Revenue growth remains highly volatile, ranging from a 6.8% contraction in 2024Q3 to a 37.9% expansion in 2025Q3, while gross margins remain capped between 55.4% and 62.1%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 68.38M | 66.58M | 55.64M | 52.55M | 45.56M | 48.3M | 41.98M | 40.39M | 32.44M | 26.81M | 17.95M | 11.66M | 3.06M | 926K |
| Revenue Growth % | 20.55% | 19.65% | 5.89% | 15.33% | -5.66% | 15.07% | 3.93% | 24.5% | 21.01% | 49.38% | 53.87% | 281.77% | 229.91% | - |
| Cost of Goods Sold | 28.5M | 27.78M | 22.53M | 23.09M | 24.21M | 20.59M | 16.56M | 18.81M | 15.38M | 14.14M | 9.53M | 6.88M | 2.83M | 1.97M |
| COGS % of Revenue | - | 41.72% | 40.49% | 43.94% | 53.14% | 42.63% | 39.45% | 46.57% | 47.41% | 52.74% | 53.12% | 59.03% | 92.64% | 213.17% |
| Gross Profit | 39.88M | 38.8M | 33.11M | 29.46M | 21.35M | 27.71M | 25.42M | 21.58M | 17.06M | 12.67M | 8.41M | 4.78M | 225K | -1.05M |
| Gross Margin % | 58.32% | 58.28% | 59.51% | 56.06% | 46.86% | 57.37% | 60.55% | 53.43% | 52.59% | 47.26% | 46.88% | 40.97% | 7.36% | -113.17% |
| Gross Profit Growth % | - | 17.18% | 12.41% | 37.97% | -22.96% | 9.03% | 17.78% | 26.48% | 34.66% | 50.6% | 76.08% | 2023.56% | 121.47% | - |
| Operating Expenses | 54M | 52.87M | 46.75M | 52.29M | 67.4M | 51.78M | 40.6M | 30.88M | 21.94M | 20.56M | 19.07M | 16.57M | 8.1M | 6.42M |
| OpEx % of Revenue | - | 79.41% | 84.02% | 99.51% | 147.93% | 107.2% | 96.73% | 76.46% | 67.64% | 76.69% | 106.24% | 142.1% | 265.27% | 693.09% |
| Selling, General & Admin | 47.48M | 46.62M | 41.37M | 47.43M | 52.02M | 44.54M | 37.03M | 28.7M | 19.68M | 18.82M | 17.41M | 15.07M | 6.99M | 5.15M |
| SG&A % of Revenue | - | 70.02% | 74.36% | 90.26% | 114.17% | 92.22% | 88.23% | 71.07% | 60.65% | 70.21% | 96.99% | 129.18% | 228.9% | 556.05% |
| Research & Development | 6.52M | 6.25M | 5.38M | 4.87M | 9.88M | 7.24M | 3.57M | 2.18M | 2.13M | 1.55M | 1.37M | 1.29M | 897K | 1.05M |
| R&D % of Revenue | - | 9.39% | 9.66% | 9.26% | 21.68% | 14.98% | 8.5% | 5.39% | 6.55% | 5.79% | 7.62% | 11.03% | 29.36% | 113.93% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 5.51M | 0 | 0 | 0 | 141K | 186K | 1.22M | -497K | -83K | 7K |
| Operating Income | -14.12M | -14.07M | -13.64M | -22.84M | -46.05M | -24.07M | -15.19M | -9.3M | -4.88M | -7.84M | -10.39M | -11.56M | -9.14M | -6.83M |
| Operating Margin % | -20.65% | -21.13% | -24.51% | -43.46% | -101.07% | -49.83% | -36.18% | -23.02% | -15.04% | -29.23% | -57.88% | -99.08% | -299.31% | -737.15% |
| Operating Income Growth % | - | -3.18% | 40.29% | 50.41% | -91.34% | -58.49% | -63.3% | -90.55% | 37.72% | 24.57% | 10.11% | -26.38% | -33.96% | - |
| EBITDA | -12.59M | -11.95M | -11.91M | -20.67M | -44.49M | -23.12M | -14.64M | -8.71M | -4.15M | -7.17M | -9.51M | -11M | -8.69M | -6.43M |
| EBITDA Margin % | -18.41% | -17.95% | -21.41% | -39.33% | -97.65% | -47.87% | -34.88% | -21.56% | -12.79% | -26.73% | -52.99% | -94.3% | -284.42% | -694.17% |
| EBITDA Growth % | -2.4% | -0.34% | 42.37% | 53.55% | -92.46% | -57.93% | -68.11% | -109.88% | 42.1% | 24.64% | 13.54% | -26.57% | -35.17% | - |
| D&A (Non-Cash Add-back) | 1.53M | 2.12M | 1.72M | 2.17M | 1.56M | 948K | 546K | 591K | 731K | 670K | 879K | 558K | 455K | 398K |
| EBIT | -17.44M | -14.07M | -12.87M | -21.32M | -45.22M | -24.05M | -14.2M | -8.52M | -5.09M | -23.23M | -14.43M | -12.05M | -12.51M | -6.82M |
| Net Interest Income | -2.38M | -4.03M | -1.47M | -819K | -1.62M | -2.61M | -2.56M | -3.49M | -2.87M | -2.9M | -4.5M | -2.94M | -941K | -463K |
| Interest Income | 128K | 289K | 767K | 1.52M | 830K | 16K | 0 | 0 | 0 | 45K | 0 | 0 | 0 | 0 |
| Interest Expense | 2.5M | 4.32M | 2.23M | 2.33M | 2.45M | 2.63M | 2.56M | 3.49M | 2.87M | 2.95M | 4.5M | 2.94M | 941K | 463K |
| Other Income/Expense | -5.96M | -5.83M | -1.47M | -819K | -1.62M | -2.61M | -1.58M | -2.71M | -3.07M | -18.34M | -8.54M | -3.44M | -4.31M | 184K |
| Pretax Income | -20.08M | -19.9M | -15.1M | -23.66M | -47.67M | -26.68M | -16.77M | -12.01M | -7.95M | -26.18M | -18.93M | -14.99M | -13.45M | -7.28M |
| Pretax Margin % | -29.36% | -29.89% | -27.14% | -45.02% | -104.62% | -55.23% | -39.94% | -29.74% | -24.52% | -97.66% | -105.48% | -128.56% | -440.39% | -786.39% |
| Income Tax | 87K | 51K | 12K | 33K | -282K | 175K | -79K | 25K | 58K | -549K | 253K | -13K | 42K | 42K |
| Effective Tax Rate % | -0.43% | -0.26% | -0.08% | -0.14% | 0.59% | -0.66% | 0.47% | -0.21% | -0.73% | 2.1% | -1.34% | 0.09% | -0.31% | -0.58% |
| Net Income | -20.17M | -19.95M | -15.12M | -23.69M | -47.39M | -26.85M | -16.69M | -12.04M | -8.01M | -25.63M | -19.18M | -14.98M | -13.5M | -7.32M |
| Net Margin % | -29.49% | -29.97% | -27.17% | -45.08% | -104% | -55.59% | -39.75% | -29.81% | -24.7% | -95.61% | -106.89% | -128.45% | -441.77% | -790.93% |
| Net Income Growth % | -30.04% | -31.99% | 36.19% | 50.01% | -76.48% | -60.91% | -38.62% | -50.25% | 68.74% | -33.61% | -28.05% | -11% | -84.27% | - |
| Net Income (Continuing) | -20.17M | -19.95M | -15.12M | -23.69M | -47.39M | -26.85M | -16.69M | -12.04M | -8.01M | -25.63M | -19.18M | -14.98M | -13.5M | -7.32M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.85 | -0.93 | -0.83 | -1.34 | -2.77 | -1.68 | -1.32 | -0.96 | -127.16 | -406.81 | -305.48 | -265.79 | -251.43 | -206.86 |
| EPS Growth % | -7.14% | -12.05% | 38.06% | 51.62% | -64.88% | -27.27% | -37.5% | 99.25% | 68.74% | -33.17% | -14.93% | -5.71% | -21.55% | - |
| EPS (Basic) | - | -0.93 | -0.83 | -1.34 | -2.77 | -1.68 | -1.32 | -0.96 | -127.16 | -406.81 | -305.48 | -265.79 | -251.43 | -206.86 |
| Diluted Shares Outstanding | 23.85M | 21.56M | 18.2M | 17.68M | 17.08M | 15.97M | 12.65M | 12.56M | 63.01K | 63.01K | 62.8K | 56.36K | 53.68K | 35.41K |
| Basic Shares Outstanding | 23.85M | 21.56M | 18.2M | 17.68M | 17.08M | 15.97M | 12.65M | 12.56M | 63.01K | 63.01K | 62.8K | 56.36K | 53.68K | 35.41K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent negative operating margins
According to the provided quarterly income statements, Exagen's revenue growth has exhibited significant volatility, ranging from a 6.8% contraction in 2024Q3 to a 37.9% expansion in 2025Q3, suggesting that the company's top-line trajectory remains highly sensitive to seasonal insurance cycles and variable diagnostic test demand.
The inconsistent revenue growth suggests that the company has yet to establish a predictable, recurring revenue base despite the chronic nature of the autoimmune conditions it serves. Investors should monitor whether the recent 11.7% growth in 2026Q1 represents a stabilization or a continued struggle to penetrate the rheumatology market effectively.
As reported in financial statements, Exagen maintains a gross margin profile that has fluctuated between 55.4% and 62.1% over the last ten quarters, indicating that the specialized laboratory operations face inherent cost pressures that prevent significant margin expansion despite periodic increases in total test volume.
The inability to consistently push gross margins above the 60% threshold suggests that the company's cold-chain logistics and specialized flow cytometry requirements create a high floor for variable costs. This structural limitation implies that profitability will likely remain elusive unless the company can achieve a meaningful shift in its payer mix toward higher-reimbursement contracts.
Based on the reported figures, Exagen's SG&A expenses have consistently tracked near or above gross profit levels, resulting in persistent operating losses that demonstrate a lack of meaningful operating leverage as the company attempts to scale its direct sales force and educational outreach to rheumatologists.
The data indicates that for every dollar of gross profit generated, the company is spending nearly an equivalent amount on SG&A, which suggests that the current business model is not yet self-sustaining. Without a significant reduction in customer acquisition costs or a surge in test volume per representative, the company appears trapped in a cycle of high overhead relative to its revenue scale.
Analysis of the income statement reveals that Exagen's net income remains consistently negative, with quarterly losses reaching as high as $7.1 million in 2025Q3, while stock-based compensation continues to add a layer of non-cash expense that further complicates the path to positive earnings per share.
The persistent net losses, coupled with the reliance on stock-based compensation, suggest that shareholders face ongoing dilution risks as the company funds its operations. Investors should scrutinize the quality of these earnings, as the reliance on variable consideration estimates for revenue recognition may introduce further volatility into the bottom-line results.
Data from recent filings indicates that with a cash position of $32.2 million and recurring quarterly operating losses, Exagen faces a narrowing operational runway that may necessitate further capital raises, potentially challenging the long-term viability of the current growth-at-all-costs strategy favored by management.
Short-sellers would likely focus on the disconnect between the company's revenue growth and its inability to reach an operating break-even point. The risk remains that if the company cannot demonstrate a clear path to profitability, the market may increasingly discount the value of its proprietary technology in favor of its immediate liquidity concerns.
Quick answers to the most common questions about buying XGN stock.
For fiscal year 2025, Exagen Inc. (XGN) reported total revenue of $66.6M. This represents a 7089.5% increase compared to $0.9M in 2012.
Exagen Inc. (XGN) reported a net loss of $20.0M for the fiscal year ending 2025.
Exagen Inc. (XGN) reported an operating income of $-14.1M, resulting in an operating profit margin of -21.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Exagen Inc. (XGN) generated $38.8M in gross profit for the year, representing a gross profit margin of 58.3%. This demonstrates the company's core pricing power and production efficiency.