Exagen Inc. - XGN STOCK NEWS

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.

Exagen Inc. (Nasdaq: XGN) announced its participation in the Canaccord Genuity 42nd Annual Growth Conference, scheduled for August 8-11, 2022, in Boston. Ron Rocca, President and CEO, along with Kamal Adawi, CFO, will present on August 11 at 12:00 PM ET. The presentation will be accessible via a webcast on Exagen's website. Exagen focuses on providing autoimmune testing solutions and is dedicated to enhancing patient care through precision medicine. The company operates from San Diego County with laboratories in Vista, CA.

Exagen (Nasdaq: XGN) will announce financial results for Q2 2022 on August 4, 2022, post-market. A conference call led by CEO Ron Rocca and CFO Kamal Adawi is scheduled for 4:30 PM ET. Participants can join via phone or webcast through Exagen's investor relations website. A replay of the call will be accessible until August 18, 2022. Exagen specializes in autoimmune diagnostics and is focused on enhancing precision medicine through its AVISE® testing and ongoing product pipeline development.

Exagen Inc. (Nasdaq: XGN) announced findings from the CAPSTONE study, the largest comparative utility study in lupus diagnosis, published in the Journal of Managed Care & Specialty Pharmacy. The study assessed nearly 50,000 patient tests comparing the AVISE Lupus test with traditional ANA testing. Key findings include a 2x reduction in diagnostic testing costs and 3.5x less frequent repeat testing for AVISE, along with 6x higher odds of establishing a new diagnosis and 3x higher odds for initiating treatment with AVISE. These results confirm the test's efficacy in improving patient outcomes and reducing costs.