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. (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.
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.
FAQ
What is the current stock price of Exagen (XGN)?
What is the market cap of Exagen (XGN)?
What is Exagen Inc. known for?
Where is Exagen Inc. located?
What recent partnerships has Exagen Inc. entered into?
How did Exagen Inc. perform financially in Q3 2023?
What is the Avise® brand?
How does Exagen Inc. contribute to personalized medicine?
What is Exagen's mission?
What was Exagen's adjusted EBITDA for Q3 2023?
What resources does Exagen offer for lupus awareness?
How can I contact Exagen Inc. for investor relations?
