Research Associate 2

Exagen Inc. reported record quarterly revenue of $19.9 million in Q2 2026, a 16% year-over-year increase driven by record AVISE test volumes. The company's trailing 12-month average selling price expanded to $446, marking the 13th consecutive quarter of growth through disciplined revenue cycle management and automated appeals using analytics and AI. Pharma services revenue exceeded $1 million quarterly for the first time, validating the company's data capabilities for drug developers. Sales force productivity reached record levels of $1.4 million per territory following a 10% expansion in late 2025. Exagen raised its full-year 2026 revenue guidance to $72 million to $75 million. The company expects to reach sustainable adjusted EBITDA breakeven at approximately $80 million in annual revenue. A new myositis stand-alone product is scheduled for early 2027, with plans to launch one new product every 12 months thereafter.

Exagen's Q2 2026 results mark record revenue and sharply narrowed Loss - guidance raised. 4 August 2026, 8:54 AM Record revenue and margins highlight operational turnaround. Exagen Inc. (NASDAQ:XGN) delivered its highest-ever quarterly revenue in Q2 2026 at $19.94 million, up 16% from the prior year. The company's gross margin reached 61.3%, an improvement from 60.4% in Q2 2025. Operational efficiencies are taking hold, as Exagen not only increased sales but also significantly reduced its net loss to $3.20 million - a 28% improvement versus last year. Adjusted EBITDA loss narrowed drastically to just $0.11 million, potentially signaling a path toward breakeven in coming quarters. Test volume and pricing fuel growth - ASP up 4%. Revenue growth was underpinned by an 11% increase in AVISE CTD test volume and a $18 jump in the average selling price (ASP) to $446 per test. This demonstrates not just sales growth, but the company's ability to extract higher value per test - highlighting strong demand and pricing power in the autoimmune diagnostics space. Trailing twelve-month ASP now stands at a record $446, up 4% year-on-year. | Metric | Q2 2026 | Q2 2025 | Six Months 2026 | Six Months 2025 | | Revenue ($000s) | $19,941 | $17,202 | $37,247 | $32,700 | | Gross Margin (%) | 61.3 | 60.4 | 60.2 | 59.7 | | Operating Expenses ($000s) | $13,939 | $13,025 | $27,558 | $25,513 | | Net Loss ($000s) | $(3,196) | $(4,439) | $(7,163) | $(8,191) | | Trailing 12-mo. ASP ($) | $446 | $428 | $446 | $428 | | Adjusted EBITDA ($000s) | $(114) | $(1,721) | $(2,274) | $(4,229) | | Cash & Equivalents ($000s) | $24,588 | $30,033 | $24,588 | $30,033 | Guidance lifted amid efficiency gains and clinical milestones. On the heels of these gains, Exagen raised its 2026 full-year revenue outlook to $72-$75 million (from $70-$73 million). This confidence is supported by continued investment in evidence generation: a newly published systematic review analyzing over 3,100 patients showed Exagen's flagship AVISE CTD test identified about a quarter of lupus (SLE) patients missed by conventional markers - a strong endorsement of clinical value. The operational improvement is evident not only in revenues and ASP, but in cost control as well. Adjusted EBITDA loss was cut by over $1.6 million versus the same quarter last year, centering Exagen on its stated aim of sustainable profitability. Balance sheet remains healthy, with emphasis on innovation ahead. At quarter end, Exagen had $24.59 million in cash and equivalents, giving it operational flexibility as it invests in pipeline innovation and AI-powered rheumatology diagnostic tools. The focus now will be on leveraging its testing leadership into further clinical and commercial momentum, with an eye on reaching cash flow breakeven. Key takeaway: profitability in sight as volume and pricing lead improvements. Exagen's Q2 2026 results signal a business not just growing, but moving closer to consistent profitability. The dual engine of higher test volumes and increasing ASP - alongside operational discipline - has shrunk losses and broadened margins. With stronger clinical validation and a raised sales outlook, XGN's next challenge is sustaining its breakneck pace and managing balance sheet resources as it pursues profitability. Investors and stakeholders may wish to track further ASP progress and margin trends as the year unfolds. Contact Information: If you have feedback or concerns about the content, please feel free to reach out to Market Chameleon via email at [email protected]. About the Publisher - Marketchameleon.com: Marketchameleon is a comprehensive financial research and analysis website specializing in stock and options markets. 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