Exagen reported higher revenue for the third quarter and first nine months of 2026, while its year-to-date net loss and adjusted EBITDA loss narrowed. Quarterly operating costs rose, however, and the company’s operating loss widened slightly. Exagen also said it remains on track to launch a myositis test offering early next year.
The precision-medicine company ended September with $28.1 million in cash and cash equivalents and highlighted research presentations at a major rheumatology conference.
Key details
- Third-quarter revenue rose 7% year over year to $18.4 million. Revenue for the first nine months increased 11% to $55.7 million.
- The average selling price for AVISE CTD tests continued to climb. The trailing-12-month average reached $451 per test, up $10 from a year earlier and marking the 14th consecutive quarter of growth. The CEO said test volume was also ahead of the year-earlier period, but the release did not provide a volume figure.
- Gross margin improved modestly. It was 58.8% in the third quarter, compared with 58.4% a year earlier; for the first nine months, it was 59.7%, versus 59.3%.
- Quarterly operating expenses increased to $15.2 million from $13.2 million. The operating loss widened to $4.4 million from $3.1 million.
- Net loss narrowed to $6.3 million in the quarter from $7.1 million. For the first nine months, the net loss was $13.5 million, down from $15.3 million.
- Adjusted EBITDA loss was nearly unchanged for the quarter: $1.9 million, compared with $1.895 million a year earlier. For the first nine months, it improved to $4.2 million from $6.1 million, a reduction of more than 30%.
- Cash and cash equivalents totaled $28.1 million at September 30, down from $35.7 million a year earlier.
- Exagen presented nine research abstracts at the 2026 American College of Rheumatology Convergence Conference, including two podium presentations on associations involving proprietary T-cell markers and an analysis of patterns across more than 375,000 AVISE CTD tests.
- The company said its myositis offering remains on track for launch early in 2027. It also scheduled an educational webcast for December 15, 2026, at noon; the announcement excerpt did not specify a time zone.
What the results show: Revenue growth and higher test pricing have continued, and year-to-date net and adjusted EBITDA losses have declined. The quarter was less uniform: operating expenses rose and the operating loss widened, while adjusted EBITDA loss was essentially flat. Exagen’s planned myositis launch is a stated product-development milestone, rather than a current contribution to reported results.