EXAGEN INC. XGN
We are a medical technology company primarily focused on the design, development and commercialization of a next-generation portfolio of innovative testing products under our AVISE® brand, which allow for the differential diagnosis, prognosis and monitoring of complex rheumatic, autoimmune and autoimmune-related disease including, among others, systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA). We believe our strong focus and extensive background in the field of rheumatology, combined with our commitment to exceptional customer service and support, position us well to respond to the needs of rheumatologists, primary care physicians, other specialists, and the patients they serve.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $66.6M | $55.6M | $52.5M | $45.6M | $48.3M | $42.0M | $40.4M | $32.4M | — |
| Cost of revenue | $27.8M | $22.5M | $23.1M | $24.2M | $20.6M | $16.6M | $18.8M | $15.4M | — |
| Gross profit | $38.8M | $33.1M | $29.5M | $21.3M | $27.7M | $25.4M | $21.6M | $17.1M | — |
| R&D | $6.3M | $5.4M | $4.9M | $9.9M | $7.2M | $3.6M | $2.2M | $2.1M | — |
| SG&A | $46.6M | $41.4M | $47.4M | $52.0M | $44.5M | $37.0M | $28.7M | $19.7M | — |
| Total operating expenses | $52.9M | $46.7M | $52.3M | $91.6M | $72.4M | $57.2M | $49.7M | $37.3M | — |
| Operating income | -$14.1M | -$13.6M | -$22.8M | -$46.1M | -$24.1M | -$15.2M | -$9.3M | -$4.9M | — |
| Interest expense | $4.3M | $2.2M | $2.3M | $2.4M | $2.6M | $2.6M | $3.5M | $2.9M | — |
| Pre-tax income | -$19.9M | -$15.1M | -$23.7M | -$47.1M | -$26.7M | -$16.6M | -$12.0M | -$8.0M | — |
| Income tax | $51.0K | $12.0K | $33.0K | $282.0K | $175.0K | $79.0K | $25.0K | $58.0K | — |
| Net income | -$20.0M | -$15.1M | -$23.7M | -$47.4M | -$26.9M | -$16.7M | -$12.0M | -$8.0M | — |
| EPS, basic | -0.93 | -0.83 | -1.34 | -2.77 | -1.68 | -1.32 | — | — | — |
| EPS, diluted | -0.93 | -0.83 | -1.34 | -2.77 | -1.68 | -1.32 | -8.46 | -293.34 | — |
| Shares, diluted (wtd. avg.) | $21.6M | $18.2M | $17.7M | $17.1M | $16.0M | $12.6M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $32.2M | $22.0M | $36.7M | $62.6M | $99.5M | $57.5M | $72.2M | $13.3M | $11.3M |
| Receivables | $10.9M | $7.8M | $6.6M | $6.1M | $9.7M | $8.9M | $5.7M | $6.0M | — |
| Total current assets | $48.9M | $36.5M | $47.8M | $72.6M | $112.7M | $70.5M | $81.2M | $21.3M | — |
| Property, plant and equipment | — | — | — | $8.2M | $4.8M | $2.1M | $1.4M | $1.6M | — |
| Goodwill | — | — | — | $0 | $5.5M | $5.5M | $5.5M | $5.5M | — |
| Total assets | $58.0M | $44.7M | $56.9M | $86.2M | $123.4M | $78.4M | $88.3M | $28.9M | — |
| Accounts payable | $4.2M | $4.1M | $3.1M | $3.0M | $2.5M | $3.0M | $1.5M | $1.3M | — |
| Short-term debt | $643.0K | $423.0K | $264.0K | $190.0K | $0 | — | — | — | — |
| Total current liabilities | $14.2M | $13.5M | $11.9M | $9.6M | $9.3M | $8.8M | $5.9M | $9.0M | — |
| Long-term debt | $22.3M | $19.8M | $19.2M | $28.8M | $27.5M | $26.7M | $25.9M | $24.6M | — |
| Total liabilities | $40.6M | $35.1M | $34.2M | $43.8M | $38.5M | $36.5M | $32.7M | $35.6M | — |
| Retained earnings | -$314.3M | -$294.3M | -$279.2M | -$255.5M | -$208.1M | -$181.3M | -$164.6M | -$152.6M | — |
| Total equity | $17.4M | $9.5M | $22.7M | $42.5M | $84.9M | $41.8M | $55.7M | -$112.0M | -$96.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$13.6M | -$13.3M | -$14.5M | -$32.1M | -$20.3M | -$14.1M | -$9.7M | -$9.3M | — |
| Depreciation and amortisation | $2.1M | $1.7M | $2.2M | $1.6M | $900.0K | $500.0K | $600.0K | $600.0K | — |
| Stock-based compensation | $2.2M | $1.8M | $3.6M | $4.7M | $4.7M | $2.7M | $572.0K | $114.0K | — |
| Capital expenditure | $641.0K | $515.0K | $828.0K | $4.3M | $2.4M | $455.0K | $403.0K | $199.0K | — |
| Investing cash flow | -$626.0K | -$515.0K | -$804.0K | -$4.3M | -$2.4M | -$455.0K | -$103.0K | -$199.0K | — |
| Financing cash flow | $24.4M | -$663.0K | -$10.6M | -$489.0K | $64.7M | -$97.0K | $68.7M | $11.4M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001274737-26-000020.
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