Exagen Inc. (XGN): history, ownership, mission, how it works & makes money

A Brief History of Exagen Inc. (XGN)

Foundation and Early Years

Exagen Inc. was founded in 2002 in San Diego, California. Initially, the company focused on developing diagnostic tests for autoimmune diseases. In 2007, Exagen launched its first product, the AVISE® SLE test, specifically designed to aid in the diagnosis of systemic lupus erythematosus (SLE).

Key Developments and Product Launches

Throughout the years, Exagen has made significant advancements in its diagnostic capabilities. Notable product introductions include:

• AVISE® CTD: Launched in 2018, aimed at aiding the diagnosis of connective tissue diseases.
• AVISE® MTX: Introduced in 2020, this test is used to monitor patients undergoing therapy with methotrexate.

Financial Growth and Public Offering

In October 2020, Exagen completed its IPO, raising approximately $80 million. The company experienced substantial growth in revenues, reporting approximately $33.4 million in revenue for the fiscal year 2020, compared to $19 million in 2019.

Strategic Partnerships and Research Advancements

Exagen has engaged in various partnerships to enhance its research capabilities. In 2021, the company signed a collaboration agreement with Quest Diagnostics to offer its tests more widely across the United States.

Market Impact and Competitive Positioning

As of 2023, Exagen holds a competitive position in the diagnostics market, specifically in autoimmune disease testing, where the demand for accurate and timely diagnostics continues to grow.

Recent Developments and Future Direction

In 2023, Exagen reported a revenue forecast of $40 million for the fiscal year, indicating continued growth and increased market adoption of its diagnostic tests. The company seeks to expand its product line and enhance its existing offerings with advanced technology and clinical studies.

Conclusion of Financial Performance

Exagen Inc. has shown resilience through growth in revenue and strategic partnerships, establishing a firm foothold in the diagnostics industry. The company's commitment to innovation and improving patient outcomes is evident in its continuous development of diagnostic solutions.

A Who Owns Exagen Inc. (XGN)

Overview of Ownership Structure

Exagen Inc. (XGN) operates with a diverse set of shareholders including institutional investors, retail investors, and company insiders. The distribution among various ownership categories provides insight into the company's governance and control dynamics.

Institutional Ownership

As of the latest filings, institutional investors hold a substantial percentage of Exagen's shares. Below is a table summarizing the institutional ownership composition:

Insider Ownership

Company insiders, including executives and board members, also hold a significant portion of Exagen's stock. The following table outlines the major insiders and their corresponding ownership stakes:

Retail Ownership

Retail investors also contribute to the ownership landscape, representing a smaller but crucial segment. The estimated retail ownership is about 15% of the total shares outstanding.

Shareholder Composition

In summary, the shareholder composition breaks down as follows:

• Institutional Investors: 60%
• Insider Ownership: 20%
• Retail Investors: 15%
• Other: 5%

Recent Changes in Ownership

Recent quarterly reports indicated changes in ownership percentages. Institutional investors showed a slight increase in their shares, while insider ownership remained relatively stable.

Current Market Capitalization

The current market capitalization of Exagen Inc. stands at approximately $160 million.

Stock Performance

As of the latest available data, Exagen Inc. has had the following stock performance metrics:

Conclusion on Current Ownership Landscape

The ownership structure of Exagen Inc. reflects a balanced distribution among various types of shareholders, which can influence corporate governance and strategic decision-making.

Exagen Inc. (XGN) Mission Statement

Corporate Philosophy

Exagen Inc. aims to improve the lives of patients with chronic autoimmune diseases through the development of advanced diagnostic tests. The company's mission is to deliver reliable and actionable results to healthcare providers and patients.

Core Values

• Integrity: Upholding ethical standards in all operations.
• Innovation: Commitment to scientific research and development.
• Collaboration: Working alongside healthcare professionals and patients.
• Excellence: Striving for the highest quality in diagnostic testing.

Market Position and Financial Overview

As of the latest reporting period, Exagen Inc. has shown significant growth in the diagnostics market, specifically targeting autoimmune diseases. The company reported total revenue of $19.5 million for the fiscal year ending December 31, 2022, marking a 16% increase from the previous year.

Product Portfolio

Exagen offers a variety of testing solutions, each aligning with its mission to enhance patient care. Key products include:

• AVISE® CTD: A test for the diagnosis of connective tissue disorders.
• AVISE® Lupus: A diagnostic tool for lupus management.
• AVISE® Rheumatoid Arthritis: Aiding in the assessment and management of RA.

Current Market Statistics

Strategic Goals

Exagen aims to expand its footprint in the market with several strategic initiatives, including:

• Increasing product awareness among healthcare professionals.
• Investing in R&D for innovative diagnostic solutions.
• Enhancing patient access to testing services.
• Strengthening partnerships with healthcare providers.

Community Engagement

Exagen is committed to community outreach and education regarding autoimmune diseases. The company conducts workshops and informational sessions to empower patients and support groups.

Conclusion Remarks on Mission Statement

The mission statement of Exagen Inc. encapsulates its dedication to providing cutting-edge diagnostics while embodying core values that foster trust and quality in patient care.

How Exagen Inc. (XGN) Works

Company Overview

Exagen Inc. (NASDAQ: XGN) is a biotechnology company specializing in the development of diagnostic tests for autoimmune diseases. The company primarily focuses on providing healthcare professionals and patients with the tools for early diagnosis and monitoring of diseases, particularly lupus.

Core Products

Exagen's flagship product is the AVISE® Lupus assessment. This test helps in determining the likelihood of having lupus and monitoring disease activity.

• AVISE® Lupus: A multi-biomarker test that assesses the probability of a lupus diagnosis.
• AVISE® CTD: A test designed for patients with suspected connective tissue diseases.

Revenue Model

Exagen primarily generates its revenue through the sale of diagnostic tests and related services. In the fiscal year 2022, Exagen reported revenues of approximately $24.1 million, representing a growth of 40% compared to the previous year.

Clinical Studies and Research

Exagen invests in clinical studies to validate and improve its diagnostic offerings. In 2023, Exagen initiated a study involving 1,000 patients to further enhance the accuracy of its AVISE® tests.

Market Presence

Exagen operates within the estimated $3.2 billion autoimmune diagnostics market and holds a considerable share due to its innovative product offerings and focused marketing strategies.

Financial Performance

As of Q3 2023, Exagen reported a cash position of approximately $15 million, with total assets amounting to $25 million. The company aims to expand its testing portfolio and increase its market penetration.

Strategic Partnerships

Exagen has formed strategic partnerships with various healthcare providers and research institutions to enhance its diagnostic capabilities. Collaborations in 2023 included partnerships with several academic institutions to support advancements in autoimmune disease research.

Regulatory Approval

All of Exagen's tests are approved by the U.S. Food and Drug Administration (FDA) and are compliant with CLIA regulations, ensuring high standards in laboratory testing.

Future Outlook

Looking ahead, Exagen plans to launch new diagnostic tests and expand its market reach. Projections estimate revenue growth of approximately 25% annually over the next three years.

How Exagen Inc. (XGN) Makes Money

Overview of Business Model

Exagen Inc. focuses on providing diagnostic testing services, primarily targeting autoimmune diseases such as lupus and rheumatoid arthritis. As of 2022, the company reported revenues of approximately $50 million.

Revenue Streams

Exagen generates revenue through several avenues:

• Diagnostic Testing Services
• Pharmaceutical Partnerships
• Research and Development Grants

Diagnostic Testing Services

Exagen offers a range of proprietary tests, including:

• AVISE® CTD test
• AVISE® Lupus test
• AVISE® RA test

In Q3 2023, Exagen conducted over 30,000 tests, averaging a revenue of $1,500 per test.

Pharmaceutical Partnerships

Exagen collaborates with pharmaceutical companies for clinical trials and to enhance test utilization. In 2022, revenue from partnerships reached $8 million.

Research and Development Grants

Exagen also secures grants for innovation in testing technologies. In 2022, the company received funding amounting to $2 million for research initiatives.

Market Position

As of 2023, Exagen controls approximately 10% of the autoimmune diagnostics market in the United States, which is valued at around $500 million.

CMPs (Clinical Medical Professionals) Engagement

Exagen maintains strong relationships with healthcare providers to increase test adoption. The company has over 1,500 active CMPs engaged, contributing to its market penetration.

Financial Performance

In Q2 2023, Exagen reported a gross profit margin of 70%, indicating effective cost management in its operations. The company aims to enhance profitability through expanded test offerings and improved reimbursement rates.

Future Growth Projections

Analysts project Exagen's revenue to grow at a CAGR of 15% over the next five years, driven by expanding market demand and innovation in diagnostic solutions.