CARLSBAD, Calif., Oct. 23, 2025 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing, announced today the acceptance of six abstracts at the 2025 American College of Rheumatology’s (ACR) annual meeting, ACR Convergence 2025, being held October 24-29, 2025, at the McCormick Place Convention Center in Chicago, Illinois. Exagen’s featured plenary presentation, in collaboration with Johns Hopkins University, will highlight a urinary biomarker panel that holds the potential to ...

Financial Data and Key Metrics Changes - Exagen reported record revenue of $17.2 million for Q2 2025, representing a 14% year-over-year growth, marking the highest quarterly revenue in the company's history [5][23] - The average revenue per territory reached over $430,000 for the quarter, up from $285,000 two years ago, indicating significant commercial leverage [6] - Gross margin improved to just over 60%, up from about 59% in Q1 and 60% in Q2 2024, reflecting higher average selling prices (ASP) and normalization of lab operations [24] Business Line Data and Key Metrics Changes - The Advise CTD test volume growth was substantial, with the best quarterly volume since strategic adjustments were made in 2023 [6] - ASP for the trailing twelve months grew by $27 year-over-year to $428, driven primarily by new biomarkers [23] Market Data and Key Metrics Changes - The company is currently around 10% penetrated in its market, indicating significant room for growth [35] - The expansion of the physician base and consistent ordering patterns from high-value clinicians contributed to revenue growth [7][9] Company Strategy and Development Direction - Exagen is focused on building leadership in autoimmune diagnostics through disciplined execution, physician engagement, and innovation [5] - The company plans to launch additional biomarkers, including anti-PAD antibodies, to strengthen its value proposition in rheumatoid arthritis [54] - Strategic investments in R&D and commercial expansion are ongoing, with a focus on achieving profitability and improving patient outcomes [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of volume growth, attributing it to a strong team and the introduction of new biomarkers [35] - The company expects to achieve positive adjusted EBITDA by Q4 2025 and maintain it throughout 2026 [28] Other Important Information - Exagen ended the quarter with over $30 million in cash and equivalents, positioning itself for near free cash flow positive status [27] - The addition of key personnel, including a new Chief Scientific Officer, is expected to enhance the company's R&D capabilities [14] Q&A Session Summary Question: Sustainability of Volume Growth - Management believes the recent volume growth is sustainable due to a strong team and the introduction of new biomarkers, with a market penetration of just under 10% [35] Question: ASP Progress - Management remains optimistic about achieving a $90 increase in ASP by the end of 2025, despite some adjustments made to align accrual rates with cash collections [41] Question: Market Access Initiatives - The company is enhancing marketing campaigns and training for the sales team to drive awareness and adoption of its products, focusing on building trust within the clinical community [92] Question: Expansion of Territories - Exagen started Q2 with 40 territories and expanded to 42, with plans to reach 44 by year-end, emphasizing the importance of field-based representatives for growth [72][75]

Core Insights - Exagen Inc. has appointed Chas McKhann to its Board of Directors, effective July 17, 2025, enhancing its leadership team with his extensive experience in the life sciences industry [1][2]. Company Overview - Exagen Inc. is a leading provider of autoimmune diagnostics, focused on transforming care for patients with chronic autoimmune conditions. The company aims to improve clinical outcomes through its innovative testing portfolio, including its flagship product, AVISE® CTD, which aids in the diagnosis of complex autoimmune diseases [5]. Leadership Appointment - Chas McKhann brings over 25 years of experience in the life sciences sector, having held significant leadership roles in various medical technology companies. His previous positions include Board member, President, and CEO of Silk Road Medical and Apollo Endosurgery, both of which were acquired by Boston Scientific [2]. - The President and CEO of Exagen, John Aballi, expressed enthusiasm about McKhann's appointment, highlighting his leadership and commercial expertise as vital for driving growth and advancing patient care [3]. Strategic Vision - McKhann expressed his honor in joining Exagen's Board, emphasizing the company's commitment to innovation in autoimmune diagnostics and his eagerness to contribute to strategic growth and long-term value creation for all stakeholders [4].

Core Insights - Exagen Inc. has completed the sale of an additional 502,500 shares of common stock at a public offering price of $5.25 per share, resulting in gross proceeds of approximately $20.2 million [1][2] Company Overview - Exagen Inc. is a leading provider of autoimmune diagnostics, focused on transforming care for patients with chronic autoimmune conditions. The company aims to improve clinical outcomes through its innovative testing portfolio, including its flagship product AVISE® CTD, which aids in the diagnosis of complex autoimmune conditions [5] Offering Details - The public offering was conducted under a shelf registration statement on Form S-3, which was declared effective by the SEC on November 29, 2023. The offering included a final prospectus supplement that describes the terms of the offering [3] Underwriter Information - Canaccord Genuity acted as the sole bookrunner for the offering, facilitating the sale of all shares in the public offering [2]

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]