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

Exagen (NASDAQ:XGN) released its earnings results on Tuesday. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.06, Zacks reports. Exagen had a negative net margin of 29.49% and a negative return on equity of 94.37%. The business had revenue of $19.94 million for the quarter, compared to analyst estimates 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 XGN stock traded up $1.44 during trading hours on Tuesday, hitting $6.12. 1,337,756 shares of the company were exchanged, compared to its average volume of 398,807. The firm has a fifty day simple moving average of $4.57 and a 200 day simple moving average of $3.83. The company has a current ratio of 3.47, a quick ratio of 3.47 and a debt-to-equity ratio of 1.67. Exagen has a 52-week low of $2.59 and a 52-week high of $12.23. The stock has a market capitalization of $147.79 million, a price-to-earnings ratio of -6.87 and a beta of 2.05.

Analyst Ratings Changes

Several brokerages have recently weighed in on XGN. Canaccord Genuity Group dropped their price objective on shares of Exagen from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Monday, April 20th. Roth Capital assumed coverage on shares of Exagen in a report on Wednesday, June 24th. They issued a “buy” rating and a $8.00 target price on the stock. Wall Street Zen raised shares of Exagen from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. BTIG Research decreased their price target on Exagen from $9.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Finally, Weiss Ratings lowered Exagen from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Exagen currently has an average rating of “Moderate Buy” and an average price target of $9.00.

Hedge Funds Weigh In On Exagen

Institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC bought a new stake in shares of Exagen in the first quarter valued at $25,000. Truvestments Capital LLC boosted its position in Exagen by 109.5% during the fourth quarter. Truvestments Capital LLC now owns 6,169 shares of the company’s stock worth $38,000 after purchasing an additional 3,225 shares during the period. Persistent Asset Partners Ltd bought a new position in Exagen during the fourth quarter worth about $80,000. Jain Global LLC purchased a new position in shares of Exagen in the fourth quarter worth about $82,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in Exagen in the 4th quarter worth approximately $82,000. Hedge funds and other institutional investors own 75.25% of the company’s stock.

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.