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. (Nasdaq: XGN) reported strong first-quarter results for 2024 with total revenue of $14.4 million, a 28.4% increase over the same period last year. The company achieved a gross margin of 59.6%, up from 47.2% in Q1 2023. The AVISE® CTD ASP saw a 35.1% increase to $377. Despite a net loss of $3.4 million, it marked a 56.3% improvement from Q1 2023. Adjusted EBITDA was $(2.0) million, a 67.7% improvement from last year. Cash and cash equivalents stood at $27.3 million with runway into 2026. Exagen raised revenue guidance to at least $55 million and expects adjusted EBITDA to be better than negative $18 million for 2024.
Exagen Inc. (Nasdaq: XGN) has launched a campaign in recognition of Lupus Awareness Month, focusing on enhancing the work done to help those suffering from Systemic Lupus Erythematosus (SLE). The campaign includes partnerships with the Lupus Foundation of America, educational content on social media platforms, and insights into the future of lupus diagnostics and therapies.
Exagen Inc. (Nasdaq: XGN) will announce its financial results for the first quarter of 2024 on May 13, 2024. The company, a leading provider of autoimmune testing, will host a conference call to review the results. Interested parties can access the call via phone or webcast. A replay will be available until May 27, 2024.
Exagen Inc. (Nasdaq: XGN) announced changes to the Board of Directors, welcoming Dr. Scott Kahn, a seasoned life science professional, as a Class I Director. The company is reducing the Board size from nine to seven members, with Brian Birk, Ebetuel Pallares, Ph.D., and Wendy Johnson stepping down. The adjustments align with Exagen's strategy for future growth and innovation.
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