Exagen Inc. Reports Record Q1 2025 Revenue Driven by Growth in Average Selling Price and Testing Volume

Core Insights - Exagen Inc. reported a record revenue of $15.5 million for Q1 2025, reflecting a growth from $14.4 million in Q1 2024, driven by increased average selling price (ASP) and test volume growth [2][5] - The company anticipates full-year revenue of at least $65 million for 2025 and aims to achieve positive adjusted EBITDA by Q4 2025 [4][5] Financial Performance - Revenue for Q1 2025 was $15,498,000, up from $14,415,000 in Q1 2024, marking an increase of approximately 7.5% [2] - Gross margin decreased slightly to 58.9% in Q1 2025 from 59.6% in Q1 2024 [2] - Operating expenses rose to $12,488,000 in Q1 2025 from $11,601,000 in Q1 2024, leading to an operating loss of $3,365,000 compared to a loss of $3,003,000 in the previous year [2][5] - Net loss for Q1 2025 was $3,752,000, compared to a net loss of $3,360,000 in Q1 2024 [2][5] - Adjusted EBITDA for Q1 2025 was $(2,508,000), worsening from $(1,992,000) in Q1 2024 [2][20] Cash Position and Funding - As of March 31, 2025, the company had cash and cash equivalents of $11,194,000, down from $27,267,000 a year earlier [2][5] - The company closed a senior secured credit facility with Perceptive Advisors, securing $25 million to refinance existing debt and extend maturity [5] Product and Market Developments - The ASP for the AVISE CTD test increased to $419, a rise of $42 per test compared to Q1 2024 [5] - Exagen launched new biomarkers for systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA), with expected reimbursement around $90 per test [5] - The company is expanding its commercial reach with new sales territories identified [5] Research and Innovation - Exagen published a manuscript on T-cell research in a peer-reviewed journal, highlighting the clinical benefits of new SLE biomarkers [5] - Research on biomarkers for early kidney damage detection was presented at a significant industry summit [5]