Exagen (NASDAQ:XGN) Issues Earnings Results, Beats Estimates By $0.07 EPS

Key Points

• Exagen beat earnings and revenue estimates for the quarter, reporting EPS of -$0.17 versus -$0.24 expected and revenue of $17.31 million versus $16.41 million estimated.
• The company said first-quarter revenue was a record $17.3 million, up 12% year over year, with AVISE CTD test volume up 10% and ordering clinicians up 15%.
• Management reaffirmed full-year 2026 revenue guidance of $70 million to $73 million and highlighted improving profitability, including a narrower adjusted EBITDA loss and expectations for continued growth in the second quarter.

Exagen (NASDAQ:XGN - Get Free Report) posted its earnings results on Monday. The company reported ($0.17) EPS for the quarter, beating analysts' consensus estimates of ($0.24) by $0.07, FiscalAI reports. Exagen had a negative return on equity of 105.03% and a negative net margin of 29.97%.The company had revenue of $17.31 million for the quarter, compared to the consensus estimate of $16.41 million.

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

• Company reported a record first-quarter revenue of $17.3 million (up 12% YoY) with AVISE CTD test volume up 10% and ordering clinicians up 15%, indicating expanding market adoption.
• Trailing-12-month ASP rose 6% to $444, driven by improved revenue-cycle execution including ~$900k in prior-period collections and marking the 12th consecutive quarter of ASP gains.
• Profitability metrics improved—adjusted EBITDA loss narrowed to $2.2 million (14% improvement) and gross margin was 59% with a stated objective to reach the mid-60s over time.
• Management reaffirmed full-year 2026 revenue guidance of $70M–$73M and reported a strong start to Q2, while noting first-quarter cash and restricted cash of just under $22M and seasonal AR/cash flow timing that should normalize in H2.
• Product pipeline and commercialization progress remain on track—a standalone myositis test is targeted for early 2027, scientific visibility increased (nine abstracts and two manuscripts accepted), and Pharma Services backlog exceeds $5M, creating potential longer-term revenue upside.

Exagen Price Performance

NASDAQ:XGN traded up $0.71 during trading hours on Monday, reaching $3.66. 4,702,870 shares of the company traded hands, compared to its average volume of 433,937. Exagen has a 1-year low of $2.59 and a 1-year high of $12.23. The stock has a market cap of $88.38 million, a P/E ratio of -4.06 and a beta of 1.81. The firm's 50-day moving average is $3.06 and its 200-day moving average is $5.46. The company has a debt-to-equity ratio of 1.39, a current ratio of 3.45 and a quick ratio of 3.45.

Insider Buying and Selling at Exagen

In other Exagen news, CEO John Aballi sold 15,698 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $3.62, for a total transaction of $56,826.76. Following the transaction, the chief executive officer owned 687,299 shares of the company's stock, valued at $2,488,022.38. This represents a 2.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 12.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Balyasny Asset Management L.P. acquired a new stake in Exagen during the second quarter valued at approximately $5,017,000. Invesco Ltd. acquired a new position in Exagen in the third quarter valued at approximately $7,420,000. Mink Brook Asset Management LLC boosted its stake in Exagen by 784.3% in the fourth quarter. Mink Brook Asset Management LLC now owns 353,727 shares of the company's stock valued at $2,151,000 after acquiring an additional 313,727 shares during the period. Millennium Management LLC acquired a new position in Exagen in the third quarter valued at approximately $2,716,000. Finally, Kennedy Capital Management LLC boosted its stake in Exagen by 77.6% in the third quarter. Kennedy Capital Management LLC now owns 551,848 shares of the company's stock valued at $6,065,000 after acquiring an additional 241,127 shares during the period. 75.25% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. UBS Group set a $10.00 target price on Exagen in a research note on Wednesday, March 11th. BTIG Research lowered their target price on Exagen from $10.00 to $9.00 and set a "buy" rating for the company in a research note on Tuesday, March 10th. B. Riley Financial reissued a "buy" rating and set a $8.00 target price (down from $18.00) on shares of Exagen in a research note on Friday, January 30th. TD Cowen lowered their target price on Exagen from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Tuesday, February 24th. Finally, Canaccord Genuity Group lowered their target price on Exagen from $10.00 to $8.00 and set a "buy" rating for the company in a research note on Monday, April 20th. Nine research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $9.38.

About Exagen

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.

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