Business Description
Exagen Inc. develops and commercializes diagnostic testing solutions, leveraging its proprietary cell-bound complement activation products (CB-CAPs) technology under the AVISE brand throughout the United States. The company's mission is to equip rheumatologists with advanced tools for the precise diagnosis, prognosis, and ongoing management of autoimmune and related diseases, including systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA). Its flagship product, AVISE CTD, aids in distinguishing between various connective tissue diseases (CTDs) and other conditions with overlapping symptoms in symptomatic patients. The company's product portfolio includes AVISE Lupus, which assesses complement system activation by measuring B-cell C4d and erythrocyte-bound C4d in blood. AVISE APS offers a comprehensive panel of autoantibody tests for the diagnosis and management of Antiphospholipid Syndrome (APS). For SLE patients, AVISE SLE Prognostic provides an autoantibody panel to evaluate the potential for kidney, brain, and cardiovascular complications. Additionally, AVISE Vasculitis AAV utilizes a testing panel of individual analytes to assist physicians in the assessment and monitoring of anti-neutrophil cytoplasmic antibody (ANCA) associated vasculitis, while AVISE Anti-CarP helps identify RA patients prone to severe disease, and AVISE PC4d measures platelet-bound C4d. Further offerings include AVISE SLE Monitor, a biomarker blood test; AVISE MTX, a patented and validated blood test; and AVISE HCQ, designed to monitor hydroxychloroquine levels. Exagen also holds a research collaboration and license agreement with Allegheny Health Network (AHN) Research Institute to advance the development of novel patented biomarkers. Incorporated in 2002, the company was formerly known as Exagen Diagnostics, Inc. before rebranding to Exagen Inc. in January 2019. Its headquarters are located in Vista, California.
Business History
Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): -0.93
Total Equity: $17.45M
Shares: 21,558,245
Total Debt: $25.27M
Cash: $32.22M
EBITDA: -$13.46M
Total Debt: $25.27M
Cash: $32.22M
Revenue: $66.58M
Shares: 21,558,245
Revenue: $66.58M
Revenue: $66.58M
Revenue: $66.58M
Total Equity: $17.45M
Tax Rate: -0.3%
Equity: $17.45M
Total Debt: $25.27M
Cash: $32.22M
Current Liabilities: $14.16M
Long-Term Debt: $22.26M
Total Debt: $25.27M
Total Equity: $17.45M
Shares: 21,558,245
Shares: 21,558,245
CapEx: -$641,000
Shares: 21,558,245
Stock Price: $4.58
Net Income: -$19.95M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 24, 2026 3:36pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $48.3M | $45.6M | $52.5M | $55.6M | $66.6M |
| Cost of Revenue | $20.6M | $24.2M | $23.1M | $22.5M | $27.8M |
| Gross Profit | $27.7M | $21.3M | $29.5M | $33.1M | $38.8M |
| Operating Expenses | $51.8M | $67.4M | $52.3M | $46.7M | $52.9M |
| Operating Income | -$24.1M | -$46.1M | -$22.8M | -$13.6M | -$14.1M |
| Net Income | -$26.9M | -$47.4M | -$23.7M | -$15.1M | -$20.0M |
| EBITDA | -$23.1M | -$43.7M | -$19.2M | -$11.1M | -$13.5M |
| EPS | $-1.68 | $-2.77 | $-1.34 | $-0.83 | $-0.93 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 24, 2026 3:36pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $99.4M | $62.4M | $36.5M | $22.0M | $32.2M |
| Total Current Assets | $112.7M | $72.6M | $47.8M | $36.5M | $48.9M |
| Total Assets | $123.4M | $86.2M | $56.9M | $44.7M | $58.0M |
| Current Liabilities | $9.3M | $9.6M | $11.9M | $13.5M | $14.2M |
| Long-Term Debt | $27.5M | $28.8M | $19.2M | $19.8M | $22.3M |
| Total Liabilities | $38.5M | $43.8M | $34.3M | $35.1M | $40.6M |
| Total Equity | $84.9M | $42.5M | $22.7M | $9.5M | $17.4M |
| Retained Earnings | -$208.1M | -$255.5M | -$279.2M | -$294.3M | -$314.3M |
Cash Flow (Annual)
Last updated: Jun 24, 2026 3:36pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$20.3M | -$32.1M | -$14.5M | -$13.3M | -$13.6M |
| Capital Expenditure | -$2.4M | -$4.3M | $-828,000 | $-515,000 | $-641,000 |
| Free Cash Flow | -$22.6M | -$36.5M | -$15.3M | -$13.8M | -$14.3M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $15,000 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $42.0M | -$37.0M | -$25.9M | -$14.5M | $10.2M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 11:28pm (9h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$79.3M $78.5M – $80.3M
|
$90.1M $89.2M – $91.3M
|
$101.3M $100.2M – $102.5M
|
$105.9M $104.8M – $107.3M
|
| EBITDA |
-$35.0M -$35.4M – -$34.6M
|
-$39.7M -$40.2M – -$39.3M
|
-$44.6M -$45.2M – -$44.2M
|
-$46.7M -$47.3M – -$46.2M
|
| Net Income |
-$10.6M -$10.8M – -$10.5M
|
-$7.9M -$8.0M – -$7.8M
|
-$3.2M -$3.3M – -$3.2M
|
-$3.2M -$3.3M – -$3.2M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 24, 2026 3:36pm (2d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -5.7% | +15.3% | +5.9% | +19.7% |
| Gross Profit Growth | -23.0% | +38.0% | +12.4% | +17.2% |
| Operating Income Growth | -91.3% | +50.4% | +40.3% | -3.2% |
| Net Income Growth | -76.5% | +50.0% | +36.2% | -32.0% |
| EBITDA Growth | -89.0% | +56.1% | +41.8% | -20.8% |
Narrative Economics
market-narrative step).