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Exagen (XGN) Financials

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$4.22 -0.19 (-4.26%)
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Annual Income Statements for Exagen

Annual Income Statements for Exagen

This table shows Exagen's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -30 -17 -27 -47 -24 -15 -20
Consolidated Net Income / (Loss)		 -12 -17 -27 -47 -24 -15 -20
Net Income / (Loss) Continuing Operations		 -12 -17 -27 -47 -24 -15 -20
Total Pre-Tax Income 		-12 -17 -27 -48 -24 -15 -20
Total Operating Income		 -9.30 -15 -24 -46 -23 -14 -14
Total Gross Profit		 22 25 28 21 29 33 39
Total Revenue		 40 42 48 46 53 56 67
Operating Revenue		 40 42 48 46 53 56 67
Total Cost of Revenue		 19 17 21 24 23 23 28
Operating Cost of Revenue		 19 17 21 24 23 23 28
Total Operating Expenses		 31 41 52 67 52 47 53
Selling, General & Admin Expense		 29 37 45 52 47 41 47
Research & Development Expense		 2.18 3.57 7.24 9.88 4.87 5.38 6.25
Total Other Income / (Expense), net		 -2.71 -1.58 -2.61 -1.62 -0.82 -1.47 -5.83
Interest Expense		 3.49 2.57 2.63 2.45 2.34 2.23 4.61
Interest & Investment Income		 - - 0.02 0.83 1.52 0.77 0.29
Other Income / (Expense), net		 0.78 0.98 - - - 0.00 -1.51
Income Tax Expense		 0.03 -0.08 0.18 -0.28 0.03 0.01 0.05
Basic Earnings per Share		 ($8.46) ($1.32) ($1.68) ($2.77) ($1.34) ($0.83) ($0.93)
Weighted Average Basic Shares Outstanding		 3.58M 12.63M 15.97M 17.08M 17.68M 18.20M 21.56M
Diluted Earnings per Share		 ($8.46) ($1.32) ($1.68) ($2.77) ($1.34) ($0.83) ($0.93)
Weighted Average Diluted Shares Outstanding		 3.58M 12.63M 15.97M 17.08M 17.68M 18.20M 21.56M
Weighted Average Basic & Diluted Shares Outstanding		 3.58M 12.63M 16.23M 16.83M 17.24M 17.90M 24.05M

Quarterly Income Statements for Exagen

This table shows Exagen's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -3.36 -2.97 -5.03 -3.76 -3.75 -4.44 -7.09 -4.67 -3.97 -3.20 -6.34
Consolidated Net Income / (Loss)		 -3.36 -2.97 -5.03 -3.76 -3.75 -4.44 -7.09 -4.67 -3.97 -3.20 -6.34
Net Income / (Loss) Continuing Operations		 -3.36 -2.97 -5.03 -3.76 -3.75 -4.44 -7.09 -4.67 -3.97 -3.20 -6.34
Total Pre-Tax Income 		-3.36 -2.97 -5.03 -3.75 -3.75 -4.40 -7.09 -4.66 -3.93 -3.20 -6.34
Total Operating Income		 -3.00 -2.59 -4.66 -3.38 -3.37 -2.63 -3.10 -4.98 -3.41 -1.72 -4.41
Total Gross Profit		 8.60 9.06 6.98 8.48 9.12 10 10 9.21 10 12 11
Total Revenue		 14 15 13 14 15 17 17 17 17 20 18
Operating Revenue		 14 15 13 14 15 17 17 17 17 20 18
Total Cost of Revenue		 5.82 6.01 5.53 5.18 6.38 6.81 7.17 7.43 7.10 7.72 7.58
Operating Cost of Revenue		 5.82 6.01 5.53 5.18 6.38 6.81 7.17 7.43 7.10 7.72 7.58
Total Operating Expenses		 12 12 12 12 12 13 13 14 14 14 15
Selling, General & Admin Expense		 11 10 10 10 11 12 11 12 12 13 13
Research & Development Expense		 1.06 1.18 1.48 1.66 1.28 1.48 1.73 1.76 1.55 1.43 2.41
Total Other Income / (Expense), net		 -0.36 -0.38 -0.37 -0.37 -0.39 -1.77 -3.99 0.32 -0.52 -1.47 -1.93
Interest Expense		 0.55 0.56 0.56 0.56 0.55 1.42 1.32 1.33 1.27 1.20 1.20
Other Income / (Expense), net		 - - 0.00 - 0.16 -0.35 -2.67 - 0.75 -0.27 -0.73
Income Tax Expense		 - 0.00 0.00 - 0.00 0.04 0.00 - 0.04 0.00 -0.00
Basic Earnings per Share		 ($0.19) ($0.16) ($0.28) ($0.20) ($0.20) ($0.21) ($0.31) ($0.21) ($0.17) ($0.13) ($0.25)
Weighted Average Basic Shares Outstanding		 17.94M 18.18M 18.25M 18.20M 18.56M 21.09M 22.94M 21.56M 23.85M 24.16M 24.85M
Diluted Earnings per Share		 ($0.19) ($0.16) ($0.28) ($0.20) ($0.20) ($0.21) ($0.31) ($0.21) ($0.17) ($0.13) ($0.25)
Weighted Average Diluted Shares Outstanding		 17.94M 18.18M 18.25M 18.20M 18.56M 21.09M 22.94M 21.56M 23.85M 24.16M 24.85M
Weighted Average Basic & Diluted Shares Outstanding		 17.37M 17.39M 17.64M 17.90M 18.00M 22.00M 22.66M 24.05M 24.16M 24.23M 25.51M

Annual Cash Flow Statements for Exagen

This table details how cash moves in and out of Exagen's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 59 -15 42 -37 -26 -14 10
Net Cash From Operating Activities		 -9.71 -14 -20 -32 -14 -13 -14
Net Cash From Continuing Operating Activities		 -9.71 -14 -20 -32 -14 -13 -14
Net Income / (Loss) Continuing Operations		 -12 -17 -27 -47 -24 -15 -20
Consolidated Net Income / (Loss)		 -12 -17 -27 -47 -24 -15 -20
Depreciation Expense		 0.59 0.55 0.95 1.56 2.17 1.72 2.12
Amortization Expense		 0.69 0.27 0.28 0.16 0.16 0.15 1.12
Non-Cash Adjustments To Reconcile Net Income		 0.87 3.23 5.27 12 6.58 3.03 5.07
Changes in Operating Assets and Liabilities, net		 0.17 -1.44 0.09 1.36 0.33 -3.08 -1.98
Net Cash From Investing Activities		 -0.10 -0.46 -2.42 -4.32 -0.80 -0.52 -0.63
Net Cash From Continuing Investing Activities		 -0.10 -0.46 -2.42 -4.32 -0.80 -0.52 -0.63
Purchase of Property, Plant & Equipment		 -0.40 -0.46 -2.42 -4.32 -0.83 -0.52 -0.64
Sale of Property, Plant & Equipment		 0.30 - - 0.00 0.02 0.00 0.02
Net Cash From Financing Activities		 69 -0.10 65 -0.49 -11 -0.66 24
Net Cash From Continuing Financing Activities		 69 -0.10 65 -0.49 -11 -0.66 24
Repayment of Debt		 0.00 -3.11 0.00 -0.03 -10 -0.37 -21
Issuance of Debt		 0.14 - - - - 0.00 24
Issuance of Common Equity		 50 0.14 70 0.39 0.28 0.18 22
Other Financing Activities, net		 0.00 2.90 -0.40 -0.85 -0.67 -0.47 -0.49
Cash Interest Paid		 2.29 1.76 1.82 1.73 1.74 1.72 2.99
Cash Income Taxes Paid		 - - - - - 0.03 0.04

Quarterly Cash Flow Statements for Exagen

This table details how cash moves in and out of Exagen's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
Net Change in Cash & Equivalents		 -9.23 -2.79 -2.44 0.00 -11 19 5.62 -3.43 -11 3.08 3.50
Net Cash From Operating Activities		 -9.04 -2.43 -2.18 0.36 -11 -2.89 2.94 -3.01 -10 3.99 -2.58
Net Cash From Continuing Operating Activities		 -9.04 -2.43 -2.18 0.36 -11 -2.84 2.89 -3.01 -10 3.99 -2.58
Net Income / (Loss) Continuing Operations		 -3.36 -2.97 -5.03 -3.76 -3.75 -4.44 -7.09 -4.67 -3.97 -3.20 -6.34
Consolidated Net Income / (Loss)		 -3.36 -2.97 -5.03 -3.76 -3.75 -4.44 -7.09 -4.67 -3.97 -3.20 -6.34
Depreciation Expense		 0.46 0.43 0.42 0.42 0.44 0.47 0.61 0.60 0.60 0.63 0.65
Amortization Expense		 0.04 0.04 0.03 0.04 0.04 0.08 0.59 0.41 0.79 0.32 0.33
Non-Cash Adjustments To Reconcile Net Income		 0.87 0.92 0.51 0.73 0.73 2.44 2.55 -0.65 -0.07 1.66 2.41
Changes in Operating Assets and Liabilities, net		 -7.05 -0.85 1.89 2.94 -8.13 -1.38 6.23 1.30 -7.77 4.57 0.38
Net Cash From Investing Activities		 -0.09 -0.14 -0.15 -0.15 -0.11 -0.21 -0.28 -0.04 -0.23 -0.54 -0.20
Net Cash From Continuing Investing Activities		 -0.09 -0.14 -0.15 -0.15 -0.11 -0.21 -0.28 -0.04 -0.23 -0.54 -0.20
Purchase of Property, Plant & Equipment		 -0.09 -0.14 -0.15 -0.15 -0.11 -0.21 -0.28 -0.04 -0.23 -0.54 -0.20
Net Cash From Financing Activities		 -0.10 -0.23 -0.12 -0.22 -0.06 22 2.95 -0.38 -0.06 -0.37 6.28
Net Cash From Continuing Financing Activities		 -0.10 -0.23 -0.12 -0.22 -0.06 22 2.95 -0.38 -0.06 -0.37 6.28
Repayment of Debt		 -0.07 -0.10 -0.10 -0.11 -0.17 -20 -0.36 -0.17 -0.17 -0.17 -0.18
Issuance of Common Equity		 0.10 - 0.07 - 0.20 19 3.49 -0.04 0.30 - 6.66
Other Financing Activities, net		 -0.14 -0.13 -0.09 -0.11 -0.09 -0.05 -0.17 -0.18 -0.19 -0.20 -0.21
Cash Interest Paid		 0.43 0.44 0.44 0.41 0.40 0.82 0.89 0.88 0.86 0.86 0.86

Annual Balance Sheets for Exagen

This table presents Exagen's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 29 88 78 123 86 57 45 58
Total Current Assets		 21 81 71 113 73 48 36 49
Cash & Equivalents		 13 72 57 99 62 36 22 32
Accounts Receivable		 5.95 5.72 8.91 9.65 6.08 6.55 7.84 11
Prepaid Expenses		 2.20 3.45 4.16 3.64 4.14 4.80 6.58 5.82
Plant, Property, & Equipment, net		 1.57 1.38 2.10 4.77 8.20 5.20 5.28 6.94
Total Noncurrent Assets		 6.01 5.68 5.76 5.94 5.41 3.90 2.95 2.19
Other Noncurrent Operating Assets		 0.50 0.17 0.25 0.43 5.41 3.90 2.95 2.19
Total Liabilities & Shareholders' Equity		 29 88 78 123 86 57 45 58
Total Liabilities		 36 33 37 39 44 34 35 41
Total Current Liabilities		 8.95 5.90 8.77 9.32 9.62 12 14 14
Short-Term Debt		 - - - 0.00 0.19 0.26 0.42 0.64
Accounts Payable		 1.28 1.48 3.01 2.49 3.05 3.13 4.14 4.15
Accrued Expenses		 3.92 4.42 5.76 6.83 5.35 7.53 6.92 6.33
Current Deferred Revenue		 - - - - - - 0.73 0.68
Other Current Liabilities		 3.75 - - 0.00 1.04 0.98 1.30 2.36
Total Noncurrent Liabilities		 27 27 28 29 34 22 22 26
Long-Term Debt		 25 26 27 27 29 19 20 22
Other Noncurrent Operating Liabilities		 1.81 0.64 0.95 1.41 5.36 3.12 1.82 4.15
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -112 56 42 85 42 23 9.54 17
Total Preferred & Common Equity		 -112 56 42 85 42 23 9.54 17
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -112 56 42 85 42 23 9.54 17
Common Stock		 41 220 223 293 298 302 304 332
Retained Earnings		 -153 -165 -181 -208 -256 -279 -294 -314

Quarterly Balance Sheets for Exagen

This table presents Exagen's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026 9/30/2026
Total Assets		 61 51 49 44 40 59 63 52 52 55
Total Current Assets		 49 42 41 36 33 51 53 44 43 45
Cash & Equivalents		 28 27 24 22 11 30 36 22 25 28
Accounts Receivable		 17 11 12 9.39 15 14 11 16 12 11
Prepaid Expenses		 3.42 4.23 4.61 4.14 6.58 6.68 5.85 6.30 5.86 5.76
Plant, Property, & Equipment, net		 7.21 4.78 5.15 4.86 5.03 4.58 7.49 6.61 6.57 6.06
Total Noncurrent Assets		 4.81 3.63 3.37 3.19 2.76 3.19 2.74 1.76 2.51 3.96
Other Noncurrent Operating Assets		 4.81 3.63 3.37 3.19 2.76 3.19 2.74 1.76 2.51 3.96
Total Liabilities & Shareholders' Equity		 61 51 49 44 40 59 63 52 52 55
Total Liabilities		 33 31 32 31 34 38 45 38 40 42
Total Current Liabilities		 10 8.78 9.45 8.78 14 10 13 13 13 13
Short-Term Debt		 0.26 0.27 0.42 0.43 2.54 0.67 0.68 0.58 0.52 0.45
Accounts Payable		 1.66 1.47 2.33 1.11 4.51 2.51 3.56 4.16 4.44 3.75
Accrued Expenses		 7.06 6.04 5.66 6.18 4.95 4.94 5.68 4.77 4.94 5.57
Current Deferred Revenue		 - - - - 0.88 1.02 0.64 0.68 1.49 1.40
Other Current Liabilities		 1.14 1.01 1.04 1.07 1.13 1.16 2.33 2.37 2.07 1.93
Total Noncurrent Liabilities		 23 22 22 22 20 27 32 25 26 28
Long-Term Debt		 19 19 20 20 18 22 22 22 22 22
Other Noncurrent Operating Liabilities		 4.11 2.77 2.45 2.14 1.49 5.12 9.53 2.67 3.94 6.12
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 28 20 18 13 6.40 21 18 14 12 14
Total Preferred & Common Equity		 28 20 18 13 6.40 21 18 14 12 14
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 28 20 18 13 6.40 21 18 14 12 14
Common Stock		 301 303 303 303 304 324 328 333 334 342
Retained Earnings		 -274 -283 -286 -291 -298 -303 -310 -318 -321 -328

Annual Metrics And Ratios for Exagen

This table displays calculated financial ratios and metrics derived from Exagen's official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 12,560,990.00 12,652,138.00 16,164,232.00 16,319,488.00 17,045,827.00 - 22,663,099.00
DEI Adjusted Shares Outstanding		 12,560,990.00 12,652,138.00 16,164,232.00 16,319,488.00 17,045,827.00 - 22,663,099.00
DEI Earnings Per Adjusted Shares Outstanding		 -2.41 -1.32 -1.66 -2.90 -1.39 - -0.88
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 3.93% 15.07% -5.66% 15.33% 5.89% 19.65%
EBITDA Growth		 0.00% -84.82% -70.69% -94.10% 53.73% 42.68% -4.97%
EBIT Growth		 0.00% -66.64% -69.47% -91.35% 50.41% 40.29% -14.23%
NOPAT Growth		 0.00% -63.30% -58.49% -91.35% 50.41% 40.29% -3.18%
Net Income Growth		 0.00% -38.62% -60.91% -76.48% 50.01% 36.19% -31.99%
EPS Growth		 0.00% 84.40% -27.27% -64.88% 51.62% 38.06% -12.05%
Operating Cash Flow Growth		 0.00% -45.03% -43.92% -58.59% 55.01% 8.18% -2.61%
Free Cash Flow Firm Growth		 0.00% 0.00% -53.21% -50.79% 55.32% 8.28% 11.74%
Invested Capital Growth		 0.00% 17.19% 17.39% -30.33% -36.97% 36.04% 4.99%
Revenue Q/Q Growth		 0.00% 0.00% 0.04% 0.33% 1.80% -0.20% 4.68%
EBITDA Q/Q Growth		 0.00% 0.00% -17.33% -22.09% 31.25% 12.48% -26.00%
EBIT Q/Q Growth		 0.00% 0.00% -16.98% -21.78% 29.04% 11.45% -24.83%
NOPAT Q/Q Growth		 0.00% 0.00% -16.98% -21.78% 29.04% 11.45% -12.76%
Net Income Q/Q Growth		 0.00% 0.00% -15.48% -18.21% 27.04% 10.70% -4.79%
EPS Q/Q Growth		 0.00% 0.00% -8.39% -18.88% 28.34% 11.70% -1.09%
Operating Cash Flow Q/Q Growth		 0.00% 0.20% -11.85% 0.96% 49.34% -150.88% -32.94%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 7.62% 50.50% -245.60% -232.81%
Invested Capital Q/Q Growth		 0.00% 0.00% 14.54% -41.66% -69.23% -30.10% 49.92%
Profitability Metrics		 - - - - - - -
Gross Margin		 53.43% 60.55% 57.37% 46.86% 56.06% 59.51% 58.28%
EBITDA Margin		 -17.93% -31.88% -47.29% -97.30% -39.04% -21.13% -18.54%
Operating Margin		 -23.02% -36.18% -49.83% -101.07% -43.46% -24.51% -21.13%
EBIT Margin		 -21.10% -33.83% -49.83% -101.07% -43.46% -24.51% -23.40%
Profit (Net Income) Margin		 -29.81% -39.75% -55.59% -104.00% -45.08% -27.17% -29.97%
Tax Burden Percent		 100.21% 99.53% 100.66% 99.41% 100.14% 100.08% 100.26%
Interest Burden Percent		 140.96% 118.06% 110.84% 103.51% 103.59% 110.76% 127.76%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -69.03% -103.81% -140.26% -292.93% -217.01% -141.99% -124.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 -57.08% -88.08% -120.79% -264.18% -186.45% -82.70% 57.95%
Return on Net Nonoperating Assets (RNNOA)		 47.41% 69.58% 97.90% 218.54% 144.29% 48.21% -23.84%
Return on Equity (ROE)		 -21.63% -34.23% -42.36% -74.39% -72.72% -93.78% -147.85%
Cash Return on Invested Capital (CROIC)		 0.00% -119.64% -156.26% -257.17% -171.65% -172.53% -128.88%
Operating Return on Assets (OROA)		 -14.54% -17.04% -23.85% -43.93% -31.90% -26.83% -30.33%
Return on Assets (ROA)		 -20.54% -20.02% -26.61% -45.20% -33.09% -29.74% -38.85%
Return on Common Equity (ROCE)		 24.89% -34.23% -42.36% -74.39% -72.72% -93.78% -147.85%
Return on Equity Simple (ROE_SIMPLE)		 -21.63% -39.88% -31.61% -111.60% -104.38% -158.44% 0.00%
Net Operating Profit after Tax (NOPAT)		 -6.51 -11 -17 -32 -16 -9.55 -9.85
NOPAT Margin		 -16.12% -25.32% -34.88% -70.75% -30.42% -17.16% -14.79%
Net Nonoperating Expense Percent (NNEP)		 -11.96% -15.73% -19.47% -28.75% -30.56% -59.29% -181.95%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - -37.89% -32.05% -24.41%
Cost of Revenue to Revenue		 46.57% 39.45% 42.63% 53.14% 43.94% 40.49% 41.72%
SG&A Expenses to Revenue		 71.07% 88.23% 92.22% 114.17% 90.26% 74.36% 70.02%
R&D to Revenue		 5.39% 8.50% 14.98% 21.68% 9.26% 9.66% 9.39%
Operating Expenses to Revenue		 76.46% 96.73% 107.20% 147.93% 99.51% 84.02% 79.41%
Earnings before Interest and Taxes (EBIT)		 -8.52 -14 -24 -46 -23 -14 -16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -7.24 -13 -23 -44 -21 -12 -12
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 5.73 3.99 2.21 0.92 1.49 7.58 7.90
Price to Tangible Book Value (P/TBV)		 6.36 4.60 2.37 0.92 1.49 7.58 7.90
Price to Revenue (P/Rev)		 7.90 3.98 3.89 0.86 0.65 1.30 2.07
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 28.93 12.33 8.94 0.64 2.97 9.10 15.79
Enterprise Value to Revenue (EV/Rev)		 6.76 3.25 2.40 0.13 0.32 1.27 1.93
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.46 0.64 0.32 0.68 0.86 2.12 1.31
Long-Term Debt to Equity		 0.46 0.64 0.32 0.68 0.85 2.08 1.28
Financial Leverage		 -0.83 -0.79 -0.81 -0.83 -0.77 -0.58 -0.41
Leverage Ratio		 2.40 1.71 1.59 1.65 2.20 3.15 3.81
Compound Leverage Factor		 3.38 2.02 1.76 1.70 2.28 3.49 4.86
Debt to Total Capital		 31.72% 38.92% 24.44% 40.56% 46.21% 67.97% 56.76%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.27% 0.63% 1.42% 1.59%
Long-Term Debt to Total Capital		 31.72% 38.92% 24.44% 40.29% 45.58% 66.55% 55.17%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 68.28% 61.08% 75.56% 59.44% 53.79% 32.03% 43.24%
Debt to EBITDA		 -3.57 -1.99 -1.20 -0.65 -0.95 -1.72 -1.86
Net Debt to EBITDA		 6.39 2.30 3.15 0.75 0.83 0.15 0.75
Long-Term Debt to EBITDA		 -3.57 -1.99 -1.20 -0.65 -0.94 -1.69 -1.80
Debt to NOPAT		 -3.97 -2.51 -1.63 -0.90 -1.22 -2.12 -2.33
Net Debt to NOPAT		 7.10 2.90 4.27 1.04 1.06 0.19 0.95
Long-Term Debt to NOPAT		 -3.97 -2.51 -1.63 -0.89 -1.20 -2.08 -2.26
Altman Z-Score		 4.42 0.39 1.32 -3.97 -5.91 -7.13 -4.57
Noncontrolling Interest Sharing Ratio		 215.09% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - -
Current Ratio		 13.78 8.04 12.10 7.55 4.02 2.70 3.45
Quick Ratio		 13.20 7.57 11.71 7.12 3.62 2.21 3.04
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -12 -19 -28 -13 -12 -10
Operating Cash Flow to CapEx		 -9,428.16% -3,095.38% -837.56% -744.42% -1,798.76% -2,578.45% -2,176.52%
Free Cash Flow to Firm to Interest Expense		 0.00 -4.78 -7.15 -11.56 -5.42 -5.19 -2.22
Operating Cash Flow to Interest Expense		 -2.78 -5.49 -7.72 -13.13 -6.19 -5.94 -2.95
Operating Cash Flow Less CapEx to Interest Expense		 -2.81 -5.67 -8.64 -14.89 -6.54 -6.17 -3.09
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.69 0.50 0.48 0.43 0.73 1.09 1.30
Accounts Receivable Turnover		 6.92 5.74 5.20 5.79 8.32 7.74 7.12
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 27.42 24.11 14.05 7.03 7.84 10.61 10.90
Accounts Payable Turnover		 13.65 7.38 7.48 8.74 7.48 6.20 6.70
Days Sales Outstanding (DSO)		 52.72 63.59 70.14 63.01 43.86 47.19 51.23
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 26.73 49.49 48.81 41.74 48.82 58.88 54.47
Cash Conversion Cycle (CCC)		 25.99 14.10 21.34 21.27 -4.96 -11.69 -3.23
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 9.43 11 13 9.04 5.70 7.75 8.14
Invested Capital Turnover		 4.28 4.10 4.02 4.14 7.13 8.28 8.38
Increase / (Decrease) in Invested Capital		 0.00 1.62 1.92 -3.94 -3.34 2.05 0.39
Enterprise Value (EV)		 273 136 116 5.74 17 71 128
Market Capitalization		 319 167 188 39 34 72 138
Book Value per Share		 $4.43 $3.31 $5.25 $2.60 $1.33 $0.54 $0.77
Tangible Book Value per Share		 $3.99 $2.87 $4.91 $2.60 $1.33 $0.54 $0.77
Total Capital		 82 68 112 71 42 30 40
Total Debt		 26 27 27 29 19 20 23
Total Long-Term Debt		 26 27 27 29 19 20 22
Net Debt		 -46 -31 -72 -33 -17 -1.79 -9.31
Capital Expenditures (CapEx)		 0.10 0.46 2.42 4.32 0.80 0.52 0.63
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 3.27 4.30 3.97 0.79 -0.29 1.34 3.16
Debt-free Net Working Capital (DFNWC)		 75 62 103 63 36 23 35
Net Working Capital (NWC)		 75 62 103 63 36 23 35
Net Nonoperating Expense (NNE)		 5.53 6.06 10 15 7.70 5.57 10
Net Nonoperating Obligations (NNO)		 -46 -31 -72 -33 -17 -1.79 -9.31
Total Depreciation and Amortization (D&A)		 1.28 0.82 1.23 1.72 2.32 1.88 3.23
Debt-free, Cash-free Net Working Capital to Revenue		 8.10% 10.24% 8.23% 1.73% -0.55% 2.40% 4.74%
Debt-free Net Working Capital to Revenue		 186.58% 147.10% 214.12% 138.66% 68.90% 42.01% 53.14%
Net Working Capital to Revenue		 186.58% 147.10% 214.12% 138.24% 68.39% 41.24% 52.17%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($1.32) ($1.68) ($2.77) ($1.34) ($0.83) ($0.93)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 12.67M 15.97M 17.08M 17.68M 18.20M 21.56M
Adjusted Diluted Earnings per Share		 $0.00 ($1.32) ($1.68) ($2.77) ($1.34) ($0.83) ($0.93)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 12.67M 15.97M 17.08M 17.68M 18.20M 21.56M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($1.32) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 12.63M 16.23M 16.83M 17.24M 17.90M 24.05M
Normalized Net Operating Profit after Tax (NOPAT)		 -6.51 -11 -17 -28 -16 -9.55 -9.85
Normalized NOPAT Margin		 -16.12% -25.32% -34.88% -62.29% -30.42% -17.16% -14.79%
Pre Tax Income Margin		 -29.74% -39.94% -55.23% -104.62% -45.02% -27.14% -29.89%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 -2.44 -5.54 -9.17 -18.81 -9.78 -6.10 -3.38
NOPAT to Interest Expense		 -1.86 -4.14 -6.42 -13.17 -6.85 -4.27 -2.14
EBIT Less CapEx to Interest Expense		 -2.47 -5.71 -10.09 -20.58 -10.12 -6.33 -3.51
NOPAT Less CapEx to Interest Expense		 -1.89 -4.32 -7.34 -14.93 -7.19 -4.50 -2.27
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% -0.13% -16.56% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Exagen

This table displays calculated financial ratios and metrics derived from Exagen's official financial filings.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
DEI Shares Outstanding		 17,235,751.00 17,373,482.00 17,386,389.00 - 17,898,098.00 18,002,416.00 22,003,641.00 22,663,099.00 24,053,058.00 24,159,839.00 24,225,339.00
DEI Adjusted Shares Outstanding		 17,235,751.00 17,373,482.00 17,386,389.00 - 17,898,098.00 18,002,416.00 22,003,641.00 22,663,099.00 24,053,058.00 24,159,839.00 24,225,339.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.19 -0.17 -0.29 - -0.21 -0.25 -0.32 -0.21 -0.16 -0.13 -0.26
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 28.36% 6.56% -6.78% -0.80% 7.51% 14.19% 37.87% 21.79% 11.67% 15.92% 6.80%
EBITDA Growth		 64.73% 51.60% 4.93% 36.43% -8.65% -19.18% -8.65% -35.58% 53.36% 53.50% 12.46%
EBIT Growth		 61.03% 47.37% 8.01% 34.27% -6.79% -18.59% -23.74% -47.06% 16.93% 33.12% 10.94%
NOPAT Growth		 61.03% 47.37% 8.01% 34.27% -12.05% -1.66% 33.52% -47.06% -1.46% 34.52% -42.19%
Net Income Growth		 56.30% 40.83% 7.15% 32.51% -11.67% -49.66% -40.95% -24.25% -5.73% 28.00% 10.60%
EPS Growth		 56.82% 42.86% 9.68% 35.48% -5.26% -31.25% -10.71% -5.00% 15.00% 38.10% 19.35%
Operating Cash Flow Growth		 7.27% 76.11% 25.17% -95.65% -18.04% -18.92% 235.29% -930.03% 2.38% 238.23% -187.47%
Free Cash Flow Firm Growth		 71.51% 151.83% 163.33% -1,588.09% -393.91% -152.61% -16.13% 12.48% 67.47% 193.72% -276.37%
Invested Capital Growth		 -6.40% -32.69% -40.11% 36.04% 31.71% 4.63% -51.05% 4.99% -2.22% -25.12% 56.53%
Revenue Q/Q Growth		 4.72% 4.50% -16.97% 9.18% 13.50% 11.00% 0.24% -3.55% 4.06% 15.23% -7.64%
EBITDA Q/Q Growth		 45.51% 15.59% -98.72% 30.45% 6.87% 12.49% -81.17% 13.21% 67.96% 17.55% -296.95%
EBIT Q/Q Growth		 41.66% 13.85% -80.25% 27.45% 5.20% 8.83% -88.07% 13.78% 46.45% 25.11% -157.44%
NOPAT Q/Q Growth		 41.66% 13.85% -80.25% 27.45% 0.53% 21.84% -17.87% -60.48% 31.38% 49.56% -155.98%
Net Income Q/Q Growth		 39.71% 11.73% -69.52% 25.20% 0.24% -18.31% -59.65% 34.06% 15.11% 19.44% -98.25%
EPS Q/Q Growth		 38.71% 15.79% -75.00% 28.57% 0.00% -5.00% -47.62% 32.26% 19.05% 23.53% -92.31%
Operating Cash Flow Q/Q Growth		 -208.28% 73.16% 10.31% 116.68% -3,039.67% 72.96% 202.05% -202.34% -245.74% 138.28% -164.57%
Free Cash Flow Firm Q/Q Growth		 -382.67% 469.92% -11.04% -206.28% -41.22% 60.60% 241.83% -210.91% 47.52% 213.53% -366.90%
Invested Capital Q/Q Growth		 115.26% 8.96% -17.01% -30.10% 108.40% -13.44% -61.17% 49.92% 94.08% -33.71% -18.84%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 59.65% 60.12% 55.82% 62.08% 58.87% 60.43% 58.43% 55.35% 58.97% 61.27% 58.84%
EBITDA Margin		 -17.40% -14.05% -33.64% -21.43% -17.58% -14.67% -26.51% -23.85% -7.34% -5.26% -22.59%
Operating Margin		 -20.83% -17.17% -37.28% -24.77% -21.71% -15.29% -17.98% -29.91% -19.73% -8.64% -23.93%
EBIT Margin		 -20.83% -17.17% -37.28% -24.77% -20.69% -17.84% -33.46% -29.91% -15.39% -10.00% -27.89%
Profit (Net Income) Margin		 -23.31% -19.69% -40.20% -27.54% -24.21% -25.81% -41.10% -28.10% -22.92% -16.03% -34.40%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.32% 100.00% 100.84% 100.01% 100.28% 100.92% 100.00% 99.98%
Interest Burden Percent		 111.89% 114.65% 107.83% 110.82% 116.99% 143.48% 122.81% 93.67% 147.56% 160.20% 123.38%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -64.10% -41.03% -98.32% -143.54% -60.69% -46.09% -96.93% -175.52% -59.13% -35.17% -174.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 -55.87% -26.84% -65.59% -128.71% -199.23% -0.03% -29.08% -154.08% -87.54% 10.04% -137.87%
Return on Net Nonoperating Assets (RNNOA)		 30.53% 8.83% 17.51% 75.03% -15.22% 0.01% 13.59% 63.39% -46.65% -2.66% 77.72%
Return on Equity (ROE)		 -33.56% -32.20% -80.82% -68.51% -75.91% -46.08% -83.34% -112.13% -105.79% -37.83% -96.28%
Cash Return on Invested Capital (CROIC)		 -93.50% -27.57% -22.68% -172.53% -96.35% -76.44% -37.25% -128.88% -59.64% -46.94% -190.08%
Operating Return on Assets (OROA)		 -17.86% -17.15% -39.77% -27.13% -25.77% -19.43% -39.99% -38.78% -22.82% -12.86% -34.12%
Return on Assets (ROA)		 -19.98% -19.66% -42.88% -30.16% -30.15% -28.11% -49.12% -36.43% -33.98% -20.60% -42.09%
Return on Common Equity (ROCE)		 -33.56% -32.20% -80.82% -68.51% -75.91% -46.08% -83.34% -112.13% -105.79% -37.83% -96.28%
Return on Equity Simple (ROE_SIMPLE)		 -96.85% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -2.10 -1.81 -3.26 -2.37 -2.36 -1.84 -2.17 -3.48 -2.39 -1.21 -3.09
NOPAT Margin		 -14.58% -12.02% -26.10% -17.34% -15.20% -10.70% -12.58% -20.94% -13.81% -6.04% -16.75%
Net Nonoperating Expense Percent (NNEP)		 -8.23% -14.19% -32.74% -14.83% 138.54% -46.06% -67.85% -21.44% 28.41% -45.22% -36.13%
Return On Investment Capital (ROIC_SIMPLE)		 -5.32% -4.79% -9.86% -7.95% -8.61% -4.18% -5.28% -8.63% -6.41% -3.44% -8.43%
Cost of Revenue to Revenue		 40.35% 39.88% 44.18% 37.92% 41.13% 39.57% 41.57% 44.65% 41.03% 38.73% 41.16%
SG&A Expenses to Revenue		 73.13% 69.46% 81.26% 74.73% 72.29% 67.10% 66.37% 74.70% 69.72% 62.75% 69.69%
R&D to Revenue		 7.35% 7.83% 11.84% 12.13% 8.28% 8.62% 10.03% 10.56% 8.97% 7.15% 13.09%
Operating Expenses to Revenue		 80.48% 77.29% 93.10% 86.85% 80.58% 75.72% 76.40% 85.27% 78.70% 69.90% 82.77%
Earnings before Interest and Taxes (EBIT)		 -3.00 -2.59 -4.66 -3.38 -3.21 -3.07 -5.77 -4.98 -2.66 -2.00 -5.14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -2.51 -2.12 -4.21 -2.93 -2.73 -2.52 -4.57 -3.97 -1.27 -1.05 -4.16
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.37 1.80 4.18 7.58 10.04 5.97 13.33 7.90 5.00 9.20 14.30
Price to Tangible Book Value (P/TBV)		 1.37 1.80 4.18 7.58 10.04 5.97 13.33 7.90 5.00 9.20 14.30
Price to Revenue (P/Rev)		 0.49 0.56 0.96 1.30 1.13 2.13 3.80 2.07 1.06 1.58 2.72
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.60 2.05 4.69 9.10 4.58 8.48 42.22 15.79 4.66 10.57 22.56
Enterprise Value to Revenue (EV/Rev)		 0.35 0.48 0.93 1.27 1.30 2.01 3.60 1.93 1.08 1.56 2.65
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.98 1.15 1.57 2.12 3.27 1.09 1.26 1.31 1.58 1.87 1.66
Long-Term Debt to Equity		 0.96 1.13 1.54 2.08 2.87 1.06 1.23 1.28 1.54 1.83 1.62
Financial Leverage		 -0.55 -0.33 -0.27 -0.58 0.08 -0.29 -0.47 -0.41 0.53 -0.26 -0.56
Leverage Ratio		 2.33 2.29 2.59 3.15 3.45 2.80 3.43 3.81 4.43 3.33 3.70
Compound Leverage Factor		 2.60 2.63 2.79 3.49 4.04 4.02 4.22 3.56 6.53 5.33 4.57
Debt to Total Capital		 49.43% 53.53% 61.15% 67.97% 76.58% 52.21% 55.85% 56.76% 61.31% 65.15% 62.35%
Short-Term Debt to Total Capital		 0.68% 1.12% 1.30% 1.42% 9.27% 1.52% 1.66% 1.59% 1.55% 1.47% 1.24%
Long-Term Debt to Total Capital		 48.75% 52.41% 59.85% 66.55% 67.31% 50.69% 54.19% 55.17% 59.76% 63.68% 61.11%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 50.57% 46.47% 38.85% 32.03% 23.42% 47.79% 44.15% 43.24% 38.69% 34.85% 37.65%
Debt to EBITDA		 -1.23 -1.48 -1.51 -1.72 -1.73 -1.90 -2.34 -1.86 -2.10 -2.36 -2.51
Net Debt to EBITDA		 0.49 0.31 0.13 0.15 -0.80 0.58 1.30 0.75 -0.12 0.18 0.58
Long-Term Debt to EBITDA		 -1.21 -1.45 -1.48 -1.69 -1.52 -1.84 -2.27 -1.80 -2.05 -2.31 -2.46
Debt to NOPAT		 -1.54 -1.83 -1.88 -2.12 -2.14 -2.34 -2.63 -2.33 -2.31 -2.47 -2.24
Net Debt to NOPAT		 0.61 0.38 0.17 0.19 -0.99 0.72 1.46 0.95 -0.14 0.19 0.52
Long-Term Debt to NOPAT		 -1.52 -1.79 -1.84 -2.08 -1.88 -2.27 -2.55 -2.26 -2.26 -2.41 -2.20
Altman Z-Score		 -5.56 -5.77 -6.62 -6.37 -7.52 -3.55 -2.19 -3.96 -5.56 -5.05 -3.75
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.83 4.32 4.05 2.70 2.32 4.95 4.08 3.45 3.47 3.18 3.46
Quick Ratio		 4.35 3.83 3.58 2.21 1.85 4.30 3.63 3.04 2.97 2.75 3.02
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1.26 4.68 4.16 -4.42 -6.24 -2.46 3.49 -3.87 -2.03 2.31 -6.15
Operating Cash Flow to CapEx		 -10,511.63% -1,783.82% -1,480.27% 248.63% -9,972.90% -1,380.38% 1,070.55% -8,608.57% -4,568.86% 734.44% -1,313.78%
Free Cash Flow to Firm to Interest Expense		 -2.30 8.35 7.40 -7.85 -11.46 -1.73 2.65 -2.91 -1.60 1.92 -5.12
Operating Cash Flow to Interest Expense		 -16.47 -4.33 -3.87 0.64 -19.58 -2.03 2.23 -2.27 -8.22 3.32 -2.14
Operating Cash Flow Less CapEx to Interest Expense		 -16.62 -4.58 -4.13 0.39 -19.78 -2.18 2.02 -2.29 -8.40 2.87 -2.31
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.86 1.00 1.07 1.09 1.25 1.09 1.20 1.30 1.48 1.29 1.22
Accounts Receivable Turnover		 5.52 4.06 4.22 7.74 4.43 4.53 6.21 7.12 4.48 5.33 6.41
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 8.55 8.70 9.24 10.61 11.58 12.10 10.30 10.90 11.75 12.76 10.67
Accounts Payable Turnover		 13.73 12.73 16.63 6.20 7.72 9.87 10.95 6.70 6.58 8.47 8.17
Days Sales Outstanding (DSO)		 66.16 89.99 86.52 47.19 82.46 80.53 58.77 51.23 81.40 68.46 56.98
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 26.59 28.68 21.94 58.88 47.26 36.98 33.34 54.47 55.50 43.11 44.70
Cash Conversion Cycle (CCC)		 39.57 61.31 64.58 -11.69 35.19 43.55 25.42 -3.23 25.90 25.35 12.29
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 12 13 11 7.75 16 14 5.43 8.14 16 10 8.50
Invested Capital Turnover		 4.40 3.41 3.77 8.28 3.99 4.31 7.70 8.38 4.28 5.82 10.39
Increase / (Decrease) in Invested Capital		 -0.84 -6.49 -7.42 2.05 3.89 0.62 -5.66 0.39 -0.36 -3.51 3.07
Enterprise Value (EV)		 20 27 52 71 74 119 229 128 74 111 192
Market Capitalization		 27 32 54 72 64 126 242 138 72 112 197
Book Value per Share		 $1.16 $1.01 $0.74 $0.54 $0.36 $1.17 $0.82 $0.77 $0.60 $0.51 $0.57
Tangible Book Value per Share		 $1.16 $1.01 $0.74 $0.54 $0.36 $1.17 $0.82 $0.77 $0.60 $0.51 $0.57
Total Capital		 40 38 33 30 27 44 41 40 37 35 37
Total Debt		 20 20 20 20 21 23 23 23 23 23 23
Total Long-Term Debt		 19 20 20 20 18 22 22 22 22 22 22
Net Debt		 -7.73 -4.23 -1.78 -1.79 9.75 -7.06 -13 -9.31 1.36 -1.75 -5.28
Capital Expenditures (CapEx)		 0.09 0.14 0.15 0.15 0.11 0.21 0.28 0.04 0.23 0.54 0.20
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 6.62 7.29 5.18 1.34 9.85 11 4.73 3.16 10 5.33 4.59
Debt-free Net Working Capital (DFNWC)		 34 32 27 23 21 41 40 35 32 30 33
Net Working Capital (NWC)		 34 31 27 23 19 41 40 35 31 29 32
Net Nonoperating Expense (NNE)		 1.26 1.16 1.76 1.39 1.40 2.60 4.92 1.19 1.58 1.99 3.25
Net Nonoperating Obligations (NNO)		 -7.73 -4.23 -1.78 -1.79 9.75 -7.06 -13 -9.31 1.36 -1.75 -5.28
Total Depreciation and Amortization (D&A)		 0.50 0.47 0.46 0.46 0.48 0.55 1.20 1.01 1.39 0.95 0.98
Debt-free, Cash-free Net Working Capital to Revenue		 11.87% 12.87% 9.28% 2.40% 17.37% 19.24% 7.43% 4.74% 14.75% 7.49% 6.35%
Debt-free Net Working Capital to Revenue		 60.80% 56.07% 48.81% 42.01% 37.10% 70.26% 63.49% 53.14% 46.21% 42.06% 45.21%
Net Working Capital to Revenue		 60.32% 55.33% 48.04% 41.24% 32.63% 69.13% 62.42% 52.17% 45.36% 41.34% 44.58%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.19) ($0.16) ($0.28) ($0.20) ($0.20) ($0.21) ($0.31) ($0.21) ($0.17) ($0.13) ($0.25)
Adjusted Weighted Average Basic Shares Outstanding		 17.94M 18.18M 18.25M 18.20M 18.56M 21.09M 22.94M 21.56M 23.85M 24.16M 24.85M
Adjusted Diluted Earnings per Share		 ($0.19) ($0.16) ($0.28) ($0.20) ($0.20) ($0.21) ($0.31) ($0.21) ($0.17) ($0.13) ($0.25)
Adjusted Weighted Average Diluted Shares Outstanding		 17.94M 18.18M 18.25M 18.20M 18.56M 21.09M 22.94M 21.56M 23.85M 24.16M 24.85M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 17.37M 17.39M 17.64M 17.90M 18.00M 22.00M 22.66M 24.05M 24.16M 24.23M 25.51M
Normalized Net Operating Profit after Tax (NOPAT)		 -2.10 -1.81 -3.26 -2.37 -2.36 -1.84 -2.17 -3.48 -2.39 -1.21 -3.09
Normalized NOPAT Margin		 -14.58% -12.02% -26.10% -17.34% -15.20% -10.70% -12.58% -20.94% -13.81% -6.04% -16.75%
Pre Tax Income Margin		 -23.31% -19.69% -40.20% -27.46% -24.21% -25.59% -41.09% -28.02% -22.71% -16.03% -34.41%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -5.47 -4.62 -8.30 -6.01 -5.88 -2.16 -4.37 -3.74 -2.10 -1.66 -4.28
NOPAT to Interest Expense		 -3.83 -3.23 -5.81 -4.21 -4.32 -1.30 -1.65 -2.62 -1.89 -1.00 -2.57
EBIT Less CapEx to Interest Expense		 -5.63 -4.86 -8.56 -6.27 -6.08 -2.31 -4.58 -3.77 -2.28 -2.11 -4.44
NOPAT Less CapEx to Interest Expense		 -3.99 -3.48 -6.07 -4.47 -4.52 -1.44 -1.85 -2.64 -2.07 -1.46 -2.73
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Exagen’s recent results show improving revenue growth and narrower operating losses, but the company remains unprofitable and dependent on careful cash management. Revenue reached $19.9 million in Q2 2026, up from $17.3 million in Q1 2026 and $17.2 million in Q2 2025. Compared with Q3 2023 revenue of $13.4 million, the business has expanded meaningfully, although growth has been accompanied by rising operating expenses.

Gross profit increased to $12.2 million in Q2 2026, producing a gross margin of approximately 61.3%. That compares with about 60.4% in Q2 2025 and 56.9% in Q2 2024, suggesting improving revenue quality or cost efficiency. However, total operating expenses rose to $13.9 million, leaving Exagen with a $1.7 million operating loss. The operating deficit has narrowed from $5.1 million in Q3 2023, but the company has not yet reached operating profitability.

Net losses also improved sequentially and year over year. Exagen reported a $3.2 million net loss in Q2 2026, compared with a $4.0 million loss in Q1 2026 and a $4.4 million loss in Q2 2025. Interest expense remained significant at $1.2 million for the quarter, limiting the benefit of improved operating performance.

Cash flow was volatile. Operating cash flow was positive at $4.0 million in Q2 2026 after a $10.4 million outflow in Q1, but the improvement was heavily supported by a $4.6 million favorable change in operating assets and liabilities. Exagen continued to report net losses, meaning sustained positive operating cash flow has not yet been established. Cash increased to $24.6 million at June 30, 2026, from $21.5 million at the end of Q1, although it remained below the $35.7 million reported at the end of Q3 2025.

  • Revenue momentum remains favorable: Q2 2026 revenue increased approximately 16% from Q2 2025 and was substantially above the $13.4 million reported in Q3 2023.
  • Gross margins have improved: The Q2 2026 gross margin of approximately 61.3% exceeded the margins reported in comparable 2024 and 2025 quarters.
  • Operating losses are narrowing: The Q2 2026 operating loss of $1.7 million was materially better than the $3.4 million loss in Q1 2026 and the $5.0 million loss in Q3 2023.
  • Q2 operating cash flow turned positive: Exagen generated $4.0 million of operating cash flow in Q2 2026, reversing the $10.4 million outflow recorded in Q1.
  • Liquidity remains adequate in the near term: Exagen held $42.9 million of current assets against $13.5 million of current liabilities at June 30, 2026, implying a current ratio of roughly 3.2.
  • Cash exceeds reported debt only modestly: Cash and equivalents of $24.6 million were slightly above total short- and long-term debt of approximately $22.8 million, leaving limited net cash after considering the company’s ongoing losses.
  • Working-capital movements are volatile: The Q2 cash-flow improvement was helped by operating working capital, while Q1 2026 and Q1 2025 experienced sizable working-capital cash outflows.
  • Exagen remains unprofitable: The company reported a $3.2 million net loss and negative earnings per share of $0.13 in Q2 2026.
  • Operating expenses continue to outpace gross profit: Q2 operating expenses rose to $13.9 million from $13.0 million in Q2 2025, with selling, general and administrative expense reaching $12.5 million.
  • Shareholder dilution is a continuing risk: Weighted average basic shares increased to approximately 24.2 million in Q2 2026 from 21.1 million in Q2 2025 and 18.3 million in Q3 2023, reducing the benefit of operating improvements on a per-share basis.

Overall, Exagen’s financial trajectory is mixed but improving operationally. Revenue growth, better gross margins and smaller losses are encouraging, while persistent net losses, interest costs, volatile cash usage and a substantially higher share count remain important risks. Investors should watch whether the company can convert its improved gross profitability into consistently positive operating cash flow without relying on working-capital benefits or additional equity financing.

11/13/26 12:35 PM ETAI Generated. May Contain Errors.

Exagen Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Exagen's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Exagen's net income appears to be on a downward trend, with a most recent value of -$19.95 million in 2025, falling from -$12.04 million in 2019. The previous period was -$15.12 million in 2024. View Exagen's forecast to see where analysts expect Exagen to go next.

Exagen's total operating income in 2025 was -$14.07 million, based on the following breakdown:
  • Total Gross Profit: $38.80 million
  • Total Operating Expenses: $52.87 million

Over the last 6 years, Exagen's total revenue changed from $40.39 million in 2019 to $66.58 million in 2025, a change of 64.8%.

In the past 12 quarters, Exagen's cash and equivalents has ranged from $11.19 million in Q1 2025 to $35.65 million in Q3 2025, and is currently $28.09 million as of their latest financial filing in Q3 2026.

Exagen had total debt of $22.91 million at the end of 2025, a 13.1% increase from 2024, and a 11.4% decrease since 2019.

Over the last 6 years, Exagen's book value per share changed from 4.43 in 2019 to 0.77 in 2025, a change of -82.6%.


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Financial statements for NASDAQ:XGN last updated on 11/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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