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Exagen Inc. (XGN) Financials

XGN
Trailing 12 months to June 30, 2026
Revenue $71.1M +20.8% YoY
Net Income -$18.9M -11.4% YoY
EPS (Diluted) -$0.81 +9.0% YoY
Free Cash Flow -$7.6M +52.5% YoY
Market Cap $205.4M as of Oct 14, 2026
Price / Sales 2.9x on $71.1M revenue, trailing 12 months to June 30, 2026
Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026
Price / Book 16.8x on $12.2M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the XGN SEC filings page.

Exagen Inc. (XGN) reported $71.1M in revenue over the twelve months to Jun 30, 2026, up 20.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI XGN FY2025

Exagen is scaling revenue, but additional gross profit is still being absorbed by overhead and financing needs.

From FY2024 to FY2025, revenue reached $66.6M while gross profit reached $38.8M. Because SG&A also rose to $46.6M, operating loss stayed near $14M, showing growth has not yet translated into operating self-funding.

Gross margin remained near 60% across FY2024-FY2025, while free cash flow stayed near -$14M in both years; this cash-conversion gap means higher gross profit has not yet overcome the spending required to run the company. The pattern points to cost absorption, rather than a gross-margin problem.

Current ratio improved to 3.5x and debt-to-equity fell to 1.3x from FY2024, indicating better near-term coverage and lower leverage relative to equity. That improvement coincided with financing cash inflow of $24.4M and shares outstanding reaching 24.1M, so external capital access, rather than operating cash generation, helped support the balance sheet.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Cash Runway Dilution R&DIntensity Revenue Progress BurnTrend BalanceSheet 47 / 100
Financial Health Score 47/100
Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Exagen Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway
54

Exagen Inc. held $32.2M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $13.6M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Exagen Inc. scores 54/100 among other emerging companies.

Dilution
37

Exagen Inc. had 24M shares outstanding at the end of fiscal year 2025, against 18M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Exagen Inc. scores 37/100 among other emerging companies.

R&D Intensity
31

Exagen Inc. spent $6.3M on research and development in fiscal year 2025, which was 7.8% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Exagen Inc. scores 31/100 among other emerging companies.

Revenue Progress
59

Exagen Inc. reported revenue of $66.6M in fiscal year 2025, against $55.6M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Exagen Inc. scores 59/100 among other emerging companies.

Burn Trend
49

Exagen Inc.'s operations used $13.6M of cash in fiscal year 2025, against $13.3M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Exagen Inc. scores 49/100 among other emerging companies.

Balance Sheet
53

Exagen Inc.'s cash, cash equivalents and investments came to $32.2M at the end of fiscal year 2025, against $40.6M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Exagen Inc. scores 53/100 among other emerging companies.

Altman Z-Score Distress
-3.48

Exagen Inc. scores -3.48, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($205.4M) relative to total liabilities ($40.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Weak
3/9

Exagen Inc. passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality No Cash Backing
N/A

Exagen Inc. reported a net loss of $20.0M while operations used $13.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk
N/A

Exagen Inc. reported an operating loss of $14.1M against $4.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue
$19.9M
YoY+15.9%
QoQ+15.2%
5Y CAGR+9.3%

Exagen Inc. generated $19.9M in revenue in Q2 2026. This represents an increase of 15.9% from the same quarter a year earlier. Against the prior quarter it is up 15.2%.

EBITDA
-$1.1M
YoY+47.3%
QoQ+60.1%

Exagen Inc.'s EBITDA was -$1.1M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 47.3% from the same quarter a year earlier. Against the prior quarter it is up 60.1%.

Net Income
-$3.2M
YoY+28.0%
QoQ+19.4%

Exagen Inc. reported -$3.2M in net income in Q2 2026. This represents an increase of 28.0% from the same quarter a year earlier. Against the prior quarter it is up 19.4%.

EPS (Diluted)
-$0.13
YoY+38.1%
QoQ+23.5%

Exagen Inc. earned -$0.13 per diluted share (EPS) in Q2 2026. This represents an increase of 38.1% from the same quarter a year earlier. Against the prior quarter it is up 23.5%.

Cash & Balance Sheet

Free Cash Flow
$3.4M
YoY+211.3%
QoQ+132.4%

Exagen Inc. generated $3.4M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 211.3% from the same quarter a year earlier. Against the prior quarter it is up 132.4%.

Cash & Debt
$24.6M
YoY-18.1%
QoQ+14.3%
5Y CAGR-26.2%

Exagen Inc. held $24.6M in cash against $22.3M in long-term debt as of Q2 2026.

Shares Outstanding
24M
YoY+10.1%
QoQ+0.3%
5Y CAGR+8.5%

Exagen Inc. had 24M shares outstanding in Q2 2026. This represents an increase of 10.1% from the same quarter a year earlier. Against the prior quarter it is up 0.3%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin
61.3%
YoY+0.8pp
QoQ+2.3pp
5Y change+3.9pp

Exagen Inc.'s gross margin was 61.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.3 percentage points.

Operating Margin
-8.6%
YoY+6.7pp
QoQ+11.1pp
5Y change+36.3pp

Exagen Inc.'s operating margin was -8.6% in Q2 2026, reflecting core business profitability. This is up 6.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 11.1 percentage points.

Net Margin
-16.0%
YoY+9.8pp
QoQ+6.9pp
5Y change+34.2pp

Exagen Inc.'s net profit margin was -16.0% in Q2 2026, showing the share of revenue converted to profit. This is up 9.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.9 percentage points.

Return on Equity
-26.2%
YoY-5.1pp
QoQ+1.3pp
5Y change-19.5pp

Exagen Inc.'s ROE was -26.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 5.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.3 percentage points.

Capital Allocation

R&D Spending
$1.4M
YoY-3.8%
QoQ-8.2%
5Y CAGR-5.5%

Exagen Inc. invested $1.4M in research and development in Q2 2026. This represents a decrease of 3.8% from the same quarter a year earlier. Against the prior quarter it is down 8.2%.

Capital Expenditures
$543K
YoY+159.8%
QoQ+138.2%
5Y CAGR-5.3%

Exagen Inc. invested $543K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 159.8% from the same quarter a year earlier. Against the prior quarter it is up 138.2%.

Share Buybacks

Not reported for Q2 2026.

XGN Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

XGN quarterly income statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Revenue$19.9M+15.9%$17.3M+11.7%$16.6M+21.8%$17.2M+37.9%$17.2M+14.2%$15.5M+7.5%$13.7M-0.8%$12.5M-6.8%
Cost of Revenue$7.7M+13.5%$7.1M+11.4%$7.4M+43.4%$7.2M+29.7%$6.8M+13.3%$6.4M+9.6%$5.2M-7.9%$5.5M-3.2%
Gross Profit$12.2M+17.5%$10.2M+11.9%$9.2M+8.6%$10.1M+44.3%$10.4M+14.8%$9.1M+6.1%$8.5M+4.1%$7.0M-9.4%
R&D Expenses$1.4M-3.8%$1.6M+21.0%$1.8M+6.1%$1.7M+16.8%$1.5M+25.8%$1.3M+21.2%$1.7M+53.9%$1.5M+5.8%
SG&A Expenses$12.5M+8.4%$12.1M+7.7%$12.4M+21.8%$11.4M+12.6%$11.5M+10.3%$11.2M+6.3%$10.2M-16.5%$10.2M-10.7%
Operating Income-$1.7M+34.5%-$3.4M-1.5%-$5.0M-47.1%-$3.1M+33.5%-$2.6M-1.7%-$3.4M-12.1%-$3.4M+34.3%-$4.7M+8.0%
EBITDA-$1.1M+47.3%-$2.8M+5.1%-$4.4M-46.7%-$2.5M+41.4%-$2.1M+2.6%-$3.0M-18.5%-$3.0M+35.8%-$4.3M+4.6%
Interest Expense$1.2M+6.9%$1.3M+132.5%$1.3M+136.2%$1.3M+134.7%$1.1M+100.7%$545K-0.7%$563K-0.5%$562K+0.9%
Income Tax$0-100.0%$36K$13K$1K$37K$0N/A$0
Net Income-$3.2M+28.0%-$4.0M-5.7%-$4.7M-24.2%-$7.1M-41.0%-$4.4M-49.7%-$3.8M-11.7%-$3.8M+32.5%-$5.0M+7.1%
EPS (Basic)-$0.13+38.1%-$0.17+15.0%-$0.200.0%-$0.31-10.7%-$0.21-31.2%-$0.20-5.3%-$0.20+35.5%-$0.28+9.7%
EPS (Diluted)-$0.13+38.1%-$0.17+15.0%-$0.200.0%-$0.31-10.7%-$0.21-31.2%-$0.20-5.3%-$0.20+35.5%-$0.28+9.7%
Diluted Shares (Avg)24M+14.6%24M+28.5%N/A23M+25.7%21M+16.0%19M+3.4%N/A18M+3.2%

XGN Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

XGN quarterly balance sheet
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Total Assets$51.9M-11.6%$52.0M+28.9%$58.0M+29.8%$62.8M+44.1%$58.8M+19.2%$40.3M-20.7%$44.7M-21.5%$43.6M-28.4%
Current Assets$42.9M-15.9%$43.6M+34.1%$48.9M+34.1%$52.6M+47.9%$51.0M+25.0%$32.5M-23.3%$36.5M-23.8%$35.6M-27.3%
Cash & Equivalents$24.6M-18.1%$21.5M+92.2%$32.2M+46.2%$35.7M+61.8%$30.0M+22.7%$11.2M-58.9%$22.0M-39.6%$22.0M-22.5%
Short-Term Investments$0$0$0$0$0$0$0$0
Accounts Receivable$12.4M-13.1%$15.8M+7.1%$10.9M+38.5%$11.1M+18.2%$14.3M+22.0%$14.7M+35.1%$7.8M+18.7%$9.4M-44.9%
Long-Term Investments$0$0$0$0$0$0$0$0
Total Liabilities$39.7M+5.3%$37.5M+10.7%$40.6M+15.4%$44.7M+45.4%$37.7M+18.9%$33.9M+10.0%$35.1M+2.6%$30.7M-8.0%
Current Liabilities$13.5M+30.7%$12.6M-10.2%$14.2M+4.8%$12.9M+46.9%$10.3M+9.0%$14.0M+59.3%$13.5M+13.5%$8.8M-13.3%
Non-Current Liabilities$26.3M-4.3%$25.0M+25.5%$26.4M+22.0%$31.8M+44.8%$27.4M+23.1%$19.9M-9.7%$21.6M-3.2%$22.0M-5.8%
Long-Term Debt$22.3M+0.1%$22.3M+21.1%$22.3M+12.3%$22.3M+12.3%$22.3M+12.5%$18.4M-4.5%$19.8M+3.1%$19.8M+3.3%
Total Equity$12.2M-41.9%$14.4M+125.4%$17.4M+82.9%$18.1M+41.0%$21.0M+19.6%$6.4M-68.0%$9.5M-58.0%$12.9M-53.2%
Retained Earnings-$321.4M-6.3%-$318.2M-6.8%-$314.3M-6.8%-$309.6M-6.6%-$302.5M-5.9%-$298.1M-5.5%-$294.3M-5.4%-$290.6M-6.2%

Not reported in any period shown, so not listed: Inventory, Goodwill.

XGN Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

XGN quarterly cash flow statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Operating Cash Flow$4.0M+238.2%-$10.4M+2.4%-$3.0M-930.0%$2.9M+235.3%-$2.9M-18.9%-$10.7M-18.0%$363K-95.7%-$2.2M+25.2%
Depreciation & Amortization$600K+20.0%$600K+50.0%$600K+50.0%$600K+50.0%$500K+25.0%$400K-20.0%$400K-20.0%$400K-33.3%
Stock-Based Compensation$980K+121.2%$655K+57.1%N/A$593K+173.3%$443K-20.9%$417K-24.6%N/A$217K-75.6%
Capital Expenditures$543K+159.8%$228K+101.8%$44K-69.9%$275K+87.1%$209K+53.7%$113K+31.4%$146K+37.7%$147K+7250.0%
Free Cash Flow$3.4M+211.3%-$10.6M+1.3%-$3.1M-1508.8%$2.7M+214.9%-$3.1M-20.8%-$10.8M-18.2%$217K-97.4%-$2.3M+20.2%
Investing Cash Flow-$543K-159.8%-$228K-113.1%-$35K+76.0%-$275K-87.1%-$209K-53.7%-$107K-24.4%-$146K-73.8%-$147K-7250.0%
Financing Cash Flow-$370K-101.7%-$62K+3.1%-$384K-77.8%$3.0M+2538.0%$21.9M+9804.9%-$64K+36.0%-$216K+1.8%-$121K-12.0%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

XGN Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

XGN quarterly financial ratios
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Gross Margin61.3%+0.8pp59.0%+0.1pp55.4%-6.7pp58.4%+2.6pp60.4%+0.3pp58.9%-0.8pp62.1%+2.9pp55.8%-1.6pp
Operating Margin-8.6%+6.7pp-19.7%+2.0pp-29.9%-5.1pp-18.0%+19.3pp-15.3%+1.9pp-21.7%-0.9pp-24.8%+12.6pp-37.3%+0.5pp
Net Margin-16.0%+9.8pp-22.9%+1.3pp-28.1%-0.6pp-41.1%-0.9pp-25.8%-6.1pp-24.2%-0.9pp-27.5%+13.0pp-40.2%+0.2pp
Return on Equity-26.2%-5.1pp-27.5%+31.1pp-26.8%+12.6pp-39.1%0.0pp-21.1%-4.2pp-58.6%-41.8pp-39.4%-14.9pp-39.1%-19.4pp
Return on Assets-6.2%+1.4pp-7.6%+1.7pp-8.1%+0.4pp-11.3%+0.3pp-7.5%-1.5pp-9.3%-2.7pp-8.4%+1.4pp-11.5%-2.6pp
Current Ratio3.18-1.8x3.47+1.1x3.45+0.8x4.080.0x4.95+0.6x2.32-2.5x2.70-1.3x4.05-0.8x
Debt-to-Equity1.83+0.8x1.54-1.3x1.28-0.8x1.23-0.3x1.06-0.1x2.87+1.9x2.08+1.2x1.54+0.8x
Asset Turnover0.38+0.1x0.33-0.1x0.290.0x0.270.0x0.290.0x0.38+0.1x0.31+0.1x0.29+0.1x
FCF Margin17.3%+35.3pp-61.5%+8.1pp-18.4%-20.0pp15.5%+34.1pp-18.0%-1.0pp-69.6%-6.3pp1.6%-58.3pp-18.6%+3.1pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company Fiscal year Revenue Net income Net margin Market cap Health score
Exagen Inc. XGN FY2025 $66.6M -$20.0M -30.0% $205.4M 47/100
MDxHealth SA MDXH FY2025 $107.9M -$33.5M -31.1% $63.0M 30/100
Prenetics Global Limited PRE FY2025 $92.4M -$40.0M -43.3% $415.1M 40/100
Burning Rock Biotech Limited BNR FY2025 $77.2M -$7.9M -10.3% $158.2M 60/100
Fonar Corporation FONR FY2025 $104.4M $8.3M 8.0% $120.2M 63/100
Biodesix, Inc. BDSX FY2025 $88.5M -$35.3M -39.9% $263.8M 51/100

Frequently Asked Questions

What is Exagen Inc.'s annual revenue?

Exagen Inc. (XGN) reported $66.6M in total revenue for fiscal year 2025. This represents a 19.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Exagen Inc.'s revenue growing?

Exagen Inc. (XGN) revenue grew by 19.7% year-over-year, from $55.6M to $66.6M in fiscal year 2025.

Is Exagen Inc. profitable?

No, Exagen Inc. (XGN) reported a net income of -$20.0M in fiscal year 2025, with a net profit margin of -30.0%.

Exagen Inc. (XGN) reported diluted earnings per share of -$0.93 for fiscal year 2025. This represents a -12.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Exagen Inc. (XGN) had EBITDA of -$12.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Exagen Inc. (XGN) had $32.2M in cash and equivalents against $22.3M in long-term debt.

Exagen Inc. (XGN) had a gross margin of 58.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Exagen Inc. (XGN) had an operating margin of -21.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Exagen Inc. (XGN) had a net profit margin of -30.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Exagen Inc. (XGN) has a return on equity of -114.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Exagen Inc. (XGN) recorded an outflow of $14.3M in free cash flow during fiscal year 2025. This represents a -3.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Exagen Inc. (XGN) recorded an outflow of $13.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

Exagen Inc. (XGN) had $58.0M in total assets as of fiscal year 2025, including both current and long-term assets.

Exagen Inc. (XGN) invested $641K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Exagen Inc. (XGN) invested $6.3M in research and development during fiscal year 2025.

Exagen Inc. (XGN) had 24M shares outstanding as of fiscal year 2025.

Exagen Inc. (XGN) had a current ratio of 3.45 as of fiscal year 2025, which is generally considered healthy.

Exagen Inc. (XGN) had a debt-to-equity ratio of 1.28 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Exagen Inc. (XGN) had a return on assets of -34.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Exagen Inc. (XGN) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $205.4M as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Exagen Inc. (XGN) trades at 2.9x sales, its market capitalization divided by revenue of $71.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $205.4M as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

At the end of fiscal year 2025, Exagen Inc. (XGN) held $32.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $13.6M over that year. Dividing the one by the other, the reported balance equals about 28 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

Exagen Inc. (XGN) has an Altman Z-Score of -3.48, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Exagen Inc. (XGN) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Exagen Inc. (XGN) reported a net loss of $20.0M while operations used $13.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Exagen Inc. (XGN) reported an operating loss of $14.1M against $4.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Exagen Inc. (XGN) scores 47 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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