Ross Osborn

Kyle Mikson

Andrew Brackmann

Maggie Boeye

Mark Massaro

William Ruby

Dan Brennan

Daniel Brennan

Paul Knight

- Exagen reported **record Q3 2025 revenue of $17.2 million**, marking a **40% increase** over Q3 2024, and achieved **19% year-to-date revenue growth** to approximately **$50 million**.  **[0001274737_2231483_4]** 
- **Volume growth was strong**, with Q3 2025 CTD test volume up **15% year-over-year** and over **8% year-to-date**.  **[0001274737_2231483_2]** **[0001274737_2231483_4]** 
- The trailing 12-month Advise CTD test **Average Selling Price (ASP) increased 9% year-over-year to $441**, though ASP acceleration was slower than expected due to new biomarker reimbursement and the loss of a high-ASP direct bill account.  **[0001274737_2231483_2]** **[0001274737_2231483_4]** 
- Exagen successfully launched **Anti-PAD4 antibodies** at the end of Q3 2025, its second novel set of rheumatoid arthritis biomarkers this year.  **[0001274737_2231483_1]** 
- The company maintained its **full-year revenue guidance of $65 million-$70 million** but indicated that sustained cash flow positivity might be delayed until **2026** due to ongoing ASP challenges.  **[0001274737_2231483_3]**

Exagen Reports Record Q3 2025 Revenue and Volume Growth

- **Exagen (XGN)** reported **Q3 2025 revenue of $17.2 million**, marking its highest quarter in history and a nearly **40% increase** over Q3 2024.  **[0001274737_2231207_4]**  Year-to-date revenue through Q3 2025 reached approximately **$50 million**, representing **19% growth**.  **[0001274737_2231207_4]** 
- The company's trailing twelve-month Average Selling Price (ASP) for CTD increased **9% year-over-year to $441**.  **[0001274737_2231207_3]** **[0001274737_2231207_4]**  However, ASP expansion is slower than anticipated due to new biomarker reimbursement not ramping quickly and the loss of a large high-ASP direct bill account.  **[0001274737_2231207_3]** **[0001274737_2231207_4]** 
- Exagen successfully launched assays for **anti PAD4 antibodies** at the end of Q3 2025, further differentiating its rheumatoid arthritis offering.  **[0001274737_2231207_1]**  While billing for PAD4 began, no revenue was reflected in Q3 as payment history had not yet been established.  **[0001274737_2231207_4]** 
- The Pharma and CRO business generated nearly **$800,000 in revenue** in Q3 2025, contributing to a year-to-date total of **$1.2 million**, with an order backlog of **$3.5 million**.  **[0001274737_2231207_3]** **[0001274737_2231207_4]** 
- Exagen ended Q3 2025 with **$35.7 million in cash and cash equivalents**.  **[0001274737_2231207_6]**  The company maintains its full-year 2025 revenue guidance of **$65 million to $70 million**, though sustained cash flow positivity may be pushed to **2026** due to ASP challenges.  **[0001274737_2231207_3]**

Exagen Reports Record Q3 2025 Revenue and Provides 2025 Guidance

- Exagen Inc. reported **record total revenue of $17.2 million** for Q3 2025, representing a **38% increase** compared to the third quarter of 2024.  **[1274737_d3c5e94f5579445b8b6b6b8c1204856f_0]** 
- The company ended Q3 2025 with **$35.7 million in cash and cash equivalents**.  **[1274737_d3c5e94f5579445b8b6b6b8c1204856f_0]** 
- For Q3 2025, Exagen reported a **net loss of $(7.087) million** and an **Adjusted EBITDA of $(1.895) million**.  **[1274737_d3c5e94f5579445b8b6b6b8c1204856f_0]** **[1274737_d3c5e94f5579445b8b6b6b8c1204856f_6]** 
- Exagen reiterated its **2025 full-year revenue guidance of between $65 million and $70 million**, with an expectation to achieve positive adjusted EBITDA in Q4 2025 at the high end of the revenue range.  **[1274737_d3c5e94f5579445b8b6b6b8c1204856f_1]** 
- AVISE CTD test volume grew **16%** compared to Q3 2024, and the trailing twelve-month average selling price (ASP) expanded to **$441 per test**.  **[1274737_d3c5e94f5579445b8b6b6b8c1204856f_0]**

Exagen Reports Strong Q3 2025 Results and Reaffirms Full-Year Guidance

- Exagen Inc. reported **record total revenue of $17.2 million** for the third quarter of 2025, marking a **38% increase** compared to the same period in 2024.  **[1274737_0001274737-25-000069_q32025exagenearningspressr.htm:0]** 
- The company's net loss for Q3 2025 was **$(7.1) million**, with an Adjusted EBITDA of **$(1.9) million**.  **[1274737_0001274737-25-000069_q32025exagenearningspressr.htm:0]** **[1274737_0001274737-25-000069_q32025exagenearningspressr.htm:3]** **[1274737_0001274737-25-000069_q32025exagenearningspressr.htm:4]** 
- As of September 30, 2025, Exagen held **$35.7 million in cash and cash equivalents**, an increase from $30.0 million in the second quarter of 2025.  **[1274737_0001274737-25-000069_q32025exagenearningspressr.htm:0]** **[1274737_0001274737-25-000069_q32025exagenearningspressr.htm:3]** 
- Exagen reiterated its full-year 2025 revenue guidance of **$65 million to $70 million** and anticipates achieving **positive adjusted EBITDA in the fourth quarter of 2025** at the high end of this revenue range.  **[1274737_0001274737-25-000069_q32025exagenearningspressr.htm:0]** 
- Operational highlights include a **16% growth in AVISE CTD test volume** and an expanded AVISE CTD trailing twelve-month average selling price (ASP) of **$441 per test**.  **[1274737_0001274737-25-000069_q32025exagenearningspressr.htm:0]**

EXAGEN (XGN)