Earnings

Exagen Reiterates 2026 Outlook After Slower Third-Quarter Growth

The Tip Desk · November 10, 2026 · 2 min read

Third-quarter revenue was $18.4 million, up 7% from a year earlier, as year-over-year growth slowed from 16% in the second quarter.

Exagen Inc. (XGN), a precision medicine company focused on autoimmune disease, reported third-quarter revenue of $18.4 million, up 7% from $17.2 million a year earlier, as year-over-year growth slowed from 16% in the second quarter.

The sequential step-down from a record $19.9 million in the June quarter followed $17.3 million in the first quarter. President and Chief Executive Officer John Aballi said the quarter “extends what is fast becoming a record year for Exagen” and that test volume and average selling price were both ahead of the same period last year.

Trailing-twelve-month average selling price on the AVISE CTD test rose to $451, up $10 from $441 a year earlier and the 14th consecutive quarter of growth. Gross margin was 58.8%, versus 58.4% a year earlier.

Operating loss widened to $4.4 million from $3.1 million a year earlier. Selling, general and administrative expenses were $12.8 million, versus $11.4 million a year earlier. Research and development expenses were $1.8 million. On July 16, 2026, the company acquired an AI-enabled rheumatology workflow-optimization software platform and recognized a $587,000 in-process research and development charge. Stock-based compensation was $1.2 million, versus $0.6 million a year earlier.

Net loss narrowed to $6.3 million, or $0.25 a share, from $7.1 million, or $0.31 a share, a year earlier. Adjusted EBITDA loss was $1.9 million, versus a $1.9 million loss a year earlier. Interest expense was $1.2 million.

Cash and cash equivalents were $28.1 million at September 30, versus $35.7 million a year earlier. Accounts receivable, net, were $11.5 million. Non-current borrowings were $22.4 million.

The company reiterated full-year 2026 revenue guidance of $72 million to $75 million, the range it had raised to in the second quarter from $70 million to $73 million. Aballi said Exagen remains on track to launch a myositis offering early in 2027. The company will host an educational webcast on December 15, 2026, to discuss unmet clinical need in myositis and additional pipeline development.

Exagen presented nine abstracts at the 2026 American College of Rheumatology Convergence Conference, including two podium presentations on proprietary T-cell marker disease associations and an analysis of phenotypic patterns across more than 375,000 AVISE CTD tests.

More on XGN

August 4, 2026 Earnings Exagen Raises 2026 Revenue Outlook After Record Quarter

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