- Exagen Inc. (XGN, Financial) achieved a record revenue of $15.5 million in Q1 2025, a 7.5% increase from the previous year.
- Despite revenue growth, the company reported a net loss of $3.75 million and an adjusted EBITDA loss of $2.51 million in Q1 2025.
- Exagen secured a $25 million credit facility with Perceptive Advisors to enhance financial flexibility.
Exagen Inc. (XGN) reported a significant year-over-year revenue increase of 7.5% for Q1 2025, reaching a record $15.5 million, driven by strong AVISE CTD test volumes and a rise in average selling price (ASP) to $419, up $42 per test from Q1 2024.
Despite the revenue growth, Exagen's financial results reveal challenges, with a net loss of $3.75 million, widening from $3.36 million in Q1 2024. The company's gross margin decreased slightly to 58.9% compared to 59.6% the previous year, and its cash position declined significantly to $11.2 million from $27.3 million year-over-year.
To bolster its financial resources, Exagen secured a $25 million credit facility with Perceptive Advisors in April 2025, aimed at refinancing existing debt and providing potential growth capital for the company's expansion plans. The credit facility enhances Exagen's liquidity as it ventures into new sales territories and launches new biomarkers for lupus and rheumatoid arthritis.
Exagen's forward-looking guidance for 2025 projects at least $65 million in revenue, with expectations of achieving positive adjusted EBITDA by Q4 2025. The company is also optimistic about its recent advances in autoimmune diagnostics, supported by the launch of new biomarkers and continued ASP growth.
