Exagen (NASDAQ:XGN) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Exagen (NASDAQ:XGN) announced its earnings results on Tuesday. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.06, Zacks reports. Exagen had a negative net margin of 26.61% and a negative return on equity of 97.48%. The company had revenue of $19.94 million during the quarter, compared to the consensus estimate of $17.80 million.

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 Stock Performance

Shares of NASDAQ XGN traded down $0.03 during trading on Thursday, reaching $6.62. 226,412 shares of the stock traded hands, compared to its average volume of 414,001. The company has a 50-day moving average of $4.64 and a 200-day moving average of $3.85. Exagen has a 52-week low of $2.59 and a 52-week high of $12.23. The stock has a market capitalization of $160.06 million, a P/E ratio of -8.16 and a beta of 2.05. The company has a debt-to-equity ratio of 1.67, a current ratio of 3.47 and a quick ratio of 3.47.

Institutional Investors Weigh In On Exagen

A number of hedge funds and other institutional investors have recently bought and sold shares of XGN. Balyasny Asset Management L.P. grew its position in shares of Exagen by 27.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 919,187 shares of the company’s stock valued at $5,589,000 after purchasing an additional 195,759 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Exagen by 7.7% in the third quarter. Vanguard Group Inc. now owns 733,824 shares of the company’s stock worth $8,065,000 after buying an additional 52,205 shares in the last quarter. Invesco Ltd. bought a new position in shares of Exagen in the third quarter valued at approximately $7,420,000. Kennedy Capital Management LLC grew its stake in Exagen by 77.6% during 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 in the last quarter. Finally, Wexford Capital LP increased its holdings in Exagen by 6.9% during the 3rd quarter. Wexford Capital LP now owns 444,927 shares of the company’s stock worth $4,890,000 after acquiring an additional 28,579 shares during the period. Institutional investors own 75.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. BTIG Research increased their price objective on shares of Exagen from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Wednesday. TD Cowen boosted their target price on Exagen from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday. Roth Capital initiated coverage on Exagen in a report on Wednesday, June 24th. They issued a “buy” rating and a $8.00 target price for the company. Weiss Ratings downgraded Exagen from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, May 12th. Finally, B. Riley Financial reiterated a “buy” rating and set a $12.00 price target (up from $8.00) on shares of Exagen in a report on Wednesday. One equities 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 stock. According to MarketBeat.com, Exagen presently has an average rating of “Moderate Buy” and a consensus target price of $9.62.

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.