Exagen (NASDAQ:XGN) Issues Earnings Results, Misses Expectations By $0.07 EPS

Key Points

• Exagen reported a third-quarter loss of $0.25 per share, missing analyst expectations of a $0.18 loss by $0.07. Revenue of $18.42 million slightly exceeded consensus of $18.34 million.
• Revenue reached a quarterly record, rising 7% to about $18.4 million; the company reaffirmed its 2026 revenue outlook of $72 million to $75 million. AVISE CTD test volume grew 2% year over year, while revenue per test hit a record $451.
• Shares fell $2.18 to $4.92 in Tuesday trading following the results.

Exagen (NASDAQ:XGN - Get Free Report) issued its quarterly earnings data on Tuesday. The company reported ($0.25) earnings per share for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.07), FiscalAI reports. The company had revenue of $18.42 million for the quarter, compared to the consensus estimate of $18.34 million. Exagen had a negative net margin of 26.61% and a negative return on equity of 104.46%.

Here are the key takeaways from Exagen's conference call:

• Exagen reported record third-quarter revenue of $18.4 million, up 7%, and said year-to-date revenue was up more than 11%. It reiterated full-year 2026 revenue guidance of $72 million to $75 million.
• AVISE CTD test volume rose 2% year over year in the quarter, while ordering physicians increased 5% and year-to-date volume grew 8%. Management attributed the slower quarterly growth partly to a tougher comparison and seasonal clinic schedules, and expects high-single-digit volume growth for the full year.
• Trailing 12-month ASP reached a record $451 per test, its 14th consecutive quarterly improvement. Exagen cited ongoing reimbursement and collections work as opportunities to move toward its $600–$650 target, while noting that possible PAMA changes could create a low-single-digit headwind.
• Pharma Services generated more than $900,000 in third-quarter revenue and $2.2 million year to date, up nearly 85% from last year, with a contract backlog of roughly $5.5 million.
• Exagen completed clinical and analytical validation for its 17-marker myositis test and remains on track for an early-2027 launch. It also acquired an AI-enabled workflow platform for rheumatology practices, though management said the product’s development and commercial potential are still evolving.

Exagen Stock Performance

XGN stock traded down $2.18 during trading on Tuesday, reaching $4.92. The company had a trading volume of 717,588 shares, compared to its average volume of 390,645. The firm has a 50-day simple moving average of $7.92 and a 200-day simple moving average of $5.13. The company has a market cap of $119.21 million, a price-to-earnings ratio of -6.13 and a beta of 2.25. The company has a debt-to-equity ratio of 1.96, a quick ratio of 3.18 and a current ratio of 3.18. Exagen has a twelve month low of $2.59 and a twelve month high of $9.73.

Insider Buying and Selling

In other news, CEO John Aballi sold 34,294 shares of the business's stock in a transaction on Friday, October 16th. The shares were sold at an average price of $7.87, for a total transaction of $269,893.78. Following the sale, the chief executive officer directly owned 805,540 shares of the company's stock, valued at $6,339,599.80. The trade was a 4.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, major shareholder Jorey Chernett bought 14,000 shares of the business's stock in a transaction that occurred on Monday, October 19th. The stock was purchased at an average cost of $7.46 per share, for a total transaction of $104,440.00. Following the completion of the transaction, the insider owned 2,618,540 shares in the company, valued at $19,534,308.40. This trade represents a 0.54% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 10.40% of the company's stock.

Wall Street Analysts Forecast Growth

XGN has been the subject of several recent analyst reports. TD Cowen boosted their price objective on shares of Exagen from $10.00 to $11.00 and gave the stock a "buy" rating in a research note on Tuesday, October 13th. B. Riley Financial began coverage on shares of Exagen in a research note on Friday, September 11th. They issued a "buy" rating and a $12.00 target price for the company. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Exagen in a report on Wednesday, November 4th. BTIG Research upped their price target on Exagen from $8.00 to $9.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Finally, Canaccord Genuity Group increased their price objective on Exagen from $9.00 to $11.00 and gave the company a "buy" rating in a report on Monday, October 19th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $10.12.

Exagen Company Profile

Exagen Inc is a commercial-stage diagnostic company focused on improving the diagnosis and management of autoimmune and rheumatic diseases. The company develops and commercializes blood tests that help physicians identify autoimmune disease, distinguish among related conditions and monitor disease activity over time.

Its principal product family is AVISE, which includes the AVISE CTD and AVISE Lupus tests, as well as monitoring and specialty tests used in the evaluation of systemic lupus erythematosus and other connective-tissue diseases.

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