The Q1 beat on both revenue and EPS vs low expectations, combined with 12% revenue growth and improving adjusted EBITDA, supports a positive near-term bias. However, with cash burn continuing and guidance unchanged, the stock may need to see a path to profitability or a guidance raise to sustain momentum. Monitor the Q2 report for any acceleration in volume growth or margin expansion.
Price Chart
Executive Summary
Exagen reported Q1 2026 revenue of $17.3M, a 12% YoY increase and above the $16.4M consensus, with GAAP EPS of -$0.17 beating the -$0.24 consensus estimate. The company maintained its full-year 2026 revenue guidance of $70M-$73M, and while still unprofitable, adjusted EBITDA loss improved 14% YoY to -$2.2M. The beat on both top and bottom lines against a low bar is positive, but continued losses and unchanged guidance keep the outlook measured.
Key Financial Metrics
Key Facts
- Record Q1 2026 revenue of $17.3M, up 12% YoY from $15.5M
- GAAP EPS of -$0.17 beat consensus of -$0.24 by 29%
- Revenue of $17.3M beat consensus of $16.4M by 5.5%
- AVISE CTD test volume grew 10% YoY; trailing 12-month ASP rose 6% to $444
- Adjusted EBITDA loss improved 14% YoY to -$2.2M
- Full-year 2026 revenue guidance maintained at $70M-$73M (unchanged from prior guidance)
- Cash and equivalents of $21.5M, down from $32.2M at year-end 2025
Financial Impact
Revenue beat of ~$0.9M vs consensus; EPS beat of $0.07/share
Risk Factors
- Cash burn continues; cash fell from $32.2M to $21.5M in the quarter
- Full-year guidance unchanged at $70M-$73M implies deceleration in H2 2026
- Still deeply unprofitable with GAAP net loss of -$4.0M in Q1
- Dependence on reimbursement and coverage decisions from Medicare and third-party payors
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001274737-26-000027 |
| Exhibit: exdx-20260511.htm | 0001274737-26-000027 |
| Document: 0001274737-26-000027-index-headers.html | 0001274737-26-000027 |
| Document: 0001274737-26-000027-index.html | 0001274737-26-000027 |
| Document: 0001274737-26-000027.txt | 0001274737-26-000027 |
| 8-K Data (Synthetic) | 0001274737-26-000027 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | Insider Cluster | $7.41 | awaiting T+20 | — | $7.47 (+0.81%) |
Aug 4, 2026 11w 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 32w 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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