Exagen Inc

Exagen Inc operates with a liquidity position that is relatively strong, as evidenced by its cash and equivalents of $27.27 million, which significantly exceeds its total liabilities of $30.82 million. The company's current ratio of 4.83 indicates a robust ability to meet short-term obligations. However, the company's operating cash flow of -$9.04 million and free cash flow of -$2.99 million suggest ongoing operational challenges in generating positive cash flow from its core activities.

In terms of profitability, Exagen is currently unprofitable, with a net loss of $3.36 million and an operating loss of $3.00 million. The company's return on equity of -16.81% and return on assets of -6.61% further underscore its poor performance relative to its equity and asset base. These metrics are below the industry norms for biotechnology firms, which typically require significant R&D investment and have longer time horizons to profitability.

Geographically and segment-wise, Exagen's revenue concentration is not explicitly detailed in the available data. However, the company's primary focus is on diagnostic tests and therapeutics for autoimmune and inflammatory diseases, which are likely to be distributed across multiple geographic regions. The lack of detailed segment data limits the ability to assess specific geographic or product line contributions to revenue.

Looking at the growth trajectory, Exagen's revenue for the latest period is $14.42 million. Analysts have provided a mean price target of $9.00, indicating a potential upside from the current market price of $3.85. However, the company's negative operating and net income, along with its negative cash flows, suggest that achieving this growth may be challenging without significant operational improvements or external financing.

The risk assessment for Exagen indicates low liquidity and dilution risks, with no immediate filing-based flags detected. The company's debt-to-equity ratio of 1.0 suggests a balanced capital structure, but the negative operating cash flow and free cash flow could pose challenges in maintaining this balance without additional financing. The absence of dilution risk is a positive sign, but the company's financial performance may necessitate future equity or debt issuance to fund operations.

Recent events and filings do not indicate any significant changes in the company's financial or operational status. The company's focus remains on its core business of developing and commercializing diagnostic tests and therapeutics. The lack of recent major events or filings suggests a stable but uneventful period for the company.

Revenue grew 19.7% year-over-year to $66.6 million in FY2026, demonstrating strong top-line expansion momentum.

Analysts project 82.6% upside to a mean price target of $9.00, signaling significant undervaluation relative to current levels.

Gross profit increased to $38.8 million in FY2026, indicating improving operational efficiency and cost management capabilities.

The company maintains a low leverage band with a current ratio of 3.45, ensuring strong short-term liquidity.

The company faces high credit risk, posing significant potential challenges for debt servicing and financial stability.

Revenue $16.6M, +21,8% YoY; Operating income −47,1% YoY.

• ▍Revenue $16.6M, +21,8% YoY
• ▍Operating income −47,1% YoY
• ▍Net income −24,2% YoY
• ▍Free cash flow −17,9% YoY
• ▍Net margin -28.1%

Revenue $17.2M, +37,9% YoY; Operating income +33,5% YoY.

• ▍Revenue $17.2M, +37,9% YoY
• ▍Operating income +33,5% YoY
• ▍Net income −41,0% YoY
• ▍Free cash flow −42,0% YoY
• ▍Net margin -41.1%

Revenue $17.2M, +14,2% YoY; Operating income −13,1% YoY.

• ▍Revenue $17.2M, +14,2% YoY
• ▍Operating income −13,1% YoY
• ▍Net income −49,7% YoY
• ▍Free cash flow −56,5% YoY
• ▍Net margin -25.8%

Revenue $15.5M, +7,5% YoY; Operating income −12,1% YoY.

• ▍Revenue $15.5M, +7,5% YoY
• ▍Operating income −12,1% YoY
• ▍Net income −11,7% YoY
• ▍Free cash flow −14,6% YoY
• ▍Net margin -24.2%

Revenue $13.7M; Operating income -$3.4M.

• ▍Revenue $13.7M
• ▍Operating income -$3.4M
• ▍Net margin -27.5%

Revenue $12.5M; Operating income -$4.7M.

• ▍Revenue $12.5M
• ▍Operating income -$4.7M
• ▍Net margin -40.2%

Revenue $15.1M; Operating income -$2.6M.

• ▍Revenue $15.1M
• ▍Operating income -$2.6M
• ▍Net margin -19.7%

Revenue $14.4M; Operating income -$3.0M.

• ▍Revenue $14.4M
• ▍Operating income -$3.0M
• ▍Net margin -23.3%

Revenue $66.6M, +19,6% YoY; Operating income −5,3% YoY.

• ▍Revenue $66.6M, +19,6% YoY
• ▍Operating income −5,3% YoY
• ▍Net income −32,0% YoY
• ▍Free cash flow −32,9% YoY
• ▍Net margin -30.0%

Revenue $55.6M, +5,9% YoY; Operating income +40,3% YoY.

• ▍Revenue $55.6M, +5,9% YoY
• ▍Operating income +40,3% YoY
• ▍Net income +36,2% YoY
• ▍Free cash flow +37,8% YoY
• ▍Net margin -27.2%

Revenue $52.5M, +15,3% YoY; Operating income +50,4% YoY.

• ▍Revenue $52.5M, +15,3% YoY
• ▍Operating income +50,4% YoY
• ▍Net income +50,0% YoY
• ▍Free cash flow +55,4% YoY
• ▍Net margin -45.1%

Revenue $45.6M, −5,7% YoY; Operating income −91,3% YoY.

• ▍Revenue $45.6M, −5,7% YoY
• ▍Operating income −91,3% YoY
• ▍Net income −76,5% YoY
• ▍Free cash flow −76,9% YoY
• ▍Net margin -104.0%