Exagen Misses Profit, But Beats Revenue Again

Forward-Looking Analysis

For the second quarter of 2026, Wall Street consensus projects Exagen to report earnings per share (EPS) of -$0.19. This estimate represents a slight deterioration from the Q1 2026 reported EPS of -$0.17, though the company continues to beat negative consensus estimates, having exceeded Q1 guidance by $0.07. Revenue expectations for Q2 2026 are set at approximately $17.97 million, reflecting a modest sequential increase from Q1’s $17.31 million. This aligns with the company’s full-year 2026 revenue guidance of $70.0 million to $73.0 million, which was issued in May 2026 and sits slightly above the annual consensus estimate of $71.2 million.

Analyst sentiment remains cautiously optimistic regarding revenue growth, with some estimates placing Q2 revenue near $17.80 million. The long-term outlook suggests earnings improvement, with forecasts indicating EPS growth from -$0.71 to -$0.51 per share over the next year. However, the current Zacks Rank is a #4 (Sell), driven by unfavorable earnings estimate revisions prior to the Q1 report, suggesting potential near-term underperformance despite the fundamental revenue beat trend. The company’s FY 2026 net income is projected to remain negative, with the trailing twelve-month net income reported at -$19.95 million.

Historical Performance Review

Exagen delivered strong Q1 2026 results, reporting revenue of $17.31 million and a gross profit of $10.21 million. Despite these top-line gains, the company posted a net income of -$3.97 million and an EPS of -$0.17. These figures significantly outperformed the consensus EPS estimate of -$0.24, resulting in a positive earnings surprise. The revenue also exceeded analyst expectations of $16.41 million, marking the fourth consecutive quarter where Exagen topped consensus revenue estimates. This performance demonstrates consistent commercial execution, even as the company navigates path to profitability.

Additional News

On June 1, 2026, Exagen announced the publication of a systematic review confirming the robust real-world performance of its AVISE Lupus test. The study, which analyzed over 1,200 systemic lupus erythematosus (SLE) patients across 14 medical centers, demonstrated that the AVISE test uniquely identified approximately 25% of SLE patients missed by conventional markers. This finding supports superior diagnostic accuracy and earlier, more definitive diagnosis compared to standard testing. Prior to this, on May 11, 2026, the company reported its Q1 2026 financial results, highlighting record total revenue and AVISE CTD average selling price increases. These updates underscore Exagen’s focus on leveraging its proprietary CB-CAPs technology to improve differential diagnosis for autoimmune diseases, reinforcing the clinical value proposition driving its commercial strategy.