Biodesix, Inc. (BDSX) vs Exagen Inc. (XGN)

Biodesix, Inc. and Exagen Inc. are both Diagnostics & Research companies. Biodesix, Inc. is the larger, with a market value of $310.2M against $233.3M — 1.3× the size. Biodesix, Inc. grew revenue faster over the last twelve months: 34.5% against 20.8%. Exagen Inc. has the higher net margin (−26.6% vs −27.0%) and the lower return on invested capital (−68.3% vs −49.6%). Across the 18 metrics below, Exagen Inc. leads on 10 and Biodesix, Inc. on 8.

Valuation

Metric BDSX XGN Diagnostics & Research median
P/E n/m n/m 33.95
P/S 2.91 2.96 4.87
P/B 32.77 17.25 3.12
Price to free cash flow n/m n/m 34.02
EV/EBITDA n/m n/m 25.20
EV/Sales 3.07 2.96 5.66
Earnings yield (10.89%) (9.29%) (1.75%)
Free cash flow yield (6.81%) (3.60%) (0.13%)

Profitability

Metric BDSX XGN Diagnostics & Research median
Gross margin 82.50% 58.64% 50.89%
Operating margin (20.02%) (18.58%) (8.57%)
Net margin (26.97%) (26.61%) (6.37%)
Free cash flow margin (19.82%) (10.66%) 0.00%
Return on equity (540.01%) (113.82%) (2.92%)
Return on assets (30.33%) (34.19%) (6.71%)
Return on invested capital (49.60%) (68.33%) 0.00%

Growth

Metric BDSX XGN Diagnostics & Research median
Revenue growth (TTM) 34.46% 20.83% 7.69%
EPS growth (last fiscal year) 29.24% (12.05%) —
Revenue growth, 5-year CAGR 14.20% 9.66% 7.40%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BDSX XGN Diagnostics & Research median
Debt to equity 5.12 2.00 0.11
Current ratio 2.85 3.18 2.02
Net debt to EBITDA (1.36) 0.68 0.78

Dividend

Metric BDSX XGN Diagnostics & Research median
Dividend yield — — 0.70%
Payout ratio 0.00 0.00 0.00

Size

Metric BDSX XGN Diagnostics & Research median
Market cap 310.20m 233.29m 2.56b

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