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    GeneDx Reports First Quarter 2025 Financial Results and Business Highlights

    4/30/25 6:30:00 AM ET
    $WGS
    Retail: Computer Software & Peripheral Equipment
    Technology
    Get the next $WGS alert in real time by email

    Reported first quarter 2025 revenues of $87.1 million with 62% year-over-year growth of exome and genome test revenue

    Generated first quarter 2025 adjusted net income1 of $7.7 million

    Announced plans to acquire Fabric Genomics

    Raised guidance to deliver between $360 and $375 million in revenue and reaffirmed outlook to deliver exome/genome volume and revenue growth of at least 30% in FY 2025

    GeneDx to host conference call today at 8:30 a.m. ET

    GeneDx Holdings Corp. (NASDAQ:WGS), a leader in delivering improved health outcomes through genomic insights, today reported its financial results for the first quarter of 2025.

    "Healthcare is at an inflection point where integrating genomic insights into standard care is becoming essential – both for better clinical outcomes and for saving the healthcare system valuable dollars," said Katherine Stueland, CEO of GeneDx. "The first quarter exceeded our expectations across all measures, headlined by 62% revenue growth in exome/genome and our third consecutive quarter of profitability, demonstrating the leverage in our business model to drive sustained, profitable growth. We are well positioned to transform genomic testing globally, driving improved outcomes on an even larger scale."

    "Our business continued to exceed expectations, with volume growth accelerating throughout the quarter," said Kevin Feeley, CFO of GeneDx. "Looking forward, the combination of continued core momentum, the rolling expansion of new indications in the outpatient setting, and the recent launch of a new ultraRapid genome product are expected to drive incremental volume growth opportunities throughout the remainder of 2025 and beyond."

    First Quarter 2025 Financial Results (Unaudited)1

    Revenues

    • Revenues grew to $87.1 million, an increase of 42% year-over-year
    • Exome and genome test revenue grew to $71.4 million, an increase of 62% year-over-year

    Exome and genome volume

    • Exome and genome test results volume grew to 20,562, an increase of 24% year-over-year
    • Exome and genome represented 40% of all test results, up from 30% in the first quarter of 2024

    Gross margin

    • Adjusted gross margin was 69%, compared to 61% in the first quarter of 2024
      • Total GAAP gross margin was 67%.

    Operating expenses

    • Adjusted total operating expenses were $52.3 million, or 60% of revenues in the first quarter of 2025, compared to 74% in the first quarter of 2024
      • Total GAAP operating expenses were $63.0 million.

    Net Income

    • Adjusted net income was $7.7 million compared to an adjusted net loss of $8.0 million in the first quarter of 2024
      • GAAP net loss was $6.5 million.

    Cash position

    • Cash, cash equivalents, marketable securities and restricted cash was $160.2 million as of March 31, 2025.
    • Cash flow for the first quarter 2025 included:
      • $4.1 million in cash generated from ordinary operations; and
      • $13.9 million in proceeds, net of fees, from the issuance of 150,000 shares of Class A common stock in connection with sales pursuant to our "at-the-market" offering.

    (1) Adjusted gross margin, adjusted total operating expenses and adjusted net loss are non-GAAP financial measures. See appendix for a reconciliation of GAAP to Non-GAAP figures presented.

    GeneDx Full Year 2025 Guidance

    GeneDx has updated its full year 2025 guidance. Management expects GeneDx to deliver:

    • Revenues between $360 to $375 million for full year 2025, inclusive of $3 to $5 million in post-close revenue contribution from the planned acquisition of Fabric Genomics, assuming a second quarter 2025 close (previous guidance was revenues between $350 to $360 million);
    • Growth in exome/genome volume and revenue of at least 30% (unchanged);
    • Adjusted gross margins between 66%-68% (previous guidance was between 65%-67%); and
    • Profitability with adjusted net income each quarter and for full year 2025 (unchanged).

    First Quarter 2025 Business Highlights

    Driving sustainable growth and market leadership

    • Announced plans to acquire Fabric Genomics, which will accelerate GeneDx's entry into a supplemental market of genomic medicine: decentralized testing with centralized intelligence.
    • Announced ultraRapid Whole Genome Sequencing, offering accelerated, comprehensive and actionable genomic insights for neonatal and pediatric patients in the NICU and PICU in as soon as 48 hours.
    • Launched Epic Aura, which seamlessly integrates GeneDx exome and genome testing into the native ordering and resulting workflows of many of the largest health systems across the country.
    • Expanded commercial footprint for exome and genome testing with cerebral palsy (CP) as a new indication, underscoring the importance of improving access to exome and genome testing for patients with CP to shorten the diagnostic odyssey and accelerate the path to treatment.
    • Expanded commercial footprint for exome and genome testing with Inborn Errors of Immunity (IEIs) as a new indication, empowering ordering clinicians with more accurate and comprehensive genetic insights to better treat this patient population.
    • Accelerated adoption of exome and genome sequencing coverage by state Medicaid programs, bringing the total states covering exome or genome sequencing in the pediatric outpatient setting to 33 (New Mexico announced April 2025) and the total states covering rapid genome sequencing in the neonatal intensive care unit (NICU) to 14.
    • Recognized by Fast Company as one of the world's most innovative companies, honoring GeneDx's innovative approach to accelerating genetic diagnosis and transforming the future of healthcare by ending the diagnostic odyssey.

    Advancing the field to accelerate market expansion

    • Published data from the Seqfirst-neo study, a pioneering study conducted in partnership with Seattle Children's and the University of Washington, revealing that widespread use of rapid genome sequencing (rGS) demonstrates that at least 60% of level IV NICU infants should be receiving rGS.
      • Seqfirst-neo is the first study to use exclusion, rather than inclusion, criteria for which infants should receive genomic testing in the NICU, setting a new standard of care by enabling neonatologists to more easily identify patients to receive testing, and expanding access to patients who previously would not have been offered testing.
      • 42% of diagnosed infants would have been missed using conventional NICU protocols (69% of whom were non-white), highlighting the limitations of current diagnostic approaches and the correlated inequity of care.
    • Showcased key research and innovation at the 2025 American College of Medical Genetics (ACMG) Annual Meeting that demonstrated:
      • The relative impact of RNAseq across a large cohort of clinically diverse patients receiving exome-based testing for rare diseases was low, and for most patients the key factors in clinically impactful VUS resolution are providing detailed and accurate clinical information, trio-based testing, and selecting a laboratory with an extensive clinical and genomic database.
      • Parental needs during whole genome sequencing (WGS) are multifaceted and interconnected, with parents' informational, emotional, and logistical needs all suggesting the importance of ongoing, empathetic engagement with healthcare providers. Parental feedback also highlighted the need for peer support from families with either similar genetic or clinical diagnoses or those similarly navigating the WGS process, emphasizing the role of patient advocacy in the diagnostic and treatment journey for children with developmental disorders.
      • The results of the first 10,000 participants enrolled in the GUARDIAN study demonstrate the feasibility of screening for a targeted set of genes in a diverse newborn population with genomic newborn screening (gNBS). 74.0% of parents consented for their newborn to participate, highlighting the wide acceptance of more advanced and modernized newborn screening with gNBS.
    • Announced Multiscore, an advanced AI-powered decision support tool designed to revolutionize genetic analysis by improving diagnostic efficiency, streamlining workflows, and enhancing clinical insights.
      • Through the combination of GeneDx's industry leading proprietary dataset, publicly available data, and the power of AI, Multiscore enables faster, more accurate identification of genetic conditions, providing a scalable solution for clinical interpretation embedded directly within GeneDx's platform, and reducing the time required for manual review by analysts, ultimately shortening the overall turnaround time for delivering results.

    Webcast and Conference Call Details

    GeneDx will host a conference call today, April 30, 2025, at 8:30 a.m. Eastern Time. Investors interested in listening to the conference call are required to register online. A live and archived webcast of the event will be available on the "Events" section of the GeneDx investor relations website at https://ir.genedx.com/.

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our future performance and our market opportunity, including our expected full year 2025 reported revenue and volume guidance, adjusted gross margin and our adjusted net income in 2025. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our ability to implement business plans, goals and forecasts, and identify and realize additional opportunities, (ii) the risk of downturns and a changing regulatory landscape in the highly competitive healthcare industry, (iii) the size and growth of the market in which we operate, (iv) our ability to pursue our new strategic direction, and (v) our ability to enhance our artificial intelligence tools that we use in our clinical interpretation platform. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (the "SEC") on February 20, 2025 and other documents filed by us from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations.

    About GeneDx

    At GeneDx (NASDAQ:WGS), we believe that everyone deserves personalized, targeted medical care—and that it all begins with a genetic diagnosis. Fueled by one of the world's largest rare disease data sets, our industry-leading exome and genome tests translate complex genomic data into clinical answers that unlock personalized health plans, accelerate drug discovery, and improve health system efficiencies. For more information, please visit genedx.com and connect with us on LinkedIn, Facebook, and Instagram.

    Volume & Revenue

     

     

    1Q25

     

    4Q24

     

    3Q24

     

    2Q24

     

    1Q24

    Volumes

     

     

     

     

     

     

     

     

     

    Whole exome, whole genome

     

    20,562

     

     

    20,676

     

     

    19,262

     

     

     

    18,017

     

     

    16,592

    Hereditary cancer

     

    2,725

     

     

    3,486

     

     

    4,672

     

     

     

    5,482

     

     

    6,868

    Other panels

     

    28,228

     

     

    30,115

     

     

    35,095

     

     

     

    34,204

     

     

    31,763

    Total

     

    51,515

     

     

    54,277

     

     

    59,029

     

     

     

    57,703

     

     

    55,223

     

     

     

     

     

     

     

     

     

     

    Revenue ($ millions)

     

     

     

     

     

     

     

     

     

    Whole exome, whole genome

    $

    71.4

     

    $

    78.8

     

    $

    60.0

     

     

    $

    50.7

     

    $

    44.0

    Hereditary cancer

     

    2.2

     

     

    2.8

     

     

    3.3

     

     

     

    3.8

     

     

    5.5

    Other panels

     

    12.1

     

     

    12.3

     

     

    13.8

     

     

     

    13.3

     

     

    10.7

    Data information

     

    1.4

     

     

    1.4

     

     

    (0.5

    )

     

     

    1.1

     

     

    1.3

    Total

    $

    87.1

     

    $

    95.3

     

    $

    76.6

     

     

    $

    68.9

     

    $

    61.5

    Unaudited Select Financial Information (in thousands)

     

     

    Three months ended March 31, 2025

     

    Three months ended December 31, 2024

     

    GeneDx

     

    Other1

     

    Total

     

    GeneDx

     

    Other1

     

    Total

    Revenue

    $87,115

     

    $—

     

    $87,115

     

    $95,286

     

    $354

     

    $95,640

    Adjusted cost of services

    27,396

     

    —

     

    27,396

     

    28,384

     

    —

     

    28,384

    Adjusted gross profit (loss)

    $59,719

     

    $—

     

    $59,719

     

    $66,902

     

    $354

     

    $67,256

    Adjusted gross margin %

    68.6%

     

     

     

    68.6%

     

    70.2%

     

     

     

    70.3%

     

    Three months ended March 31, 2024

     

    GeneDx

     

    Other1

     

    Total

    Revenue

    $61,461

     

    $961

     

    $62,422

    Adjusted cost of services

    24,099

     

    —

     

    24,099

    Adjusted gross profit (loss)

    $37,362

     

    $961

     

    $38,323

    Adjusted gross margin %

    60.8%

     

     

     

    61.4%

     

    (1) Other represents revenue and costs in 2024 associated with the shut down Legacy Sema4 diagnostic testing business.

    Three months ended March 31, 2025

     

    Reported

     

    Depreciation and amortization

     

    Stock-based compensation expense

     

    Restructuring costs

     

    Change in FV of warrants

     

    Other1

     

    Adjusted

    Diagnostic test revenue

    $

    85,759

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

    $

    —

     

     

    $

    85,759

     

    Other revenue

     

    1,356

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    1,356

     

    Total revenue

     

    87,115

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    87,115

     

    Cost of services

     

    28,639

     

     

     

    (1,075

    )

     

     

    (168

    )

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    27,396

     

    Gross profit

     

    58,476

     

     

     

    1,075

     

     

     

    168

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    59,719

     

    Gross margin

     

    67.1

    %

     

     

     

     

     

     

     

     

     

     

     

     

    68.6

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Research and development

     

    12,577

     

     

     

    (372

    )

     

     

    (419

    )

     

     

    (28

    )

     

     

    —

     

     

    —

     

     

     

    11,758

     

    Selling and marketing

     

    18,316

     

     

     

    (1,225

    )

     

     

    (546

    )

     

     

    (16

    )

     

     

    —

     

     

    —

     

     

     

    16,529

     

    General and administrative

     

    32,134

     

     

     

    (3,006

    )

     

     

    (2,850

    )

     

     

    (514

    )

     

     

    —

     

     

    (1,784

    )

     

     

    23,980

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (Loss) profit from operations

     

    (4,551

    )

     

     

    5,678

     

     

     

    3,983

     

     

     

    558

     

     

     

    —

     

     

    1,784

     

     

     

    7,452

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest expense, net

     

    (640

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    640

     

     

     

    —

     

    Other (expense) income, net

     

    (891

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,100

     

     

    30

     

     

     

    239

     

    Income tax expense

     

    (447

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    447

     

     

     

    —

     

    Net (loss) income

    $

    (6,529

    )

     

    $

    5,678

     

     

    $

    3,983

     

     

    $

    558

     

     

    $

    1,100

     

    $

    2,901

     

     

    $

    7,691

     

     

    Three months ended March 31, 2024

     

    Reported

     

    Depreciation and amortization

     

    Stock-based compensation expense

     

    Restructuring costs

     

    Change in FV of warrants

     

    Other1

     

    Adjusted

    Diagnostic test revenue

    $

    61,104

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

     

    $

    61,104

     

    Other revenue

     

    1,318

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    1,318

     

    Total revenue

     

    62,422

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    62,422

     

    Cost of services

     

    25,011

     

     

     

    (816

    )

     

     

    (48

    )

     

     

    (48

    )

     

     

    —

     

     

    —

     

     

     

    24,099

     

    Gross profit

     

    37,411

     

     

     

    816

     

     

     

    48

     

     

     

    48

     

     

     

    —

     

     

    —

     

     

     

    38,323

     

    Gross margin

     

    59.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

    61.4

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Research and development

     

    11,567

     

     

     

    (196

    )

     

     

    187

     

     

     

    (103

    )

     

     

    —

     

     

    —

     

     

     

    11,455

     

    Selling and marketing

     

    16,085

     

     

     

    (1,225

    )

     

     

    20

     

     

     

    (400

    )

     

     

    —

     

     

    —

     

     

     

    14,480

     

    General and administrative

     

    23,419

     

     

     

    (3,011

    )

     

     

    292

     

     

     

    (292

    )

     

     

    —

     

     

    —

     

     

     

    20,408

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loss from operations

     

    (13,660

    )

     

     

    5,248

     

     

     

    (451

    )

     

     

    843

     

     

     

    —

     

     

    —

     

     

     

    (8,020

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest expense, net

     

    (597

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    597

     

     

     

    —

     

    Other (expense) income, net

     

    (6,064

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    6,101

     

     

    —

     

     

     

    37

     

    Income tax benefit

     

    82

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    (82

    )

     

     

    —

     

    Net loss

    $

    (20,239

    )

     

    $

    5,248

     

     

    $

    (451

    )

     

    $

    843

     

     

    $

    6,101

     

    $

    515

     

     

    $

    (7,983

    )

     

    Three months ended December 31, 2024

     

    Reported

     

    Depreciation and amortization

     

    Stock-based compensation expense

     

    Restructuring costs

     

    Change in FV of warrants

     

    Other1

     

    Adjusted

    Diagnostic test revenue

    $

    94,196

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

    $

    —

     

     

    $

    94,196

     

    Other revenue

     

    1,444

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    1,444

     

    Total revenue

     

    95,640

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    95,640

     

    Cost of services

     

    29,435

     

     

     

    (928

    )

     

     

    (123

    )

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    28,384

     

    Gross profit

     

    66,205

     

     

     

    928

     

     

     

    123

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    67,256

     

    Gross margin

     

    69.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

    70.3

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Research and development

     

    11,588

     

     

     

    (294

    )

     

     

    (495

    )

     

     

    (13

    )

     

     

    —

     

     

    —

     

     

     

    10,786

     

    Selling and marketing

     

    17,676

     

     

     

    (1,225

    )

     

     

    (347

    )

     

     

    (30

    )

     

     

    —

     

     

    —

     

     

     

    16,074

     

    General and administrative

     

    27,350

     

     

     

    (3,111

    )

     

     

    (1,880

    )

     

     

    (249

    )

     

     

    —

     

     

    —

     

     

     

    22,110

     

    Other, net

     

    785

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    785

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Profit from operations

     

    8,806

     

     

     

    5,558

     

     

     

    2,845

     

     

     

    292

     

     

     

    —

     

     

    —

     

     

     

    17,501

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest expense, net

     

    (698

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    698

     

     

     

    —

     

    Other (expense) income, net

     

    (2,694

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,980

     

     

    666

     

     

     

    (48

    )

    Income tax benefit

     

    24

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    (24

    )

     

     

    —

     

    Net income

    $

    5,438

     

     

    $

    5,558

     

     

    $

    2,845

     

     

    $

    292

     

     

    $

    1,980

     

    $

    1,340

     

     

    $

    17,453

     

     

    (1) Other represents interest expense, net, income tax (expense) benefit for all periods presented. Other for the three months ended March 31, 2025, includes transaction costs related to the planned acquisition of Fabric Genomics. Other for the three months ended December 31, 2024, includes legal costs related to a legal settlement.

    GeneDx Holdings Corp.

    Condensed Consolidated Balance Sheets

    (in thousands, except share and per share amounts)

     

     

    March 31, 2025 (Unaudited)

     

    December 31, 2024

    Assets:

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    99,704

     

     

    $

    85,212

     

    Marketable securities

     

    59,456

     

     

     

    55,973

     

    Accounts receivable

     

    45,983

     

     

     

    37,426

     

    Inventory, net

     

    12,662

     

     

     

    10,650

     

    Prepaid expenses and other current assets

     

    8,011

     

     

     

    8,707

     

    Total current assets

     

    225,816

     

     

     

    197,968

     

    Operating lease right-of-use assets

     

    24,883

     

     

     

    25,613

     

    Property and equipment, net

     

    36,383

     

     

     

    32,893

     

    Intangible assets, net

     

    155,094

     

     

     

    158,600

     

    Other assets1

     

    4,254

     

     

     

    4,306

     

    Total assets

    $

    446,430

     

     

    $

    419,380

     

    Liabilities and Stockholders' Equity:

     

     

     

    Current liabilities:

     

     

     

    Accounts payable and accrued expenses

    $

    41,862

     

     

    $

    30,044

     

    Short-term lease liabilities

     

    3,124

     

     

     

    3,336

     

    Other current liabilities

     

    24,555

     

     

     

    21,437

     

    Total current liabilities

     

    69,541

     

     

     

    54,817

     

    Long-term debt, net of current portion

     

    51,794

     

     

     

    51,913

     

    Long-term lease liabilities

     

    59,918

     

     

     

    60,919

     

    Other liabilities

     

    6,619

     

     

     

    5,519

     

    Deferred taxes

     

    1,153

     

     

     

    965

     

    Total liabilities

     

    189,025

     

     

     

    174,133

     

    Stockholders' Equity:

     

     

     

    Preferred stock

     

    —

     

     

     

    —

     

    Class A common stock

     

    2

     

     

     

    2

     

    Additional paid-in capital

     

    1,615,501

     

     

     

    1,596,889

     

    Accumulated deficit

     

    (1,359,003

    )

     

     

    (1,352,474

    )

    Accumulated other comprehensive income

     

    905

     

     

     

    830

     

    Total stockholders' equity

     

    257,405

     

     

     

    245,247

     

    Total liabilities and stockholders' equity

    $

    446,430

     

     

    $

    419,380

     

     

    (1) Other assets includes $990 thousand of restricted cash as of both March 31, 2025 and December 31, 2024.

    GeneDx Holdings Corp.

    Condensed Consolidated Statements of Operations (Unaudited)

    (in thousands, except share and per share amounts)

     

     

    Three months ended March 31,

     

    2025

     

    2024

    Revenue

     

     

     

    Diagnostic test revenue

    $

    85,759

     

     

    $

    61,104

     

    Other revenue

     

    1,356

     

     

     

    1,318

     

    Total revenue

     

    87,115

     

     

     

    62,422

     

    Cost of services

     

    28,639

     

     

     

    25,011

     

    Gross profit

     

    58,476

     

     

     

    37,411

     

    Research and development

     

    12,577

     

     

     

    11,567

     

    Selling and marketing

     

    18,316

     

     

     

    16,085

     

    General and administrative

     

    32,134

     

     

     

    23,419

     

    Loss from operations

     

    (4,551

    )

     

     

    (13,660

    )

     

     

     

     

    Non-operating income (expenses), net

     

     

     

    Change in fair value of warrants

     

    (1,100

    )

     

     

    (6,101

    )

    Interest expense, net

     

    (640

    )

     

     

    (597

    )

    Other income, net

     

    209

     

     

     

    37

     

    Total non-operating expenses, net

     

    (1,531

    )

     

     

    (6,661

    )

    Loss before income taxes

    $

    (6,082

    )

     

    $

    (20,321

    )

    Income tax (expense) benefit

     

    (447

    )

     

     

    82

     

    Net loss

    $

    (6,529

    )

     

    $

    (20,239

    )

     

     

     

     

    Weighted average shares outstanding of Class A common stock

     

    28,147,948

     

     

     

    26,062,170

     

    Basic and diluted loss per share, Class A common stock

    $

    (0.23

    )

     

    $

    (0.78

    )

    GeneDx Holdings Corp.

    Condensed Consolidated Statements of Cash Flows (Unaudited)

    (in thousands)

     

     

    Three months ended March 31,

     

    2025

     

    2024

    Operating activities

     

     

     

    Net loss

    $

    (6,529

    )

     

    $

    (20,239

    )

    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

     

     

     

    Depreciation and amortization expense

     

    5,678

     

     

     

    5,248

     

    Stock-based compensation expense

     

    3,983

     

     

     

    (451

    )

    Change in fair value of warrants

     

    1,100

     

     

     

    6,101

     

    Deferred tax expense

     

    447

     

     

     

    (82

    )

    Change in third party payor reserves

     

    1,395

     

     

     

    (193

    )

    Other

     

    757

     

     

     

    886

     

    Change in operating assets and liabilities:

     

     

     

    Accounts receivable

     

    (8,557

    )

     

     

    4,220

     

    Inventory

     

    (2,032

    )

     

     

    (2,877

    )

    Accounts payable and accrued expenses

     

    10,824

     

     

     

    (4,733

    )

    Other assets and liabilities

     

    3,116

     

     

     

    (4,293

    )

    Net cash provided by (used in) operating activities

     

    10,182

     

     

     

    (16,413

    )

    Investing activities

     

     

     

    Purchases of property and equipment

     

    (6,129

    )

     

     

    (443

    )

    Purchases of marketable securities

     

    (17,209

    )

     

     

    (5,167

    )

    Proceeds from sales of marketable securities

     

    —

     

     

     

    598

     

    Proceeds from maturities of marketable securities

     

    13,930

     

     

     

    5,855

     

    Net cash (used in) provided by investing activities

     

    (9,408

    )

     

     

    843

     

    Financing activities

     

     

     

    Proceeds from offerings, net of issuance costs

     

    13,894

     

     

     

    —

     

    Exercise of stock options

     

    735

     

     

     

    24

     

    Long-term debt principal payments

     

    (300

    )

     

     

    —

     

    Finance lease payoff and principal payments

     

    (611

    )

     

     

    (462

    )

    Net cash provided by (used in) financing activities

     

    13,718

     

     

     

    (438

    )

    Net increase (decrease) in cash, cash equivalents and restricted cash

     

    14,492

     

     

     

    (16,008

    )

    Cash, cash equivalents and restricted cash, at beginning of period

     

    86,202

     

     

     

    100,668

     

    Cash, cash equivalents and restricted cash, at end of period (1)

    $

    100,694

     

     

    $

    84,660

     

     

     

     

     

    Supplemental disclosures of cash flow information

     

     

     

    Cash paid for interest

    $

    1,600

     

     

    $

    2,019

     

    Cash paid for taxes

    $

    206

     

     

    $

    300

     

    Purchases of property and equipment in accounts payable and accrued expenses

    $

    2,197

     

     

    $

    36

     

     

    (1) Cash, cash equivalents and restricted cash at March 31, 2025 excludes marketable securities of $59.5 million.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250430453841/en/

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