The raised guidance and rapid adjusted EBITDA improvement suggest Exagen is on track to reach sustainable profitability within 1-2 quarters. Traders should watch for continued test volume growth and ASP expansion as key drivers.
Price Chart
Executive Summary
Exagen reported Q2 2026 results with record revenue of $19.9M (+16% YoY), a narrower net loss of -$3.2M (vs -$4.4M a year ago), and an adjusted EBITDA loss of just -$0.1M, approaching breakeven. The company raised full-year 2026 revenue guidance to $72M-$75M from $70M-$73M, signaling accelerating commercial momentum. EPS of -$0.13 beat consensus of -$0.17 by 23.5%, and the strong beat combined with raised guidance makes this a clear positive catalyst.
Key Financial Metrics
Key Facts
- Record Q2 revenue of $19.9M, up 16% YoY from $17.2M
- Net loss narrowed to -$3.2M from -$4.4M YoY, a ~28% improvement
- Adjusted EBITDA loss improved to -$0.1M from -$1.7M YoY, nearing breakeven
- Full-year 2026 revenue guidance raised to $72M-$75M from $70M-$73M
- AVISE CTD test volume grew 11% YoY; trailing 12-month ASP reached $446 (+4% YoY)
- EPS of -$0.13 beat consensus of -$0.17 by 23.5%
- Cash and equivalents of $24.6M at quarter end
Financial Impact
Revenue beat consensus by ~$2.0M (11.2%); EPS beat by $0.04 (23.5%); guidance raised by $2M at midpoint
Risk Factors
- Still generating net losses and negative adjusted EBITDA, though rapidly improving
- Dependence on reimbursement from Medicare and third-party payors
- Cash burn remains; $24.6M cash may require future financing if profitability is delayed
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001274737-26-000047 |
| Exhibit: exdx-20260804.htm | 0001274737-26-000047 |
| Document: 0001274737-26-000047-index-headers.html | 0001274737-26-000047 |
| Document: 0001274737-26-000047-index.html | 0001274737-26-000047 |
| Document: 0001274737-26-000047.txt | 0001274737-26-000047 |
| 8-K Data (Synthetic) | 0001274737-26-000047 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | Insider Cluster | $7.41 | awaiting T+20 | — | $7.47 (+0.81%) |
Aug 4, 2026 12w ago | 8-K | $6.45 $7.12 | ▲ +10.39% | ▲ +11.63% | $7.47 (+15.81%) |
May 11, 2026 24w ago | 8-K | $3.98 $4.31 | ▲ +8.29% | ▲ +8.60% | $7.47 (+87.69%) |
May 11, 2026 24w ago | Press Release | $3.98 $4.31 | ▲ +8.29% | ▲ +8.60% | $7.47 (+87.69%) |
Apr 23, 2026 26w ago | 8-K | $2.70 $4.27 | ▲ +58.15% | ▲ +54.12% | $7.47 (+176.67%) |
Mar 10, 2026 33w ago | Press Release | $3.25 $3.08 | ▼ −5.23% | ▼ −5.08% | $7.47 (+129.85%) |
Feb 24, 2026 35w ago | Insider Cluster | $3.69 $2.74 | ▲ +25.75% | ▲ +20.76% | $7.47 (−102.44%) |
Feb 24, 2026 35w ago | Insider Cluster | $3.69 $2.74 | ▲ +25.75% | ▲ +20.76% | $7.47 (−102.44%) |
Feb 24, 2026 35w ago | Insider Cluster | $3.69 $2.74 | ▲ +25.75% | ▲ +20.76% | $7.47 (−102.44%) |
Feb 24, 2026 35w ago | Insider Cluster | $3.69 $2.74 | ▲ +25.75% | ▲ +20.76% | $7.47 (−102.44%) |
US Market Status
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