Exagen Q2 Revenue Jumps 16% on 11% Test Volume Growth, Loss Narrows Sharply
XGN has more than doubled off its 52-week low of $2.59.
Summary
Exagen's Q2 2026 revenue grew 15.9% to $19.9M, with AVISE CTD test volume up 11% and ASP up 4%. Net loss narrowed to $3.2M, and cash of $24.6M provides a 12-month runway.
Key Events · Earnings and Guidance · XGN
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Revenue Growth Accelerates
Q2 2026 revenue of $19.9M, up 15.9% YoY, driven by 11% AVISE CTD test volume growth and 4% ASP increase to $446.
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Loss Narrows, Margins Improve
Net loss of $3.2M vs. $4.4M in Q2 2025; gross margin expanded to 61.3% from 60.4%.
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Cash Runway Confirmed
Cash and equivalents of $24.6M as of June 30, 2026, sufficient to fund operations for at least 12 months.
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Debt Facility Amended
First Amendment to Perceptive term loan terminated the $10M Tranche C, extended Tranche B availability to Sept 30, 2026, and revised financial covenants.
Analysis · XGN · Industrial Applications And Services
A strong second quarter underscores Exagen's ongoing turnaround, with revenue climbing 15.9% to $19.9 million. The advance was fueled by an 11% rise in AVISE CTD test volume and a 4% improvement in average selling price. Net loss shrank to $3.2 million from $4.4 million a year ago, while gross margin expanded to 61.3%. Management ended the quarter with $24.6 million in cash, which it says is enough to fund operations for at least the next twelve months. The results reinforce the recovery narrative that has been building since late 2022, as the new CEO's strategy delivers consistent top-line growth and better operating leverage. Also disclosed are an amendment to the Perceptive term loan—terminating one tranche and extending another—and a new office lease in Carlsbad, signaling confidence in future growth.
How filings like this one have moved
In the 30 days to Oct 5, 2026, 29.2% of the 1496 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.63%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, XGN was trading at $5.66 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $113.1M. The 52-week trading range was $2.59 to $12.23. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.