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

Exagen (NASDAQ:XGN) posted its quarterly earnings results on Tuesday. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $19.94 million during 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 Trading Up 30.3%

Exagen stock opened at $6.10 on Tuesday. Exagen has a 12 month low of $2.59 and a 12 month high of $12.23. The company has a market capitalization of $147.38 million, a price-to-earnings ratio of -7.27 and a beta of 2.05. The business’s fifty day simple moving average is $4.57 and its two-hundred day simple moving average is $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.

Hedge Funds Weigh In On Exagen

Large investors have recently modified their holdings of the stock. Barclays PLC grew its position in Exagen by 209.1% during the 4th quarter. Barclays PLC now owns 23,601 shares of the company’s stock valued at $143,000 after purchasing an additional 15,965 shares during the last quarter. Hudson Bay Capital Management LP purchased a new position in Exagen in the fourth quarter worth about $147,000. Dynamic Technology Lab Private Ltd purchased a new position in Exagen in the fourth quarter worth about $129,000. Larson Financial Group LLC bought a new position in shares of Exagen in the third quarter worth approximately $105,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Exagen by 320,280.0% during the third quarter. JPMorgan Chase & Co. now owns 16,019 shares of the company’s stock valued at $176,000 after buying an additional 16,014 shares during the last quarter. Hedge funds and other institutional investors own 75.25% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.