Exagen Wins Buy Rating on Strong Q1 Beat, Improving Fundamentals and Clear Path to EBITDA Breakeven

William Blair analyst Andrew Brackmann has reiterated their bullish stance on XGN stock, giving a Buy rating today.

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Andrew Brackmann has given his Buy rating due to a combination of factors, including Exagen’s strong first-quarter performance and improving fundamentals. The company delivered double-digit revenue growth that exceeded expectations, driven by higher test volumes and rising average selling prices despite weather-related headwinds, while management reaffirmed full-year guidance and highlighted that second-quarter trends are already surpassing last year’s levels.

Brackmann also points to several tangible drivers that support further upside, such as a maturing salesforce, an expanding base of ordering clinicians, continued ASP gains, and growing contributions from new biomarkers and biopharma services backed by a sizable contract backlog. He believes these factors, together with ongoing pipeline development, gross margin expansion from lab efficiencies, and a visible path toward adjusted EBITDA breakeven, reduce model risk and justify a positive stance on the shares.

In another report released today, BTIG also reiterated a Buy rating on the stock with a $8.00 price target.