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Exagen Valuation Multiples

Discover revenue and EBITDA valuation multiples for Exagen and similar public comparables like Healius, CurveBeam AI, and Cyclopharm.

Exagen Overview

About Exagen

Exagen Inc is a commercial-stage diagnostics company committed to addressing the unmet need for the accurate diagnosis and monitoring of patients affected by autoimmune rheumatic diseases. It currently markets ten testing products under its Avise brand to provide an accurate, timely, and differential diagnosis and to optimize the treatment of ARDs. It markets and sells solutions to community rheumatologists.


Founded

2002

HQ

United States of America
Employees

209

Website

exagen.com

Financials

LTM Revenue $59.7M

LTM EBITDA -$7.6M

EV

$164M

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Exagen Financials

Exagen has a last 12-month revenue (LTM) of $59.7M and a last 12-month EBITDA of -$7.6M.

In the most recent fiscal year, Exagen achieved revenue of $55.6M and an EBITDA of -$11.1M.

Exagen expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Exagen P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $59.7M XXX $55.6M XXX XXX XXX
Gross Profit $35.9M XXX $33.1M XXX XXX XXX
Gross Margin 60% XXX 60% XXX XXX XXX
EBITDA -$7.6M XXX -$11.1M XXX XXX XXX
EBITDA Margin -13% XXX -20% XXX XXX XXX
EBIT -$11.9M XXX -$13.6M XXX XXX XXX
EBIT Margin -20% XXX -25% XXX XXX XXX
Net Profit -$13.6M XXX -$15.1M XXX XXX XXX
Net Margin -23% XXX -27% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Exagen Stock Performance

As of May 30, 2025, Exagen's stock price is $7.

Exagen has current market cap of $152M, and EV of $164M.

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Exagen Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$164M $152M XXX XXX XXX XXX $-0.72

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Exagen Valuation Multiples

As of May 30, 2025, Exagen has market cap of $152M and EV of $164M.

Exagen's trades at 3.0x EV/Revenue multiple, and -14.8x EV/EBITDA.

Equity research analysts estimate Exagen's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Exagen has a P/E ratio of -11.2x.

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Exagen Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $152M XXX $152M XXX XXX XXX
EV (current) $164M XXX $164M XXX XXX XXX
EV/Revenue 2.8x XXX 3.0x XXX XXX XXX
EV/EBITDA -21.8x XXX -14.8x XXX XXX XXX
EV/EBIT -13.8x XXX -12.1x XXX XXX XXX
EV/Gross Profit 4.6x XXX n/a XXX XXX XXX
P/E -11.2x XXX -10.1x XXX XXX XXX
EV/FCF -11.5x XXX -11.9x XXX XXX XXX

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Exagen Margins & Growth Rates

Exagen's last 12 month revenue growth is 16%

Exagen's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.2M for the same period.

Exagen's rule of 40 is -20% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Exagen's rule of X is 28% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Exagen Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 16% XXX 16% XXX XXX XXX
EBITDA Margin -13% XXX -20% XXX XXX XXX
EBITDA Growth -92% XXX n/a XXX XXX XXX
Rule of 40 -20% XXX -4% XXX XXX XXX
Bessemer Rule of X XXX XXX 28% XXX XXX XXX
Revenue per Employee XXX XXX $0.3M XXX XXX XXX
Opex per Employee XXX XXX $0.2M XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX 10% XXX XXX XXX
Opex to Revenue XXX XXX 84% XXX XXX XXX

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Exagen Public Comps

See public comps and valuation multiples for Medical Imaging & Diagnostics and Laboratory Services comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Australian Clinical Labs XXX XXX XXX XXX XXX XXX
Clarity Pharmaceuticals XXX XXX XXX XXX XXX XXX
CurveBeam AI XXX XXX XXX XXX XXX XXX
Cyclopharm XXX XXX XXX XXX XXX XXX
Healius XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Exagen M&A and Investment Activity

Exagen acquired  XXX companies to date.

Last acquisition by Exagen was  XXXXXXXX, XXXXX XXXXX XXXXXX . Exagen acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Exagen

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Exagen

When was Exagen founded? Exagen was founded in 2002.
Where is Exagen headquartered? Exagen is headquartered in United States of America.
How many employees does Exagen have? As of today, Exagen has 209 employees.
Who is the CEO of Exagen? Exagen's CEO is Mr. John Aballi.
Is Exagen publicy listed? Yes, Exagen is a public company listed on NAS.
What is the stock symbol of Exagen? Exagen trades under XGN ticker.
When did Exagen go public? Exagen went public in 2019.
Who are competitors of Exagen? Similar companies to Exagen include e.g. Australian Clinical Labs, Clarity Pharmaceuticals, CurveBeam AI, Cyclopharm.
What is the current market cap of Exagen? Exagen's current market cap is $152M
What is the current revenue of Exagen? Exagen's last 12 months revenue is $59.7M.
What is the current revenue growth of Exagen? Exagen revenue growth (NTM/LTM) is 16%.
What is the current EV/Revenue multiple of Exagen? Current revenue multiple of Exagen is 2.8x.
Is Exagen profitable? Yes, Exagen is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Exagen? Exagen's last 12 months EBITDA is -$7.6M.
What is Exagen's EBITDA margin? Exagen's last 12 months EBITDA margin is -13%.
What is the current EV/EBITDA multiple of Exagen? Current EBITDA multiple of Exagen is -21.8x.
What is the current FCF of Exagen? Exagen's last 12 months FCF is -$14.3M.
What is Exagen's FCF margin? Exagen's last 12 months FCF margin is -24%.
What is the current EV/FCF multiple of Exagen? Current FCF multiple of Exagen is -11.5x.

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