Exagen Q1 Earnings Call Highlights

Key Points

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• Exagen posted grounds Q1 gross of $17.3 million, up 12% twelvemonth implicit year, and reaffirmed its full-year 2026 gross guidance of $70 cardinal to $73 million. Gross borderline held astatine 59% portion adjusted EBITDA nonaccomplishment improved to $2.2 million.

• Growth was driven by stronger investigating measurement and clinician adoption: AVISE CTD trial measurement roseate 10% and ordering clinicians accrued 15% to conscionable implicit 2,700. Management said wintertime storms temporarily disrupted immoderate volume, but underlying request remained strong.

• Average selling terms continued to improve, reaching $444 connected a trailing 12-month basis, helped by gross rhythm absorption and much than $900,000 successful older claims collections. The institution besides highlighted a increasing pharma services backlog and remains connected way to motorboat a standalone myositis merchandise successful aboriginal 2027.

Exagen (NASDAQ:XGN) reported grounds first-quarter gross and reaffirmed its full-year outlook, arsenic executives said maturation successful investigating volume, improved reimbursement execution and expanding clinician adoption helped offset a weather-related disruption aboriginal successful the quarter.

The autoimmune diagnostics institution posted first-quarter 2026 gross of $17.3 million, up 12% from the anterior year, according to President and CEO John Aballi. Gross borderline was 59%, and adjusted EBITDA nonaccomplishment narrowed to $2.2 million, a 14% betterment twelvemonth implicit year.

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Aballi said the 4th reflected advancement against Exagen’s priorities: expanding adoption of its products, improving mean selling terms done gross rhythm absorption and advancing caller merchandise innovation for clinicians treating autoimmune disease.

“We’re starting 2026 disconnected well,” Aballi said. “We are executing and our strategy is working.”

Testing Volume and Clinician Adoption Increased

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Exagen’s AVISE CTD trial measurement grew 10% twelvemonth implicit twelvemonth successful the archetypal quarter, which Aballi said compared favorably with an estimated autoimmune investigating marketplace maturation complaint of astir 5%. Test measurement remained successful the mid-30,000 quarterly run-rate range.

The institution estimated the autoimmune investigating marketplace astatine much than $2.2 cardinal and increasing astir 5% annually. Aballi said Exagen presently has conscionable implicit 3% marketplace share, leaving “significant and realistic opportunity” to summation share.

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Aballi said the company’s show was affected by wintertime storms successful precocious January and aboriginal February that disrupted diligent entree and doc bureau days successful definite U.S. regions. In effect to expert questions, helium said Exagen mislaid astir one-third of measurement implicit a two-week period, amounting to a mates 1000 tests. Because the institution works with peripheral humor samples, helium said those tests were fundamentally mislaid alternatively than deferred into a aboriginal period.