Exagen ( (XGN) ) has released its Q1 earnings. Here is a breakdown of the information Exagen presented to its investors.
Exagen Inc., a prominent player in the autoimmune diagnostics sector, is dedicated to enhancing patient care through innovative testing solutions for complex autoimmune diseases. The company recently reported its financial results for the first quarter of 2025, highlighting a record revenue of $15.5 million, driven by an increase in average selling price and testing volume.
Exagen’s financial performance in Q1 2025 was marked by a revenue increase to $15.5 million from $14.4 million in the same period last year. Despite the revenue growth, the company faced a net loss of $3.75 million, slightly higher than the previous year’s $3.36 million. The gross margin slightly decreased to 58.9% from 59.6%, while operating expenses rose to $12.5 million from $11.6 million. The company also reported a decrease in cash and cash equivalents to $11.2 million from $27.3 million.
Key strategic developments included the expansion of the AVISE CTD test offering with new biomarkers for systemic lupus erythematosus and rheumatoid arthritis, and the commercial launch of these tests. Exagen also secured a $25 million credit facility to refinance existing debt and support future growth. Additionally, the company published significant research in a peer-reviewed journal and presented findings at a major industry summit, underscoring its commitment to innovation and research.
Looking ahead, Exagen remains optimistic about its financial trajectory, projecting a full-year revenue of at least $65 million for 2025. The company anticipates achieving positive adjusted EBITDA by the fourth quarter, reflecting its strategic focus on growth and operational efficiency.