Exagen (NASDAQ:XGN) Issues Earnings Results, Hits Estimates

Exagen (NASDAQ:XGN) released its earnings results on Tuesday. The company reported ($0.20) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.20), FiscalAI reports. Exagen had a negative net margin of 29.94% and a negative return on equity of 113.48%. The business had revenue of $16.63 million during the quarter, compared to the consensus estimate of $16.46 million.

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

• Record commercial momentum — Exagen reported about 137,000 AVISE CTD tests in 2025 ( >11% growth), with Q4 the highest Q4 volume in company history and an expanded sales footprint (~45 territories) supporting sustained volume gains.
• ASP and revenue progress — trailing 12‑month ASP rose to roughly $441 (up ~7%) and full‑year revenue was a record $66.6M, with management guiding $70M–$73M for 2026 driven by both volume and ASP improvements.
• Deliberate reinvestment and timing to profitability — management now targets breakeven Adjusted EBITDA at about a $80M–$89M revenue run rate and has increased commercial and R&D investment, which may push durable profitability timing into 2027 unless ASP or volume accelerates faster than planned.
• Market access and product catalysts — the company secured ACR advocacy, has a MolDX local coverage determination in process, new biomarkers (T‑cell, RA33, anti‑PAD4) are gaining traction, and Pharma Services backlog (~$4M) could all support further ASP expansion and revenue upside.

Exagen Trading Down 3.8%

Shares of XGN stock opened at $3.25 on Wednesday. Exagen has a 12-month low of $2.80 and a 12-month high of $12.23. The company has a market capitalization of $73.65 million, a PE ratio of -3.53 and a beta of 1.88. The firm has a 50 day moving average price of $4.24 and a two-hundred day moving average price of $7.53. The company has a quick ratio of 4.08, a current ratio of 4.08 and a debt-to-equity ratio of 1.35.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Exagen in a research note on Wednesday, January 21st. BTIG Research lowered their target price on Exagen from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday. B. Riley Financial reiterated a “buy” rating and set a $8.00 target price (down from $18.00) on shares of Exagen in a report on Friday, January 30th. William Blair reissued an “outperform” rating on shares of Exagen in a research report on Tuesday. Finally, TD Cowen decreased their price target on Exagen from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. Nine analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $11.29.

Insider Buying and Selling at Exagen

In other news, CEO John Aballi sold 15,698 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $3.62, for a total transaction of $56,826.76. Following the transaction, the chief executive officer owned 687,299 shares in the company, valued at approximately $2,488,022.38. This trade represents a 2.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 12.60% of the company’s stock.

Institutional Trading of Exagen

Several institutional investors have recently added to or reduced their stakes in XGN. Bridgeway Capital Management LLC grew its holdings in Exagen by 10.3% in the 2nd quarter. Bridgeway Capital Management LLC now owns 27,800 shares of the company’s stock valued at $194,000 after buying an additional 2,600 shares in the last quarter. Truvestments Capital LLC boosted its position in shares of Exagen by 109.5% in the fourth quarter. Truvestments Capital LLC now owns 6,169 shares of the company’s stock valued at $38,000 after acquiring an additional 3,225 shares during the period. State Street Corp boosted its position in shares of Exagen by 6.9% in the fourth quarter. State Street Corp now owns 71,256 shares of the company’s stock valued at $433,000 after acquiring an additional 4,600 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Exagen in the first quarter valued at about $25,000. Finally, Russell Investments Group Ltd. grew its stake in shares of Exagen by 3.9% in the third quarter. Russell Investments Group Ltd. now owns 229,115 shares of the company’s stock valued at $2,518,000 after acquiring an additional 8,499 shares in the last quarter. 75.25% of the stock is currently owned by institutional investors.

Exagen News Summary

Here are the key news stories impacting Exagen this week:

• Positive Sentiment: Record revenue, test-volume growth and higher average selling prices reported for FY2025, supporting the company’s recovery narrative and revenue momentum. GlobeNewswire: FY2025 Results
• Positive Sentiment: Management is expanding the sales force and accelerating its product/innovation cadence while setting a FY2026 revenue target of $70M–$73M, which signals investment for growth and commercialization. Seeking Alpha: Revenue Target & Expansion
• Positive Sentiment: BTIG maintained a “buy” rating despite cutting its price target from $10 to $9, a vote of confidence from an analyst that still implies substantial upside from current levels. StreetInsider: BTIG PT Lowered
• Neutral Sentiment: Q4 EPS of ($0.20) matched expectations and revenue of $16.63M slightly beat estimates — results met near-term forecasts but didn’t provide an upside surprise. Zacks: Q4 Results
• Neutral Sentiment: Management discussed strategic investments and commercialization progress on the Q4 call; useful color for modeling, but no new transformational guidance items were provided. Seeking Alpha: Earnings Call Transcript
• Negative Sentiment: FY2026 revenue guidance of $70M–$73M is below the prior Street consensus (~$74M), and the company did not provide EPS guidance — a downside catalyst that often pressures shares when expectations are trimmed. Press Release / Guidance Details
• Negative Sentiment: Short interest rose ~21% in late February to roughly 1.07M shares (~5.4% of shares outstanding), increasing potential downside pressure and the risk of continued volatility. (Internal short‑interest update)

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.