Exagen (XGN): Credible Path to Profitability—Buy the Re-acceleration
Exagen reported record 2025 revenue of $66M-$67M, improved cash to $32M, and saw AVISE CTD test volume rise 11% with ASPs up roughly $30 on a trailing 12-month basis. At a market cap of ~$161M and EV/Sales ~2.2x, the stock offers an asymmetric trade: limited upside to meaningful enterprise value re-rating if margins recover and volume trends contin…