Q1 2026 Exagen Inc Earnings Call Transcript
Key Points
- Exagen Inc (XGN) reported record first quarter revenue of $17.3 million, marking a 12% year-over-year increase.
- Gross margin improved to 59%, with a 14% reduction in adjusted EBITDA loss to $2.2 million.
- The AVISE CTD test volume grew by 10% year-over-year, surpassing the market growth rate of 5%.
- The company expanded its ordering clinician base by 15% year-over-year, indicating increased market penetration.
- Exagen Inc (XGN) reaffirmed its full-year 2026 revenue guidance of $70 million to $73 million, reflecting confidence in continued growth.
- The company experienced a disruption due to winter storms, resulting in a temporary reduction in test volume.
- Operating expenses increased by 9% year-over-year, driven by investments in commercial and R&D initiatives.
- The adjusted EBITDA loss, although improved, still stands at $2.2 million, indicating ongoing financial challenges.
- Revenue cycle management improvements are noted, but the variability in collections timing remains a challenge.
- The company faces uncertainty regarding the timing of achieving an LCD (Local Coverage Determination) for its products.
Greetings, and welcome to the Exagen first quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Tina Jacobsen, Vice President of Investor Relations. Thank you. You may begin.
Thanks, operator. Good morning, and thank you for joining us to discuss Exagenâs financial results for the quarter ended March 31, 2026. Today, Iâm joined by John Aballi, our President and Chief Executive Officer, and Jeff Black, our Chief Financial Officer. The recording of this call, the press release announcing our financial results, and the slide presentation can be accessed on our website at www.exagen.com.
Todayâs call will include forward-looking statements. We encourage you to review the statements contained in todayâs press release and the risks and uncertainties described in our SEC filings, which identify certain factors that may cause the
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