EX-99.1 2 q12025exagenearningspressr.htm EX-99.1 Document

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

May 5, 2025

Carlsbad, Calif., – Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today reported financial results for the quarter ended March 31, 2025, and recent corporate updates.

 Three Months Ended March 31,
20252024
(in thousands, except ASP data)
Revenue$15,498 $14,415 
Gross margin58.9 %59.6 %
Operating expenses $12,488 $11,601 
Operating loss$(3,365)$(3,003)
Net loss$(3,752)$(3,360)
Adjusted EBITDA$(2,508)$(1,992)
Cash and cash equivalents$11,194 $27,267 
Trailing-twelve-month average selling price (ASP)$419 $377 


Q1 2025 Highlights and Recent Corporate Updates:

•Delivered record total revenue of $15.5 million on the strength of continued ASP expansion and AVISE CTD test volume growth.

•Expanded AVISE CTD trailing twelve-month ASP to $419, an increase of $42 per test over the first quarter of 2024.

•Enhanced AVISE CTD offering with commercial launch of new systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA) biomarkers; expected reimbursement in line with initial estimates of $90 per test.

•Ended the first quarter of 2025 with cash, cash equivalents and restricted cash of $11.2 million, with an accounts receivable balance of $14.7 million, driven by the company's strategy to hold claims in the first quarter to maximize reimbursement. Following the initial release of held claims in April 2025, combined cash, cash equivalents and accounts receivable are projected to be approximately $28 million as of April 30, 2025.



•Closed a senior secured credit facility with Perceptive Advisors on April 25, 2025, with $25 million funded at closing to refinance existing debt and extend maturity; potential additional borrowing capacity for minimally dilutive growth capital available.

•Published T-cell manuscript in a peer-reviewed journal, Frontiers in Immunology, detailing clinical benefit of new SLE biomarkers.

•Presented research on biomarkers for early detection of kidney damage at the 7th Annual Chronic Kidney Disease Drug Development Summit in Boston.

•Initiated commercial expansion with first wave of new sales territories identified.


2025 Guidance 

The company expects 2025 full-year revenue of at least $65 million and anticipates being on-track to deliver positive adjusted EBITDA in the fourth quarter of 2025.

Conference Call

A conference call to review first quarter 2025 financial results and to provide a business update is scheduled for today, May 5, 2025 at 8:30 a.m. ET (5:30 a.m. PT). Interested parties may access the conference call by dialing (201) 389-0918 (U.S.) or (877) 407-0890 (international). Additionally, a link to a live webcast of the call will be available in the Investor Relations section of Exagen's website at investors.exagen.com.

Participants are asked to join a few minutes prior to the call to register for the event. A replay of the conference call will be available until May 19, 2025. Interested parties may access the replay by dialing (201) 612-7415 (U.S.) or (877) 660-6853 (international) using passcode 13753132. A link to the replay of the webcast will also be available in the Investor Relations section of Exagen's website.

Use of Non-GAAP Financial Measures (UNAUDITED)

In addition to the financial results prepared in accordance with generally accepted accounting principles in the United States (GAAP), this press release contains the metric adjusted EBITDA, which is not calculated in accordance with GAAP and is a non-GAAP financial measure. Adjusted EBITDA excludes from net loss interest income (expense), income tax expense (benefit), depreciation and amortization expense, stock-based compensation expense and other expenses or income that management believes are not representative of the company’s operations. Such items could have a significant impact on the calculation of GAAP net loss.

Exagen uses adjusted EBITDA internally because the company believes these metrics provide useful supplemental information in assessing its operating performance reported in accordance with GAAP. Exagen believes adjusted EBITDA may enhance an evaluation of our operating performance because it excludes the impact of prior decisions made about capital investment, financing, investing and certain expenses the company believes are not indicative of our ongoing performance. However, this non-GAAP


financial measure may be different from non-GAAP financial measures used by other companies, even when the same or similarly titled terms are used to identify such measures, limiting their usefulness for comparative purposes.

This non-GAAP financial measure is not meant to be considered in isolation or used as a substitute for net loss reported in accordance with GAAP, should be considered in conjunction with our financial information presented in accordance with GAAP, has no standardized meaning prescribed by GAAP, is unaudited, and is not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future, there may be other items that Exagen may exclude for purposes of these non-GAAP financial measures, and the company may in the future cease to exclude items that it has historically excluded for purposes of these non-GAAP financial measures. Likewise, Exagen may determine to modify the nature of adjustments to arrive at these non-GAAP financial measures. Because of the non-standardized definitions of non-GAAP financial measures, the non-GAAP financial measure as used by the company in this press release and the accompanying reconciliation table have limits in their usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. Accordingly, investors should not place undue reliance on non-GAAP financial measures.

A reconciliation of net loss to non-GAAP adjusted EBITDA is provided in the financial schedules that are part of this press release.

About Exagen

Exagen Inc. (Nasdaq: XGN) is a leading provider of autoimmune diagnostics, committed to transforming care for patients with chronic and debilitating autoimmune conditions. Based in San Diego County, California, Exagen’s mission is to provide clarity in autoimmune disease decision making and improve clinical outcomes through its innovative testing portfolio. The company’s flagship product, AVISE® CTD, enables clinicians to more effectively diagnose complex autoimmune conditions such as lupus, rheumatoid arthritis, and Sjögren’s syndrome earlier and with greater accuracy. Exagen’s laboratory specializes in the testing of rheumatic diseases, delivering precise and timely results, supported by a full suite of AVISE®-branded tests for disease diagnosis, prognosis, and monitoring. With a focus on research, innovation, education, and patient-centered care, Exagen is dedicated to addressing the ongoing challenges of autoimmune disease management.

For more information, please visit Exagen.com or follow @ExagenInc on X.

Forward Looking Statements

Exagen cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Exagen’s current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding: Exagen’s goals, strategies, positioning, and ambitions; evaluations and judgments regarding financial results and the potential implications of those results, potential future financial and business performance, including any improvements to adjusted EBITDA, ASP, net loss and potential profitability and/or Exagen’s ability obtain additional funding pursuant to its secured credit facility with Perceptive Advisors (which is subject to milestones and conditions); the potential utility and effectiveness of Exagen’s services and testing solutions; potential shareholder value and growth and full-year 2025


guidance. The inclusion of forward-looking statements should not be regarded as a representation by Exagen that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Exagen’s business, including, without limitation: delays in reimbursement and coverage decisions from Medicare and third-party payors and interactions with regulatory authorities, and delays in ongoing and planned clinical trials involving its tests; the potential effects of inflation and tariffs on Exagen’s margins; and changes in laws and regulations related to Exagen’s regulatory requirements. Exagen’s commercial success depends upon attaining and maintaining significant market acceptance of its testing products among rheumatologists, patients, third-party payors and others in the medical community; Exagen’s ability to successfully execute on its business strategies; third-party payors not providing coverage and adequate reimbursement for Exagen’s testing products, including Exagen’s ability to collect on funds due; Exagen’s ability to obtain and maintain intellectual property protection for its testing products; regulatory developments affecting Exagen’s business; and other risks described in Exagen’s prior press releases and Exagen’s filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in Exagen’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 11, 2025 and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Exagen undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact:
Ryan Douglas
Exagen Inc.
ir@exagen.com
760.560.1525



Exagen Inc.
Unaudited Condensed Statements of Operations
(in thousands, except share and per share data)
 Three Months Ended March 31,
 20252024
 
Revenue$15,498 $14,415 
Cost of revenue6,375 5,817 
Gross margin9,123 8,598 
Operating expenses:
Selling, general and administrative expenses11,204 10,542 
Research and development expenses1,284 1,059 
Total operating expenses12,488 11,601 
Loss from operations(3,365)(3,003)
Interest expense(545)(549)
Interest income158 192 
Net loss$(3,752)$(3,360)
Net loss per share, basic and diluted$(0.20)$(0.19)
Weighted-average number of shares used to compute net loss per share, basic and diluted18,557,390 17,944,438 




Exagen Inc.
Unaudited Condensed Balance Sheets
(in thousands, except share and per share data)
 March 31, 2025December 31, 2024
 
Assets
Current assets:
Cash and cash equivalents$11,194 $22,036 
Accounts receivable, net14,728 7,835 
Prepaid expenses and other current assets6,583 6,584 
Total current assets32,505 36,455 
Property and equipment, net5,025 5,283 
Operating lease right-of-use assets2,168 2,401 
Other assets596 550 
Total assets$40,294 $44,689 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$4,509 $4,137 
Accrued and other current liabilities4,948 7,117 
Deferred revenue876 733 
Operating lease liabilities, current1,127 1,096 
Borrowings, current2,535 423 
Total current liabilities13,995 13,506 
Borrowings, non-current, net of discounts and debt issuance costs18,405 19,822 
Operating lease liabilities, non-current1,369 1,664 
Other liabilities, non-current122 157 
Total liabilities33,891 35,149 
Commitments and contingencies (Note 5)
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized, no shares issued or outstanding as of March 31, 2025 and December 31, 2024— — 
Common stock, $0.001 par value; 200,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 17,950,033 and 17,640,328 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively
18 18 
        Additional paid-in capital
304,468 303,853 
Accumulated deficit(298,083)(294,331)
Total stockholders' equity6,403 9,540 
Total liabilities and stockholders' equity$40,294 $44,689 



Exagen Inc.
Reconciliation of Non-GAAP Financial Measures (UNAUDITED)
The table below presents the reconciliation of adjusted EBITDA, which is a non-GAAP financial measure. See "Use of Non-GAAP Financial Measures (UNAUDITED)" above for further information regarding the company's use of non-GAAP financial measures.
 Three Months Ended March 31,
 20252024
(in thousands)
Adjusted EBITDA
Net loss$(3,752)$(3,360)
Other (income) expense(158)(192)
Interest expense545 549 
Depreciation and amortization expense440 458 
Stock-based compensation expense417 553 
Adjusted EBITDA (Non-GAAP)$(2,508)$(1,992)