The stock may react positively to strong revenue growth and ASP expansion, but traders should monitor whether gross margin compression (58.3% in 2025 vs. higher prior margins) and persistent losses limit upside. The 2026 guidance implies decelerating growth, which could pressure shares if investors expected acceleration.
Price Chart
Executive Summary
Exagen reported record full-year 2025 revenue of $66.6 million, up 20% year-over-year, driven by 11% test volume growth and a 7% increase in average selling price to $441. Despite revenue growth, the company reported a net loss of $19.95 million and expects revenue of $70M–$73M in 2026. The results reflect operational progress but ongoing profitability challenges.
Key Financial Metrics
Key Facts
- Full-year 2025 revenue was $66.6 million, up 20% from 2024 ($55.6 million).
- AVISE CTD test volume grew over 11% and average selling price increased 7% to $441 per test.
- Net loss widened to $19.95 million in 2025 from $15.1 million in 2024.
- Adjusted EBITDA improved to -$9.79 million from -$10.15 million in 2024.
- Company raised $20 million via public offering and secured a $25 million credit facility, ending 2025 with $32.4 million in cash.
- 2026 revenue guidance is $70 million to $73 million, implying 5–10% growth.
Financial Impact
Revenue increased by $10.9 million year-over-year, but net loss expanded by $4.8 million. Adjusted EBITDA loss narrowed slightly by $355K. 2026 revenue guidance suggests continued growth but not yet profitability.
Risk Factors
- Continued net losses and uncertain path to profitability despite revenue growth.
- Reliance on reimbursement from Medicare and third-party payors, which could impact future revenue.
- Dilution risk from recent public offering and potential future equity raises.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3252716 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | Insider Cluster | $7.41 | awaiting T+20 | — | $7.78 (+4.99%) |
Aug 4, 2026 12w ago | 8-K | $6.45 $7.12 | ▲ +10.39% | ▲ +11.63% | $7.78 (+20.62%) |
May 11, 2026 24w ago | 8-K | $3.98 $4.31 | ▲ +8.29% | ▲ +8.60% | $7.78 (+95.48%) |
May 11, 2026 24w ago | Press Release | $3.98 $4.31 | ▲ +8.29% | ▲ +8.60% | $7.78 (+95.48%) |
Apr 23, 2026 26w ago | 8-K | $2.70 $4.27 | ▲ +58.15% | ▲ +54.12% | $7.78 (+188.15%) |
Mar 10, 2026 33w ago | Press Release | $3.25 $3.08 | ▼ −5.23% | ▼ −5.08% | $7.78 (+139.38%) |
Feb 24, 2026 35w ago | Insider Cluster | $3.69 $2.74 | ▲ +25.75% | ▲ +20.76% | $7.78 (−110.84%) |
Feb 24, 2026 35w ago | Insider Cluster | $3.69 $2.74 | ▲ +25.75% | ▲ +20.76% | $7.78 (−110.84%) |
Feb 24, 2026 35w ago | Insider Cluster | $3.69 $2.74 | ▲ +25.75% | ▲ +20.76% | $7.78 (−110.84%) |
Feb 24, 2026 35w ago | Insider Cluster | $3.69 $2.74 | ▲ +25.75% | ▲ +20.76% | $7.78 (−110.84%) |
US Market Status
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