Exagen

XGN

Medical - Diagnostics & Research · Healthcare

Price

$4.39

+0.14 (+3.29%)

Market Cap

$106.1M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+35.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 16.0M (2021) → 21.6M (2025)

Exagen Inc. develops and commercializes various testing products based on its cell-bound complement activation products technology under the AVISE brand in the United States. It enables rheumatologists to care for patients through the diagnosis, prognosis, and monitoring of autoimmune and autoimmune-related diseases, including systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA). Its lead testing product is AVISE CTD that enables differential diagnosis for patients presenting with sy

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+15.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$6M/ year

↑ Rising (+16% vs prior year)

9.4% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

42.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~6 months

$22M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

Exagen has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

59.0%

Premium pricing power — 59.0% gross margin

Operating Margin

-19.7%

Losing money on operations — -19.7%

ROCE

-17.7%

Weak — -17.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+20.6%

Fast-growing sales (20.6% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-20.7%

Burning cash (-20.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.34

Conservative — low debt load (0.34)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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