Exagen (NASDAQ:XGN) Announces Quarterly Earnings Results

Key Points

• Exagen exceeded quarterly expectations: EPS came in at a loss of $0.13 versus the estimated $0.19 loss, while revenue reached $19.94 million compared with the $17.80 million consensus.
• Growth momentum strengthened: Revenue increased 16% year over year, AVISE CTD testing volume approached 39,000 tests, and Pharma Services revenue surpassed $1 million for the first time in a quarter.
• 2026 outlook was raised: Management increased revenue guidance to $72 million-$75 million from $70 million-$73 million, though it warned that seasonality could make near-term adjusted EBITDA profitability difficult to sustain.

Exagen (NASDAQ:XGN - Get Free Report) released its quarterly earnings results on Tuesday. The company reported ($0.13) EPS for the quarter, topping analysts' consensus estimates of ($0.19) by $0.06, Zacks reports. The business had revenue of $19.94 million during the quarter, compared to analysts' expectations of $17.80 million. Exagen had a negative net margin of 29.49% and a negative return on equity of 94.37%.

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

• Record Q2 performance: Revenue rose 16% year over year to $19.9 million, while AVISE CTD volume reached nearly 39,000 tests and adjusted EBITDA loss narrowed to approximately $0.1 million.
• Exagen raised 2026 revenue guidance to $72 million-$75 million from $70 million-$73 million, citing strong first-half execution and continued high-single-digit volume growth.
• Revenue cycle initiatives drove the trailing 12-month ASP to $446, up 4% year over year and marking the 13th consecutive quarter of growth; management continues targeting approximately $600-$650 per test over time.
• Pharma Services revenue exceeded $1 million for the first time in a quarter, up more than 200% year over year, while contract backlog grew to over $6 million.
• The myositis test remains on track for a commercial launch in early 2027 using established CPT codes and the existing 45-territory sales force, although management cautioned that second-half seasonality may prevent near-term adjusted EBITDA profitability from being sustained.

Exagen Price Performance

Shares of NASDAQ:XGN opened at $6.10 on Tuesday. The stock has a market cap of $147.38 million, a PE ratio of -7.27 and a beta of 2.05. The company's fifty day moving average is $4.57 and its 200 day moving average is $3.83. Exagen has a 52 week low of $2.59 and a 52 week high of $12.23. The company has a quick ratio of 3.47, a current ratio of 3.47 and a debt-to-equity ratio of 1.67.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Canaccord Genuity Group cut their target price on shares of Exagen from $10.00 to $8.00 and set a "buy" rating for the company in a research report on Monday, April 20th. BTIG Research lowered their price target on Exagen from $9.00 to $8.00 and set a "buy" rating on the stock in a research report on Tuesday, May 12th. Wall Street Zen raised Exagen from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Roth Capital began coverage on Exagen in a report on Wednesday, June 24th. They issued a "buy" rating and a $8.00 price objective for the company. Finally, Weiss Ratings lowered Exagen from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $9.00.

Institutional Trading of Exagen

Several institutional investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC purchased a new position in shares of Exagen in the first quarter worth about $25,000. Truvestments Capital LLC boosted its holdings in Exagen by 109.5% during the 4th quarter. Truvestments Capital LLC now owns 6,169 shares of the company's stock valued at $38,000 after acquiring an additional 3,225 shares during the period. Persistent Asset Partners Ltd bought a new position in Exagen during the 4th quarter worth approximately $80,000. Jain Global LLC purchased a new position in Exagen in the 4th quarter worth approximately $82,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in Exagen in the 4th quarter worth approximately $82,000. 75.25% of the stock is currently owned by hedge funds and other institutional investors.

Exagen Company Profile

Exagen Inc is a molecular diagnostics company focused on improving the detection and management of autoimmune diseases. Headquartered in the United States, the company develops, manufactures and markets laboratory tests designed to help clinicians address diagnostic challenges associated with complex connective tissue disorders.

The company's flagship product portfolio, marketed under the Avise® brand, includes multi-analyte assays such as the Avise® Connective Tissue Disease (CTD) panel, Avise® Lupus panel and Avise® Sjögren's panel.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.