Revenue and Financial Performance - Revenue from the AVISE CTD product comprised 91% and 88% of total revenue for the nine months ended September 30, 2024 and 2023, respectively[89]. - The company incurred net losses of $11.4 million and $18.1 million for the nine months ended September 30, 2024 and 2023, respectively, and expects to continue incurring operating losses in the near term[89]. - Revenue decreased by $0.9 million, or 6.8%, for the three months ended September 30, 2024, primarily due to a $1.2 million decrease related to revenue adjustments[114]. - Revenue increased by $3.2 million, or 8.3%, for the nine months ended September 30, 2024, primarily due to improved average selling price (ASP)[122]. - The number of AVISE CTD tests delivered declined by approximately 6% year-over-year for the three months ended September 30, 2024, accounting for 93% of revenue[114]. - The number of AVISE CTD tests delivered declined by approximately 13% year-over-year for the nine months ended September 30, 2024, accounting for 91% of revenue[122]. - Gross margin as a percentage of revenue decreased to 55.8% for the three months ended September 30, 2024, compared to 57.4% for the same period in 2023[115]. Cash and Liquidity - As of September 30, 2024, the company had $22.0 million in cash and cash equivalents and an accumulated deficit of $290.6 million[89]. - The company anticipates that existing cash and cash equivalents, along with anticipated future revenue, will be sufficient to meet cash requirements for at least the next 12 months[136]. - The company expects to incur operating losses in the near term, with net cash used in operating activities for the nine months ended September 30, 2024, amounting to $13.6 million, compared to $22.8 million for the same period in 2023[140][141]. - Cash used in investing activities for the nine months ended September 30, 2024, was $0.4 million, compared to $0.7 million for the same period in 2023[142]. - Net cash used in financing activities for the nine months ended September 30, 2024, was $0.4 million, significantly lower than $10.4 million for the same period in 2023, which included a Term Loan Prepayment of $10.0 million[143]. - The company has not sold any shares of its common stock under the Sales Agreement as of September 30, 2024[134]. Operational Insights - The company has delivered approximately 980,714 AVISE CTD tests since its launch in 2012[96]. - The company has sufficient laboratory capacity to support increased test volume as it continues to grow its business[135]. - The company’s cash flow from operating activities was impacted by delays in claim submission and processing, affecting accounts receivable[140][141]. - Reimbursement for testing products is critical, with a significant portion of revenue coming from a limited number of commercial payors, many of which are not contracted as participating providers[96]. Research and Development - The company plans to incorporate three new biomarkers (TC4d, TIgG, and TIgM) into the AVISE CTD test by the end of 2024, which are expected to enhance diagnostic sensitivity for lupus beyond the current 80%[93]. - The addition of new biomarkers is anticipated to positively impact the average sales price of AVISE CTD and overall revenue, with expectations of achieving positive cash flows within a year of their launch[94]. - Research and development expenses increased by $0.1 million, or 5.8%, for the three months ended September 30, 2024, mainly due to higher employee-related expenses[118]. Compliance and Future Financing - As of September 30, 2024, the company was in compliance with all covenants of the Amended Loan Agreement with Innovatus[132]. - The company has filed a registration statement covering the offering of up to $150.0 million of various securities, which remained unsold as of September 30, 2024[133]. - The company expects to finance operations through equity offerings, debt financings, or other capital sources if additional funding is required[137].

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 ...