CARLSBAD, Calif. - Exagen Inc . (NASDAQ: NASDAQ:XGN), a company specializing in autoimmune testing solutions, announced the appointment of Jeffrey G. Black as its new Chief Financial Officer (CFO), effective September 1, 2024.
Mr. Black will be succeeding Kamal Adawi, who has decided to step down from his position. Until Mr. Black takes over, John Aballi, the company's President and CEO, will serve as interim CFO.
Jeffrey G. Black brings over three decades of financial and accounting experience to Exagen, with a history of leadership roles in eight publicly traded companies. He is currently the CFO of Standard BioTools and has been a key figure in its recent merger with SomaLogic.
Prior to this, he contributed significantly to the $650 million sale of Apollo Endosurgery (NASDAQ:APEN) to Boston Scientific (NYSE:BSX) and played a pivotal role in the financial and market cap growth of Alphatec Spine.
John Aballi expressed his gratitude to Kamal Adawi for his decade-long service to Exagen and his assistance in ensuring a smooth transition. He also shared his enthusiasm about Black's future contribution to Exagen's executive leadership team, citing Black's track record of fostering a positive corporate culture and performance.
Mr. Black commented on his appointment, highlighting the significant opportunity for Exagen to impact patient care with its differentiated solutions and to enhance shareholder value. He looks forward to joining the team and contributing to its mission to improve clinical outcomes for patients.
Exagen's focus is on providing clarity in decision-making for autoimmune diseases, aiming to improve patient outcomes. The company is based in San Diego County, California. This announcement is based on a press release statement by Exagen Inc.
In other recent news, Exagen Inc. witnessed a significant year-over-year increase in its first-quarter revenue for 2024, reaching $14.4 million. This growth was primarily driven by the company's AVISE CTD test, which saw its average selling price rise by approximately 35%. In light of these positive results, Exagen has raised its revenue and adjusted EBITDA outlook for 2024.
During its annual meeting, Exagen reelected three Class II directors and ratified BDO USA, P.C. as its independent registered public accounting firm for the fiscal year ending December 31, 2024. The company's first-quarter results exceeded both analyst forecasts and the FactSet consensus, leading to positive evaluations from Canaccord Genuity and Cantor Fitzgerald.
Canaccord Genuity maintained a Buy rating on Exagen, while Cantor Fitzgerald raised its price target for the company from $5.00 to $7.00, maintaining an Overweight rating. Exagen also plans to expand its product offerings by launching new proprietary T cell and Rheumatoid Arthritis biomarkers within its Connective Tissue Disease testing platform. These recent developments underscore the company's continued growth and potential in the market.
InvestingPro Insights
As Exagen Inc. (NASDAQ: XGN) welcomes Jeffrey G. Black as its new CFO, the company's financial health and market position offer a mixed picture. According to the latest metrics from InvestingPro, Exagen has a market capitalization of approximately $33.88 million, reflecting the size of the company in the competitive landscape. Despite a challenging profitability outlook, with analysts not expecting the company to be profitable this year, Exagen has demonstrated a strong revenue growth of 20.12% over the last twelve months as of Q1 2024. This growth is further evidenced by a more robust quarterly revenue increase of 28.36% in Q1 2024.
One of the InvestingPro Tips highlights that Exagen is trading at a low revenue valuation multiple, which could be an indicator for investors looking for potential value in the healthcare sector. The company's liquid assets also exceed its short-term obligations, suggesting financial resilience in the near term. However, it's important to note that Exagen is not currently paying a dividend to shareholders, which may influence investment decisions for those seeking regular income.
Investors interested in Exagen's financials and future prospects can find additional insights on InvestingPro. There are currently seven more InvestingPro Tips available for Exagen Inc., providing a deeper dive into the company's financial health and market potential. For those looking for a comprehensive analysis, the InvestingPro platform offers an array of metrics and professional tips to guide investment strategies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.