 million, compared to the consensus of $73.84 million, indicating a cautious outlook that may influence shareholder perceptions of its long-term strategy.
- Market Reaction: Despite revenue growth, Exagen's performance lags behind peers like Avino Silver & Gold and Harmony Gold, potentially prompting investors to reassess the risk and return profile of their portfolios.
See More
