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    GeneDx Reports Second Quarter 2024 Financial Results and Business Highlights

    7/30/24 4:05:00 PM ET
    $WGS
    Retail: Computer Software & Peripheral Equipment
    Technology
    Get the next $WGS alert in real time by email

    Reported second quarter 2024 revenue from continuing operations1 of $68.9M with 77% year-over-year growth of exome and genome test revenue

    Expanded second quarter 2024 adjusted gross margins2 from continuing operations to 62%

    Narrowed second quarter 2024 adjusted net loss2 to $2.7M

    Raising guidance to deliver between $255M and $265M in FY 2024 revenue and reiterate path to profitability in 2025

    GeneDx to host conference call today at 4:30 p.m. ET

    GeneDx Holdings Corp. (NASDAQ:WGS), a leader in delivering improved health outcomes through genomic insights, today reported its financial results for the second quarter of 2024.

    "Our continued organizational focus on execution fueled our strong second quarter results, giving us confidence to raise full year 2024 revenue guidance to between $255-$265 million and reiterate our expectation to reach profitability in the next several quarters," said Katherine Stueland, President and Chief Executive Officer at GeneDx. "The strength in our performance across all measures of the business has enabled us to begin investments in future growth opportunities for our business with a focus on extending our leadership in whole exome sequencing to whole genome sequencing to ensure we continue to lead the charge in quickly providing the most accurate and actionable genetic information to diagnose disease for as many patients and families as possible."

    Second Quarter 2024 Financial Results (Unaudited)1,2

    Revenues

    • Revenues from continuing operations grew to $68.9 million, an increase of 52% year-over-year and 12% sequentially.
      • Total company revenues were $70.5 million.
    • Exome and genome test revenue grew to $50.7 million, an increase of 77% year-over-year and 15% sequentially.

    Exome and genome volume

    • Exome and genome test results volume grew to 18,017, an increase of 52% year-over-year and 9% sequentially.
    • Exome and genome represented 31% of all test results, up from 22% in the second quarter of 2023 and up from 30% in the first quarter of 2024.

    Gross margin

    • Adjusted gross margin from continuing operations expanded to 62%, up from 37% in the second quarter of 2023 and up from 61% in the first quarter of 2024.
      • Total company gross margin was 61%.

    Operating expenses

    • Adjusted total operating expenses reduced to $45.0 million, a decrease of 24% year-over-year and 1% sequentially.
      • Total GAAP operating expenses were $52.7 million.

    Net loss

    • Adjusted net loss narrowed to $2.7 million, an improvement of 93% year-over-year and 68% sequentially.
      • GAAP net loss was $29.2 million, inclusive of a one-time, net litigation charge of $13 million.

    Cash burn and cash position

    • Total net use of cash was $6.1 million in the second quarter of 2024, an improvement of 89% year-over-year and 65% sequentially.
    • Cash, cash equivalents, marketable securities and restricted cash was $107.8 million as of June 30, 2024.
    1.

    Revenue and gross margin results from continuing operations, which we believe are representative of our ongoing business strategy exclude any revenue and cost of goods sold of the exited Legacy Sema4 diagnostic testing business for the current and all comparative periods. Total company results include GeneDx's continuing operations and the financial impacts of exited Legacy Sema4 business activities for the current and all comparative periods.

    2.

    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 2024 Guidance

    GeneDx has updated full year 2024 guidance. Management expects GeneDx to:

    • Drive full year 2024 revenues1 between $255 and $265 million (previous guidance was between $235 and $245 million);
    • Expand full year 2024 adjusted gross margin profile to at least 60% (no change);
    • Use between $65 to $70 million of net cash for full year 2024 (previous guidance was between $70 to $80 million);
    • Turn to profitability in 2025 (no change).
    1.

    Total company results include the combination of the GeneDx diagnostic business revenues and the data and information revenues from the Legacy Sema4 business.

    Second Quarter 2024 Business Highlights

    Driving sustainable growth, expanding access and improving the standard of care

    • Announced collaboration with Epic Aura1 to expand access to rapid whole genome sequencing ("rWGS") services to inform diagnosis for affected pediatric and neonatal patients, enhancing GeneDx's commercial footprint within leading health systems.
    • Launched first-of-its-kind Patient Access Program in collaboration with leading biopharma partners to expand access to exome testing for pediatric epilepsy patients.
    • Grew biopharma partner programs to 32, predominantly with biotech companies who are relying on us to find patients with a specific variant for clinical trial purposes.
    • North Carolina Medicaid has expanded its existing coverage of outpatient whole exome sequencing ("WES") to include the analysis of family comparator samples, which increases the rate of diagnosis of WES, effective June 1, 2024.
    • State Medicaid programs continue to expand coverage of rapid genome sequencing in the neonatal intensive care unit ("NICU"), bringing total states covering rapid whole genome in the acute care setting to 14, including new coverage announced in:
      • North Carolina (June 2024)
      • Tennessee (July 2024)
      • Connecticut (July 2024)
    • Announced reinvestment in rapid and standard whole genome sequencing products, enabling:
      • Faster turnaround time for rWGS with a written report in as fast as 5 days
      • Buccal samples (cheek swab) allowing for easier and more accessible non-invasive sample collection method for even the youngest patients
      • Expanding the number of repeat expansions covered by whole genome sequencing to increase diagnostic yield and improve the provider and patient experience by decreasing the need for follow-up testing
    1.

    Epic and Aura are trademarks of Epic Systems Corporation.

    Webcast and Conference Call Details

    GeneDx will host a conference call today, July 30, 2024, at 4:30 p.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 2024 reported revenue guidance, our expectations regarding our adjusted gross margin profile in 2024, our use of net cash in 2024 and our turning profitable 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, 2023, filed with the U.S. Securities and Exchange Commission (the "SEC") on February 23, 2024 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. It all starts with a single test. For more information, please visit genedx.com and connect with us on LinkedIn, X, Facebook, and Instagram.

    Volume and revenue in the table below include the combination of the Legacy GeneDx diagnostic business with the data and information business of Legacy Sema4.

    Volume & Revenue

     

    2Q24

     

    1Q24

     

    4Q23

     

    3Q23

     

    2Q23

    Volumes

     

     

     

     

     

     

     

     

     

    Whole exome, whole genome

     

    18,017

     

     

    16,592

     

     

    15,663

     

     

    13,216

     

     

    11,855

    Hereditary cancer

     

    5,482

     

     

    6,868

     

     

    8,240

     

     

    8,556

     

     

    7,142

    Other panels

     

    34,204

     

     

    31,763

     

     

    33,692

     

     

    35,861

     

     

    35,931

    Total

     

    57,703

     

     

    55,223

     

     

    57,595

     

     

    57,633

     

     

    54,928

     

     

     

     

     

     

     

     

     

     

    Revenue ($ millions)

     

     

     

     

     

     

     

     

     

    Whole exome, whole genome

    $

    50.7

     

    $

    44.0

     

    $

    39.2

     

    $

    34.0

     

    $

    28.7

    Hereditary cancer

     

    3.8

     

     

    5.5

     

     

    5.5

     

     

    4.5

     

     

    3.8

    Other panels

     

    13.3

     

     

    10.7

     

     

    11.2

     

     

    10.6

     

     

    10.6

    Data information

     

    1.1

     

     

    1.3

     

     

    2.2

     

     

    1.3

     

     

    2.1

    Total

    $

    68.9

     

    $

    61.5

     

    $

    58.1

     

    $

    50.4

     

    $

    45.2

    Unaudited Select Financial Information (in thousands)

     

    Three months ended June 30, 2024

     

    Three months ended March 31, 2024

     

    GeneDx

     

    Legacy Sema4

     

    Total

     

    GeneDx

     

    Legacy Sema4

     

    Total

    Revenue

    $68,924

     

    $1,590

     

    $70,514

     

    $61,461

     

    $961

     

    $62,422

    Adjusted cost of services

    26,523

     

    145

     

    26,668

     

    24,099

     

    —

     

    24,099

    Adjusted gross profit (loss)

    $42,401

     

    $1,445

     

    $43,846

     

    $37,362

     

    $961

     

    $38,323

    Adjusted gross margin %

    61.5%

     

    90.9%

     

    62.2%

     

    60.8%

     

    100.0%

     

    61.4%

     

    Three months ended June 30, 2023

     

    GeneDx

     

    Legacy Sema4

     

    Total

    Revenue

    $45,226

     

    $3,480

     

    $48,706

    Adjusted cost of services

    28,452

     

    —

     

    28,452

    Adjusted gross profit (loss)

    $16,774

     

    $3,480

     

    $20,254

    Adjusted gross margin %

    37.1%

     

    100.0%

     

    41.6%

     

    Three months ended June 30, 2024

     

    Reported

     

    Depreciation and amortization

     

    Stock-based compensation expense

     

    Restructuring costs

     

    Change in FV of financial liabilities

     

    Charges related to business exit

     

    Other

     

    Adjusted

    Diagnostic test revenue

    $

    69,439

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

    $

    —

     

    $

    —

     

    $

    69,439

     

    Other revenue

     

    1,075

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

    1,075

     

    Total revenue

     

    70,514

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

    70,514

     

    Cost of services

     

    27,562

     

     

     

    (808

    )

     

     

    (86

    )

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

    26,668

     

    Gross profit (loss)

     

    42,952

     

     

     

    808

     

     

     

    86

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

    43,846

     

    Gross margin

     

    60.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    62.2

    %

    Research and development

     

    10,902

     

     

     

    (211

    )

     

     

    (347

    )

     

     

    (35

    )

     

     

    —

     

     

    —

     

     

    —

     

     

    10,309

     

    Selling and marketing

     

    16,585

     

     

     

    (1,225

    )

     

     

    (368

    )

     

     

    (63

    )

     

     

    —

     

     

    —

     

     

    —

     

     

    14,929

     

    General and administrative

     

    25,170

     

     

     

    (2,974

    )

     

     

    (2,307

    )

     

     

    (150

    )

     

     

    —

     

     

    —

     

     

    —

     

     

    19,739

     

    Impairment loss

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

    —

     

    Other, net

     

    874

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

    874

     

    Loss from operations

     

    (10,579

    )

     

     

    5,218

     

     

     

    3,108

     

     

     

    248

     

     

     

    —

     

     

    —

     

     

    —

     

     

    (2,005

    )

    Interest income (expense), net

     

    (894

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

    (894

    )

    Other income (expense), net

     

    (17,890

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    4,409

     

     

    —

     

     

    13,450

     

     

    (31

    )

    Income tax benefit

     

    190

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

    190

     

    Net loss

    $

    (29,173

    )

     

    $

    5,218

     

     

    $

    3,108

     

     

    $

    248

     

     

    $

    4,409

     

    $

    —

     

    $

    13,450

     

    $

    (2,740

    )

     

    Three months ended June 30, 2023

     

    Reported

     

    Depreciation and amortization

     

    Stock-based compensation expense

     

    Restructuring costs

     

    Change in FV of financial liabilities

     

    Charges related to business exit

     

    Other

     

    Adjusted

    Diagnostic test revenue

    $

    46,635

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    46,635

     

    Other revenue

     

    2,071

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,071

     

    Total revenue

     

    48,706

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    48,706

     

    Cost of services

     

    29,949

     

     

     

    (1,233

    )

     

     

    (251

    )

     

     

    (13

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    28,452

     

    Gross profit (loss)

     

    18,757

     

     

     

    1,233

     

     

     

    251

     

     

     

    13

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    20,254

     

    Gross margin

     

    38.5

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    41.6

    %

    Research and development

     

    17,138

     

     

     

    (4,656

    )

     

     

    675

     

     

     

    (815

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    12,342

     

    Selling and marketing

     

    15,182

     

     

     

    (1,225

    )

     

     

    143

     

     

     

    (326

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    13,774

     

    General and administrative

     

    37,341

     

     

     

    (3,218

    )

     

     

    (675

    )

     

     

    (483

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    32,965

     

    Impairment loss

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Other, net

     

    718

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    334

     

     

     

    3,238

     

     

     

    4,290

     

    Loss from operations

     

    (51,622

    )

     

     

    10,332

     

     

     

    108

     

     

     

    1,637

     

     

     

    —

     

     

     

    (334

    )

     

     

    (3,238

    )

     

     

    (43,117

    )

    Interest income (expense), net

     

    1,074

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,074

     

    Other income (expense), net

     

    3,633

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (3,547

    )

     

     

    —

     

     

     

    (86

    )

     

     

    —

     

    Income tax benefit

     

    196

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    196

     

    Net loss

    $

    (46,719

    )

     

    $

    10,332

     

     

    $

    108

     

     

    $

    1,637

     

     

    $

    (3,547

    )

     

    $

    (334

    )

     

    $

    (3,324

    )

     

    $

    (41,847

    )

     

    Three months ended March 31, 2024

     

    Reported

     

    Depreciation and amortization

     

    Stock-based compensation expense

     

    Restructuring costs

     

    Change in FV of financial liabilities

     

    Charges related to business exit

     

    Other

     

    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 (loss)

     

    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

     

    22,445

     

     

     

    (3,011

    )

     

     

    292

     

     

     

    (292

    )

     

     

    —

     

     

    —

     

     

    —

     

     

    19,434

     

    Impairment loss

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

    —

     

    Other, net

     

    974

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

    974

     

    Loss from operations

     

    (13,660

    )

     

     

    5,248

     

     

     

    (451

    )

     

     

    843

     

     

     

    —

     

     

    —

     

     

    —

     

     

    (8,020

    )

    Interest income (expense), net

     

    (597

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

    (597

    )

    Other income (expense), net

     

    (6,064

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    6,101

     

     

    —

     

     

    —

     

     

    37

     

    Income tax benefit

     

    82

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

    82

     

    Net loss

    $

    (20,239

    )

     

    $

    5,248

     

     

    $

    (451

    )

     

    $

    843

     

     

    $

    6,101

     

    $

    —

     

    $

    —

     

    $

    (8,498

    )

    GeneDx Holdings Corp.

    Condensed Consolidated Balance Sheets

    (in thousands, except share and per share amounts)

     

     

    June 30, 2024 (Unaudited)

     

    December 31, 2023

    Assets:

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    56,076

     

     

    $

    99,681

     

    Marketable securities

     

    50,784

     

     

     

    30,467

     

    Accounts receivable

     

    25,500

     

     

     

    32,371

     

    Due from related parties

     

    693

     

     

     

    445

     

    Inventory, net

     

    10,322

     

     

     

    8,777

     

    Prepaid expenses and other current assets

     

    18,792

     

     

     

    10,598

     

    Total current assets

     

    162,167

     

     

     

    182,339

     

    Operating lease right-of-use assets

     

    25,624

     

     

     

    26,900

     

    Property and equipment, net

     

    31,339

     

     

     

    32,479

     

    Intangible assets, net

     

    165,613

     

     

     

    172,625

     

    Other assets (1)

     

    4,357

     

     

     

    4,413

     

    Total assets

    $

    389,100

     

     

    $

    418,756

     

    Liabilities and Stockholders' Equity:

     

     

     

    Current liabilities:

     

     

     

    Accounts payable and accrued expenses

    $

    51,959

     

     

    $

    37,456

     

    Due to related parties

     

    1,213

     

     

     

    1,379

     

    Short-term lease liabilities

     

    4,001

     

     

     

    3,647

     

    Other current liabilities

     

    11,097

     

     

     

    16,336

     

    Total current liabilities

     

    68,270

     

     

     

    58,818

     

    Long-term debt, net of current portion

     

    52,160

     

     

     

    52,688

     

    Long-term lease liabilities

     

    60,800

     

     

     

    62,938

     

    Other liabilities

     

    12,660

     

     

     

    14,735

     

    Deferred taxes

     

    1,167

     

     

     

    1,560

     

    Total liabilities

     

    195,057

     

     

     

    190,739

     

    Stockholders' Equity:

     

     

     

    Preferred stock

     

    —

     

     

     

    —

     

    Class A common stock

     

    2

     

     

     

    2

     

    Additional paid-in capital

     

    1,543,182

     

     

     

    1,527,778

     

    Accumulated deficit

     

    (1,349,600

    )

     

     

    (1,300,188

    )

    Accumulated other comprehensive income

     

    459

     

     

     

    425

     

    Total stockholders' equity

     

    194,043

     

     

     

    228,017

     

    Total liabilities and stockholders' equity

    $

    389,100

     

     

    $

    418,756

     

    (1)

    Other assets includes $987 thousand of restricted cash as of both June 30, 2024 and December 31, 2023.

    GeneDx Holdings Corp.

    Condensed Consolidated Statements of Operations (Unaudited)

    (in thousands, except share and per share amounts)

     

     

    June 30,

     

    Six months ended June 30,

     

    2024

     

    2023

     

    2024

     

    2023

    Revenue

     

     

     

     

     

     

     

    Diagnostic test revenue

    $

    69,439

     

     

    $

    46,635

     

     

    $

    130,543

     

     

    $

    88,485

     

    Other revenue

     

    1,075

     

     

     

    2,071

     

     

     

    2,393

     

     

     

    3,360

     

    Total revenue

     

    70,514

     

     

     

    48,706

     

     

     

    132,936

     

     

     

    91,845

     

    Cost of services

     

    27,562

     

     

     

    29,949

     

     

     

    52,573

     

     

     

    57,852

     

    Gross profit

     

    42,952

     

     

     

    18,757

     

     

     

    80,363

     

     

     

    33,993

     

    Research and development

     

    10,902

     

     

     

    17,138

     

     

     

    22,469

     

     

     

    31,730

     

    Selling and marketing

     

    16,585

     

     

     

    15,182

     

     

     

    32,670

     

     

     

    28,634

     

    General and administrative

     

    25,170

     

     

     

    37,341

     

     

     

    47,615

     

     

     

    81,030

     

    Impairment loss

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,120

     

    Other operating expenses, net

     

    874

     

     

     

    718

     

     

     

    1,848

     

     

     

    2,465

     

    Loss from operations

     

    (10,579

    )

     

     

    (51,622

    )

     

     

    (24,239

    )

     

     

    (111,986

    )

     

     

     

     

     

     

     

     

    Non-operating income (expenses), net

     

     

     

     

     

     

     

    Change in fair value of warrants and earn-out contingent liabilities

     

    (4,409

    )

     

     

    3,547

     

     

     

    (10,510

    )

     

     

    94

     

    Interest expense, net

     

    (894

    )

     

     

    1,074

     

     

     

    (1,491

    )

     

     

    1,039

     

    Other expense, net

     

    (13,481

    )

     

     

    86

     

     

     

    (13,444

    )

     

     

    2,802

     

    Total non-operating income, net

     

    (18,784

    )

     

     

    4,707

     

     

     

    (25,445

    )

     

     

    3,935

     

    Loss before income taxes

     

    (29,363

    )

     

     

    (46,915

    )

     

    $

    (49,684

    )

     

    $

    (108,051

    )

    Income tax benefit

     

    190

     

     

     

    196

     

     

     

    272

     

     

     

    343

     

    Net loss

    $

    (29,173

    )

     

    $

    (46,719

    )

     

    $

    (49,412

    )

     

    $

    (107,708

    )

     

     

     

     

     

     

     

     

    Weighted average shares outstanding of Class A common stock

     

    26,617,955

     

     

     

    25,418,358

     

     

     

    26,340,063

     

     

     

    22,754,948

     

    Basic and diluted net loss per share, Class A common stock

    $

    (1.10

    )

     

    $

    (1.84

    )

     

    $

    (1.88

    )

     

    $

    (4.73

    )

    GeneDx Holdings Corp.

    Condensed Consolidated Statements of Cash Flows (Unaudited)

    (in thousands)

     

     

    Six months ended June 30,

     

    2024

     

    2023

    Operating activities

     

     

     

    Net loss

    $

    (49,412

    )

     

    $

    (107,708

    )

    Adjustments to reconcile net loss to net cash used in operating activities:

     

     

     

    Depreciation and amortization expense

     

    10,466

     

     

     

    18,968

     

    Stock-based compensation expense

     

    2,657

     

     

     

    156

     

    Change in fair value of warrants and contingent liabilities

     

    10,510

     

     

     

    (94

    )

    Deferred tax benefit

     

    (272

    )

     

     

    (343

    )

    Provision for excess and obsolete inventory

     

    109

     

     

     

    2,620

     

    Legal reserves

     

    13,450

     

     

     

    —

     

    Change in third party payor reserves

     

    1,066

     

     

     

    (4,308

    )

    Gain on sale of assets

     

    —

     

     

     

    (2,954

    )

    Gain on debt forgiveness

     

    —

     

     

     

    (2,750

    )

    Impairment loss

     

    —

     

     

     

    2,120

     

    Other

     

    1,738

     

     

     

    412

     

    Change in operating assets and liabilities:

     

     

     

    Accounts receivable

     

    6,871

     

     

     

    10,174

     

    Inventory

     

    (1,654

    )

     

     

    (486

    )

    Accounts payable and accrued expenses

     

    (10,359

    )

     

     

    (25,399

    )

    Other assets and liabilities

     

    (6,088

    )

     

     

    531

     

    Net cash used in operating activities

     

    (20,918

    )

     

     

    (109,061

    )

    Investing activities

     

     

     

    Consideration on escrow paid for GeneDx acquisition

     

    —

     

     

     

    (12,144

    )

    Purchases of property and equipment

     

    (1,795

    )

     

     

    (2,762

    )

    Proceeds from sales of assets

     

    —

     

     

     

    3,634

     

    Purchases of marketable securities

     

    (29,381

    )

     

     

    —

     

    Proceeds from sales of marketable securities

     

    598

     

     

     

    —

     

    Proceeds from maturities of marketable securities

     

    8,720

     

     

     

    —

     

    Development of internal-use software assets

     

    —

     

     

     

    (461

    )

    Net cash used in investing activities

     

    (21,858

    )

     

     

    (11,733

    )

    Financing activities

     

     

     

    Proceeds from offerings, net of issuance costs

     

    —

     

     

     

    143,002

     

    Exercise of stock options

     

    161

     

     

     

    266

     

    Long-term debt principal payments

     

    —

     

     

     

    (2,000

    )

    Finance lease payoff and principal payments

     

    (990

    )

     

     

    (1,222

    )

    Net cash (used in) provided by financing activities

     

    (829

    )

     

     

    140,046

     

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

     

    (43,605

    )

     

     

    19,252

     

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

     

    100,668

     

     

     

    138,303

     

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

    $

    57,063

     

     

    $

    157,555

     

     

     

     

     

    Supplemental disclosures of cash flow information

     

     

     

    Cash paid for interest

    $

    4,033

     

     

    $

    946

     

    Cash paid for taxes

    $

    557

     

     

    $

    1,003

     

    Stock consideration paid for purchase of business

    $

    —

     

     

    $

    6,692

     

    Stock consideration paid pursuant to exercise of Perceptive warrant

    $

    12,586

     

     

    $

    —

     

    Purchases of property and equipment in accounts payable and accrued expenses

    $

    501

     

     

    $

    109

     

    Assets acquired under capital leases obligations

    $

    689

     

     

    $

    —

     

    (1)

    Cash, cash equivalents and restricted cash at June 30, 2024 excludes marketable securities of $50.8 million.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240730096917/en/

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      Files Preliminary Proxy Statement to Solicit Shareholders to Oppose the Merger Intends to Vote AGAINST the Conflict-Plagued and Excessively Dilutive Transaction, Which Stands to Unduly Benefit Certain Investors and Standard BioTools at the Expense of SomaLogic's Shareholders Notes the Current Premium for SomaLogic Shareholders, Based on the Deal's Exchange Ratio and Standard BioTools' Trading Price, is Only ~4.3% Underscores That SomaLogic Has Superior Alternatives to a Flawed Combination, Including a Standalone Path Leveraging its Considerable Cash Position and Strong Balance Sheet Madryn Asset Management, LP (collectively with its affiliates, "Madryn"), a holder of approximately 4

      12/12/23 5:31:00 PM ET
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    $WGS
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    • GeneDx Reports First Quarter 2025 Financial Results and Business Highlights

      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 ins

      4/30/25 6:30:00 AM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology
    • GeneDx to Report First Quarter 2025 Financial Results on Wednesday, April 30, 2025

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      4/8/25 8:05:00 AM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
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    • GeneDx Reports Fourth Quarter and Full Year 2024 Financial Results and Issues Guidance for Full Year 2025

      Grew fourth quarter 2024 revenues1 to $95.3 million Expanded fourth quarter 2024 adjusted gross margins1,2 to 70% Generated fourth quarter 2024 adjusted net income2 of $16.8 million FY 2025 revenue guidance of $350M to $360M, exome/genome volume and revenue growth of at least 30% 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 fourth quarter and full year of 2024. "The fourth quarter capped an outstanding year for GeneDx, as we work to end the diagnostic odyssey with earlier intervention using our industry-leading exome and gen

      2/18/25 6:00:00 AM ET
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    • Amendment: SEC Form SC 13D/A filed by GeneDx Holdings Corp.

      SC 13D/A - GeneDx Holdings Corp. (0001818331) (Subject)

      11/20/24 9:36:13 PM ET
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      Retail: Computer Software & Peripheral Equipment
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    • Amendment: SEC Form SC 13D/A filed by GeneDx Holdings Corp.

      SC 13D/A - GeneDx Holdings Corp. (0001818331) (Subject)

      11/19/24 8:00:24 PM ET
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    • Amendment: SEC Form SC 13D/A filed by GeneDx Holdings Corp.

      SC 13D/A - GeneDx Holdings Corp. (0001818331) (Subject)

      11/8/24 5:23:34 PM ET
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      Retail: Computer Software & Peripheral Equipment
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