Exagen Inc.

exagen.com

What Do They Do?

Develops and provides tests that help rheumatologists and other clinicians diagnose and monitor autoimmune and related diseases.

How Do They Make Money?

Insurers, Medicare and Medicaid, hospitals and other laboratories, and patients pay for tests. The service is complete when results reach the prescribing physician, and payment generally follows billing within 30 to 90 days.

FY2025 revenue

Who Are Their Customers?

A specialized sales force markets its tests to rheumatologists and physician assistants, who order them; commercial insurers, Medicare and Medicaid, hospitals and other laboratories, and patients pay.

Do Revenues Turn Into Profits?

No. It lost $20M in FY2025.

Operating income, FY2025

−21% of revenue

▲ +3% (Loss) vs FY2024 (−$13.6M, −25%)

Net income, FY2025

−30% of revenue

▲ +32% (Loss) vs FY2024 (−$15.1M, −27%)

Free cash flow, FY2025

−21% of revenue

▲ +3% (Loss) vs FY2024 (−$13.8M, −25%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +16%; vs $17.2M in Q2 FY2025
Net income: ▼ −28% (Loss); vs −$4.4M in Q2 FY2025

Aug 4, 2026 Raised full-year revenue guidance The company increased full-year 2026 revenue guidance to $72 million - $75 million from previous guidance of $70 million - $73 million.

Growing. Revenue grew 38% in 4 years, from $48.3M in FY2021 to $66.6M in FY2025, about 8% a year.

AVISE CTD panel The latest report says Exagen added biomarkers to AVISE CTD; the earlier report describes AVISE CTD as using CB-CAPs technology.

Who Do They Compete With?

Competes with ARUP Laboratories, Laboratory Corporation of America Holdings, Mayo Clinic, Quest Diagnostics, Aqtual, AMPEL BioSolutions, DxTerity Diagnostics, Genalyte, Immunovia, Oncimmune Holdings, and Progentec Diagnostics

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