Exagen (NASDAQ:XGN) Releases Earnings Results, Misses Estimates By $0.07 EPS

Exagen (NASDAQ:XGN) issued its earnings results on Tuesday. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.07), FiscalAI reports. Exagen had a negative return on equity of 104.46% and a negative net margin of 26.61%. The firm had revenue of $18.42 million for the quarter, compared to analyst estimates of $18.34 million.

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

• Exagen reported record third-quarter revenue of $18.4 million, up 7%, and said year-to-date revenue was up more than 11%. It reiterated full-year 2026 revenue guidance of $72 million to $75 million.
• AVISE CTD test volume rose 2% year over year in the quarter, while ordering physicians increased 5% and year-to-date volume grew 8%. Management attributed the slower quarterly growth partly to a tougher comparison and seasonal clinic schedules, and expects high-single-digit volume growth for the full year.
• Trailing 12-month ASP reached a record $451 per test, its 14th consecutive quarterly improvement. Exagen cited ongoing reimbursement and collections work as opportunities to move toward its $600–$650 target, while noting that possible PAMA changes could create a low-single-digit headwind.
• Pharma Services generated more than $900,000 in third-quarter revenue and $2.2 million year to date, up nearly 85% from last year, with a contract backlog of roughly $5.5 million.
• Exagen completed clinical and analytical validation for its 17-marker myositis test and remains on track for an early-2027 launch. It also acquired an AI-enabled workflow platform for rheumatology practices, though management said the product’s development and commercial potential are still evolving.

Exagen Stock Down 25.9%

NASDAQ XGN opened at $5.26 on Wednesday. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 1.96. The firm’s fifty day moving average price is $7.88 and its 200 day moving average price is $5.13. Exagen has a 12 month low of $2.59 and a 12 month high of $9.73.

Key Headlines Impacting Exagen

Here are the key news stories impacting Exagen this week:

• Positive Sentiment: Third-quarter revenue rose 7% year over year to $18.4 million, slightly exceeding estimates. For the first nine months, revenue increased 11%, net loss narrowed 12%, and adjusted EBITDA loss improved by more than 30%. Exagen third-quarter results
• Positive Sentiment: Major shareholder Jorey Chernett bought 7,085 shares on Nov. 10 and 8,500 on Nov. 9, more than offsetting his 11,265-share sale on Nov. 6. The net buying is a modest confidence signal. Chernett’s share purchases
• Positive Sentiment: Exagen said it remains on track to launch its myositis offering in early 2027, potentially broadening its diagnostics platform.
• Neutral Sentiment: The company reaffirmed 2026 revenue guidance of $72 million to $75 million, a range that includes the roughly $73.9 million analyst consensus, so it was not a forecast upgrade.
• Negative Sentiment: Quarterly loss was $0.25 per share, worse than analyst expectations of roughly $0.18–$0.19. Operating expenses rose, widening the operating loss to $4.4 million from $3.1 million a year earlier; quarterly adjusted EBITDA loss also edged wider. Cash of $28.1 million was lower than the $35.7 million reported a year earlier, keeping profitability and cash use in focus. Q3 earnings report

Insider Buying and Selling at Exagen

In other Exagen news, CEO John Aballi sold 34,294 shares of the company’s stock in a transaction on Friday, October 16th. The shares were sold at an average price of $7.87, for a total value of $269,893.78. Following the completion of the transaction, the chief executive officer owned 805,540 shares in the company, valued at $6,339,599.80. This represents a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, major shareholder Jorey Chernett acquired 7,085 shares of the firm’s stock in a transaction on Tuesday, November 10th. The stock was bought at an average price of $5.26 per share, with a total value of $37,267.10. Following the purchase, the insider directly owned 2,625,625 shares of the company’s stock, valued at $13,810,787.50. This represents a 0.27% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 29,585 shares of company stock worth $195,682 over the last quarter. 10.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. BTIG Research lifted their price target on Exagen from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. B. Riley Financial assumed coverage on Exagen in a report on Friday, September 11th. They issued a “buy” rating and a $12.00 price objective on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Exagen in a research report on Wednesday, November 4th. Canaccord Genuity Group boosted their target price on Exagen from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Monday, October 19th. Finally, TD Cowen boosted their target price on Exagen from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $10.12.

About Exagen

Exagen Inc. is a commercial-stage diagnostic company focused on improving the diagnosis and management of autoimmune and rheumatic diseases. The company develops and commercializes blood tests that help physicians identify autoimmune disease, distinguish among related conditions and monitor disease activity over time. Its principal product family is AVISE, which includes the AVISE CTD and AVISE Lupus tests, as well as monitoring and specialty tests used in the evaluation of systemic lupus erythematosus and other connective-tissue diseases.