Overview

• US autoimmune testing provider's Q1 revenue grew 12% yr/yr, beating analyst expectations

• Adjusted EBITDA loss for Q1 improved 14% yr/yr

• Company reaffirmed full-year 2026 revenue guidance of $70 mln to $73 mln

Outlook

• Exagen continues to expect full-year 2026 revenue of $70 mln to $73 mln

Result Drivers

• TEST VOLUME GROWTH - AVISE CTD test volume rose 10% compared to Q1 2025

• HIGHER AVERAGE SELLING PRICE - AVISE CTD trailing-twelve-month ASP increased 6% year-over-year to $444 per test

• REVENUE CYCLE MANAGEMENT - CEO cited disciplined execution and effective revenue cycle management as supporting Q1 results

Company press release: ID:nGNX7YJRSm

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$17.31 mln	$16.41 mln (7 Analysts)
Q1 Net Income		-$3.97 mln
Q1 Operating Expenses		$13.62 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the healthcare facilities & services peer group is "buy"

• Wall Street's median 12-month price target for Exagen Inc is $8.50, about 188.1% above its May 8 closing price of $2.95

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