Exagen Inc. Stock Price, News & Analysis

Exagen Inc. (XGN) reported Q3 2022 financial results with total revenue of $14.7 million, up from $12.3 million in Q3 2021. The flagship AVISE® CTD test generated $12.8 million in revenue. Test deliveries increased by 12% year-over-year, totaling 35,569 tests. The company increased its full-year revenue guidance to $40-$43 million. Despite these gains, operating expenses rose to $22.5 million, resulting in a net loss of $8.1 million. Notably, Medicare resumed reimbursement for AVISE Lupus claims, dating back to Q2 2022.

Exagen (Nasdaq: XGN), a leader in autoimmune testing solutions, announced its participation in two upcoming investor conferences. The first is the Canaccord Genuity MedTech, Diagnostics and Digital Health & Services Forum on November 17, 2022, in New York. The second is a panel presentation at the Cantor Fitzgerald Medical & Aesthetic Dermatology Conference on December 8, 2022, in Miami Beach, focusing on novel diagnostic tests. Exagen emphasizes its commitment to precision medicine through innovative testing solutions.

Exagen Inc. (Nasdaq: XGN) is set to announce its financial results for Q3 2022 on November 14, 2022, after market close. The company specializes in autoimmune testing solutions and will conduct a conference call at 4:30 PM ET to discuss the results, featuring CEO John Aballi and CFO Kamal Adawi. Interested parties can join via phone or webcast through the Exagen investor relations website. A replay will be available until November 28, 2022. Exagen remains focused on enhancing precision medicine through its innovative AVISE® testing.

Exagen Inc. (Nasdaq: XGN) has appointed John Aballi as its new CEO and President, succeeding Ron Rocca, who led the company for 11 years. Aballi brings extensive experience in the clinical diagnostics sector, previously serving at Veracyte, where he increased urology unit revenue to over $120 million annually. His leadership is expected to drive Exagen's growth in the autoimmune diagnostic field. Rocca is credited with establishing Exagen as a leader in rheumatology diagnostics. Aballi takes on his new role immediately.

Exagen Inc. (Nasdaq: XGN) announced the appointment of Dr. Andrew L. Concoff as Chief Innovation Officer, effective October 4, 2022. Dr. Concoff will oversee the company's rheumatoid arthritis initiatives, focusing on the AVISE® RADR platform. His extensive experience in rheumatology and leadership will drive strategy, business development, and innovative partnerships. This move highlights Exagen's commitment to addressing unmet needs in autoimmune diagnostics and emphasizes the company's focus on precision medicine for better patient outcomes.

Exagen Inc. (Nasdaq: XGN) announced acceptance of nine abstracts for presentation at the 2022 ACR Annual Meeting from November 10-14, 2022. Notably, a featured poster highlights the AVISE® RADR test, which uses AI to predict early rheumatoid arthritis responses to csDMARDs. The abstracts cover significant research areas, including machine learning applications in fibromyalgia. President Ron Rocca emphasized the importance of precision testing for clinical decision-making. This recognition underscores Exagen's commitment to advancing autoimmune diagnostics.

Exagen Inc. (Nasdaq: XGN) announced a collaboration with Dr. Iñaki Sanz from Emory University, leading to a publication in Nature regarding autoimmune profiles in severe COVID-19 patients. The research utilized Exagen's tests to support longitudinal studies of post-acute COVID syndrome (PACS). This partnership aims to identify markers of dysregulated immunity, enhancing personalized treatment for patients. CEO Ron Rocca emphasized the significance of these findings for autoimmunity and chronic recovery, aligning with Exagen's commitment to precision medicine in rheumatology.

Exagen Inc. (Nasdaq: XGN) has announced a new clinical study called the TiGER study to validate a genomic diagnostic test for rheumatoid arthritis via its AVISE® RADR platform. This study aims to determine biomarkers in synovial biopsies that can predict patient responses to antirheumatic medications. With around 120,000 new rheumatoid arthritis cases annually and $30 billion spent on treatments in the U.S., the research seeks to streamline personalized treatment, reducing unnecessary costs and improving patient outcomes.

Exagen Inc. (Nasdaq: XGN) reported second quarter 2022 results, highlighting total revenue of $9.0 million, down from $12.8 million in Q2 2021. The AVISE® CTD test revenue decreased to $7.2 million from $10.4 million, attributed to lower average reimbursements and prior period adjustments. Despite delivering a record 34,919 tests in Q2 2022, the company's gross margin fell to 32.2%. Operating expenses rose to $21.7 million, leading to a net loss of $13.3 million. Exagen revised its 2022 revenue guidance to $35 million to $40 million due to Medicare reimbursement uncertainties.