Exagen reports record FY 2025 revenue of $66.6M, up 20% YoY; guides FY 2026 revenue $70-73M

EXAGEN INC.

Full-year 2025 revenue $66.6M (+20% YoY); Q4 2025 revenue $16.6M.
Full-year net loss $19.95M; adjusted EBITDA loss $9.79M; gross margin 58.3%.
AVISE CTD test volume grew >11% YoY; trailing 12-month ASP rose to $441 (+7%).
FY 2026 revenue guidance of $70M to $73M; path to cash flow positivity.
Year-end cash $32.4M; strengthened by $20M equity offering and $25M credit facility.

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