Q4 2025 Exagen Inc Earnings Call Transcript
Key Points
- Exagen Inc (XGN) achieved record top-line performance in 2025 with a near 20% increase in revenue over 2024, driven by both growth in testing volume and average selling price (ASP).
- The company expanded its sales force from 40 to 45 territories, which contributed to a significant volume inflection and offset typical second-half seasonality.
- Exagen Inc (XGN) launched three sets of innovative markers into the clinic within an 18-month period, enhancing their product offerings and impacting patient care positively.
- The company has secured advocacy from the American College of Rheumatology, which is expected to drive medical policy progress with payers.
- Exagen Inc (XGN) has a promising pipeline with five assets in development and plans to launch one product each year, expanding their addressable market opportunity.
- Exagen Inc (XGN) experienced ASP headwinds in the second half of 2025, which impacted gross margins.
- The company had to transition away from unprofitable customers and processes, which posed a risk of second and third-order impacts.
- Despite the progress, Exagen Inc (XGN) is not yet at breakeven adjusted EBITDA, with a loss of $9.8 million for 2025.
- The company faces challenges in predicting the timing and magnitude of ASP growth, which affects financial forecasting.
- Exagen Inc (XGN) has increased its operating expenses by 13% compared to 2024, primarily due to investments in commercial talent and R&D, which impacts short-term profitability.
Greetings. Welcome to Exagen Incorporated's fourth quarter 2025 earnings call. This time all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions)
Please note this conference is being recorded. At this time, I'll turn the conference over to Tina Jacobson, Vice President of Investor Relations. Thank you, Tina. You may now begin.
Good morning and thank you for joining us. Earlier this morning, Exagen released financial results for the quarter ended December 31, 2025. John Aballi, our President and Chief Executive Officer, and Jeff Black, our Chief Financial Officer, will host this morning's call.
The recording of today's call and the press release announcing the quarterly results can be found on the company's website at www.exagen.com. As today's call includes forward-looking statements, we encourage you to review the statements contained in today
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