Companies

Exagen Raises 2026 Revenue Outlook After Record Quarter

The Tip Desk · August 4, 2026 · 3 min read

Second-quarter revenue reached a record $19.9 million as the company lifted full-year guidance to $72 million to $75 million.

Exagen Inc. (XGN), a provider of autoimmune testing solutions, reported record second-quarter revenue of $19.9 million, up 16% from $17.2 million a year earlier, and raised its full-year 2026 revenue outlook to $72 million to $75 million from $70 million to $73 million.

Year-over-year growth accelerated from 12% in the first quarter. AVISE CTD test volume rose 11% versus the year-ago quarter, after 10% growth in the prior period. Trailing-twelve-month average selling price expanded to $446 per test, up $18, or 4%, from $428 a year earlier.

Gross margin widened to 61.3% from 60.4% a year earlier, after holding at 59.0% versus 58.9% in the first quarter. Operating expenses were $13.9 million. The operating loss narrowed to $1.7 million from $2.6 million a year earlier.

Adjusted EBITDA loss narrowed to $0.1 million from a $1.7 million loss a year earlier, after a $2.2 million loss in the first quarter. Net loss narrowed to $3.2 million from $4.4 million a year earlier. Net loss per share was $0.13. Cash and cash equivalents were $24.6 million at June 30.

President and Chief Executive Officer John Aballi said second-quarter results “demonstrate the progress we’re making in improving the growth and operating profile of our business, putting us within reach of sustainable profitability and cash generation.” He said the company is building on its position in autoimmune diagnostics through investment in clinical evidence, pipeline innovation and AI-powered tools for rheumatology workflows.

The company published a systematic review of more than 3,100 patients across 14 medical centers that it said showed AVISE CTD correctly identified approximately 25% of SLE patients missed by conventional markers.

Selling, general and administrative expenses were $12.5 million. Research and development expenses were $1.4 million. Interest expense was $1.2 million. Accounts receivable, net, were $12.4 million. Non-current borrowings were $22.3 million. Weighted-average shares used to compute net loss were 24.2 million.

For the six months ended June 30, revenue was $37.2 million. Adjusted EBITDA loss was $2.3 million. Net loss was $7.2 million, or $0.30 a share.

The company said it increased full-year 2026 revenue guidance to $72 million to $75 million compared with previous guidance of $70 million to $73 million. Aballi’s comments on the path toward profitability and cash generation remain the company’s stated view; the company did not provide a date for breakeven.

Exagen’s flagship AVISE CTD test is used to diagnose autoimmune conditions including lupus, rheumatoid arthritis and Sjögren’s disease. The company operates a CLIA-certified, CAP-accredited laboratory focused on rheumatic disease testing.

Cash of $24.6 million at quarter-end compared with $30.0 million a year earlier. The first-quarter cash balance had been $21.5 million. Non-current borrowings of $22.3 million and current borrowings of $0.5 million remain on the balance sheet.

The outlook raise is the quarter’s defining move: management lifted the full-year range by $2 million at both ends after a second consecutive record quarter and a near-breakeven adjusted EBITDA result. The company did not restate a profitability date. Cash of $24.6 million and non-current borrowings of $22.3 million sit on the June 30 balance sheet.