GeneDx Reports Fourth Quarter and Full Year 2025 Financial Results and Reaffirms Guidance for Full Year 2026

• Reported fourth quarter 2025 revenues of $121.0 million with 32% year-over-year growth in exome and genome test revenue (42% excluding a one-time 2024 benefit)
• Accelerated exome and genome volume growth to 34% year-over-year
• Reported fourth quarter 2025 adjusted gross margin¹ of 71%
• Reported fourth quarter 2025 adjusted net income¹ of $4.4 million
• Reaffirmed full year 2026 guidance of $540 to $555 million in revenue with 33-35% exome and genome growth
• GeneDx to host conference call today at 8:30 a.m. ET

GeneDx Holdings Corp. (NASDAQ:WGS), the leader in rare disease diagnosis and improving health through the power of genomic data, today reported its financial results for the fourth quarter and full year of 2025.

"The unmet need for early, accurate genomic diagnosis is enormous, and families are waiting far too long for answers. GeneDx is uniquely positioned to deliver for patients, clinicians, and partners — and our results demonstrate that. Our team is executing at the highest level, our platform continues to scale, and GeneDx Infinity^TM gives us a compounding data advantage that strengthens with every test we run," said Katherine Stueland, President and CEO of GeneDx. "The business has never been in a better position for continued growth and success. As we enter 2026, we will layer new growth drivers onto an already powerful foundation — expanding into large, underpenetrated markets where patients are waiting for a diagnosis that GeneDx can provide today."

Fourth Quarter and Full Year 2025 Financial Results (Unaudited)^1,2

Revenues

Fourth quarter 2025:

• Revenues grew to $121.0 million, an increase of 27% year-over-year (37% excluding a one-time 2024 benefit).
• Exome and genome test revenue grew to $104.0 million, an increase of 32% year-over-year (42% excluding a one-time 2024 benefit).

Full year 2025:

• Revenues grew to $427.5 million, an increase of 41% year-over-year (45% excluding a one-time 2024 benefit).
• Exome and genome test revenue grew to $360.3 million, an increase of 54% year-over-year (58% excluding a one-time 2024 benefit).

Exome and genome volume

Fourth quarter 2025:

• Exome and genome test result volume grew to 27,761, an increase of 34.3% year-over-year.
• Exome and genome represented 47% of all test results, up from 38% in the fourth quarter of 2024.

Full year 2025:

• Exome and genome test results volume grew to 97,271, an increase of 30.5% year-over-year.
• Exome and genome represented 43% of all test results, up from 33% for the full year 2024.

Gross margin

Fourth quarter 2025:

• Adjusted gross margin expanded to 71%, up from 70% in the fourth quarter of 2024.
  • GAAP gross margin was 70%.

Full year 2025:

• Adjusted gross margin expanded to 71%, up from 65% for full year 2024.
  • GAAP gross margin was 70%.

Operating expenses

Fourth quarter 2025:

• Adjusted total operating expenses were $81.8 million, representing 68% of revenue in the fourth quarter of 2025, compared to 52% of revenue in the fourth quarter of 2024.
  • Total GAAP operating expenses were $98.5 million.

Full year 2025:

• Adjusted total operating expenses were $263.0 million, an increase of 39% year-over-year.
  • Total GAAP operating expenses were $311.3 million.

Net income (loss)

Fourth quarter 2025:

• Adjusted net income was $4.4 million, compared to $17.5 million in the fourth quarter of 2024.
  • GAAP net loss was $17.7 million.

Full year 2025:

• Adjusted net income was $41.8 million, compared to $9.4 million for full year 2024.
  • GAAP net loss was $21.0 million.

Full year and fourth quarter 2024 revenues, gross margin and net income, all on both a GAAP and adjusted basis, includes $6.8 million of discrete benefit in connection with a multi-year appeal recovery from a single third-party payor. The fourth quarter 2024 benefit was composed of $5.8 million to exome genome revenues and $1.0 million to other test lines.

Cash position

• Cash, cash equivalents, marketable securities and restricted cash was $172.3 million as of December 31, 2025.
• Cash flow for the fourth quarter 2025 included:
  • $5.1 million in net cash generated from ordinary operations; and
  • $21.1 million in proceeds, net of fees, from the issuance of 147,583 shares of Class A common stock in connection with sales pursuant to our "at-the-market" offering, offset by;
  • $10.0 million in scheduled payments to service previously recorded settlement liabilities of Legacy Sema4.

GeneDx Full Year 2026 Guidance

For full year 2026 management expects GeneDx to deliver:

Business Highlights

Strategic Expansion & Market Leadership

• Launched GeneDx Infinity™: Unveiled the world's largest and most diverse rare disease dataset – including over 1 million exomes and genomes, more than 2.5 million genetic tests, and over 8 million phenotypic data points – that fuels the #1 genetic test.
• Expanded into general pediatrics: Unlocked GeneDx's largest addressable opportunity to bring genomic testing to the front line of care for more families.
  • Commended the American Academy of Pediatrics for issuing updated guidance in June 2025, now recommending exome and genome sequencing as first-tier tests for children with global developmental delay or intellectual disability.
• Expanded into prenatal diagnostics: Announced GenomeDx Prenatal™, a phenotype-informed, trio-based whole genome sequencing test for pregnancies with fetal anomalies identified via ultrasound, enabling clinicians and expecting families to access actionable genomic insights during one of the most critical moments in pregnancy care.
• Launched ultraRapid genome sequencing: Offered accelerated, comprehensive and actionable genomic insights for neonatal and pediatric patients in the NICU and PICU in as soon as 48 hours.
• Expanded payer coverage: Secured Medicaid coverage for exome and genome sequencing in 8 new states (including CA, CO, OH), bringing the total states covering exome or genome sequencing in the pediatric outpatient setting to 38 and the total states covering rapid genome sequencing in the neonatal intensive care unit (NICU) to 17.
• Strengthened leadership: Positioned the company for the next phase of growth and scale to help more families with the power of our data, AI-driven technology, and clinical expertise.
• Named to the 2026 TIME100 Health List: This recognition comes during Rare Disease Month and underscores the growing global acknowledgment of rare disease as a public health priority, as well as the critical role of genomics in accelerating diagnosis, advancing discovery, and improving outcomes for patients and families worldwide.

Innovation & Clinical Leadership

• Granted FDA Breakthrough Device designation: Received designation for GeneDx ExomeDx™ and GenomeDx™ associated with causes of life-threatening diseases or genetic disorders to aid in diagnosis of symptomatic patients, underscoring GeneDx's leadership in genomic medicine and critical role in delivering fast, accurate answers for patients with rare diseases.
• Acquired Fabric Genomics: Expanded delivery of genomic insights globally by enabling decentralized interpretation powered GeneDx Infinity^TM.
• Advanced genomic newborn screening (gNBS): Extended leadership in genomic newborn screening through participation in key programs, including:
  • Announced participation in the nation's first multi-state genomic newborn screening initiative, BEACONS (Building Evidence and Collaboration for GenOmics in Nationwide Newborn Screening), which launched with a $14.4 million award from the National Institutes of Health (NIH) to enroll up to 30,000 newborns in as many as 10 states over the next three years.
  • Announced a partnership with Florida's Sunshine Genetics Network, the nation's first state-backed genomic newborn screening program, to offer whole genome sequencing for newborns at select academic medical centers and hospitals.
  • Sequenced more than 22,000 newborns through the GUARDIAN (Genomic Uniform-screening Against Rare Disease In All Newborns) study, which was recognized as part of JAMA's annual Research of the Year Roundup.
• Announced partnership with Komodo Health: Enhanced GeneDx Infinity^TM with real-world patient insights from Komodo's Healthcare Map® to create the most comprehensive, longitudinal dataset for rare disease.
• Unveiled Multiscore: Launched Multiscore, an advanced AI-powered decision support tool that aims to improve diagnostic efficiency, streamlines workflows, and enhances clinical insights by harnessing GeneDx Infinity^TM, publicly available data, and the power of artificial intelligence.
• Surpassed 1,100 total peer-reviewed studies: Added key publications to the most prolific and clinically impactful research portfolio in rare disease genomics, including 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.
• Published data supporting changes to testing protocols: Published data from the SeqFirst study showing that implementing rapid genome sequencing (rWGS) as a first-tier test in pediatric and cardiac intensive care units significantly increases diagnostic rates and reduces time to diagnosis by half.

Webcast and Conference Call Details

GeneDx will host a conference call today, February 23, 2026, 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/.

Non-GAAP Financial Measures

GeneDx believes non-GAAP measures are useful in evaluating its operating performance. GeneDx uses this supplemental information to evaluate its ongoing operations and for internal planning and forecasting purposes. GeneDx believes that non-GAAP financial information, when taken collectively with its GAAP financial information, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. We define non-GAAP financial measures as GAAP measures, excluding certain items such as stock-based compensation expense, depreciation and amortization, restructuring costs, changes in the fair value of financial liabilities, and other expenses that the Company believes are not indicative of its ongoing operations. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding our future performance and our market opportunity, including our expectations for full year 2026 revenue, exome and genome revenue and test volumes, adjusted gross margin and adjusted net income. 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, and (iv) our ability to pursue our new strategic direction. 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, our Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2025, June 30, 2025, and September 30, 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

GeneDx's (NASDAQ:WGS) mission is to empower everyone to live their healthiest life through genomics. GeneDx combines unmatched clinical expertise, advanced technology, and the power of GeneDx Infinity™ – the world's largest rare disease genomic dataset. This unparalleled foundation powers GeneDx's ExomeDx™ and GenomeDx™ tests – ranked #1 by expert geneticists and granted FDA Breakthrough Device designation – enabling clinicians to deliver precise, fast, and actionable diagnoses. GeneDx Infinity also fuels discovery for biopharma, with the most powerful AI-driven genomic intelligence. A genomics pioneer over the last 25 years, diagnosing more than 4,800 genetic diseases and publishing more than 1,000 research publications, GeneDx is building the network that will drive the future of genomic precision medicine. For more information, visit genedx.com and connect with us on LinkedIn, Facebook, and Instagram.

Volume & Revenue⁽¹⁾

Unaudited Select Financial Information (in thousands)

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