Exagen sells blood tests that help rheumatologists diagnose autoimmune diseases like lupus, acting as a detective that distinguishes between conditions with confusingly similar symptoms. Think of it as a specialized lab toolkit for a niche medical field. Its f
Revenue is tiny at USD 0.07B annually, with gross margins around 58%, but the company loses money on every sale—net margin is -30%. The money comes from selling diagnostic tests to U.S. rheumatologists, but it's not recurring; each test is a one-off sale, and
Exagen's moat is weak because its tests, while patented, face direct competition from larger diagnostic firms like Quest Diagnostics and Labcorp, which have broader sales networks and deeper pockets. The proprietary CB-CAPs technology offers some differentiati
