Financial Performance - Exagen reported record Q1 2025 revenue of $15.5 million, an increase from $14.4 million in Q1 2024, representing a growth of 7.5% year-over-year[2] - The net loss for Q1 2025 was $3.8 million, compared to a net loss of $3.4 million in Q1 2024, indicating a 11.6% increase in losses[2] - Adjusted EBITDA for Q1 2025 was $(2.5) million, worsening from $(2.0) million in Q1 2024[25] - Exagen expects full-year 2025 revenue to be at least $65 million and aims to achieve positive adjusted EBITDA in Q4 2025[4] Operating Expenses - Operating expenses for Q1 2025 were $12.5 million, compared to $11.6 million in Q1 2024, reflecting an increase of 7.6%[2] Product Development - The trailing twelve-month average selling price (ASP) for AVISE CTD tests increased to $419, up $42 per test compared to Q1 2024[3] - Exagen launched new biomarkers for systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA), with expected reimbursement of $90 per test[3] Cash and Financing - The company ended Q1 2025 with cash, cash equivalents, and restricted cash totaling $11.2 million, with accounts receivable of $14.7 million[3] - The company closed a $25 million senior secured credit facility to refinance existing debt and extend maturity, with potential for additional borrowing capacity[9] Business Expansion - Exagen initiated commercial expansion with the identification of new sales territories[9]
Exagen(XGN) - 2025 Q1 - Quarterly Results