Welcome to our dedicated page for Exagen news (Ticker: XGN), a resource for investors and traders seeking the latest updates and insights on Exagen stock.
Exagen Inc. (NASDAQ: XGN) is a leading provider of advanced diagnostic solutions focused on autoimmune rheumatic diseases. With its headquarters in Carlsbad, California, Exagen operates a CLIA-certified and CAP-accredited laboratory dedicated to improving patient outcomes through innovative testing solutions.
Exagen's core business revolves around its Avise® brand, which encompasses a suite of ten proprietary diagnostic tests designed to provide accurate, timely, and differential diagnoses for autoimmune conditions like systemic lupus erythematosus (SLE) and rheumatoid arthritis. These tests empower physicians and patients with objective data to better manage and treat these complex diseases.
In recent developments, Exagen has entered an exclusive license agreement with Johns Hopkins University to develop novel lupus nephritis biomarkers. This collaboration aims to create non-invasive assays that offer unique clinical insights into lupus nephritis, enhancing diagnostic and treatment options.
Financially, Exagen reported revenue of $13.4 million for Q3 2023. Despite a net loss of $5.4 million for the same period, the company has shown improvements in key performance metrics such as adjusted EBITDA, which stood at $(3.6) million compared to $(6.1) million in Q3 2022. With cash and cash equivalents of $28.4 million as of September 30, 2023, Exagen is well-positioned to continue its growth and innovation.
Committed to personalized medicine, Exagen collaborates closely with community rheumatologists to ensure their diagnostic solutions meet the evolving needs of the medical community. Their focus on patient-centric care and continuous product enhancement underscores their mission to provide clarity in autoimmune disease decision-making.
For more detailed information, please visit the company's websites at exagen.com and avisetest.com.
Exagen Inc. has announced a significant milestone with the completion of its 1,000,000th AVISE CTD test, highlighting the test's widespread adoption in the rheumatologic community. The AVISE CTD test, launched in 2012, provides clinicians with important information for accurately diagnosing autoimmune and connective tissue diseases (CTD), offering superior accuracy compared to traditional screening methods.
The test's unique biomarkers enable confident and quick diagnosis of various CTDs, addressing the challenge of increasing autoimmune disease incidence. The milestone is supported by extensive peer-reviewed literature validating the test's clinical validity and utility in patient care.
Exagen has completed validation and submitted regulatory approval for new biomarkers to enhance its AVISE CTD platform, which aids in diagnosing autoimmune diseases. The enhancement includes seven new biomarkers: three T Cell biomarkers for improved Systemic Lupus Erythematosus (SLE) sensitivity, and four biomarkers for better rheumatoid arthritis (RA) diagnosis. AVISE CTD, operational since 2012, helps diagnose various connective tissue diseases where symptoms overlap, making differential diagnosis challenging. The platform's enhancement aims to provide clearer diagnostic information, potentially reducing repeat testing and improving patient outcomes.
Exagen Inc. (Nasdaq: XGN), a leading autoimmune testing solutions provider, has announced its participation in three major investor conferences. President and CEO John Aballi will present at the Canaccord Genuity MedTech Forum on November 21, 2024, at 3:00 p.m. EST in New York, the Evercore HEALTHCONx Conference on December 4, 2024, at 12:30 p.m. EST in Coral Gables, and will participate in a panel discussion titled 'Beyond Cancer' at the TD Cowen Diagnosing Tomorrow Conference on December 12, 2024, at 2:40 p.m. EST in New York. Management will also conduct one-on-one investor meetings at the first two events.
Exagen Inc. (Nasdaq: XGN), a leader in autoimmune testing solutions, reported financial results for Q3 2024. Revenue was $12.5 million, including a $1.2 million negative impact from one-time adjustments. The trailing twelve-month average selling price (ASP) for AVISE® CTD increased by 26% to $404. Gross margin was 55.8%, down from 57.4% in Q3 2023. Operating expenses decreased to $17.2 million from $18.5 million in Q3 2023. The net loss for the quarter was $5.0 million, an improvement from $5.4 million in Q3 2023.
For the first three quarters of 2024, revenue reached $42.0 million, up from $38.8 million in the same period of 2023. The net loss improved to $11.4 million, compared to $18.1 million in the first three quarters of 2023. Adjusted EBITDA loss also improved to $7.6 million from $13.2 million. Cash and cash equivalents were $22.0 million as of September 30, 2024. The company expects full-year 2024 revenue of $55-$56 million and an adjusted EBITDA loss of better than $12 million.
Exagen (Nasdaq: XGN), a provider of autoimmune testing, will release its third quarter 2024 financial results on November 12, 2024, before market opens. The company will host a conference call at 8:30 AM ET with President and CEO John Aballi and CFO Jeff Black. Investors can join via phone or webcast through the company's investor relations website. A replay will be available until November 26, 2024, through phone or webcast recording.
Exagen Inc. (Nasdaq: XGN) announced the acceptance of five abstracts at the 2024 American College of Rheumatology's (ACR) annual meeting, ACR Convergence 2024, scheduled for November 14-19, 2024, in Washington, D.C. The company's featured plenary presentation, in collaboration with Johns Hopkins University, will showcase a urinary biomarker panel for guiding precision management of Lupus Nephritis. Additional abstracts highlight Exagen's research on novel T Cell biomarkers for Lupus and anti-RA33 autoantibodies for rheumatoid arthritis, aimed at improving diagnostic sensitivity of the AVISE CTD platform.
The accepted abstracts cover topics such as predicting histologically active Lupus Nephritis, validating T Cell-bound C4d and T Cell Autoantibodies for SLE diagnosis, and exploring autoantibodies in seronegative rheumatoid arthritis. These presentations demonstrate Exagen's commitment to innovative research in rheumatologic care.
Exagen Inc. (Nasdaq: XGN), a leading autoimmune testing solutions provider, has announced its participation in the 2024 Cantor Global Healthcare Conference. The event is scheduled for September 17-19, 2024, at the InterContinental Barclay Hotel in New York City.
Key highlights:
- John Aballi, President and CEO, and Jeff Black, CFO, will represent Exagen
- They will participate in a fireside chat on Wednesday, September 18th, at 9:45 AM ET
- The conference provides a platform for healthcare companies to showcase their innovations and connect with investors
This participation underscores Exagen's commitment to engaging with the investment community and sharing insights into its autoimmune testing solutions.
Exagen Inc. (Nasdaq: XGN) reported strong Q2 2024 results, raising guidance due to record performance. Key highlights include:
- Record total revenue of $15.1 million, up from $14.1 million in Q2 2023
- Gross margin improved to 60.1% from 58.7% year-over-year
- AVISE® CTD trailing twelve-month ASP increased 25.3% to $401
- Net loss reduced by 40.8% to $3.0 million
- Adjusted EBITDA loss improved by 53.5% to $1.6 million
The company raised its full-year 2024 revenue guidance to at least $57 million and expects adjusted EBITDA loss to be better than $12 million. Cash and cash equivalents stood at $24.5 million as of June 30, 2024.
Exagen Inc. (Nasdaq: XGN), a leader in autoimmune testing solutions, has announced its participation in the Canaccord Genuity 44th Annual Growth Conference. The event is scheduled for August 13-15, 2024, at the InterContinental Boston Hotel in Boston, MA.
John Aballi, Exagen's President and CEO, will engage in a fireside chat on Wednesday, August 14th, at 2:30 PM ET. Interested parties can access the webcast of the presentation through a link available on Exagen's investor relations website.
This participation highlights Exagen's commitment to engaging with investors and showcasing its position in the autoimmune testing market. The conference provides an opportunity for the company to share insights into its growth strategies and recent developments in the field of autoimmune diagnostics.
Exagen Inc. (Nasdaq: XGN) has announced the appointment of Jeffrey G. Black as its new Chief Financial Officer (CFO), effective September 1, 2024. Black replaces Kamal Adawi, who is stepping down, with John Aballi serving as interim CFO through August. Black brings over 30 years of financial and accounting experience, having served in finance leadership roles for eight publicly traded companies.
Black's recent experience includes serving as CFO of Standard BioTools, where he played a key role in its merger with SomaLogic. He was also CFO at Apollo Endosurgery, instrumental in its $650 million sale to Boston Scientific, and at Alphatec Spine, where he closed nearly $500M in financing transactions and expanded the company's market cap from $20M to over $1B.
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