Exagen (XGN) AI Stock Analysis

• Market Cap: $216.74M
• Dividend Yield: N/A
• Average Volume (3M): 213.20K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.92
• Revenue Growth: 3.89%
• EPS Growth: 7.92%
• Country: US
• Employees: 209
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Diagnostics & Research
• EPS (TTM): -0.21
• Shares Outstanding: 22,003,641
• 10 Day Avg. Volume: 205,250
• 30 Day Avg. Volume: 213,203
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.66
• Enterprise Value/Revenue: 2.42
• Enterprise Value/Gross Profit: 4.07
• Enterprise Value/Ebitda: -11.66
• 1Y Price Target: $11.67
• Price Target Upside: 8.26% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8

• Rating: 61 Neutral
• Price Target: $10.50 ▼(-2.60% Downside)

Exagen's stock score is primarily driven by strong technical momentum and a positive earnings call, reflecting growth potential. However, challenges in profitability and valuation weigh down the overall score.

Positive Factors

Revenue Growth

Consistent revenue growth reflects strong market demand and effective sales strategies, enhancing long-term business viability.

Strategic Leadership

Strategic leadership additions can drive growth and strengthen market position, leveraging industry expertise for better decision-making.

Cash Position

A strong cash position provides financial stability and flexibility, supporting future investments and operational resilience.

Negative Factors

Operating Losses

Continued operating losses indicate challenges in achieving profitability, which could hinder long-term financial health and growth.

Cash Flow Constraints

Negative cash flow from operations limits the company's ability to fund growth initiatives and may require external financing.

Incremental Operating Expenses

Rising operating expenses can pressure margins and profitability, potentially impacting long-term financial performance.

Exagen Business Overview & Revenue Model

Company Description

Exagen Inc. is a biotechnology company focused on developing and commercializing innovative diagnostic solutions for autoimmune diseases. The company operates primarily in the healthcare sector, with a strong emphasis on providing advanced laboratory testing services that help physicians diagnose and manage conditions such as lupus and other related autoimmune disorders. Exagen's core products include its proprietary AVISE® testing platform, which offers a range of tests designed to improve patient care through more accurate and timely diagnoses.

How the Company Makes Money

Exagen generates revenue primarily through the sale of its diagnostic tests to healthcare providers and laboratories. The company operates on a fee-for-service model, where it charges for each test performed. Key revenue streams include direct sales of AVISE® tests to clinicians, reimbursement from insurance companies for tests provided to patients, and collaborations with pharmaceutical companies for companion diagnostics. Additionally, Exagen may benefit from partnerships with healthcare organizations that enhance its market reach and credibility, contributing to its overall earnings potential.

Exagen Financial Statement Overview

Summary

Exagen shows revenue growth and a strong gross profit margin, but struggles with profitability and cash flow. The balance sheet is stable with low leverage, yet operational inefficiencies hinder shareholder returns.

Income Statement

Exagen's TTM (Trailing-Twelve-Months) revenue grew by 5.79% compared to the previous annual report, indicating a positive trend. However, the company is struggling with profitability, as evidenced by negative EBIT and net profit margins. The gross profit margin at 59.43% shows that core operations are relatively efficient, but overall profitability is impacted by high operating expenses.

Balance Sheet

The balance sheet shows a debt-to-equity ratio of 0.14, indicating low leverage, which is a positive sign of financial stability. However, the return on equity is negative due to ongoing net losses, reflecting challenges in generating profits from shareholder investments. The equity ratio of 35.79% shows moderate reliance on equity financing.

Cash Flow

Operating cash flow remains negative, indicating challenges in generating cash from operations. The free cash flow to net income ratio is unfavorable, highlighting cash flow constraints. Despite negative free cash flow growth, the company has managed to secure significant financing, which supports liquidity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	58.86M	55.64M	52.55M	45.56M	48.30M	41.98M
Gross Profit	34.98M	33.11M	29.46M	21.35M	27.71M	25.42M
EBITDA	-12.21M	-11.14M	-19.15M	-43.11M	-23.10M	-13.65M
Net Income	-16.98M	-15.12M	-23.69M	-47.39M	-26.85M	-16.69M
Balance Sheet
Total Assets	58.76M	44.69M	56.94M	86.22M	123.44M	78.38M
Cash, Cash Equivalents and Short-Term Investments	30.03M	22.04M	36.49M	62.39M	99.44M	57.45M
Total Debt	2.89M	23.36M	23.72M	36.05M	28.07M	26.97M
Total Liabilities	37.73M	35.15M	34.25M	43.76M	38.51M	36.54M
Stockholders Equity	21.03M	9.54M	22.69M	42.46M	84.94M	41.84M
Cash Flow
Free Cash Flow	-15.98M	-13.79M	-15.29M	-36.46M	-22.64M	-14.54M
Operating Cash Flow	-15.37M	-13.28M	-14.46M	-32.14M	-20.27M	-14.08M
Investing Cash Flow	-609.00K	-515.00K	-804.00K	-4.32M	-2.42M	-455.00K
Financing Cash Flow	21.53M	-663.00K	-10.63M	-489.00K	64.68M	-97.00K

Exagen Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 10.78
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XGN, the sentiment is Positive. The current price of 10.78 is above the 20-day moving average (MA) of 9.71, above the 50-day MA of 9.08, and above the 200-day MA of 6.08, indicating a bullish trend. The MACD of 0.22 indicates Negative momentum. The RSI at 68.84 is Neutral, neither overbought nor oversold. The STOCH value of 79.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for XGN.

Exagen Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
XGN	61 Neutral	$216.74M	―	-87.94%	―	3.89%	7.92%
MDXH	57 Neutral	216.80M	-5.01	-256.51%	―	22.56%	41.62%
BNR	51 Neutral	98.10M	-4.86	-59.68%	―	5.33%	75.52%
SERA	49 Neutral	117.61M	-3.64	-68.82%	―	0.93%	13.99%
VNRX	45 Neutral	65.14M	-2.48	73.31%	―	35.10%	39.15%
BDSX	42 Neutral	67.12M	-1.50	-3609.67%	―	25.70%	39.25%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Exagen Corporate Events

Exagen Appoints Chas McKhann to Board of Directors

On July 17, 2025, Exagen Inc. announced the appointment of Chas McKhann to its Board of Directors, highlighting his extensive experience in the life sciences industry and previous leadership roles in companies acquired by Boston Scientific. This strategic move is expected to bolster Exagen’s growth and enhance its position in the autoimmune diagnostics market, aiming to drive strategic growth and create long-term value for patients, providers, and shareholders.

Exagen Inc. Holds 2025 Annual Stockholder Meeting

Exagen Inc. held its 2025 annual meeting of stockholders on June 10, 2025, where four proposals were voted on. The stockholders elected two Class III directors for a three-year term, ratified the appointment of BDO USA, P.C. as the independent auditor for 2025, approved executive compensation, and decided to hold annual advisory votes on executive compensation.