What is Exagen's operating income?

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

Exagen (XGN) Financials

$4.37 -0.25 (-5.41%)

As of 01:12 PM Eastern

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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

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-5.42	-5.57	-3.36	-2.97	-5.03	-3.76	-3.75	-4.44	-7.09	-4.67	-3.97
Consolidated Net Income / (Loss)	-5.42	-5.57	-3.36	-2.97	-5.03	-3.76	-3.75	-4.44	-7.09	-4.67	-3.97
Net Income / (Loss) Continuing Operations	-5.42	-5.57	-3.36	-2.97	-5.03	-3.76	-3.75	-4.44	-7.09	-4.67	-3.97
Total Pre-Tax Income	-5.42	-5.54	-3.36	-2.97	-5.03	-3.75	-3.75	-4.40	-7.09	-4.66	-3.93
Total Operating Income	-5.07	-5.15	-3.00	-2.59	-4.66	-3.38	-3.37	-2.63	-3.10	-4.98	-3.41
Total Gross Profit	7.71	8.15	8.60	9.06	6.98	8.48	9.12	10	10	9.21	10
Total Revenue	13	14	14	15	13	14	15	17	17	17	17
Operating Revenue	13	14	14	15	13	14	15	17	17	17	17
Total Cost of Revenue	5.71	5.62	5.82	6.01	5.53	5.18	6.38	6.81	7.17	7.43	7.10
Operating Cost of Revenue	5.71	5.62	5.82	6.01	5.53	5.18	6.38	6.81	7.17	7.43	7.10
Total Operating Expenses	13	13	12	12	12	12	12	13	13	14	14
Selling, General & Admin Expense	11	12	11	10	10	10	11	12	11	12	12
Research & Development Expense	1.40	1.08	1.06	1.18	1.48	1.66	1.28	1.48	1.73	1.76	1.55
Total Other Income / (Expense), net	-0.35	-0.39	-0.36	-0.38	-0.37	-0.37	-0.39	-1.77	-3.99	0.32	-0.52
Interest Expense	0.56	0.57	0.55	0.56	0.56	0.56	0.55	1.42	1.32	1.33	1.27
Other Income / (Expense), net	-	-	-	-	0.00	-	0.16	-0.44	-2.67	-	0.75
Income Tax Expense	-	-	-	0.00	0.00	-	0.00	0.04	0.00	-	0.04
Basic Earnings per Share	($0.31)	($0.31)	($0.19)	($0.16)	($0.28)	($0.20)	($0.20)	($0.21)	($0.31)	($0.21)	($0.17)
Weighted Average Basic Shares Outstanding	17.69M	17.68M	17.94M	18.18M	18.25M	18.20M	18.56M	21.09M	22.94M	21.56M	23.85M
Diluted Earnings per Share	($0.31)	($0.31)	($0.19)	($0.16)	($0.28)	($0.20)	($0.20)	($0.21)	($0.31)	($0.21)	($0.17)
Weighted Average Diluted Shares Outstanding	17.69M	17.68M	17.94M	18.18M	18.25M	18.20M	18.56M	21.09M	22.94M	21.56M	23.85M
Weighted Average Basic & Diluted Shares Outstanding	17.05M	17.24M	17.37M	17.39M	17.64M	17.90M	18.00M	22.00M	22.66M	24.05M	24.16M

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	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
Net Change in Cash & Equivalents	-3.02	8.05	-9.23	-2.79	-2.44	0.00	-11	19	5.62	-3.43	-11
Net Cash From Operating Activities	-2.91	8.35	-9.04	-2.43	-2.18	0.36	-11	-2.89	2.94	-3.01	-10
Net Cash From Continuing Operating Activities	-2.91	8.35	-9.04	-2.43	-2.18	0.36	-11	-2.84	2.89	-3.01	-10
Net Income / (Loss) Continuing Operations	-5.42	-5.57	-3.36	-2.97	-5.03	-3.76	-3.75	-4.44	-7.09	-4.67	-3.97
Consolidated Net Income / (Loss)	-5.42	-5.57	-3.36	-2.97	-5.03	-3.76	-3.75	-4.44	-7.09	-4.67	-3.97
Depreciation Expense	0.61	0.51	0.46	0.43	0.42	0.42	0.44	0.47	0.61	0.60	0.60
Amortization Expense	0.04	0.04	0.04	0.04	0.03	0.04	0.04	0.08	0.59	0.41	0.79
Non-Cash Adjustments To Reconcile Net Income	1.28	2.50	0.87	0.92	0.51	0.73	0.73	2.44	2.55	-0.65	-0.07
Changes in Operating Assets and Liabilities, net	0.58	11	-7.05	-0.85	1.89	2.94	-8.13	-1.38	6.23	1.30	-7.77
Net Cash From Investing Activities	-0.00	-0.08	-0.09	-0.14	-0.15	-0.15	-0.11	-0.21	-0.28	-0.04	-0.23
Net Cash From Continuing Investing Activities	-0.00	-0.08	-0.09	-0.14	-0.15	-0.15	-0.11	-0.21	-0.28	-0.04	-0.23
Purchase of Property, Plant & Equipment	-0.00	-0.11	-0.09	-0.14	-0.15	-0.15	-0.11	-0.21	-0.28	-0.04	-0.23
Sale of Property, Plant & Equipment	-	0.02	0.00	-	-	-	0.01	-	-	0.01	0.00
Net Cash From Financing Activities	-0.11	-0.22	-0.10	-0.23	-0.12	-0.22	-0.06	22	2.95	-0.38	-0.06
Net Cash From Continuing Financing Activities	-0.11	-0.22	-0.10	-0.23	-0.12	-0.22	-0.06	22	2.95	-0.38	-0.06
Repayment of Debt	-0.06	-0.06	-0.07	-0.10	-0.10	-0.11	-0.17	-20	-0.36	-0.17	-0.17
Issuance of Common Equity	0.13	-	0.10	-	0.07	-	0.20	19	3.49	-0.04	0.30
Other Financing Activities, net	-0.17	-0.16	-0.14	-0.13	-0.09	-0.11	-0.09	-0.05	-0.17	-0.18	-0.19
Cash Interest Paid	0.44	0.40	0.43	0.44	0.44	0.41	0.40	0.82	0.89	0.88	0.86

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

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

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	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
DEI Shares Outstanding	16,858,764.00	17,045,827.00	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
DEI Adjusted Shares Outstanding	16,858,764.00	17,045,827.00	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
DEI Earnings Per Adjusted Shares Outstanding	-0.32	-0.33	-0.19	-0.17	-0.29	-	-0.21	-0.25	-0.32	-0.21	-0.16
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-8.90%	7.23%	28.36%	6.56%	-6.78%	-0.80%	7.51%	14.19%	37.87%	21.79%	11.67%
EBITDA Growth	36.76%	66.95%	64.73%	51.60%	4.93%	36.43%	-8.65%	-19.18%	-8.65%	-35.58%	53.36%
EBIT Growth	32.21%	64.48%	61.03%	47.37%	8.01%	34.27%	-6.79%	-18.59%	-23.74%	-47.06%	16.93%
NOPAT Growth	35.15%	64.48%	61.03%	47.37%	8.01%	34.27%	-12.05%	-1.66%	33.52%	-47.06%	-1.46%
Net Income Growth	33.12%	61.17%	56.30%	40.83%	7.15%	32.51%	-11.67%	-49.66%	-40.95%	-24.25%	-5.73%
EPS Growth	34.04%	63.10%	56.82%	42.86%	9.68%	35.48%	-5.26%	-31.25%	-10.71%	-5.00%	15.00%
Operating Cash Flow Growth	56.48%	245.61%	7.27%	76.11%	25.17%	-95.65%	-18.04%	-18.92%	235.29%	-930.03%	2.38%
Free Cash Flow Firm Growth	31.84%	95.78%	71.51%	151.83%	163.33%	-1,588.09%	-393.91%	-152.61%	-16.13%	12.48%	67.47%
Invested Capital Growth	19.50%	-36.97%	-6.40%	-32.69%	-40.11%	36.04%	31.71%	4.63%	-51.05%	4.99%	-2.22%
Revenue Q/Q Growth	-5.10%	2.60%	4.72%	4.50%	-16.97%	9.18%	13.50%	11.00%	0.24%	-3.55%	4.06%
EBITDA Q/Q Growth	-1.17%	-4.02%	45.51%	15.59%	-98.72%	30.45%	6.87%	12.49%	-81.17%	13.21%	67.96%
EBIT Q/Q Growth	-3.13%	-1.54%	41.66%	13.85%	-80.25%	27.45%	5.20%	8.83%	-88.07%	13.78%	46.45%
NOPAT Q/Q Growth	-3.13%	-1.54%	41.66%	13.85%	-80.25%	27.45%	0.53%	21.84%	-17.87%	-60.48%	31.38%
Net Income Q/Q Growth	-8.02%	-2.92%	39.71%	11.73%	-69.52%	25.20%	0.24%	-18.31%	-59.65%	34.06%	15.11%
EPS Q/Q Growth	-10.71%	0.00%	38.71%	15.79%	-75.00%	28.57%	0.00%	-5.00%	-47.62%	32.26%	19.05%
Operating Cash Flow Q/Q Growth	71.36%	387.10%	-208.28%	73.16%	10.31%	116.68%	-3,039.67%	72.96%	202.05%	-202.34%	-245.74%
Free Cash Flow Firm Q/Q Growth	27.19%	96.01%	-382.67%	469.92%	-11.04%	-206.28%	-41.22%	60.60%	241.83%	-210.91%	47.52%
Invested Capital Q/Q Growth	-6.73%	-69.23%	115.26%	8.96%	-17.01%	-30.10%	108.40%	-13.44%	-61.17%	49.92%	94.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	57.44%	59.17%	59.65%	60.12%	55.82%	62.08%	58.87%	60.43%	58.43%	55.35%	58.97%
EBITDA Margin	-32.98%	-33.44%	-17.40%	-14.05%	-33.64%	-21.43%	-17.58%	-14.67%	-26.51%	-23.85%	-7.34%
Operating Margin	-37.78%	-37.39%	-20.83%	-17.17%	-37.28%	-24.77%	-21.71%	-15.29%	-17.98%	-29.91%	-19.73%
EBIT Margin	-37.78%	-37.39%	-20.83%	-17.17%	-37.28%	-24.77%	-20.69%	-17.84%	-33.46%	-29.91%	-15.39%
Profit (Net Income) Margin	-40.36%	-40.49%	-23.31%	-19.69%	-40.20%	-27.54%	-24.21%	-25.81%	-41.10%	-28.10%	-22.92%
Tax Burden Percent	100.00%	100.60%	100.00%	100.00%	100.00%	100.32%	100.00%	100.84%	100.01%	100.28%	100.92%
Interest Burden Percent	106.83%	107.64%	111.89%	114.65%	107.83%	110.82%	116.99%	143.48%	122.81%	93.67%	147.56%
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)	-80.31%	-186.71%	-64.10%	-41.03%	-98.32%	-143.54%	-60.69%	-46.09%	-96.93%	-175.52%	-59.13%
ROIC Less NNEP Spread (ROIC-NNEP)	-72.80%	-178.90%	-55.87%	-26.84%	-65.59%	-128.71%	-199.23%	-0.03%	-29.08%	-154.08%	-87.54%
Return on Net Nonoperating Assets (RNNOA)	43.22%	138.44%	30.53%	8.83%	17.51%	75.03%	-15.22%	0.01%	13.59%	63.39%	-46.65%
Return on Equity (ROE)	-37.09%	-48.27%	-33.56%	-32.20%	-80.82%	-68.51%	-75.91%	-46.08%	-83.34%	-112.13%	-105.79%
Cash Return on Invested Capital (CROIC)	-150.27%	-171.65%	-93.50%	-27.57%	-22.68%	-172.53%	-96.35%	-76.44%	-37.25%	-128.88%	-59.64%
Operating Return on Assets (OROA)	-24.00%	-27.45%	-17.86%	-17.15%	-39.77%	-27.13%	-25.77%	-19.43%	-39.99%	-38.78%	-22.82%
Return on Assets (ROA)	-25.64%	-29.72%	-19.98%	-19.66%	-42.88%	-30.16%	-30.15%	-28.11%	-49.12%	-36.43%	-33.98%
Return on Common Equity (ROCE)	-37.09%	-48.27%	-33.56%	-32.20%	-80.82%	-68.51%	-75.91%	-46.08%	-83.34%	-112.13%	-105.79%
Return on Equity Simple (ROE_SIMPLE)	-118.06%	0.00%	-96.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.55	-3.60	-2.10	-1.81	-3.26	-2.37	-2.36	-1.84	-2.17	-3.48	-2.39
NOPAT Margin	-26.45%	-26.17%	-14.58%	-12.02%	-26.10%	-17.34%	-15.20%	-10.70%	-12.58%	-20.94%	-13.81%
Net Nonoperating Expense Percent (NNEP)	-7.51%	-7.81%	-8.23%	-14.19%	-32.74%	-14.83%	138.54%	-46.06%	-67.85%	-21.44%	28.41%
Return On Investment Capital (ROIC_SIMPLE)	-	-8.54%	-5.32%	-4.79%	-9.86%	-7.95%	-8.61%	-4.18%	-5.28%	-8.63%	-6.41%
Cost of Revenue to Revenue	42.56%	40.83%	40.35%	39.88%	44.18%	37.92%	41.13%	39.57%	41.57%	44.65%	41.03%
SG&A Expenses to Revenue	84.79%	88.75%	73.13%	69.46%	81.26%	74.73%	72.29%	67.10%	66.37%	74.70%	69.72%
R&D to Revenue	10.44%	7.82%	7.35%	7.83%	11.84%	12.13%	8.28%	8.62%	10.03%	10.56%	8.97%
Operating Expenses to Revenue	95.22%	96.56%	80.48%	77.29%	93.10%	86.85%	80.58%	75.72%	76.40%	85.27%	78.70%
Earnings before Interest and Taxes (EBIT)	-5.07	-5.15	-3.00	-2.59	-4.66	-3.38	-3.21	-3.07	-5.77	-4.98	-2.66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.43	-4.60	-2.51	-2.12	-4.21	-2.93	-2.73	-2.52	-4.57	-3.97	-1.27
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.48	1.49	1.37	1.80	4.18	7.58	10.04	5.97	13.33	7.90	5.00
Price to Tangible Book Value (P/TBV)	1.48	1.49	1.37	1.80	4.18	7.58	10.04	5.97	13.33	7.90	5.00
Price to Revenue (P/Rev)	0.79	0.65	0.49	0.56	0.96	1.30	1.13	2.13	3.80	2.07	1.06
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)	1.72	2.97	1.60	2.05	4.69	9.10	4.58	8.48	42.22	15.79	4.66
Enterprise Value to Revenue (EV/Rev)	0.62	0.32	0.35	0.48	0.93	1.27	1.30	2.01	3.60	1.93	1.08
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	0.71	0.86	0.98	1.15	1.57	2.12	3.27	1.09	1.26	1.31	1.58
Long-Term Debt to Equity	0.70	0.85	0.96	1.13	1.54	2.08	2.87	1.06	1.23	1.28	1.54
Financial Leverage	-0.59	-0.77	-0.55	-0.33	-0.27	-0.58	0.08	-0.29	-0.47	-0.41	0.53
Leverage Ratio	1.94	2.20	2.33	2.29	2.59	3.15	3.45	2.80	3.43	3.81	4.43
Compound Leverage Factor	2.07	2.37	2.60	2.63	2.79	3.49	4.04	4.02	4.22	3.56	6.53
Debt to Total Capital	41.43%	46.21%	49.43%	53.53%	61.15%	67.97%	76.58%	52.21%	55.85%	56.76%	61.31%
Short-Term Debt to Total Capital	0.56%	0.63%	0.68%	1.12%	1.30%	1.42%	9.27%	1.52%	1.66%	1.59%	1.55%
Long-Term Debt to Total Capital	40.87%	45.58%	48.75%	52.41%	59.85%	66.55%	67.31%	50.69%	54.19%	55.17%	59.76%
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	58.57%	53.79%	50.57%	46.47%	38.85%	32.03%	23.42%	47.79%	44.15%	43.24%	38.69%
Debt to EBITDA	-0.65	-0.95	-1.23	-1.48	-1.51	-1.72	-1.73	-1.90	-2.34	-1.86	-2.10
Net Debt to EBITDA	0.30	0.83	0.49	0.31	0.13	0.15	-0.80	0.58	1.30	0.75	-0.12
Long-Term Debt to EBITDA	-0.64	-0.94	-1.21	-1.45	-1.48	-1.69	-1.52	-1.84	-2.27	-1.80	-2.05
Debt to NOPAT	-0.86	-1.22	-1.54	-1.83	-1.88	-2.12	-2.14	-2.34	-2.63	-2.33	-2.31
Net Debt to NOPAT	0.40	1.06	0.61	0.38	0.17	0.19	-0.99	0.72	1.46	0.95	-0.14
Long-Term Debt to NOPAT	-0.85	-1.20	-1.52	-1.79	-1.84	-2.08	-1.88	-2.27	-2.55	-2.26	-2.26
Altman Z-Score	-4.22	-4.89	-5.56	-5.77	-6.62	-6.37	-7.52	-3.55	-2.19	-3.96	-5.56
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	4.02	4.83	4.32	4.05	2.70	2.32	4.95	4.08	3.45	3.47
Quick Ratio	4.50	3.62	4.35	3.83	3.58	2.21	1.85	4.30	3.63	3.04	2.97
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-6.57	-0.26	-1.26	4.68	4.16	-4.42	-6.24	-2.46	3.49	-3.87	-2.03
Operating Cash Flow to CapEx	-145,400.00%	9,939.29%	-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%
Free Cash Flow to Firm to Interest Expense	-11.79	-0.46	-2.30	8.35	7.40	-7.85	-11.46	-1.73	2.65	-2.91	-1.60
Operating Cash Flow to Interest Expense	-5.22	14.75	-16.47	-4.33	-3.87	0.64	-19.58	-2.03	2.23	-2.27	-8.22
Operating Cash Flow Less CapEx to Interest Expense	-5.22	14.60	-16.62	-4.58	-4.13	0.39	-19.78	-2.18	2.02	-2.29	-8.40
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.64	0.73	0.86	1.00	1.07	1.09	1.25	1.09	1.20	1.30	1.48
Accounts Receivable Turnover	3.73	8.32	5.52	4.06	4.22	7.74	4.43	4.53	6.21	7.12	4.48
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	6.64	7.84	8.55	8.70	9.24	10.61	11.58	12.10	10.30	10.90	11.75
Accounts Payable Turnover	8.93	7.48	13.73	12.73	16.63	6.20	7.72	9.87	10.95	6.70	6.58
Days Sales Outstanding (DSO)	97.87	43.86	66.16	89.99	86.52	47.19	82.46	80.53	58.77	51.23	81.40
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)	40.87	48.82	26.59	28.68	21.94	58.88	47.26	36.98	33.34	54.47	55.50
Cash Conversion Cycle (CCC)	57.00	-4.96	39.57	61.31	64.58	-11.69	35.19	43.55	25.42	-3.23	25.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	19	5.70	12	13	11	7.75	16	14	5.43	8.14	16
Invested Capital Turnover	3.04	7.13	4.40	3.41	3.77	8.28	3.99	4.31	7.70	8.38	4.28
Increase / (Decrease) in Invested Capital	3.02	-3.34	-0.84	-6.49	-7.42	2.05	3.89	0.62	-5.66	0.39	-0.36
Enterprise Value (EV)	32	17	20	27	52	71	74	119	229	128	74
Market Capitalization	41	34	27	32	54	72	64	126	242	138	72
Book Value per Share	$1.63	$1.33	$1.16	$1.01	$0.74	$0.54	$0.36	$1.17	$0.82	$0.77	$0.60
Tangible Book Value per Share	$1.63	$1.33	$1.16	$1.01	$0.74	$0.54	$0.36	$1.17	$0.82	$0.77	$0.60
Total Capital	47	42	40	38	33	30	27	44	41	40	37
Total Debt	19	19	20	20	20	20	21	23	23	23	23
Total Long-Term Debt	19	19	19	20	20	20	18	22	22	22	22
Net Debt	-8.99	-17	-7.73	-4.23	-1.78	-1.79	9.75	-7.06	-13	-9.31	1.36
Capital Expenditures (CapEx)	0.00	0.08	0.09	0.14	0.15	0.15	0.11	0.21	0.28	0.04	0.23
Debt-free, Cash-free Net Working Capital (DFCFNWC)	11	-0.29	6.62	7.29	5.18	1.34	9.85	11	4.73	3.16	10
Debt-free Net Working Capital (DFNWC)	39	36	34	32	27	23	21	41	40	35	32
Net Working Capital (NWC)	39	36	34	31	27	23	19	41	40	35	31
Net Nonoperating Expense (NNE)	1.87	1.97	1.26	1.16	1.76	1.39	1.40	2.60	4.92	1.19	1.58
Net Nonoperating Obligations (NNO)	-8.99	-17	-7.73	-4.23	-1.78	-1.79	9.75	-7.06	-13	-9.31	1.36
Total Depreciation and Amortization (D&A)	0.64	0.54	0.50	0.47	0.46	0.46	0.48	0.55	1.20	1.01	1.39
Debt-free, Cash-free Net Working Capital to Revenue	20.54%	-0.55%	11.87%	12.87%	9.28%	2.40%	17.37%	19.24%	7.43%	4.74%	14.75%
Debt-free Net Working Capital to Revenue	75.65%	68.90%	60.80%	56.07%	48.81%	42.01%	37.10%	70.26%	63.49%	53.14%	46.21%
Net Working Capital to Revenue	75.14%	68.39%	60.32%	55.33%	48.04%	41.24%	32.63%	69.13%	62.42%	52.17%	45.36%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.31)	($0.31)	($0.19)	($0.16)	($0.28)	($0.20)	($0.20)	($0.21)	($0.31)	($0.21)	($0.17)
Adjusted Weighted Average Basic Shares Outstanding	17.69M	17.68M	17.94M	18.18M	18.25M	18.20M	18.56M	21.09M	22.94M	21.56M	23.85M
Adjusted Diluted Earnings per Share	($0.31)	($0.31)	($0.19)	($0.16)	($0.28)	($0.20)	($0.20)	($0.21)	($0.31)	($0.21)	($0.17)
Adjusted Weighted Average Diluted Shares Outstanding	17.69M	17.68M	17.94M	18.18M	18.25M	18.20M	18.56M	21.09M	22.94M	21.56M	23.85M
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	17.05M	17.24M	17.37M	17.39M	17.64M	17.90M	18.00M	22.00M	22.66M	24.05M	24.16M
Normalized Net Operating Profit after Tax (NOPAT)	-3.55	-3.60	-2.10	-1.81	-3.26	-2.37	-2.36	-1.84	-2.17	-3.48	-2.39
Normalized NOPAT Margin	-26.45%	-26.17%	-14.58%	-12.02%	-26.10%	-17.34%	-15.20%	-10.70%	-12.58%	-20.94%	-13.81%
Pre Tax Income Margin	-40.36%	-40.25%	-23.31%	-19.69%	-40.20%	-27.46%	-24.21%	-25.59%	-41.09%	-28.02%	-22.71%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-9.10	-9.09	-5.47	-4.62	-8.30	-6.01	-5.88	-2.16	-4.37	-3.74	-2.10
NOPAT to Interest Expense	-6.37	-6.37	-3.83	-3.23	-5.81	-4.21	-4.32	-1.30	-1.65	-2.62	-1.89
EBIT Less CapEx to Interest Expense	-9.10	-9.24	-5.63	-4.86	-8.56	-6.27	-6.08	-2.31	-4.58	-3.77	-2.28
NOPAT Less CapEx to Interest Expense	-6.37	-6.51	-3.99	-3.48	-6.07	-4.47	-4.52	-1.44	-1.85	-2.64	-2.07
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

Exagen Financials - Frequently Asked Questions

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

Exagen's net income appears to be on an upward trend, with a most recent value of -$19.95 million in 2025, rising from -$12.04 million in 2019. The previous period was -$15.12 million in 2024. Check out Exagen's forecast to explore projected trends and price targets.

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%.

Exagen's total liabilities were at $40.57 million at the end of 2025, a 15.4% increase from 2024, and a 13.9% increase since 2018.

In the past 7 years, Exagen's cash and equivalents has ranged from $13.16 million in 2018 to $99.44 million in 2021, and is currently $32.22 million as of their latest financial filing in 2025.

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 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Exagen (XGN) Financials

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Exagen Financials - Frequently Asked Questions

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Exagen (XGN) Financials

Annual Income Statements for Exagen

Quarterly Income Statements for Exagen

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Quarterly Cash Flow Statements for Exagen

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Quarterly Balance Sheets for Exagen

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Financials Breakdown Chart

Exagen Financials - Frequently Asked Questions

When does Exagen's financial year end?

How has Exagen's net income changed over the last 6 years?

What is Exagen's operating income?

How has Exagen's revenue changed over the last 6 years?

How much debt does Exagen have?

How much cash does Exagen have?

How has Exagen's book value per share changed over the last 6 years?

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