One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Exagen Inc.
XGN · NGM · Healthcare · Diagnostics & Research
Current price
$8.42
52-week range
$2.59 - $12.23
Market cap
$203.98M
Balance sheet
Distressed
-3.26x Concerning
Net debt $3.07M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
1 Risk
1 rewards · 1 risks
- Reward Revenue grew 6.8% last year.
- Risk Return on equity was -113.8% last year — the company lost money on shareholders' equity.
What this company does
Exagen Inc.
Exagen Inc. provides specialized blood tests under the AVISE brand to help doctors diagnose and manage complex autoimmune diseases like lupus and rheumatoid arthritis. The money they make mainly comes from healthcare providers paying for these tests to better care for their patients. This is important because it allows for more accurate diagnoses, helping patients get the right treatment faster.
How the company got here
Exagen Inc. was founded in 2002, originally as Exagen Diagnostics, Inc., with a mission to improve the lives of patients suffering from complex autoimmune and rheumatic diseases. The company's journey has been focused on developing specialized diagnostic tools to help doctors better understand and manage these challenging conditions. A key turning point was the rebranding to Exagen Inc. in January 2019, signaling a renewed focus on its core diagnostic offerings. The company has also pursued strategic collaborations, such as its research agreement with Allegheny Health Network, to advance its biomarker discovery efforts.
What it actually does
Exagen Inc. develops and sells diagnostic tests under the AVISE brand, primarily in the United States. These tests help healthcare providers diagnose, monitor, and predict the course of complex autoimmune and rheumatic diseases, such as lupus and rheumatoid arthritis. Think of them as specialized blood tests that give doctors more detailed information than a standard check-up, helping them pinpoint the exact condition a patient is experiencing and how it might progress.
AVISE Diagnostic Tests
This is Exagen's primary business line, offering a suite of blood tests designed to diagnose and monitor various autoimmune and rheumatic conditions. For example, AVISE CTD helps doctors differentiate between different types of connective tissue diseases that can have similar symptoms. Other tests, like AVISE Lupus and AVISE APS, focus on specific conditions like lupus and antiphospholipid syndrome, providing crucial data on disease activity and potential complications. These tests are used by healthcare providers to make more informed treatment decisions for their patients.
AVISE Monitoring and Prognostic Tests
Within its diagnostic offerings, Exagen also provides specialized tests aimed at monitoring disease progression and predicting potential complications. For instance, AVISE SLE Prognostic helps assess the risk of kidney, brain, or cardiovascular issues in lupus patients, while AVISE MTX and AVISE HCQ monitor levels of specific medications used to treat these conditions. These tests allow doctors to proactively manage patient health and adjust treatment plans as needed, aiming to prevent severe outcomes.
What management is betting on now
Exagen's management is focused on expanding the reach and utility of its AVISE diagnostic platforms. A key strategy involves leveraging collaborations, like the one with Allegheny Health Network, to discover and develop new biomarkers. These biomarkers are essentially measurable indicators in the body that can signal the presence or progression of a disease. By identifying novel biomarkers, Exagen aims to create even more precise and informative diagnostic tools, ultimately improving patient care and solidifying its position in the specialized diagnostics market.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-2.32M
FY2024 Q4
$217.00K
FY2025 Q1
$-10.78M
FY2025 Q2
$-3.09M
FY2025 Q3
$2.67M
FY2025 Q4
$-3.06M
FY2026 Q1
$-10.64M
FY2026 Q2
$3.44M
Revenue
$19.94M
Net income
$-3.20M
Diluted EPS
-0.13
Operating cash flow
$3.99M
Free cash flow
$3.44M
Fetching…
Sources
Revenue
$17.31M
Net income
$-3.97M
Diluted EPS
-0.17
Operating cash flow
$-10.42M
Free cash flow
$-10.64M
Fetching…
Sources
Revenue
$16.63M
Net income
$-4.67M
Diluted EPS
-0.21
Operating cash flow
$-3.01M
Free cash flow
$-3.06M
Fetching…
Sources
Revenue
$17.24M
Net income
$-7.09M
Diluted EPS
-0.31
Operating cash flow
$2.94M
Free cash flow
$2.67M
Fetching…
Sources
Revenue
$17.20M
Net income
$-4.44M
Diluted EPS
-0.21
Operating cash flow
$-2.88M
Free cash flow
$-3.09M
Fetching…
Sources
Revenue
$15.50M
Net income
$-3.75M
Diluted EPS
-0.20
Operating cash flow
$-10.67M
Free cash flow
$-10.78M
Fetching…
Sources
Revenue
$13.65M
Net income
$-3.76M
Diluted EPS
-0.20
Operating cash flow
$363.00K
Free cash flow
$217.00K
Fetching…
Sources
Revenue
$12.51M
Net income
$-5.03M
Diluted EPS
-0.28
Operating cash flow
$-2.18M
Free cash flow
$-2.32M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $8.42
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $3.1M. Interest coverage -3.3x.
Net debt
$3.07M
Interest coverage
-3.26x
Exagen Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
XGN
BASELINE
Exagen Inc.
Total debt $27.66M Interest coverage -3.26x This is the baseline the peer rows are being compared against.
Total debt $9.60M Interest coverage -1,214.61x Neither company has much profit cushion over interest right now.
Total debt $238.49M Interest coverage -76.16x Neither company has much profit cushion over interest right now.
Total debt $6.40B Interest coverage 5.62x This peer still has a real interest-payment cushion, while XGN does not.
Total debt $6.82B Interest coverage 6.77x This peer still has a real interest-payment cushion, while XGN does not.
Total debt $1.10B Interest coverage 35.01x This peer still has a real interest-payment cushion, while XGN does not.
What you should know
The case for and against XGN
1 Reward
1 Risk
Rewards
-
Revenue grew 6.8% last year.
Risks
-
Return on equity was -113.8% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-17.91x
P/B
16.67x
P/S
2.87x
EV/EBITDA
-19.22x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
58.6%
Operating margin
-8.6%
Net margin
-26.6%
ROE
-113.8%
ROA
-14.9%
Health
Liquidity and balance-sheet strength
Debt / equity
2.26x
Current ratio
3.19x
Quick ratio
2.75x
Total debt
$27.66M
Total cash
$24.59M
Growth
How the business has been compounding
Revenue TTM
$71.12M
Revenue 5Y CAGR
8.4%
EPS TTM
-0.81
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-6.50M
Free CF TTM
$-14.27M
FCF margin
-20.1%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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