EarningsQ2 2026 Earnings Report
DE:E08A Q2 2026 EPS Results
Actual EPS-€0.12
Consensus EPS-€0.17
Beat/MissBeat by +€0.05
One Year Ago EPS-€0.19
DE:E08A Q2 2026 Revenue Results
Actual Revenue€17.77M
Expected Revenue€15.86M
Beat/MissBeat by +€1.91M
YoY Revenue Growth+15.92%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeBefore Open
Conference CallTuesday, August 4, 2026
DE:E08A Upcoming Earnings
Exagen's next earnings date is estimated for November 16, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:E08A Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational and financial momentum: record revenue, record AVISE test volume, consecutive ASP growth (13 quarters), significant pharma services expansion, meaningful improvements in cash collections and near-breakeven adjusted EBITDA. Management raised full-year guidance and reiterated pipeline progress (myositis launch early 2027) and long-term ASP targets. Key risks include reimbursement uncertainty (pending MolDX LCD), seasonality and variability in collections and revenue recognition, and the remaining runway to achieve sustained adjusted EBITDA positivity around an $80M revenue run rate. Overall, positives — including multiple record metrics, improved margins and clear execution on RCM and commercial initiatives — materially outweigh the remaining operational and reimbursement headwinds.Company Guidance
Record Quarterly Revenue
Reported revenue of $19.9 million in Q2 2026, up 16% year-over-year and the highest quarterly revenue in company history.
Record AVISE Test Volume and Clinical Adoption
AVISE CTD volume reached nearly 39,000 tests in Q2, up 11% year-over-year and the highest quarterly volume in company history; over 2,800 clinicians ordered AVISE CTD in the quarter (≈+9% YoY).
Trailing 12-Month ASP Expansion
Trailing 12-month ASP expanded to $446 per test, up $18 (4%) versus last year and marking the 13th consecutive quarter of ASP growth; ASP has increased from $284 at end of 2022 to $446 today (~+57%).
Near-Breakeven Adjusted EBITDA
Adjusted EBITDA loss narrowed to approximately $0.1 million in Q2 versus a $1.7 million loss in Q2 last year, demonstrating substantial operating leverage and progression toward profitability.
Raised Full-Year 2026 Revenue Guidance
Increased 2026 revenue guidance to $72 million–$75 million (up from $70 million–$73 million), reflecting strong first-half execution.
Pharma Services Growth and Backlog Expansion
Pharma services revenue exceeded $1 million in Q2 (first quarter above $1M), up over 200% YoY; contract backlog increased by ~$1 million to over $6 million.
Improved Cash Collections and Revenue Cycle Results
Total cash collections in H1 2026 exceeded H1 2025 by $9 million; over $1 million collected in the quarter from claims >360 days and $2.3 million collected >360 days in H1 2026, reflecting stronger RCM execution.
Gross Margin and Operating Efficiency Gains
Reported gross margin just over 61% in Q2, up ~90 basis points YoY; operating expenses held to ~70% of revenue versus 75% prior-year (OpEx growth 7% vs revenue growth 16%). Company targets mid-60s gross margin over time.
Sales Force Productivity Improvement
Trailing 12-month AVISE CTD revenue per territory exceeded $1.4 million in Q2 (vs roughly $1.3M for full-year 2025), reflecting improved sales productivity and successful territory expansion and training.
Clinical Evidence and Product Pipeline Progress
Published a systematic review pooling 3,100+ patients across 14 centers showing AVISE Lupus identified ~25% of SLE patients missed by conventional markers. Myositis product remains on track for early 2027 launch, with a cadence of roughly one new product per ~12 months planned.
Scale Milestone and Market Opportunity
Delivered over 1.2 million AVISE CTD results since inception; estimates ~3% share of a >$2.2 billion autoimmune testing market growing ~5% annually, indicating significant addressable opportunity.
DE:E08A Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed