Exagen (NASDAQ:XGN) Announces Earnings Results

Exagen (NASDAQ:XGN) announced its quarterly earnings data on Tuesday. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.07), FiscalAI reports. The firm had revenue of $18.42 million during the quarter, compared to the consensus estimate of $18.34 million. Exagen had a negative net margin of 25.14% and a negative return on equity of 123.63%.

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

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

Exagen Trading Down 4.4%

NASDAQ:XGN opened at $5.03 on Thursday. Exagen has a 1-year low of $2.59 and a 1-year high of $9.73. The business’s 50-day moving average price is $7.84 and its two-hundred day moving average price is $5.13. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 1.96. The firm has a market capitalization of $121.85 million, a price-to-earnings ratio of -6.71 and a beta of 2.25.

Analysts Set New Price Targets

A number of research firms have recently weighed in on XGN. TD Cowen boosted their target price on Exagen from $10.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday, October 13th. Canaccord Genuity Group decreased their price target on Exagen from $11.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday. BTIG Research reiterated a “buy” rating and issued a $9.00 price objective on shares of Exagen in a research report on Wednesday. B. Riley Financial began coverage on Exagen in a research report on Friday, September 11th. They issued a “buy” rating and a $12.00 price objective for the company. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Exagen in a report on Wednesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $9.88.

Insider Transactions at Exagen

In related news, CEO John Aballi sold 34,294 shares of the stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $7.87, for a total value of $269,893.78. Following the sale, the chief executive officer directly owned 805,540 shares in the company, valued at $6,339,599.80. This trade represents a 4.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, major shareholder Jorey Chernett purchased 14,000 shares of the business’s stock in a transaction that occurred on Monday, October 19th. The stock was purchased at an average price of $7.46 per share, for a total transaction of $104,440.00. Following the completion of the transaction, the insider directly owned 2,618,540 shares in the company, valued at $19,534,308.40. This trade represents a 0.54% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have acquired 29,585 shares of company stock worth $195,682. Company insiders own 10.40% of the company’s stock.

About Exagen

Exagen Inc. is a commercial-stage diagnostic company focused on improving the diagnosis and management of autoimmune and rheumatic diseases. The company develops and commercializes blood tests that help physicians identify autoimmune disease, distinguish among related conditions and monitor disease activity over time. Its principal product family is AVISE, which includes the AVISE CTD and AVISE Lupus tests, as well as monitoring and specialty tests used in the evaluation of systemic lupus erythematosus and other connective-tissue diseases.