Key Points – Exagen posted record Q1 revenue of $17.3 million, up 12% year over year, and reaffirmed its full-year 2026 revenue guidance of $70 million to $73 million.
Gross margin held at 59% while adjusted EBITDA loss improved to $2.2 million. – Growth was driven by stronger testing volume and clinician adoption: AVISE CTD test volume rose 10% and ordering clinicians increased 15% to just over 2,700
Management said winter storms temporarily disrupted some volume, but underlying demand remained strong. – Average selling price continued to improve, reaching $444 on a trailing 12-month basis, helped by revenue cycle management and more than $900,000 in older claims collections. The company also highlighted a growing pharma services backlog and remains on track to launch a standalone myositis product in early 2027. Exagen (NASDAQ:XGN) reported record first-quarter revenue and reaffirmed its full-year outlook, as executives said growth in testing volume, improved reimbursement execution and expanding clinician adoption helped offset a weather-related disruption early in the quarter.
The autoimmune diagnostics company posted first-quarter 2026 revenue of $17.3 million, up 12% from the prior year, according to President and CEO John Aballi. Gross margin was 59%, and adjusted EBITDA loss narrowed to $2.2 million, a 14% improvement year over year. Aballi said the quarter reflected progress against Exagen’s priorities: increasing adoption of its products, improving average selling price through revenue cycle management and advancing new product innovation for clinicians treating autoimmune disease. “We’re starting 2026 off well,” Aballi said. “We are executing and our strategy is working.” Testing Volume and Clinician Adoption Increased Exagen’s AVISE CTD test volume grew 10% year over year in the first quarter, which Aballi said compared favorably with an estimated autoimmune testing market growth rate of about 5%.