Exagen Record $15.5M Revenue as New Lupus Test Launch Sparks Growth Path to Profitability

Exagen reported record Q1 2025 revenue of $15.5 million, driven by growth in AVISE CTD test volume and expanded average selling price (ASP). The company's trailing twelve-month ASP increased to $419, up $42 per test compared to Q1 2024. Despite revenue growth, Exagen posted a net loss of $3.75 million and adjusted EBITDA loss of $2.51 million. The company ended Q1 with $11.2 million in cash and secured a $25 million credit facility with Perceptive Advisors in April. Key developments include the launch of new SLE and RA biomarkers, publication of T-cell research, and commercial expansion plans. Exagen provided 2025 guidance of at least $65 million in revenue and expects positive adjusted EBITDA by Q4 2025.

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