Exagen Inc. reported fourth‑quarter and full‑year 2025 results that included record revenue of $16.63 million for the quarter and $66.6 million for the year, a 20% year‑over‑year increase that reflects a 11% rise in test volume and an average selling price (ASP) that climbed to $441.
The company’s non‑GAAP earnings per share for the quarter were $‑0.20, slightly below the consensus estimate of $‑0.19. Revenue also missed the consensus estimate of $16.37 million, coming in at $16.63 million. The miss on both top‑line and bottom‑line metrics was attributed to near‑term ASP pressure, partly driven by a client billing disruption and the ramp‑up of newly launched biomarkers.
Gross margin for the quarter was 55.4%, down from 58.3% for the full year, reflecting the ASP headwinds. Management noted that the AVISE® CTD platform continued to drive volume growth, but that ASP compression in the second half of the year tempered margin expansion.
Exagen guided for full‑year 2026 revenue of $70 million to $73 million, a range that is slightly below the consensus estimate of approximately $74.9 million. The guidance was presented as a modest upward revision from prior guidance, although the fact‑check could not confirm the previous range. The company reiterated its target to achieve positive adjusted EBITDA by the fourth quarter of 2025, a milestone that management indicated may be reached near an $80 million revenue run rate.
Management emphasized that the operational turnaround, driven by cost discipline and a focused sales strategy, has positioned the company for continued volume and ASP expansion. The company also highlighted its strengthened balance sheet, with cash and cash equivalents of $32.2 million to $32.4 million and a $25 million credit facility, providing flexibility for future growth initiatives.
Market reaction to the earnings was muted to slightly negative. Investors focused on the EPS and revenue miss and the guidance that fell short of consensus, which tempered enthusiasm for the company’s growth trajectory.
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