CARLSBAD, Calif., Feb. 24, 2026 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of innovative autoimmune testing, will release financial results for the quarter ended December 31, 2025, before the market opens on Tuesday, March 10, 2026. John Aballi, President and Chief Executive Officer, and Jeff Black, Chief Financial Officer, will host a conference call to review the company’s results at 8:30 a.m. ET (5:30 a.m. PT). Conference Call & Webcast: U.S. dial-in: 877-407-0890International dial ...

Financial Results - Exagen Inc. announced preliminary unaudited financial results for Q4 and the year ended December 31, 2025[4]. - The financial closing procedures are not yet complete, and final results may vary from preliminary figures[5]. - The press release includes a cautionary note regarding the select preliminary unaudited financial results[6]. - The company has not provided specific revenue or earnings figures in the current report[4]. - BDO USA, P.C. has not audited or reviewed the preliminary financial information[5]. Regulatory Compliance - The report is filed under the Securities Exchange Act of 1934, indicating compliance with regulatory requirements[9]. - The press release is available as Exhibit 99.1, dated January 11, 2026[7]. Company Information - The company is based in Vista, California, and operates under the Nasdaq Global Market with the symbol XGN[3]. Forward-Looking Statements - No forward-looking statements or specific guidance were provided in the current report[6]. - The company has not indicated any new product developments or market expansions in this report[4].

Core Insights - Exagen Inc. reported preliminary unaudited financial results for Q4 and the full year 2025, indicating strong revenue growth and operational progress [1][2]. Financial Performance - Total revenue for Q4 2025 is projected to be between $16 million and $17 million, while total revenue for the full year is expected to be between $66 million and $67 million [2]. - Year-over-year revenue growth for Q4 is estimated at 17% to 24%, and for the full year, growth is projected at 19% to 20% [2]. - The AVISE CTD test volume is expected to be between 136,000 and 137,000, with a trailing 12-month average selling price (ASP) of $441 to $445 [2]. - Year-end cash and cash equivalents are reported at $32 million, reflecting a $10 million increase from 2024 [4]. Operational Highlights - The company has made significant advancements in its commercial, scientific, and operational teams, leading to the launch of enhancements to the AVISE platform [2]. - The AVISE CTD ASP has expanded by at least $30 compared to 2024, and test volume has grown by at least 13,000, marking an 11% increase over the previous year [4]. Strategic Focus - Exagen aims to transform care for patients with autoimmune diseases through innovative testing solutions, enhancing decision-making and clinical outcomes [5]. - The company is committed to investing in innovation and advancing its strategy to improve the standard of care in autoimmune disease management [2].

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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