olivLaw · US equity research
Exagen Inc. XGN
Services-Medical Laboratories · SIC 8071 · Vertical: Services-Medical Laboratories (SIC 8071)
Exagen is a medical technology company that develops and sells diagnostic tests for rheumatic and autoimmune diseases, chiefly through its flagship AVISE CTD test. The company reports growing revenue and test usage and has raised its 2026 revenue guidance, while it still posts net losses.
At the close of 04 Nov 2026, Exagen Inc. (XGN) stock was 8.51 USD (+2.04% on the day), with market capitalisation 206.2 m USD, beta 1.82, 52-week range 2.65–10.38 USD. Latest reported quarter (Q2 2026): revenue of 19.9 m USD (+15.9% YoY), net income of -3.2 m USD, diluted EPS -0.13 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 56.9
- strong (55–70)
- Bollinger (20, 2)
- 7.16 – 9.01
- in the upper half of the band · %B 0.73 · band width 22.9%
- SMA 50 / 200
- 7.96 / 5.08
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.13 / 0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.6% | −1.1% | +1.7 pp | — |
| 3 months | +28.0% | −0.5% | +28.4 pp | — |
| 6 months | +175.4% | +4.4% | +171.0 pp | — |
| Year to date | +40.0% | +12.3% | +27.7 pp | — |
| 1 year | −21.0% | +13.5% | −34.5 pp | −3.1% |
| 3 years | +403.6% | +76.4% | +327.1 pp | +62.1% |
| 5 years | −32.7% | +63.7% | −96.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.5 m | 13.7 m | 15.5 m | 17.2 m | 17.2 m | 16.6 m | 17.3 m | 19.9 m |
| Cost of revenue | 5.5 m | 5.2 m | 6.4 m | 6.8 m | 7.2 m | 7.4 m | 7.1 m | 7.7 m |
| Gross profit | 7.0 m | 8.5 m | 9.1 m | 10.4 m | 10.1 m | 9.2 m | 10.2 m | 12.2 m |
| Research & development | 1.5 m | 1.7 m | 1.3 m | 1.5 m | 1.7 m | 1.8 m | 1.6 m | 1.4 m |
| SG&A | 10.2 m | 10.2 m | 11.2 m | 11.5 m | 11.4 m | 12.4 m | 12.1 m | 12.5 m |
| Operating income | -4.7 m | -3.4 m | -3.4 m | -2.6 m | -3.1 m | -5.0 m | -3.4 m | -1.7 m |
| Depreciation & amortisation | 400.0 k | 400.0 k | 400.0 k | 500.0 k | 600.0 k | 600.0 k | 600.0 k | 600.0 k |
| Interest expense | 562.0 k | 563.0 k | 545.0 k | 1.1 m | 1.3 m | 1.3 m | 1.3 m | 1.2 m |
| Income tax | 0 | 12.0 k | 0 | 37.0 k | 1.0 k | 13.0 k | 36.0 k | 0 |
| Net income | -5.0 m | -3.8 m | -3.8 m | -4.4 m | -7.1 m | -4.7 m | -4.0 m | -3.2 m |
| Diluted EPS | -0.28 | -0.20 ≈ | -0.20 | -0.21 | -0.31 | -0.20 ≈ | -0.17 | -0.13 |
| Operating cash flow | -2.2 m ≈ | 363.0 k | -10.7 m | -2.9 m ≈ | 2.9 m ≈ | -3.0 m | -10.4 m | 4.0 m ≈ |
| Capex | 147.0 k ≈ | 146.0 k | 113.0 k | 209.0 k ≈ | 275.0 k ≈ | 44.0 k | 228.0 k | 543.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 32.4 m | 40.4 m | 42.0 m | 48.3 m | 45.6 m | 52.5 m | 55.6 m | 66.6 m |
| Revenue YoY | unavailable | +24.5% | +3.9% | +15.1% | −5.7% | +15.3% | +5.9% | +19.7% |
| Net income | -8.0 m | -12.0 m | -16.7 m | -26.9 m | -47.4 m | -23.7 m | -15.1 m | -20.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -1.32 | -1.68 | -2.77 | -1.34 | -0.83 | -0.93 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -24.7% | -29.8% | -39.8% | -55.6% | -104.0% | -45.1% | -27.2% | -30.0% |
| Free cash flow | -9.5 m | -10.1 m | -14.5 m | -22.6 m | -36.5 m | -15.3 m | -13.8 m | -14.3 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 32.2 m USD
- Financial debt
- 22.9 m USD
- Net debt
- -9.3 m USD
- Equity
- 17.4 m USD
- Total assets
- 58.0 m USD
- Debt / equity
- 1.31x
- Current ratio
- 3.45x
- ROE
- -147.8%
- ROA
- -38.8%
- FCF margin
- -21.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 42.0 m | 48.3 m | 45.6 m | 52.5 m | 55.6 m | 66.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Cost of revenue | 16.6 m | 20.6 m | 24.2 m | 23.1 m | 22.5 m | 27.8 m | SEC (XBRL)· 10 Mar 2026verified |
| Gross profit | 25.4 m ≈ | 27.7 m ≈ | 21.3 m ≈ | 29.5 m | 33.1 m | 38.8 m | SEC (XBRL)· 10 Mar 2026verified |
| Research & development | 3.6 m | 7.2 m | 9.9 m | 4.9 m | 5.4 m | 6.3 m | SEC (XBRL)· 10 Mar 2026verified |
| SG&A | 37.0 m | 44.5 m | 52.0 m | 47.4 m | 41.4 m | 46.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Operating income | -15.2 m | -24.1 m | -46.1 m | -22.8 m | -13.6 m | -14.1 m | SEC (XBRL)· 10 Mar 2026verified |
| Depreciation & amortisation | 500.0 k | 900.0 k | 1.6 m | 2.2 m | 1.7 m | 2.1 m | SEC (XBRL)· 10 Mar 2026verified |
| EBITDA | -14.7 m ≈ | -23.2 m ≈ | -44.5 m ≈ | -20.6 m ≈ | -11.9 m ≈ | -12.0 m ≈ | SEC (XBRL)· 10 Mar 2026derived |
| Interest expense | 2.6 m | 2.6 m | 2.4 m | 2.3 m | 2.2 m | 4.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Income tax | -79.0 k | 175.0 k | -282.0 k | 33.0 k | 12.0 k | 51.0 k | SEC (XBRL)· 10 Mar 2026verified |
| Net income | -16.7 m | -26.9 m | -47.4 m | -23.7 m | -15.1 m | -20.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Diluted EPS | -1.32 | -1.68 | -2.77 | -1.34 | -0.83 | -0.93 | SEC (XBRL)· 10 Mar 2026verified |
| Weighted average diluted shares | 12.6 m | 16.0 m | 17.1 m | 17.7 m | 18.2 m | 21.6 m | SEC (XBRL)· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 57.4 m | 99.4 m | 62.4 m | 36.5 m | 22.0 m | 32.2 m | SEC (XBRL)· 10 Mar 2026verified |
| Receivables | 8.9 m | 9.7 m | 6.1 m | 6.6 m | 7.8 m | 10.9 m | SEC (XBRL)· 10 Mar 2026verified |
| Current assets | 70.5 m | 112.7 m | 72.6 m | 47.8 m | 36.5 m | 48.9 m | SEC (XBRL)· 10 Mar 2026verified |
| Property, plant & equipment, net | 2.1 m | 4.8 m | 8.2 m | — | — | — | SEC (XBRL)· 20 Mar 2023verified |
| Goodwill | 5.5 m | 5.5 m | 0 | — | — | — | SEC (XBRL)· 20 Mar 2023verified |
| Total assets | 78.4 m | 123.4 m | 86.2 m | 56.9 m | 44.7 m | 58.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Accounts payable | 3.0 m | 2.5 m | 3.0 m | 3.1 m | 4.1 m | 4.2 m | SEC (XBRL)· 10 Mar 2026verified |
| Short-term debt | — | 0 | 190.0 k | 264.0 k | 423.0 k | 643.0 k | SEC (XBRL)· 10 Mar 2026verified |
| Long-term debt | 26.7 m | 27.5 m | 28.8 m | 19.2 m | 19.8 m | 22.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Current liabilities | 8.8 m | 9.3 m | 9.6 m | 11.9 m | 13.5 m | 14.2 m | SEC (XBRL)· 10 Mar 2026verified |
| Total liabilities | 36.5 m | 38.5 m | 43.8 m | 34.3 m | 35.1 m | 40.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Equity | 41.8 m † | 84.9 m † | 42.5 m † | 22.7 m † | 9.5 m † | 17.4 m † | SEC (XBRL)· 10 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -14.1 m | -20.3 m | -32.1 m | -14.5 m | -13.3 m | -13.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Capex | 455.0 k | 2.4 m | 4.3 m | 828.0 k | 515.0 k | 641.0 k | SEC (XBRL)· 10 Mar 2026verified |
| Free cash flow | -14.5 m ≈ | -22.6 m ≈ | -36.5 m ≈ | -15.3 m ≈ | -13.8 m ≈ | -14.3 m ≈ | SEC (XBRL)· 10 Mar 2026derived |
| Investing cash flow | -455.0 k | -2.4 m | -4.3 m | -804.0 k | -515.0 k | -626.0 k | SEC (XBRL)· 10 Mar 2026verified |
| Financing cash flow | -97.0 k | 64.7 m | -489.0 k | -10.6 m | -663.0 k | 24.4 m | SEC (XBRL)· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 206.2 m USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -90.8% | 0 (vs peers) | 24% |
| Net margin · Quality | -26.6% | 39 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 13.5% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.6x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 3.2x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -3.7% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality15/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EXAGEN INC. (XGN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 66.6 m USD in 2025; YoY growth 19.7%; net margin -26.6%; ROE -113.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 13.5%
- Current ratio: 3.2x
What contradicts it
- ROIC: -90.8%
- Interest coverage: -2.6x
- FCF yield: -3.7%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Medical Laboratories (SIC 8071) · same industry (4-digit SIC) · compared with 23 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NTRANatera, Inc. | 56.4 bn | — | -12.5% | -7.1% | +35.9% | +64% / +599% |
| LHLabcorp Holdings Inc. | 29.9 bn | 30.2 | 11.4% | 6.9% | +7.2% | +37% / +70% |
| DGXQuest Diagnostics Inc | 28.1 bn | 25.5 | 15.2% | 9.5% | +11.8% | +35% / +86% |
| GHGuardant Health, Inc. | 22.6 bn | — | — | -38.3% | +32.9% | +55% / +570% |
| CAICaris Life Sciences, Inc. | 9.5 bn | 97.6 | 17.2% | 9.2% | +97.0% | +30% / unavailable |
| GRALGRAIL, Inc. | 6.4 bn | — | -16.1% | -236.9% | +17.2% | +30% / unavailable |
| RDNTRadNet, Inc. | 6.3 bn | — | -2.1% | -0.9% | +11.5% | −3% / +142% |
| CDNACaredx, Inc. | 4.5 bn | 35.9 | 33.0% | 25.9% | +13.8% | +380% / +784% |
| VCYTVeracyte, Inc. | 4.2 bn | 37.5 | 8.8% | 20.4% | +16.0% | +11% / +105% |
| FTREFortrea Holdings Inc. | 2.0 bn | — | -12.3% | -2.6% | +1.0% | +64% / −29% |
| PSNLPersonalis, Inc. | 1.7 bn | — | -62.1% | -147.7% | −17.7% | +47% / +932% |
| BLLNBillionToOne, Inc. | 1.3 bn | 118.4 | 30.2% | 11.3% | +100.0% | −13% / unavailable |
| CSTLCastle Biosciences, Inc. | 1.1 bn | — | -4.2% | -5.4% | +3.7% | −11% / +79% |
| FLGTFulgent Genetics, Inc. | 541.5 m | — | -8.0% | -26.0% | +13.8% | −33% / −29% |
| YDESYD Bio Limited | 492.0 m | — | -445.1% | -1,392.6% | +16.9% | −40% / unavailable |
| BDSXBiodesix, Inc. | 226.7 m | — | -540.0% | -27.0% | +24.1% | +160% / −28% |
| XGNExagen Inc. | 206.2 m | — | -113.8% | -26.6% | +19.7% | −21% / +404% |
| SERASera Prognostics, Inc. | 59.0 m | — | -49.7% | -34,866.7% | +5.2% | −39% / +4% |
| AMSAmerican Shared Hospital Services | 8.2 m | — | -7.5% | -5.8% | −0.9% | −43% / −48% |
| MDXHMdxhealth SA | 8.0 m | — | -2,440.4% | -31.1% | +19.8% | −96% / −95% |
| ACONAclarion, Inc. | 5.0 m | — | -59.0% | -10,978.5% | +65.6% | −72% / −100% |
| ADVBAdvanced Biomed Inc. | 3.5 m | 0.4 | 84.8% | 5,231.3% | unavailable | −75% / unavailable |
| BGLCBioNexus Gene Lab Corp. | 2.8 m | — | -33.7% | -82.4% | −21.9% | −79% / −90% |
| BNRBurning Rock Biotech Limited | 0 | — | -10.1% | -10.3% | +9.2% | −41% / +55% |
1- and 3-year price returns: for XGN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Exagen is a medical technology company that develops and sells diagnostic tests for rheumatic and autoimmune diseases, chiefly through its flagship AVISE CTD test. The company reports growing revenue and test usage and has raised its 2026 revenue guidance, while it still posts net losses 1 3.
SWOT
Strengths
- The company has a flagship product with a published clinical evidence base and a sales force specialized in rheumatology, giving it a niche advantage.
- Revenue has grown steadily and gross margin has improved in recent quarters, showing that the volume and price strategy is working.
- The laboratory is CLIA-certified and CAP-accredited, which supports clinician confidence and access to reimbursement.
Weaknesses
- The company relies heavily on a single product, so performance is sensitive to reimbursement changes or competition.
- The company still posts net losses and has limited cash generation, making it dependent on access to additional financing.
- The company has no significant contracts with private payors, and revenue has fluctuated due to payment delays and revenue cycle management.
Opportunities
- Launching the myositis and lupus nephritis products could diversify revenue if approvals and reimbursement arrive on schedule.
- Partnerships with pharmaceutical companies and research organizations could generate additional revenue from test usage and data.
- If the newer biomarkers gain broader coverage, the average selling price could keep rising.
Threats
- Changes in trade policy and tariffs on imported reagents could raise costs and reduce gross margin.
- Payors could cut or withdraw coverage, and regulators could place the tests under stricter requirements.
- The emergence of cheaper or faster competing tests could reduce the market share of the flagship product.
Risks
- Dependence on a single producthigh
The AVISE CTD product generates most of the revenue, and any drop in demand or reimbursement could seriously affect results 1 2.
- Third-party payor reimbursementhigh
Payors may deny, limit or change reimbursement, which could cut revenue directly and delay collections 1.
- Persistent net losseshigh
The company has reported net losses every year and it is uncertain when durable profitability will be reached, which could require additional financing 1 3.
- Laboratory regulationmedium
Rules for laboratory tests are complex and costly, and a change in FDA interpretation could subject the tests to additional requirements 1.
- Single laboratory sitemedium
All tests are performed at one laboratory, and damage to or loss of that facility could interrupt operations 1.
Investment thesis
What would need to be true (bull case)
- If volume and average selling price growth continue, the company could reach a revenue and margin level that supports profitability 1 3.
- The raised 2026 revenue guidance could signal management's growing confidence in demand for its tests 3.
- If the new myositis and lupus nephritis tests reach the market, the company could open new revenue streams beyond its flagship product 2.
What would break the thesis
- Dependence on a single product could make any reimbursement delay or new competitor a significant setback 1 2.
- Continued losses and the need for additional capital could limit financial flexibility if profitability is delayed 1 3.
- Slow reimbursement and tests without full coverage could keep weighing on revenue growth 1.
What to watch
- Delivery against the raised 2026 revenue guidance of 72 to 75 million dollarsQ4 2026
- Trend in the trailing average selling price per AVISE CTD test and reimbursement ratesQ4 2026
- Launch of the first myositis product and related approvals2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Exagen Inc. (Nasdaq: XGN) is a medical technology company focused on designing, developing and commercializing a portfolio of tests under its AVISE brand for differential diagnosis, prognosis and monitoring of rheumatic and autoimmune diseases, including systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA) 1. Its flagship product, AVISE CTD, launched commercially in 2012 and generated 91% of revenue in 2025 and 90% in the first half of 2026 1 2. Tests are run in a laboratory in Vista, California, certified under CLIA and accredited by CAP, with results typically reported within five business days 1 2.
Segments
AVISE CTD
AVISE CTD differentiates patients presenting with symptoms that overlap across several connective tissue diseases and was expanded in 2025 with new biomarkers for SLE and RA 1. It accounted for 90% of revenue in the first half of 2026, and a trailing average selling price of 446 dollars per test points to higher reimbursement rates 2 3.
Market context
Trends
- Growing test volumetailwind
AVISE CTD test volume rose about 11% in 2025 and again 11% in the second quarter of 2026, suggesting a widening base of ordering physicians 1 3.
- Rising average selling pricemixed
The trailing average selling price climbed to 446 dollars per test in 2026, largely from disciplined payor engagement and new biomarkers, though the company says the pace was slower than expected 1 3.
- Payor and regulatory pressureheadwind
Commercial and government payors can narrow coverage, demand more clinical evidence or deny reimbursement, and the company flags the risk that the FDA may not accept its tests as laboratory-developed tests 1. If these pressures intensify, they could weigh on revenue.
- Inflation and tariffsheadwind
Inflation has raised personnel and operating costs, and tariffs on imported reagents, including from Germany, could raise costs and pressure gross margin if they cannot be passed on to customers 1.
Competitive position
The sources do not name the company's direct competitors in detail, but the company argues that traditional screening methods such as the ANA test have poor specificity, leaving room for more precise tests 1. Competition could come from laboratories offering similar rheumatic disease tests or from alternative diagnostic methods 1.
The company's claimed advantage rests on its proprietary CB-CAP and T-cell biomarker technologies and a rheumatology-focused sales force 1. If other providers adopt comparable technologies or secure faster reimbursement, its competitive position could be affected 1.
- General diagnostic laboratories
Diagnostic laboratories that offer autoimmune antibody testing are an indirect competitor, and the sources do not name them individually.
- Traditional screening methods
ANA-based screening is used by primary care physicians and rheumatologists, and the company considers it less specific than its own tests.
- Pharmaceutical companies with diagnostic programs
Drug makers may develop their own biomarkers for lupus or lupus nephritis treatment, which could create either competition or partnership opportunities.
- Test providers with alternative technologies
The company notes that other providers may compete using different antibody detection methods, but the sources do not identify them by name.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report09 Jun 2026Shareholder vote
- Quarterly report11 May 2026
- Current report11 May 2026Results of operations · Financial statements and exhibits
- Proxy statement27 Apr 2026
- Current report23 Apr 2026Departure or appointment of officers · Financial statements and exhibits
- Annual report10 Mar 2026
- Current report10 Mar 2026Results of operations · Financial statements and exhibits
- Current report12 Jan 2026Results of operations · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Exagen Inc. · 10 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Exagen Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Exagen Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.