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Exagen helps rheumatologists distinguish diseases that can cause similar symptoms, including lupus and rheumatoid arthritis. Its AVISE blood tests also support prognosis and disease monitoring, but AVISE CTD, which helps distinguish among overlapping conditions, accounts for nearly all revenue.
U.S. clinicians order the tests, and Exagen processes patient samples at its single laboratory in Vista, California. Delivering results to the prescribing clinician triggers billing; the clinician generally does not pay. Payment comes from commercial insurers, government programs including Medicare and Medicaid, hospitals and other laboratories, and patients paying directly.
Revenue depends on physicians ordering tests and payors agreeing to cover them and paying claims. A substantial share comes from a small number of commercial payors, most without participating-provider contracts with Exagen; some payors classify certain tests as investigational and deny coverage. Exagen must maintain CLIA certification and its California laboratory license to keep selling tests, while testing for New York patients also requires state laboratory licensing and approval of each test.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Exagen’s results depend more on rheumatologists choosing AVISE CTD and payers reimbursing it—the test generated 91% of revenue in both 2025 and 2024—than on the broader testing businesses of Quest Diagnostics and Labcorp.
Quest Diagnostics competes directly with Exagen’s AVISE blood tests for rheumatologists’ orders by offering laboratory tests for lupus and rheumatoid arthritis.
Labcorp competes with Exagen for autoimmune diagnostic testing orders from rheumatologists, offering lupus and rheumatoid-arthritis tests as alternatives to Exagen’s AVISE blood tests.
Quest Diagnostics Inc. earningsDGX
Quest Diagnostics competes with Exagen for rheumatologists’ lupus and rheumatoid arthritis test orders, so its report will show how demand and competition are shaping that shared market.
Look for performance in Quest Diagnostics’ lupus and rheumatoid arthritis testing and what it says about test demand and pricing. Strength would suggest demand for these tests is supporting the market Exagen sells into; weakness or pricing pressure would point to softer demand or tougher competition, but would not establish Exagen’s own orders or reimbursement.
Fed Interest Rate Decision
The Fed’s policy-rate decision signals the direction of borrowing costs, which can change the interest Exagen pays on its Perceptive loan and leave less or more cash for its testing business.
Expected4.0%Last release4.0%
If it comes in above expectations
If the higher rate lifts SOFR above the loan’s 4.75% floor, Exagen may pay more interest, leaving less cash for laboratory operations and commercial efforts; below that floor, the rate increase may not raise its loan interest.
If it comes in below expectations
If the lower rate brings SOFR down while it remains above the loan’s 4.75% floor, Exagen may pay less interest, leaving more cash for laboratory operations and commercial efforts; once SOFR is at or below the floor, further decreases may not lower its loan interest.
Exagen Inc. earningsThis company
Exagen gets most of its revenue from AVISE CTD blood tests, and this report will show whether test growth is holding up the average reimbursement per test.
Read AVISE CTD test volume alongside average selling price, which reflects collections across different payors. More tests with a steady or rising average price would show physician orders and reimbursement are both supporting growth; more tests with a falling average price would mean lower revenue per test is offsetting added volume, leaving growth exposed to payor reimbursement.
