Exagen Inc. Stock Price, News & Analysis

Exagen Inc. (XGN) reported a record revenue of $10.6 million for Q1 2021, up from $9.6 million in Q1 2020, driven by a significant increase in testing volumes. The company delivered 29,029 AVISE® CTD tests and achieved a record of 1,763 ordering healthcare providers. Operating expenses rose to $16.2 million, resulting in a net loss of $6.2 million, compared to a net loss of $5.6 million in the prior year. Exagen maintains its 2021 revenue guidance of $47 million to $49 million.

Exagen Inc. (Nasdaq: XGN) has entered a research collaboration and exclusive license agreement with Allegheny Health Network (AHN) to develop novel patented biomarkers for autoimmune diseases such as systemic lupus erythematosus (SLE). Exagen will gain exclusive rights to four distinct families of inventions and access to AHN's clinical biobank. The collaboration aims to enhance the existing AVISE^® testing portfolio using advanced technology known as Cell-Bound Complement Activation Products (CB-CAPs), which were previously developed in conjunction with AHN researchers.

Exagen Inc. (Nasdaq: XGN) has announced its new campaign, 'Know With AVISE,' coinciding with Lupus Awareness Month. This initiative aims to educate the public on the importance of timely diagnosis and monitoring for Systemic Lupus Erythematosus (SLE). In collaboration with the Lupus Foundation of America and LupusChick, Exagen will focus on various stages of the lupus patient journey throughout May. The campaign highlights diagnostic challenges and health disparities while encouraging disease management. Exagen is committed to enhancing care for autoimmune disease patients through innovative testing solutions.

Exagen Inc. (Nasdaq: XGN) will release its financial results for Q1 2021 on May 11, 2021, after market close. A conference call hosted by executives including CEO Ron Rocca and CFO Kamal Adawi will take place at 4:30 PM ET to discuss the results. Interested parties can access the call through dial-in numbers or via the company's investor relations website. A replay will be available through May 18, 2021. Exagen focuses on autoimmune testing solutions and aims to enhance diagnosis and treatment for diseases like rheumatoid arthritis and lupus.

Exagen Inc. (Nasdaq: XGN) has announced a collaboration with Emory University to study the long-term effects of COVID-19 on autoimmune diseases. The longitudinal study will focus on biomarkers related to lupus and rheumatoid arthritis in mild/moderate COVID-19 patients, particularly those treated with dexamethasone. Dr. Ignacio Sanz from Emory emphasized the need for insights into the autoimmune response post-infection. Exagen's President and CEO, Ron Rocca, expressed excitement about leveraging their AVISE® testing portfolio to enhance patient care in this area.

Exagen Inc. (Nasdaq: XGN) has completed its public offering of 4,255,000 shares at $16.25 per share, generating approximately $69.1 million in gross proceeds. The funds will be allocated for developing Multi-omics capabilities, enhancing its clinical lab, and advancing its product pipeline, including tests for fibromyalgia, RA, and lupus nephritis. Exagen may also pursue strategic acquisitions but holds no current commitments. The offering was managed by Cowen, William Blair, and Cantor, among others.

Exagen Inc. (Nasdaq: XGN) announced a public offering of 3,700,000 shares at $16.25 each, aiming for gross proceeds of $60.1 million. The offering is expected to close around March 25, 2021. Exagen plans to use the proceeds for developing Multi-omics capabilities, advancing its product pipeline for tests related to fibromyalgia, RA, and lupus nephritis, enhancing intellectual property, and general corporate purposes. Underwriters have a 30-day option for an additional 555,000 shares.

Exagen Inc. (NASDAQ: XGN) announced plans for an underwritten public offering of its common stock, including a potential 15% over-allotment option for underwriters. The company intends to use the proceeds for enhancing its Multi-omics capabilities, advancing its product pipeline for disorders like fibromyalgia and lupus nephritis, and general corporate purposes. Exagen has no current commitments for acquisitions or investments. The offering is subject to market conditions, with no assurance of completion or terms.

Exagen Inc. (Nasdaq: XGN) reported a total revenue of $42.0 million for 2020, a 4% increase from 2019. Q4 revenue reached $12.7 million, up 24% year-over-year, with a gross margin of 66%. The company delivered 28,601 AVISE® CTD tests in Q4, part of a record 100,450 for the year. Exagen had 1,690 healthcare providers, maintaining a 99% retention rate. Despite operating expenses rising to $15.4 million in Q4 due to employee costs, net loss was $3.5 million. For 2021, revenue is projected to be between $47 million and $49 million.