Financial Performance - Total revenue for Q3 2024 was $12.5 million, reflecting a net negative impact of $1.2 million from one-time adjustments[2] - Gross margin for Q3 2024 was 55.8%, down from 57.4% in Q3 2023, with approximately 400 bps impact from one-time adjustments[6] - Net loss for Q3 2024 improved to $5.0 million, compared to a net loss of $5.4 million in Q3 2023[8] - Adjusted EBITDA loss for Q3 2024 was $4.0 million, compared to a loss of $3.6 million in Q3 2023[9] - The company expects full-year 2024 revenue to be between $55 million and $56 million, with adjusted EBITDA loss expectations of better than $12 million[10] Cash and Assets - Cash and cash equivalents as of September 30, 2024, were $22.0 million, with a net cash burn of $2.5 million for the quarter[4] - Total current assets decreased from $47,841,000 in December 2023 to $35,557,000 in September 2024, a decline of approximately 25.7%[21] - Cash and cash equivalents dropped from $36,493,000 in December 2023 to $22,035,000 in September 2024, representing a decrease of about 39.6%[21] - Accounts receivable increased from $6,551,000 in December 2023 to $9,387,000 in September 2024, an increase of approximately 43.3%[21] Operating Expenses - Operating expenses for Q3 2024 were $17.2 million, down from $18.5 million in Q3 2023[7] - Stock-based compensation expense decreased from $891,000 in the three months ended September 30, 2023, to $217,000 in the same period of 2024, a reduction of approximately 75.6%[22] Liabilities and Equity - Total liabilities decreased from $34,250,000 in December 2023 to $30,737,000 in September 2024, a reduction of approximately 10.5%[21] - Stockholders' equity fell from $22,694,000 in December 2023 to $12,868,000 in September 2024, a decline of about 43.3%[21] - Non-current operating lease liabilities decreased from $2,760,000 in December 2023 to $1,952,000 in September 2024, a decline of about 29.2%[21] Other Metrics - Trailing twelve-month average selling price (ASP) for AVISE® CTD was $404, a 26% increase from $320 in Q3 2023[3] - Net loss for the first three quarters of 2024 improved by $6.8 million or 37% compared to the same period in 2023[3] - Net loss for the three months ended September 30, 2024, was $5,028,000 compared to a net loss of $5,415,000 for the same period in 2023, showing an improvement of approximately 7.1%[22] - Adjusted EBITDA for the three months ended September 30, 2024, was $(4,024,000), compared to $(3,574,000) for the same period in 2023, indicating a decline of about 12.5%[22] - Interest expense for the three months ended September 30, 2024, was $562,000, slightly up from $557,000 in the same period of 2023[22] Product Development - The company completed analytical validation for novel biomarkers to enhance AVISE® CTD and submitted for approval to NY State Department of Health[4]

CARLSBAD, Calif., Oct. 21, 2024 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing, announced today the acceptance of five abstracts at the 2024 American College of Rheumatology’s (ACR) annual meeting, ACR Convergence 2024, being held November 14-19, 2024, at the Walter E. Washington Convention Center in Washington, D.C. Exagen’s featured plenary presentation, in collaboration with Johns Hopkins University, will highlight a urinary biomarker panel that holds the potentia ...

Core Insights - Exagen Inc. is participating in the 2024 Cantor Global Healthcare Conference scheduled for September 17-19, 2024, in New York City [1] - The company's President and CEO, John Aballi, along with CFO Jeff Black, will engage in a fireside chat on September 18th at 9:45 AM ET [1] Company Overview - Exagen Inc. is a prominent provider of autoimmune testing solutions, aiming to enhance decision-making in autoimmune disease management to improve clinical outcomes for patients [2] - The company is based in San Diego County, California [2]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investors often face challenges in determining the right entry point, as stocks may lose momentum when their valuations exceed future growth potential [2] - Investing in bargain stocks that have recently shown price momentum can be a safer strategy [3] Group 2: Exagen Inc. (XGN) Performance - Exagen Inc. (XGN) has seen a price increase of 55.2% over the past four weeks, indicating growing investor interest [4] - The stock gained 60% over the past 12 weeks, with a beta of 1.28, suggesting it moves 28% higher than the market [5] - XGN has a Momentum Score of A, indicating a favorable time to invest [6] Group 3: Earnings Estimates and Valuation - An upward trend in earnings estimate revisions has contributed to XGN earning a Zacks Rank 2 (Buy), which is associated with strong momentum effects [7] - XGN is trading at a Price-to-Sales ratio of 0.96, suggesting it is reasonably valued at 96 cents for each dollar of sales [7] Group 4: Additional Investment Opportunities - Besides XGN, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [8] - The Zacks Premium Screens offer over 45 different strategies to help identify potential winning stocks [9]

Core Viewpoint - Exagen Inc. has experienced significant stock performance, with a 42.6% increase over the past month and a 38.7% gain since the beginning of the year, outperforming the Zacks Medical sector and the Zacks Medical - Products industry [1] Financial Performance - Exagen has consistently exceeded earnings expectations, reporting an EPS of -$0.16 against a consensus estimate of -$0.36 in its last earnings report [2] - For the current fiscal year, Exagen is projected to have an EPS of -$1.03 on revenues of $57.05 million, reflecting a 23.13% change in EPS and an 8.57% change in revenues [3] - The next fiscal year forecasts an EPS of -$0.74 on revenues of $64.85 million, indicating a year-over-year change of 27.67% in EPS and 13.67% in revenues [3] Valuation Metrics - Exagen's current valuation metrics suggest it may be at a 52-week high, prompting a review of its future stock performance [4] - The Zacks Style Scores indicate Exagen has a Value Score of C, a Growth Score of B, and a Momentum Score of A, resulting in a combined VGM Score of B [6] Zacks Rank - Exagen holds a Zacks Rank of 2 (Buy), supported by favorable earnings estimate revisions from analysts, suggesting potential for further gains [7]

Group 1: Momentum Investing Overview - Momentum investing deviates from the traditional strategy of "buying low and selling high," focusing instead on "buying high and selling higher" to achieve quicker profits [1] - Fast-moving trending stocks can be challenging to enter at the right time, as they may lose momentum if future growth does not justify their inflated valuations [2] Group 2: Investment Strategy - A safer investment approach involves targeting bargain stocks that exhibit recent price momentum, utilizing tools like the Zacks Momentum Style Score to identify promising candidates [3] - Exagen Inc. (XGN) is highlighted as a strong candidate, with a notable price increase of 31.7% over the past four weeks, indicating growing investor interest [4] Group 3: Performance Metrics - XGN has demonstrated significant momentum, gaining 28.3% over the past 12 weeks, with a beta of 1.28, suggesting it moves 28% more than the market [5] - XGN holds a Momentum Score of A, indicating a favorable entry point for investors looking to capitalize on its momentum [6] Group 4: Earnings and Valuation - An upward trend in earnings estimate revisions has contributed to XGN's Zacks Rank 2 (Buy), as increased analyst interest typically attracts more investors [7] - XGN is trading at a Price-to-Sales ratio of 0.75, suggesting it is undervalued, as investors pay only 75 cents for each dollar of sales [7] Group 5: Additional Opportunities - Besides XGN, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [8] - The Zacks Premium Screens offer over 45 different strategies tailored to help investors identify winning stock picks [9]

CARLSBAD, Calif., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Exagen Inc. (NASDAQ:XGN), a leading provider of autoimmune testing solutions, today reported financial results for the quarter ended June 30, 2024. Highlights: Recognized record total revenue of $15.1 million in the second quarter of 2024. Delivered gross margin of 60.1% in the second quarter of 2024, compared to a gross margin of 58.7% in the second quarter of 2023. AVISE® CTD trailing twelve-month average selling price (ASP) of $401, a 25.3% increase ove ...

CARLSBAD, Calif., Aug. 02, 2024 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today announced its participation in the Canaccord Genuity 44th Annual Growth Conference, which takes place August 13-15, 2024, at the InterContinental Boston Hotel in Boston, MA. John Aballi, Exagen's President and Chief Executive Officer will participate in a fireside chat on Wednesday, August 14th, at 2:30 PM ET. Interested parties may access the webcast of the presentation u ...

CARLSBAD, Calif., Aug. 02, 2024 (GLOBE NEWSWIRE) -- Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today announced its participation in the Canaccord Genuity 44th Annual Growth Conference, which takes place August 13-15, 2024, at the InterContinental Boston Hotel in Boston, MA. John Aballi, Exagen's President and Chief Executive Officer will participate in a fireside chat on Wednesday, August 14th, at 2:30 PM ET. Interested parties may access the webcast of the presentation u ...

Core Insights - Exagen Inc. has appointed Jeffrey G. Black as the new Chief Financial Officer (CFO), effective September 1, 2024, replacing Kamal Adawi who is stepping down [1][2] - John Aballi, President and CEO of Exagen, expressed gratitude towards Kamal Adawi for his leadership over the past decade and emphasized the importance of a smooth transition for the company [2] - Jeffrey G. Black brings over 30 years of financial and accounting experience, having held CFO positions in multiple publicly traded companies, including Standard BioTools and Apollo Endosurgery [2][3] - Black's previous achievements include leading a successful merger at Standard BioTools and facilitating a $650 million sale at Apollo Endosurgery [2] - The leadership team at Exagen is optimistic about Black's appointment, viewing it as a pivotal moment for the company's growth and impact on patient care [3] Company Overview - Exagen Inc. is a leading provider of autoimmune testing solutions, aiming to improve decision-making in autoimmune disease and enhance clinical outcomes for patients [4]