Overview

• Autoimmune diagnostics provider's Q4 revenue slightly beat analyst expectations

• Company reported Q4 net loss

• Sales force expansion and new biomarkers drove test volume growth

Outlook

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

• Company plans to expand reach in autoimmune disease market

Result Drivers

• TEST VOLUME GROWTH - New biomarkers and sales force expansion drove over 11% full-year test volume growth

• INCREASED ASP - AVISE CTD trailing twelve-month ASP increased by $30 per test, or 7%, compared to 2024

• NOVEL BIOMARKERS - Commercial launch of novel T-Cell and seronegative RA biomarkers, including anti-RA33 and anti-PAD4, enhanced AVISE CTD platform

Company press release: ID:nGNX6Vw6g0

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Revenue	Slight Beat*	$16.63 mln	$16.57 mln (7 Analysts)
Q4 Net Income		-$4.67 mln
Q4 Operating Expenses		$14.18 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

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 $11.00, about 225.4% above its March 9 closing price of $3.38

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