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- **Record Revenue Growth**: Q3 2025 revenue up 40% YoY to $17.2 million, driven by 15% volume and 9% ASP expansion.
- **Biomarker Innovation**: New anti-PAD4 assays expand RA testing to 85% of patients, targeting $90 ASP uplift.
- **Challenges**: Lost high ASP account caused $20 ASP headwind, but October volume rebounded.
- **Pharma Expansion**: Pharma services revenue surged to $800k (vs. $100k in 2024), with $3.5M backlog.
- **Gross Margin Target**: Aiming for mid-60s gross margin via ASP expansion and cost efficiency.

**【CEO Summary Section】**
- Q3 2025 revenue reached $17.2 million, up 40% YoY, driven by 15% volume growth and 9% ASP expansion.
- Launched anti-PAD4 antibodies, capturing 85% of RA patients (vs. 70% previously).
- 45 sales territories (up from 42), with 2 new territories among top performers.
- Lost high ASP account caused $20 ASP headwind, but October volume rebounded.
- Pharma services revenue $800k (vs. $100k in 2024), with $3.5M backlog.

**【CFO Financial Commentary】**
- Gross margin 58.3% (up 260bps YoY), driven by ASP gains and efficient COGS.
- Operating expenses $3.2M (up 18% YoY) due to R&D and sales expansion.
- Net loss $7M (vs. $5M YoY), with $3M non-cash expenses.
- Cash position $35.7M (up from $30M), supporting growth.

**【Q&A Highlights】**
- Targeting $90 ASP lift from new biomarkers, currently at $72.
- Volume resilient at 2% QoQ, defying seasonal decline.
- Higher denials for new biomarkers, but appeals improving reimbursement.
- Mid-60s gross margin achievable with ASP expansion and COGS optimization.

Exagen Inc. (XGN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

XGN

XGN fundamentals

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