Exagen first-quarter revenue up 12% to $17.3M; ASP climbs 6% to $444
Exagen reported record Q1 revenue of $17.3 million, up 12% from 2025, with a 59.0% gross margin and improved adjusted EBITDA loss of $2.2 million. AVISE CTD test volume rose 10% and trailing-twelve-month ASP increased 6% to $444 per test, while cash reached $21.5 million.
1. Financial Performance
For the quarter ended March 31, Exagen delivered $17.3 million in revenue, marking a 12% increase over Q1 2025. Gross margin held steady at 59.0%, operating expenses rose to $13.6 million, net loss widened slightly to $4.0 million, and adjusted EBITDA loss improved to $2.2 million.
2. Operational Highlights
AVISE CTD test volume climbed 10% year-over-year as clinician adoption increased, while the trailing-twelve-month average selling price grew 6%, reaching $444 per test. These metrics underscore expanding market penetration for Exagen’s autoimmune diagnostic solutions.
3. Cash Position and Guidance
Exagen ended the quarter with $21.5 million in cash and cash equivalents, nearly doubling the prior-year balance. The company reaffirmed full-year 2026 revenue guidance of $70 million to $73 million, reflecting confidence in sustained growth momentum.