Exagen Inc. (NASDAQ: XGN)

Exagen Inc. (XGN) operates in the healthcare industry, specifically focusing on providing clarity in autoimmune disease decision making to improve patients' clinical outcomes. The company has developed a portfolio of innovative testing products under the brand name AVISE, which are used for the differential diagnosis, prognosis, and monitoring of complex autoimmune and autoimmune-related diseases.

Exagen's main business activities revolve around the development and commercialization of these testing products. They operate primarily in the United States, targeting approximately 4,500 rheumatologists through a specialized sales force. The company's proprietary technologies, such as CB-CAPs technology, provide a competitive advantage in the market.

The company generates revenue through the sale of its AVISE testing products. Its primary products include AVISE CTD, AVISE APS, AVISE Vasculitis AAV, AVISE SLE Prognostic, and AVISE Anti-CarP. AVISE CTD, the flagship product, is a comprehensive test that aids in the differential diagnosis of Systemic Lupus Erythematosus (SLE) versus other common Connective Tissue Diseases (CTDs). The AVISE Lupus test, a key component of AVISE CTD, improves upon the diagnostic sensitivity of conventional biomarkers used to diagnose SLE while maintaining a high degree of specificity.

Exagen's competitive advantage lies in its proprietary technologies and its specialized sales force. The company's CB-CAPs technology, used in the AVISE Lupus test, specifically measures activation of the complement system, providing a more accurate diagnosis. The sales force is composed of experienced healthcare sales professionals with backgrounds in rheumatology, diagnostics, and/or pharmaceutical sales, ensuring a deep understanding of the market and the products.

Exagen's testing products cater to the autoimmune and connective tissue disease market, a significant market opportunity. According to the National Institute of Environmental Health Sciences, there are approximately 41 million patients in the United States with existing cases of autoimmune diseases. Of these, Exagen estimates approximately 7 million are potentially referable to rheumatologists and would be candidates for an AVISE CTD test, representing a total addressable market of approximately $7.5 billion.

The company's brand names and trade names include AVISE, AVISE CTD, AVISE Lupus, AVISE APS, AVISE Vasculitis AAV, AVISE SLE Prognostic, and AVISE Anti-CarP. These names are associated with innovative testing products that provide clarity in autoimmune disease decision making, aiming to improve patients' clinical outcomes.