Core Insights - Exagen Inc. is a leading provider of autoimmune diagnostics, focusing on transforming care for patients with chronic autoimmune conditions [2] - The company will participate in two upcoming investor conferences in November 2025, indicating active engagement with the investment community [1] Company Overview - Exagen Inc. is based in San Diego County, California, and is dedicated to improving clinical outcomes through its innovative testing portfolio [2] - The flagship product, AVISE CTD, aids clinicians in diagnosing complex autoimmune conditions such as lupus, rheumatoid arthritis, and Sjögren's disease with greater accuracy [2] - Exagen operates a CLIA-certified, CAP-accredited laboratory that specializes in testing for rheumatic diseases, providing precise and timely results [2] - The company emphasizes research, innovation, education, and patient-centered care to address challenges in autoimmune disease management [2]

Core Insights - Rubis reported a robust operational performance in Q3 2025 despite lower oil prices and a challenging euro-USD environment [3][4] - Revenue trends are not a meaningful indicator of Rubis' performance as they primarily reflect oil price movements without direct impact on margins [3] - The company's ability to manage inventories efficiently and implement disciplined pricing strategies is crucial for capturing value growth [4] Financial Performance - The Energy Distribution business experienced strong growth, with volumes increasing by 6% and overall unit margins rising by 3%, resulting in a total margin increase of 9% year-on-year [5] - Key drivers of this solid performance included significant growth in bitumen volumes, which were up 17% year-on-year, primarily due to strong demand in Nigeria [6]

Core Insights - Exagen Inc. reported a quarterly loss of $0.19 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.13, representing an earnings surprise of -46.15% [1] - The company achieved revenues of $17.24 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 0.55% and showing a year-over-year increase from $12.51 million [2] - Exagen shares have increased approximately 188.5% year-to-date, significantly outperforming the S&P 500's gain of 16.5% [3] Financial Performance - Over the last four quarters, Exagen has surpassed consensus revenue estimates four times, but only exceeded EPS estimates once [2] - The current consensus EPS estimate for the upcoming quarter is -$0.09 on revenues of $18.03 million, and for the current fiscal year, it is -$0.66 on revenues of $67.65 million [7] Industry Context - The Medical - Products industry, to which Exagen belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of Exagen's stock may be influenced by the overall outlook of the industry, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8] Future Outlook - The sustainability of Exagen's stock price movement will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] - The estimate revisions trend for Exagen was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6]

Financial Data and Key Metrics Changes - Exagen reported Q3 2025 revenue of $17.2 million, the highest in its history, representing a nearly 40% increase over Q3 2024 and over 25% growth despite seasonal headwinds [16][24] - Year-to-date revenue grew 19% to approximately $50 million, with a trailing 12-month average selling price (ASP) up over 9% and volume up over 8% [16][24] - Gross margin for Q3 was just over 58%, up about 260 basis points compared to Q3 2024, but down about 175 basis points from just over 60% in 2024 [19][20] Business Line Data and Key Metrics Changes - Advise CTD testing volume reached the highest recorded for a third-quarter period, with a 15% increase from Q3 2024 and almost 2% sequentially [16][10] - The pharma services business generated nearly $800,000 in revenue for Q3, bringing the year-to-date total to $1.2 million, a significant increase from about $100,000 in 2024 [17][13] Market Data and Key Metrics Changes - The company expanded its sales territories from 42 to 45, with two new territories emerging as top-performing growth areas [11][10] - Total ordering physicians and orders per clinician continued to trend upward, indicating increased engagement from both new and existing physicians [11] Company Strategy and Development Direction - Exagen launched assays for the detection of Anti-PAD4 antibodies, enhancing its rheumatoid arthritis offering and demonstrating its ability to innovate in biomarker testing [5][9] - The company aims to achieve $65 million to $70 million in revenue for 2025, with a focus on becoming cash flow positive, although this may be pushed to 2026 due to ASP challenges [14][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ASP growth has not ramped as quickly as anticipated, primarily due to the loss of a high ASP direct bill account and slower reimbursement for new biomarkers [12][18] - The company remains committed to driving ASP expansion through revenue cycle management and payer education, despite facing initial denials for new markers [49][72] Other Important Information - The company has a strong balance sheet with $35.7 million in cash and cash equivalents, up from $30 million at the end of Q2 [24][25] - Exagen's adjusted EBITDA loss improved to $1.9 million in Q3 2025, compared to $4 million in the same period last year [23] Q&A Session Summary Question: Updated revenue per territory for Q3 and productivity ramp of new territories - The revenue per territory was slightly below the previous record of $430,000 due to the addition of new territories, but growth is expected over time [27] Question: Incremental uplift to ASP from RA markers - The company has not established a payment history for the new RA markers yet, but expects a modest uplift compared to previous launches [28] Question: Updates on pharma partnership with urine platform - The first statement of work related to the urine platform has been completed, with ongoing discussions for subsequent efforts [29] Question: Approach to reaching $500 ASP target - The company believes the $500 ASP target is still realistic, but timing is uncertain due to recent challenges [32][34] Question: Impact of direct bill account loss on ASP - The loss of the direct bill account has primarily impacted ASP, but volume is trending positively as access to testing has been restored [67] Question: Higher denial rates for new markers - The increase in denials is primarily related to new markers, with insurers implementing more scrutiny [70][72] Question: ALJ hearing wins in Q3 - No notable ALJ hearing wins were disclosed, but the company continues to make progress in its appeals efforts [76]

Financial Data and Key Metrics Changes - Exagen reported Q3 2025 revenue of $17.2 million, marking the highest quarter in the company's history and a nearly 40% increase compared to Q3 2024 [19] - Year-to-date revenue grew by 19% to approximately $50 million, with a trailing twelve-month average selling price (ASP) up over 9% and volume up over 8% [20][19] - Gross margin for Q3 was just over 58%, a decrease of about 175 basis points from the previous year, but year-to-date gross margin was just over 59%, up about 60 basis points [23][24] Business Line Data and Key Metrics Changes - The Pharma and CRO business generated nearly $800,000 in revenue for Q3, bringing the year-to-date total to $1.2 million, a significant increase from $100,000 in 2024 [15][20] - Testing volume for CTD was up 15% from Q3 of last year, contributing to overall revenue growth despite ASP challenges [19] Market Data and Key Metrics Changes - The company expanded its sales territories from 42 to 45, with total ordering physicians and orders per clinician continuing to trend upward [12][19] - The launch of new biomarkers, including anti PAD4 antibodies, is expected to enhance the company's market position, although initial revenue impact is anticipated to be modest [5][10] Company Strategy and Development Direction - Exagen aims to innovate in the biomarker space for rheumatoid arthritis, with a focus on personalized patient care and improved treatment outcomes [9][10] - The company is committed to profitable growth and plans to continue expanding sales territories where opportunities exist [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's trajectory, highlighting strong volume growth and the potential for ASP improvements despite current challenges [19][26] - The company remains focused on achieving positive cash flow and disciplined capital allocation to support growth initiatives [17][25] Other Important Information - The company expects to deliver between $65 million to $70 million in revenue for the year, with the potential to be cash flow positive at the high end of the range [17] - Exagen's balance sheet remains strong, with $35.7 million in cash and cash equivalents at the end of Q3, up from $30 million at the end of Q2 [27][28] Q&A Session Summary Question: Update on revenue per territory for Q3 - The revenue per territory was slightly below the previous record of $430,000 due to the addition of new territories, but growth is expected over time [30][32] Question: Incremental uplift to ASP from new RA markers - The company is gathering payment history for the new RA markers and expects a modest uplift compared to previous launches [33][34] Question: Strength of Pharma partnership with urine platform - The first statement of work related to the urine platform has been completed, with ongoing discussions for future projects [35][36] Question: ASP target of $500 - Management believes the $500 ASP target is still realistic, but timing is uncertain due to recent challenges with a high ASP direct bill account [40][44] Question: Volume growth and seasonal factors - Volume was up in Q3 relative to Q2, and October showed strong performance, although a slight step down is expected in Q4 due to holidays [48][50] Question: Strength of Pharma business and future potential - The Pharma services revenue is expected to continue growing, with opportunities in new disease areas and a strong pipeline [54][57] Question: Sales force expansion and rep productivity - It generally takes six to nine months for new sales reps to reach maturity, with recent hires showing strong early performance [63][66] Question: Denials related to new biomarkers - Higher denial rates are primarily related to new markers, with ongoing efforts to improve revenue cycle management and appeals processes [68][70]

Revenue and Growth - Revenue from the AVISE® CTD product comprised 89% and 91% of total revenue for the nine months ended September 30, 2025 and 2024, respectively [110]. - The number of AVISE CTD tests delivered increased by approximately 16% year-over-year for the three months ended September 30, 2025, and increased sequentially by approximately 2% over the second quarter of 2025 [118]. - Revenue increased by $4.7 million, or 37.9%, for the three months ended September 30, 2025, compared to the same period in 2024, driven by a 16% increase in AVISE CTD tests delivered and ASP expansion to $441 per test [138]. - For the nine months ended September 30, 2025, revenue was $49.9 million, an increase of $7.9 million compared to $42.0 million for the same period in 2024 [149]. - Revenue increased by $8.0 million, or 19.0%, for the nine months ended September 30, 2025, driven by ASP expansion and an 8% increase in AVISE CTD tests delivered [150]. Product Development and Launches - The company expects to launch a new customized array for Lupus Nephritis biomarkers in the fourth quarter of 2025, initially through Pharma collaborations for research use [113]. - The new PAD4 biomarker assays launched in January 2025 have shown 35% sensitivity and 95% specificity for RA, addressing a critical diagnostic gap [115]. - The company has delivered over one million AVISE CTD tests since its launch in 2012 [118]. - The company plans to continue pursuing partnerships with leading pharmaceutical companies and academic research centers to enhance its testing product portfolio [111]. Financial Performance and Expenses - Cost of revenue increased by $1.6 million, or 29.7%, for the three months ended September 30, 2025, primarily due to increases in materials and employee-related expenses [140]. - Gross margin as a percentage of revenue improved to 58.4% for the three months ended September 30, 2025, compared to 55.8% for the same period in 2024, attributed to ASP expansion and better overhead absorption [141]. - Selling, general and administrative expenses rose by $1.3 million, or 12.6%, for the three months ended September 30, 2025, mainly due to increased employee-related expenses [142]. - Research and development expenses increased by $0.2 million, or 16.8%, for the three months ended September 30, 2025, primarily due to higher employee-related costs [144]. - Interest expense increased by $0.8 million for the three months ended September 30, 2025, primarily due to the Perceptive Term Loan Facility [146]. - The net loss for the three months ended September 30, 2025, was $7.1 million, compared to a net loss of $5.0 million for the same period in 2024 [138]. - Cost of revenue rose by $3.0 million, or 17.3%, primarily due to increased materials and employee-related expenses [151]. - Gross margin improved to 59.3% for the nine months ended September 30, 2025, compared to 58.7% in the same period of 2024, attributed to ASP expansion [152]. - Selling, general and administrative expenses increased by $3.0 million, or 9.7%, mainly due to higher employee-related expenses and travel costs [153]. - Research and development expenses grew by $0.8 million, or 20.9%, primarily due to increased employee-related expenses and outside services [155]. - Net loss for the nine months ended September 30, 2025, was $15.3 million, compared to a net loss of $11.4 million in the same period of 2024 [161]. Cash Flow and Financial Position - Cash and cash equivalents as of September 30, 2025, were $35.7 million, with an accumulated deficit of $309.6 million [161]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $24.8 million, primarily from debt issuance and common stock offerings [176]. Accounting and Reporting - The management's discussion and analysis is based on condensed financial statements prepared in accordance with GAAP, with year-end balance sheets derived from audited financial statements [178]. - There have been no significant changes in critical accounting policies and estimates during the nine months ended September 30, 2025, compared to those disclosed in the 2024 Annual Report [179]. - Recent accounting pronouncements are summarized in "Note 2. Summary of Significant Accounting Policies" in the unaudited condensed financial statements included in the Quarterly Report [180].

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Financial Performance - Exagen reported record total revenue of $17.2 million for Q3 2025, a 38% increase compared to Q3 2024, or a 26% increase before one-time adjustments [4]. - Operating loss for Q3 2025 was $3.1 million, an improvement from a loss of $4.7 million in Q3 2024 [3]. - Net loss for Q3 2025 was $7.1 million, compared to a net loss of $5.0 million in Q3 2024 [3]. - Adjusted EBITDA for Q3 2025 was $(1.9) million, an improvement from $(4.0) million in Q3 2024 [3]. - Exagen expects full-year 2025 revenue to be between $65 million and $70 million, with positive adjusted EBITDA anticipated in Q4 2025 at the high end of the revenue range [5]. Cash and Assets - The company ended Q3 2025 with $35.7 million in cash and cash equivalents, an increase from $30.0 million in Q2 2025 [4]. - Total assets increased to $62.8 million as of September 30, 2025, compared to $44.7 million at the end of 2024 [21]. Test Volume and Pricing - The AVISE CTD test volume grew by 16% compared to Q3 2024, with the trailing twelve-month average selling price (ASP) increasing to $441 per test, up $37 from the previous year [4]. Expenses - Interest expense increased to $1,319 thousand in Q3 2025 from $562 thousand in Q3 2024 [25]. - Depreciation and amortization expense rose to $612 thousand in Q3 2025, compared to $422 thousand in Q3 2024 [25]. - Stock-based compensation expense increased to $593 thousand in Q3 2025 from $217 thousand in Q3 2024 [25]. - Other income/expense for Q3 2025 was $(3) thousand, a decrease from $(197) thousand in Q3 2024 [25]. - Income tax expense for Q3 2025 was $1 thousand, compared to no expense in Q3 2024 [25]. - Loss on extinguishment of debt was recorded as $295 thousand for the nine months ended September 30, 2025, with no loss in the same period of 2024 [25]. Research and Development - Exagen launched seronegative RA markers for anti-PAD4, enhancing the AVISE CTD panel [4]. - The company presented six abstracts at the American College of Rheumatology Conference, focusing on the development of a lupus nephritis platform [4]. Adjusted EBITDA - Total adjusted EBITDA for the nine months ended September 30, 2025 was $(6,124) thousand, compared to $(7,614) thousand for the same period in 2024 [25]. - Adjusted EBITDA for Q3 2025 was $(1,895) thousand, compared to $(4,024) thousand in Q3 2024, showing an improvement [25]. Warrant Liability - Change in fair value of warrant liability was $2,670 thousand in Q3 2025, with no corresponding figure in Q3 2024 [25].

Core Insights - Exagen Inc. reported a record revenue of $17.2 million for Q3 2025, marking a 38% increase compared to Q3 2024, or a 26% increase when excluding one-time adjustments from 2024 [8] - The company anticipates full-year revenue for 2025 to be between $65 million and $70 million, with expectations of achieving positive adjusted EBITDA in Q4 2025 [4] Financial Performance - Revenue for Q3 2025 was $17,244 thousand, compared to $12,507 thousand in Q3 2024, and for the nine months ended September 30, 2025, revenue was $49,944 thousand, up from $41,986 thousand in the same period of 2024 [2][18] - Gross margin improved to 58.4% in Q3 2025 from 55.8% in Q3 2024, and for the nine months, it was 59.3% compared to 58.7% [2] - Operating expenses increased to $13,175 thousand in Q3 2025 from $11,644 thousand in Q3 2024, and for the nine months, they rose to $38,688 thousand from $34,888 thousand [2][18] - The net loss for Q3 2025 was $7,087 thousand, compared to a net loss of $5,028 thousand in Q3 2024, with a nine-month net loss of $15,278 thousand versus $11,354 thousand in the prior year [2][18] Operational Highlights - The volume of AVISE CTD tests grew by 16% compared to Q3 2024, and the average selling price (ASP) for AVISE CTD tests increased to $441, up by $37 from Q3 2024 [8] - The company ended Q3 2025 with cash and cash equivalents of $35,652 thousand, an increase from $22,035 thousand at the end of Q3 2024 [2][18] - Exagen launched seronegative RA markers for anti-PAD4, enhancing the AVISE CTD panel, and presented six abstracts at the American College of Rheumatology Conference [8] Company Overview - Exagen Inc. is a leading provider of autoimmune diagnostics, focusing on improving clinical outcomes for patients with chronic autoimmune conditions through innovative testing solutions [13] - The company's flagship product, AVISE CTD, aids in the diagnosis of complex autoimmune diseases such as lupus and rheumatoid arthritis [13]

Core Insights - Exagen Inc. announced the acceptance of six abstracts at the 2025 American College of Rheumatology's annual meeting, highlighting advancements in autoimmune testing [1][2][3] Group 1: Research and Presentations - A plenary presentation in collaboration with Johns Hopkins University will focus on a urinary biomarker panel for guiding precision management of Lupus Nephritis [2][3] - Additional abstracts will cover innovative research on anti-RA33, anti-PAD4, and traditional biomarkers to improve rheumatoid arthritis diagnostic accuracy, as well as T Cell biomarkers to differentiate systemic lupus erythematosus from other conditions [2][3] - Exagen will present preliminary data on a novel kidney damage biomarker panel aimed at transforming early kidney disease management [3] Group 2: Abstract Details - The accepted abstracts include a plenary talk on "Urinary Tenascin C Predicts Kidney Function Loss in Lupus Nephritis" scheduled for October 27, 2025 [4] - Other presentations will feature a machine learning classifier for rheumatoid arthritis and a kidney-specific biomarker panel that differentiates Lupus Nephritis from diabetic kidney disease [4][5] - A poster presentation will discuss the clinical utility of a multianalyte lupus risk score incorporating cell-bound complement activation products [6] Group 3: Company Overview - Exagen Inc. is a leading provider of autoimmune diagnostics, focused on improving patient care for chronic autoimmune conditions [7] - The company's flagship product, AVISE CTD, enhances the diagnosis of complex autoimmune diseases such as lupus and rheumatoid arthritis [7] - Exagen operates a CLIA-certified, CAP-accredited laboratory specializing in rheumatic disease testing, emphasizing research, innovation, and patient-centered care [7]