XGNMEDIUM SIGNALFINANCIAL10-K

XGN showed strong revenue growth of 19.7% and significantly improved balance sheet strength, but net losses widened by 32% despite the revenue gains.

The company appears to be in a growth investment phase, with increased R&D spending and operational expenses outpacing revenue growth in the near term. The substantial improvement in cash position (+46%) and stockholders' equity (+83%) suggests either successful fundraising or debt conversion, providing financial runway for continued operations and growth initiatives.

Comparing 2026-03-10 vs 2025-03-11View on EDGAR →
FINANCIAL ANALYSIS

XGN demonstrated solid top-line growth with revenue increasing 19.7% to $66.6M and corresponding growth in receivables and gross profit, indicating genuine business expansion. However, the 32% increase in net losses to $20M reveals that operational expenses are growing faster than revenue, suggesting aggressive investment in growth. The balance sheet showed remarkable strengthening with cash increasing 46% to $32.2M and stockholders' equity nearly doubling to $17.4M, indicating improved financial stability and likely recent capital raising activities that provide runway for the company's growth strategy.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+82.9%
$9.5M→$17.4M

Equity base grew 82.9% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Cash & Equivalents
Balance Sheet
+46.2%
$22.0M→$32.2M

Cash position surged 46.2% — strong cash generation or capital raise providing significant financial cushion.

Accounts Receivable
Balance Sheet
+38.5%
$7.8M→$10.9M

Receivables surged 38.5% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Assets
Balance Sheet
+34.1%
$36.5M→$48.9M

Current assets grew 34.1% — improving short-term liquidity or inventory/receivables build.

Net Income
P&L
-32%
-$15.1M→-$20.0M

Net income declined 32% — review whether driven by operations, interest costs, or non-recurring items.

Total Assets
Balance Sheet
+29.8%
$44.7M→$58.0M

Asset base grew 29.8% — expansion through organic growth, acquisitions, or capital deployment.

Capital Expenditure
Cash Flow
+24.5%
$515K→$641K

Capex increased 24.5% — ongoing investment in capacity or infrastructure for future growth.

Revenue
P&L
+19.7%
$55.6M→$66.6M

Revenue growing 19.7% — solid top-line momentum, watch margins for quality of growth.

Gross Profit
P&L
+17.2%
$33.1M→$38.8M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

R&D Expense
P&L
+16.4%
$5.4M→$6.3M

R&D investment increased 16.4% — signals commitment to future product development, though near-term margin impact.

LANGUAGE CHANGES
NEW — 2026-03-10
PRIOR — 2025-03-11
ADDED
Adjusted EBITDA is defined as net loss adjusted for interest income (expense), income tax expense (benefit), depreciation and amortization expense, stock based compensation expense, and certain other non cash, unusual or non recurring items, including, for example, losses on extinguishment of debt and changes in the fair value of warrant liabilities; we do not exclude normal, recurring, cash operating expenses from this measure.
Management believes Adjusted EBITDA reflects an additional way of viewing aspects of operations that, when viewed with GAAP results, provide a more complete understanding of the business.
Adjusted EBITDA should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP.
We strongly encourage investors and stockholders to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.
In 2025, we added eight new biomarkers to our AVISE CTD panel enhancing the clinical utility of our tests in the diagnoses of SLE and RA.
Revenue from this product comprised 91% of our revenue for each of the years ended December 31, 2025 and 2024.
Beginning in late 2022, w e revitalized our organization with the addition of key members to our senior leadership team each with successful industry track records in diagnostics, medical device and medical technology, including our Chief Executive Officer, Chief Financial Officer, Chief Scientific Officer, Vice President of Sales, Vice President of Commercial Strategy and Medical and Laboratory Director.
Comparing our financial results in fiscal 2025 to fiscal 2022, we have grown annual revenue by over 45%, expanded our AVISE CTD trailing twelve-month average selling price by over 50%, improved gross margin by over 1,100 basis points, reduced operating expenses by over 20% and reduced net loss by nearly 60%.
Revenue was a record $66.6 million for the year ended December 31, 2025, an increase of approximately 19.7% compared to the year ended December 31, 2024.
This increase was driven by an approximate 11% increase in testing volume and an approximate 7% increase in average selling price (ASP) each as compared to the year ended December 31, 2024.
REMOVED
Adjusted EBITDA excludes from net loss interest income (expense), depreciation and amortization expense, and stock-based compensation expense.
Beginning in late 2022, w e revitalized our organization with the addition of key members to our senior leadership team, including our Chief Executive Officer, Chief Financial Officer, Vice President of Sales, Chief Medical Officer, and Medical and Laboratory Director.
Comparing our financial results in fiscal 2024 to fiscal 2022, we have grown revenue by over 20%, expanded our AVISE CTD trailing twelve-month average selling price by over 40%, improved gross margin by over 1,200 basis points, reduced operating expenses by over 30% and reduced net loss by nearly 70%.
We believe we are well positioned to deliver revenue growth and positive Adjusted EBITDA in the near term.
Recent Developments In December 2024, we announced the completion of our 1,000,000 th AVISE CTD test, marking a significant milestone that underscores our dedication to supporting patients and clinicians managing CTDs and other rheumatic and autoimmune conditions.
In January 2025, we announced conditional approval by the New York State Department of Health (NYSDOH), and commercial launch, of our new SLE and RA biomarker assays on the AVISE CTD platform.
Collectively, we believe these new biomarkers will further improve the clinical utility of AVISE CTD and provide clinicians with the information they need to definitively diagnose patients and shorten their autoimmune diagnostic journeys.
We expect that the addition of these new biomarkers will lead to improvements in our AVISE CTD average selling price, gross margin expansion and increased demand while positioning us for profitability.
We center our efforts on long-term reimbursement and average sales price (ASP) growth.
Our CB-CAPs technology for diagnosing SLE has patent protection through March 2034.
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