Exagen Inc. (XGN) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and thank you for joining us. We're excited to report another strong quarter at Exeget, highlighted by record revenue and meaningful progress across our commercial, scientific, and operational efforts. Our focus on disciplined execution, physician engagement, and continued innovation is driving positive momentum as we look to build on our leadership in autoimmune diagnostics. Here are our highlights. Q2 revenue came in at $17.2 million. representing 14% year-over-year growth and the highest quarterly revenue in company history. Advised CTD test volume growth was substantial, and the team delivered the best quarterly volume since we made our strategic adjustments in the summer of 2023, which is a strong step in the right direction. What's especially encouraging is that this growth is being driven organically by our existing commercial team. and the growing clinical recognition of our differentiated science. For Q2, we effectively still had 40 territories, meaning our average revenue per territory reached just over $430,000 for the quarter. That's an encouraging sign of commercial leverage, especially when you consider where we were a couple of years ago, averaging $285,000 per territory. We've seen our per territory revenue grow by over 50% since I joined, and it's important to note that the expected impact of our sales expansion likely won't be felt until at least Q4, further accelerating our trajectory. Layer on top of that, the fact that we've begun to expand into areas we believe have high growth potential with team members of incredibly high character and talent, and it's hard not to get excited about the special business we are creating. The sequential revenue growth we saw in Q2 is coming from increased ordering within our physician base and expans...