Exagen Inc. (XGN) Q2 2025 Earnings Call

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WEBVTT 00:00:00.217 -- 00:00:02.620 Good morning and thank you for joining us. 00:00:02.620 -- 00:00:07.445 We're excited to report another strong quarter at Exeget, highlighted by record revenue 00:00:07.445 -- 00:00:12.531 and meaningful progress across our commercial, scientific, and operational efforts. 00:00:12.531 -- 00:00:17.657 Our focus on disciplined execution, physician engagement, and continued innovation 00:00:17.657 -- 00:00:23.862 is driving positive momentum as we look to build on our leadership in autoimmune diagnostics. 00:00:23.984 -- 00:00:25.846 Here are our highlights. 00:00:25.846 -- 00:00:31.100 Q2 revenue came in at $17.2 million. representing 14% 00:00:31.100 -- 00:00:36.505 year-over-year growth and the highest quarterly revenue in company history. 00:00:36.505 -- 00:00:41.630 Advised CTD test volume growth was substantial, and the team delivered the best quarterly 00:00:41.630 -- 00:00:46.715 volume since we made our strategic adjustments in the summer of 2023, which 00:00:46.715 -- 00:00:50.336 is a strong step in the right direction. 00:00:50.538 -- 00:00:55.163 What's especially encouraging is that this growth is being driven organically by our 00:00:55.163 -- 00:00:59.775 existing commercial team. and the growing clinical recognition of our differentiated 00:00:59.775 -- 00:01:01.775 science. 00:01:01.838 -- 00:01:06.423 For Q2, we effectively still had 40 territories, 00:01:06.423 -- 00:01:11.449 meaning our average revenue per territory reached just over $430,000 for the 00:01:11.449 -- 00:01:13.449 quarter. 00:01:13.492 -- 00:01:17.577 That's an encouraging sign of commercial leverage, especially when you consider where 00:01:17.577 -- 00:01:21.642 we were a couple of years ago, averaging $285,000 00:01:21.642 -- 00:01:23.748 per te...