CARLSBAD, Calif., May 09, 2025 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today announced that it has completed the sale of an additional 502,500 shares of its common stock at a public offering price of $5.25 per share on May 8, 2025, pursuant to the full exercise of the option granted by Exagen to the underwriter in connection with its previously announced public offering of 3,350,000 shares of common stock, which closed on May 9, 2025. All of the sha ...

CARLSBAD, Calif., May 08, 2025 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today announced the pricing of its previously announced underwritten public offering of 3,350,000 shares of its common stock at a public offering price of $5.25 per share. All of the shares in the offering will be sold by Exagen, with gross proceeds to Exagen expected to be $17,587,500 before deducting underwriting discounts and commissions and offering expenses. Exagen has grant ...

CARLSBAD, Calif., May 07, 2025 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today announced that it has commenced an underwritten public offering of shares of its common stock. In connection with the offering, Exagen intends to grant the underwriter a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering. All of the shares of common stock to be sold in the offering will be sold by Exagen. The offer ...

Exagen Inc. (XGN) came out with a quarterly loss of $0.20 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.19 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post a loss of $0.27 per share when it actually produced a loss of $0.20, delivering a surprise of 25.93%.Over the last four quarters, the company has surpassed consensus EPS estimates three times.Exagen, which belongs to the Zacks Medical - ...

Exagen (XGN) Q1 2025 Earnings Call May 05, 2025 08:30 AM ET Company Participants Ryan Douglas - Director, Investor RelationsJohn Aballi - CEO, President & DirectorJeff Black - CFOPaul Knight - Managing Director Conference Call Participants Kyle Mikson - Managing Director & Senior Research AnalystRoss Osborn - Director, Lead Research Analyst - MedTech and DiagnosticsMark Massaro - Managing Director - Senior Equity Research AnalystAndrew Brackmann - Equity Research Analyst Operator Greetings, and welcome to t ...

Revenue Performance - Revenue from the AVISE® CTD product comprised 92% and 90% of total revenue for the three months ended March 31, 2025, and 2024, respectively [104]. - Revenue increased by $1.1 million, or 7.5%, for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to ASP expansion driven by new biomarkers [132]. - The number of AVISE CTD tests delivered in the three months ended March 31, 2025, increased by approximately 2% compared to the same period in 2024 [132]. Product Development - The company plans to commercially launch the PAD4 biomarker by the end of 2025, expecting an 8% increase in overall sensitivity for identifying RA patients [111]. - The company is developing a test for Lupus Nephritis using licensed intellectual property from Johns Hopkins University, with results expected in Q3 2025 [111]. - The company continues to invest in research and development to create new testing products with superior clinical utility for rheumatic conditions [109]. Financial Position - As of March 31, 2025, the company had an accumulated deficit of $298.1 million and cash and cash equivalents of $11.2 million [141]. - Net cash used in operating activities for the three months ended March 31, 2025 was $10.7 million, compared to $9.0 million for the same period in 2024 [152][153]. - Cash and cash equivalents, along with anticipated future revenue, are expected to be sufficient to meet cash requirements for at least the next 12 months [148]. Expenses and Losses - The company incurred a net loss of $3.8 million for the three months ended March 31, 2025, compared to a net loss of $3.4 million for the same period in 2024 [140]. - Cost of revenue increased by $0.6 million, or 9.6%, for the three months ended March 31, 2025, primarily due to increases in materials and employee-related expenses [132]. - Selling, general and administrative expenses increased by $0.7 million, or 6.3%, for the three months ended March 31, 2025, primarily due to increased employee-related expenses [134]. - Research and development expenses increased by $0.2 million, or 21.2%, for the three months ended March 31, 2025, primarily due to increased employee-related expenses and outside services [136]. Financing and Debt - The company entered into a Perceptive Term Loan Facility on April 25, 2025, with an initial term loan of $25 million, of which $19.7 million was used to repay a previous term loan [107]. - The Perceptive Term Loan Facility provides a senior secured delayed draw term loan facility of up to $75.0 million, with an initial tranche of $25.0 million funded [144]. - Interest expense is expected to increase by approximately $1.0 million annually in the year ending December 31, 2025, compared to the year ended December 31, 2024 [128]. Operational Strategy - The company aims to enhance gross margins and improve operating expense efficiencies through internal initiatives focused on reimbursement and clinical utility [112]. - The company is focused on expanding its base of healthcare providers and increasing penetration with existing providers to drive revenue growth [112]. - The company is pursuing partnerships with pharmaceutical companies and academic research centers to leverage its testing products and de-identified data [105]. Cash Management - The company implemented several revenue cycle management initiatives during the year ended December 31, 2023, to optimize cash collections [122]. - The net change in cash, cash equivalents, and restricted cash for the three months ended March 31, 2025 was a decrease of $10.8 million [151]. - The company expects to finance operations through equity offerings, debt financings, or other capital sources until it can generate sufficient revenue [149]. Compliance and Governance - As of March 31, 2025, the company maintained compliance with all covenants of the Amended Loan Agreement with Innovatus [143]. - The company has not sold any shares of its common stock under the Sales Agreement with TD Securities as of March 31, 2025 [145].

Exagen (XGN) Q1 2025 Earnings Call May 05, 2025 08:30 AM ET Speaker0 Greetings, and welcome to the Exagen Inc. First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Ryan Douglas, Investor Relations for Exagen Inc. Thank you. You may begin. Speaker1 Good morning, and th ...

Financial Performance - Exagen reported record Q1 2025 revenue of $15.5 million, an increase from $14.4 million in Q1 2024, representing a growth of 7.5% year-over-year[2] - The net loss for Q1 2025 was $3.8 million, compared to a net loss of $3.4 million in Q1 2024, indicating a 11.6% increase in losses[2] - Adjusted EBITDA for Q1 2025 was $(2.5) million, worsening from $(2.0) million in Q1 2024[25] - Exagen expects full-year 2025 revenue to be at least $65 million and aims to achieve positive adjusted EBITDA in Q4 2025[4] Operating Expenses - Operating expenses for Q1 2025 were $12.5 million, compared to $11.6 million in Q1 2024, reflecting an increase of 7.6%[2] Product Development - The trailing twelve-month average selling price (ASP) for AVISE CTD tests increased to $419, up $42 per test compared to Q1 2024[3] - Exagen launched new biomarkers for systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA), with expected reimbursement of $90 per test[3] Cash and Financing - The company ended Q1 2025 with cash, cash equivalents, and restricted cash totaling $11.2 million, with accounts receivable of $14.7 million[3] - The company closed a $25 million senior secured credit facility to refinance existing debt and extend maturity, with potential for additional borrowing capacity[9] Business Expansion - Exagen initiated commercial expansion with the identification of new sales territories[9]

$25 Million Funded at Close to Refinance Existing Debt and Extend Maturity Additional Borrowing Capacity Provides Minimally Dilutive Growth Capital CARLSBAD, Calif., April 28, 2025 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today announced it has entered into an agreement with Perceptive Advisors LLC for a term loan credit facility of up to $75 million, with $25 million funded at closing to retire an existing debt facility and strengthen the balance sh ...

Core Viewpoint - Exagen (NASDAQ: XGN) is initiated with a Buy rating, indicating a positive outlook on the company's performance and growth potential [1] Company Performance - Exagen's turnaround is gaining traction, suggesting improvements in operational efficiency and market positioning [1] - The core AVISE diagnostics franchise is experiencing growth, which is a key driver for the company's revenue [1] - Margins are improving, indicating better cost management and profitability [1] Product Development - The company has recently added new biomarker tests for lupus and rheumatoid arthritis (RA), expanding its product offerings and addressing additional market needs [1]