• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    GeneDx Reports Third Quarter 2024 Financial Results and Business Highlights

    10/29/24 8:00:00 AM ET
    $WGS
    Retail: Computer Software & Peripheral Equipment
    Technology
    Get the next $WGS alert in real time by email

    Achieved profitability milestone with third quarter adjusted net income1 of $1.2M

    Reported third quarter 2024 revenues2 of $76.6M with 77% year-over-year growth of exome and genome test revenue

    Expanded third quarter 2024 adjusted gross margins2 to 64%

    Raising guidance to deliver between $284M and $290M in FY 2024 revenue

    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 third quarter of 2024.

    "We delivered 77% growth on exome and genome revenues in Q3 and have reached the point of profitability, a significant milestone in our company's history," said Katherine Stueland, CEO of GeneDx. "Our advancements in genomics are redefining the standard of care, setting new industry standards for clinical utility and economic efficiency, and shortening the time to a diagnosis for thousands of families. With an ever-growing number of families eligible for our services, our growth outlook is healthy and sustainable. We continue to bring life-changing impact to the pediatric outpatient and NICU settings, and we are now establishing the foundation for clinically-actionable, responsible, and scalable genomic newborn screening."

    "Once again, our quarterly performance exceeded our top and bottom-line expectations. The third quarter marked our 10th consecutive quarter of cash flow improvement and we achieved positive adjusted net income ahead of our prior target," said Kevin Feeley, CFO of GeneDx. "With our industry-leading technology and a massive market opportunity ahead, GeneDx will continue to couple financial discipline with strategic investment to accelerate the business and provide answers for even more families in need."

    Third Quarter 2024 Financial Results (Unaudited)1,2

    Revenues

    • Revenues from continuing operations grew to $76.6 million, an increase of 52% year-over-year and 11% sequentially.
      • Total company revenues were $76.9 million.
    • Exome and genome test revenue grew to $60.0 million, an increase of 77% year-over-year and 18% sequentially.

    Exome and genome volume

    • Exome and genome test results volume grew to 19,262, an increase of 46% year-over-year and 7% sequentially.
    • Exome and genome represented 33% of all test results, up from 23% in the third quarter of 2023 and up from 31% in the second quarter of 2024.

    Gross margin

    • Adjusted gross margin from continuing operations expanded to 64%, up from 48% in the third quarter of 2023 and up from 62% in the second quarter of 2024.
      • Total company gross margin was 62%.

    Operating expenses

    • Adjusted total operating expenses were $46.6 million, a decrease of 2% year-over-year and an increase of 4% sequentially.
      • Total GAAP operating expenses were $54.8 million.

    Net Income (Loss)

    • Adjusted net income improved to $1.2 million, an improvement of 106% year-over-year and 143% sequentially.
      • GAAP net loss was $8.3 million.

    Cash burn and cash position

    • Total net use of cash was $5.0 million in the third quarter of 2024, an improvement of 88% year-over-year and 17% sequentially.
    • Cash, cash equivalents, marketable securities and restricted cash was $117.4 million as of September 30, 2024, inclusive of proceeds of $14.6 million, net of fees, from the issuance of 418,653 shares of Class A common stock in connection with sales pursuant to our "at-the-market" offering during the third quarter of 2024.

    GeneDx Full Year 2024 Guidance

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

    • Drive full year 2024 revenues2 between $284 and $290 million (previous guidance was between $255 and $265 million);
    • Expand full year 2024 adjusted gross margin2 profile to at least 62% (previous guidance was at least 60%);
    • Use between $60 to $65 million of net cash for full year 2024 (previous guidance was between $65 to $70 million)
    1. Adjusted gross margin, adjusted total operating expenses and adjusted net income (loss) are non-GAAP financial measures. See appendix for a reconciliation of GAAP to Non-GAAP figures presented.
    2. 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 are labeled accordingly and include GeneDx's continuing operations and the financial impacts of exited Legacy Sema4 business activities for the current and all comparative periods.

    Third Quarter 2024 Business Highlights

    Driving sustainable growth and expanding access for more patient populations

    • Achieved over 700,000 clinical exomes and genomes sequenced, with over 100,000 completed in the last six months alone
    • Accelerated adoption of whole exome sequencing (WES) and whole genome sequencing (WGS) coverage by state Medicaid programs, bringing total states covering exome or genome sequencing in the pediatric outpatient setting to 30
      • Indiana - WES and WGS (July 2024)
      • Connecticut - WGS (July 2024)
      • Texas - WGS (September 2024)
      • Florida - WGS (October 2024)
    • The Centers for Medicare & Medicaid Services issued "historic guidance" to state Medicaid agencies, underscoring their obligation to provide all medically necessary services under the Early and Periodic Screening, Diagnostic, and Treatment (EPSDT) benefit
      • Under EPSDT, every Medicaid-enrolled child under 21 is entitled to services that meet their unique medical needs. This includes diagnostics like exome and genome sequencing - some of the most powerful tools we have to unlock appropriate care, treatments, and crucial support systems for these children.
    • Expanded the Epilepsy Partnership Program, a first-of-its-kind patient access program that is increasing access to exome and genome sequencing for pediatric epilepsy patients, by including an additional biopharma partner
    • Collaborated with researchers from Wellcome Sanger Institute to release data from the largest and most diverse study to date, with data from more than 30,000 patients, on how recessive genetic changes contribute to developmental disorders in children
      • On September 23, 2024, findings from the study were published in Nature Genetics, showcasing that most new recessive developmental disorder diagnoses lie within known genes.
      • The publication is further evidence of our commitment to the important role of diversity in genomics and belief that serving a more diverse patient population drives more definitive diagnoses for patients of all backgrounds.

    Demonstrating genome leadership in the neonatal inventive care unit (NICU)

    • Launched improvements to our rapid whole genome sequencing product, including cheek swabs for more accessible sample collection, and shortened turnaround times to as soon as five days
    • Progressed initiative to launch Epic Aura in the first half of 2025, which will seamlessly integrate GeneDx exome and genome testing into the ordering and resulting workflows of many of the largest health systems across the country

    Leaders in genomic newborn screening (gNBS)

    • Conducted more gNBS than any other lab in the United States and successfully executed multi-site implementation strategies across diverse patient populations, positioning GeneDx as the clear leader set to revolutionize the standard approach to NBS
      • On October 8, 2024, data was presented at the International Conference on Newborn Sequencing (ICoNS) showcasing that GeneDx has now provided genomic newborn screenings for more than 14,000 infants through its participation in the groundbreaking GUARDIAN and Early Check research studies. Today, that number exceeds 15,000.
    • Revealed limitations of traditional newborn screening methods and showcased the promise of advanced genomic technology to deliver equitable health care for all children
      • On October 24, 2024, findings from the GUARDIAN study were published in JAMA (Journal of the American Medical Association), a leading peer-reviewed medical journal.
      • GUARDIAN goes beyond the typical newborn screening panel of about 60 conditions to now over 450-early onset genetic conditions with established effective interventions.
      • Over the initial 11-month period, 4,000 newborns were enrolled and 3.7% of newborns had positive screenings.
      • By referencing our internal database, one of the largest of its kind enriched for rare disease, we find that the average age of diagnosis for children with these same conditions ranges from 7-11 years.
      • Of the newborns with true positive findings, 92% had a confirmed diagnosis for a condition not included in traditional NBS.
      • The study highlights the wide acceptance of more advanced and modernized NBS, with 72% of families approached for the study consenting to participate.

    Webcast and Conference Call Details

    GeneDx will host a conference call today, October 29, 2024, 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 2024 reported revenue guidance, our expectations regarding our adjusted gross margin profile in 2024, and our use of net cash in 2024. 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

     

     

    3Q24

     

     

    2Q24

     

    1Q24

     

    4Q23

     

    3Q23

    Volumes

     

     

     

     

     

     

     

     

     

    Whole exome, whole genome

     

    19,262

     

     

     

    18,017

     

     

    16,592

     

     

    15,663

     

     

    13,216

    Hereditary cancer

     

    4,672

     

     

     

    5,482

     

     

    6,868

     

     

    8,240

     

     

    8,556

    Other panels

     

    35,095

     

     

     

    34,204

     

     

    31,763

     

     

    33,692

     

     

    35,861

    Total

     

    59,029

     

     

     

    57,703

     

     

    55,223

     

     

    57,595

     

     

    57,633

     

     

     

     

     

     

     

     

     

     

    Revenue ($ millions)

     

     

     

     

     

     

     

     

     

    Whole exome, whole genome

    $

    60.0

     

     

    $

    50.7

     

    $

    44.0

     

    $

    39.2

     

    $

    34.0

    Hereditary cancer

     

    3.3

     

     

     

    3.8

     

     

    5.5

     

     

    5.5

     

     

    4.5

    Other panels

     

    13.8

     

     

     

    13.3

     

     

    10.7

     

     

    11.2

     

     

    10.6

    Data information

     

    (0.5

    )

     

     

    1.1

     

     

    1.3

     

     

    2.2

     

     

    1.3

    Total

    $

    76.6

     

     

    $

    68.9

     

    $

    61.5

     

    $

    58.1

     

    $

    50.4

     

    Unaudited Select Financial Information (in thousands)

     

    Three months ended September 30, 2024

     

    Three months ended June 30, 2024

     

    GeneDx

     

    Legacy Sema4

     

    Total

     

    GeneDx

     

    Legacy Sema4

     

    Total

    Revenue

    $76,622

     

    $252

     

    $76,874

     

    $68,924

     

    $1,590

     

    $70,514

    Adjusted cost of services

    27,370

     

    —

     

    27,370

     

    26,523

     

    145

     

    26,668

    Adjusted gross profit

    $49,252

     

    $252

     

    $49,504

     

    $42,401

     

    $1,445

     

    $43,846

    Adjusted gross margin %

    64.3%

     

    100.0%

     

    64.4%

     

    61.5%

     

    90.9%

     

    62.2%

     

     

    Three months ended September 30, 2023

     

    GeneDx

     

    Legacy Sema4

     

    Total

    Revenue

    $50,350

     

    $2,953

     

    $53,303

    Adjusted cost of services

    26,079

     

    225

     

    26,304

    Adjusted gross profit

    $24,271

     

    $2,728

     

    $26,999

    Adjusted gross margin %

    48.2%

     

    92.4%

     

    50.7%

     

     

    Three months ended September 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

    $

    77,418

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

    $

    —

     

    $

    —

     

     

    $

    77,418

     

    Other revenue

     

    (544

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

     

    (544

    )

    Total revenue

     

    76,874

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

     

    76,874

     

    Cost of services

     

    29,045

     

     

     

    (1,495

    )

     

     

    (174

    )

     

     

    (6

    )

     

     

    —

     

     

    —

     

     

    —

     

     

     

    27,370

     

    Gross profit

     

    47,829

     

     

     

    1,495

     

     

     

    174

     

     

     

    6

     

     

     

    —

     

     

    —

     

     

    —

     

     

     

    49,504

     

    Gross margin

     

    62.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    64.4

    %

    Research and development

     

    11,665

     

     

     

    (222

    )

     

     

    (537

    )

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

     

    10,906

     

    Selling and marketing

     

    17,025

     

     

     

    (1,225

    )

     

     

    (394

    )

     

     

    (55

    )

     

     

    —

     

     

    —

     

     

    —

     

     

     

    15,351

     

    General and administrative

     

    26,145

     

     

     

    (2,987

    )

     

     

    (2,531

    )

     

     

    (308

    )

     

     

    —

     

     

    —

     

     

    —

     

     

     

    20,319

     

    Impairment loss

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

    Other, net

     

    774

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

     

    774

     

    Loss from operations

     

    (7,780

    )

     

     

    5,929

     

     

     

    3,636

     

     

     

    369

     

     

     

    —

     

     

    —

     

     

    —

     

     

     

    2,154

     

    Interest income (expense), net

     

    (843

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

     

    (843

    )

    Other income (expense), net

     

    264

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    880

     

     

    —

     

     

    (1,327

    )

     

     

    (183

    )

    Income tax benefit

     

    47

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    —

     

     

    —

     

     

     

    47

     

    Net income (loss)

    $

    (8,312

    )

     

    $

    5,929

     

     

    $

    3,636

     

     

    $

    369

     

     

    $

    880

     

    $

    —

     

    $

    (1,327

    )

     

    $

    1,175

     

     

     

    Three months ended September 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

    $

    51,955

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

    $

    51,955

     

    Other revenue

     

    1,348

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    1,348

     

    Total revenue

     

    53,303

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    53,303

     

    Cost of services

     

    28,044

     

     

     

    (1,613

    )

     

     

    (75

    )

     

     

    (52

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    26,304

     

    Gross profit

     

    25,259

     

     

     

    1,613

     

     

     

    75

     

     

     

    52

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    26,999

     

    Gross margin

     

    47.4

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    50.7

    %

    Research and development

     

    14,288

     

     

     

    (283

    )

     

     

    533

     

     

     

    (970

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    13,568

     

    Selling and marketing

     

    16,763

     

     

     

    (1,225

    )

     

     

    115

     

     

     

    (415

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    15,238

     

    General and administrative

     

    26,099

     

     

     

    (5,551

    )

     

     

    (1,004

    )

     

     

    (754

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    18,790

     

    Impairment loss

     

    8,282

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (8,282

    )

     

     

    —

     

     

    —

     

    Other, net

     

    2,794

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1,014

    )

     

     

    —

     

     

    1,780

     

    Loss from operations

     

    (42,967

    )

     

     

    8,672

     

     

     

    431

     

     

     

    2,191

     

     

     

    —

     

     

     

    9,296

     

     

     

    —

     

     

    (22,377

    )

    Interest income (expense), net

     

    1,053

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    1,053

     

    Other income (expense), net

     

    (544

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (590

    )

     

     

    —

     

     

     

    1,134

     

     

    —

     

    Income tax benefit

     

    172

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

    172

     

    Net loss

    $

    (42,286

    )

     

    $

    8,672

     

     

    $

    431

     

     

    $

    2,191

     

     

    $

    (590

    )

     

    $

    9,296

     

     

    $

    1,134

     

    $

    (21,152

    )

     

     

    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

     

    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

    )

     

    GeneDx Holdings Corp.

    Condensed Consolidated Balance Sheets

    (in thousands, except share and per share amounts)

     
     

     

    September 30, 2024

    (Unaudited)

     

    December 31, 2023

    Assets:

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    57,894

     

     

    $

    99,681

     

    Marketable securities

     

    58,566

     

     

     

    30,467

     

    Accounts receivable

     

    38,220

     

     

     

    32,371

     

    Due from related parties

     

    260

     

     

     

    445

     

    Inventory, net

     

    10,770

     

     

     

    8,777

     

    Prepaid expenses and other current assets

     

    20,300

     

     

     

    10,598

     

    Total current assets

     

    186,010

     

     

     

    182,339

     

    Operating lease right-of-use assets

     

    24,936

     

     

     

    26,900

     

    Property and equipment, net

     

    31,452

     

     

     

    32,479

     

    Intangible assets, net

     

    162,106

     

     

     

    172,625

     

    Other assets (1)

     

    4,336

     

     

     

    4,413

     

    Total assets

    $

    408,840

     

     

    $

    418,756

     

    Liabilities and Stockholders' Equity:

     

     

     

    Current liabilities:

     

     

     

    Accounts payable and accrued expenses

    $

    56,416

     

     

    $

    37,456

     

    Due to related parties

     

    727

     

     

     

    1,379

     

    Short-term lease liabilities

     

    3,698

     

     

     

    3,647

     

    Other current liabilities

     

    16,501

     

     

     

    16,336

     

    Total current liabilities

     

    77,342

     

     

     

    58,818

     

    Long-term debt, net of current portion

     

    52,034

     

     

     

    52,688

     

    Long-term lease liabilities

     

    60,369

     

     

     

    62,938

     

    Other liabilities

     

    13,540

     

     

     

    14,735

     

    Deferred taxes

     

    1,054

     

     

     

    1,560

     

    Total liabilities

     

    204,339

     

     

     

    190,739

     

    Stockholders' Equity:

     

     

     

    Preferred stock

     

    —

     

     

     

    —

     

    Class A common stock

     

    2

     

     

     

    2

     

    Additional paid-in capital

     

    1,561,493

     

     

     

    1,527,778

     

    Accumulated deficit

     

    (1,357,912

    )

     

     

    (1,300,188

    )

    Accumulated other comprehensive income

     

    918

     

     

     

    425

     

    Total stockholders' equity

     

    204,501

     

     

     

    228,017

     

    Total liabilities and stockholders' equity

    $

    408,840

     

     

    $

    418,756

     

     

    (1) Other assets includes $987 thousand of restricted cash as of both September 30, 2024 and December 31, 2023.

     

    GeneDx Holdings Corp.

    Condensed Consolidated Statements of Operations (Unaudited)

    (in thousands, except share and per share amounts)

     
     

     

    Three months ended September 30,

     

    Nine months ended September 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Revenue

     

     

     

     

     

     

     

    Diagnostic test revenue

    $

    77,418

     

     

    $

    51,955

     

     

    $

    207,961

     

     

    $

    140,440

     

    Other revenue

     

    (544

    )

     

     

    1,348

     

     

     

    1,849

     

     

     

    4,708

     

    Total revenue

     

    76,874

     

     

     

    53,303

     

     

     

    209,810

     

     

     

    145,148

     

    Cost of services

     

    29,045

     

     

     

    28,044

     

     

     

    81,618

     

     

     

    85,896

     

    Gross profit

     

    47,829

     

     

     

    25,259

     

     

     

    128,192

     

     

     

    59,252

     

    Research and development

     

    11,665

     

     

     

    14,288

     

     

     

    34,134

     

     

     

    46,018

     

    Selling and marketing

     

    17,025

     

     

     

    16,763

     

     

     

    49,695

     

     

     

    45,397

     

    General and administrative

     

    26,145

     

     

     

    26,099

     

     

     

    73,760

     

     

     

    107,129

     

    Impairment loss

     

    —

     

     

     

    8,282

     

     

     

    —

     

     

     

    10,402

     

    Other operating expenses, net

     

    774

     

     

     

    2,794

     

     

     

    2,622

     

     

     

    5,259

     

    Loss from operations

     

    (7,780

    )

     

     

    (42,967

    )

     

     

    (32,019

    )

     

     

    (154,953

    )

     

     

     

     

     

     

     

     

    Non-operating income (expenses), net

     

     

     

     

     

     

     

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

     

    (880

    )

     

     

    590

     

     

     

    (11,390

    )

     

     

    684

     

    Interest (expense) income, net

     

    (843

    )

     

     

    1,053

     

     

     

    (2,334

    )

     

     

    2,092

     

    Other income (expense), net

     

    1,144

     

     

     

    (1,134

    )

     

     

    (12,300

    )

     

     

    1,668

     

    Total non-operating income (expense), net

     

    (579

    )

     

     

    509

     

     

     

    (26,024

    )

     

     

    4,444

     

    Loss before income taxes

     

    (8,359

    )

     

     

    (42,458

    )

     

    $

    (58,043

    )

     

    $

    (150,509

    )

    Income tax benefit

     

    47

     

     

     

    172

     

     

     

    319

     

     

     

    515

     

    Net loss

    $

    (8,312

    )

     

    $

    (42,286

    )

     

    $

    (57,724

    )

     

    $

    (149,994

    )

     

     

     

     

     

     

     

     

    Weighted average shares outstanding of Class A common stock

     

    27,095,986

     

     

     

    25,788,747

     

     

     

    26,593,877

     

     

     

    23,777,327

     

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

    $

    (0.31

    )

     

    $

    (1.64

    )

     

    $

    (2.17

    )

     

    $

    (6.31

    )

     

    GeneDx Holdings Corp.

    Condensed Consolidated Statements of Cash Flows (Unaudited)

    (in thousands)

     
     

     

    Nine months ended September 30,

     

     

    2024

     

     

     

    2023

     

    Operating activities

     

     

     

    Net loss

    $

    (57,724

    )

     

    $

    (149,994

    )

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

     

     

     

    Depreciation and amortization expense

     

    16,395

     

     

     

    27,640

     

    Stock-based compensation expense

     

    6,293

     

     

     

    586

     

    Change in fair value of warrants and contingent liabilities

     

    11,390

     

     

     

    (684

    )

    Deferred tax benefit

     

    (319

    )

     

     

    (515

    )

    Provision for excess and obsolete inventory

     

    137

     

     

     

    3,634

     

    Legal reserves

     

    12,123

     

     

     

    —

     

    Change in third party payor reserves

     

    737

     

     

     

    (6,848

    )

    Gain on sale of assets

     

    —

     

     

     

    (2,954

    )

    Gain on debt forgiveness

     

    —

     

     

     

    (2,750

    )

    Impairment loss

     

    —

     

     

     

    10,402

     

    Other

     

    2,639

     

     

     

    1,071

     

    Change in operating assets and liabilities:

     

     

     

    Accounts receivable

     

    (5,850

    )

     

     

    10,726

     

    Inventory

     

    (2,131

    )

     

     

    682

     

    Accounts payable and accrued expenses

     

    (7,807

    )

     

     

    (39,913

    )

    Other assets and liabilities

     

    (1,196

    )

     

     

    (1,372

    )

    Net cash used in operating activities

     

    (25,313

    )

     

     

    (150,289

    )

    Investing activities

     

     

     

    Consideration on escrow paid for Legacy GeneDx acquisition

     

    —

     

     

     

    (12,144

    )

    Purchases of property and equipment

     

    (2,441

    )

     

     

    (2,874

    )

    Proceeds from sales of assets

     

    —

     

     

     

    3,887

     

    Purchases of marketable securities

     

    (52,725

    )

     

     

    (43,935

    )

    Proceeds from sales of marketable securities

     

    598

     

     

     

    —

     

    Proceeds from maturities of marketable securities

     

    24,955

     

     

     

    16,665

     

    Development of internal-use software assets

     

    —

     

     

     

    (461

    )

    Net cash used in investing activities

     

    (29,613

    )

     

     

    (38,862

    )

    Financing activities

     

     

     

    Proceeds from offerings, net of issuance costs

     

    14,589

     

     

     

    143,002

     

    Exercise of stock options

     

    247

     

     

     

    266

     

    Long-term debt principal payments

     

    (198

    )

     

     

    (2,000

    )

    Finance lease payoff and principal payments

     

    (1,499

    )

     

     

    (2,133

    )

    Net cash provided by financing activities

     

    13,139

     

     

     

    139,135

     

    Net decrease in cash, cash equivalents and restricted cash

     

    (41,787

    )

     

     

    (50,016

    )

    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)

    $

    58,881

     

     

    $

    88,287

     

     

     

     

     

    Supplemental disclosures of cash flow information

     

     

     

    Cash paid for interest

    $

    6,068

     

     

    $

    1,116

     

    Cash paid for taxes

    $

    910

     

     

    $

    1,178

     

    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

    $

    2,612

     

     

    $

    1,220

     

    Assets acquired under capital leases obligations

    $

    689

     

     

    $

    —

     

     

    (1) Cash, cash equivalents and restricted cash at September 30, 2024 excludes marketable securities of $58.6 million.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241029161441/en/

    Get the next $WGS alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $WGS

    DatePrice TargetRatingAnalyst
    8/28/2024$34.00Equal Weight
    Wells Fargo
    7/10/2024$43.00Buy
    Craig Hallum
    6/3/2024$21.00Hold
    Jefferies
    More analyst ratings

    $WGS
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • GeneDx Announces Completion of Fabric Genomics Acquisition

      Closing unlocks the next phase of genomic medicine, enabling an end-to-end centralized and decentralized model for offering clinically-actionable genomic insights at a global scale GeneDx (NASDAQ:WGS), a leader in delivering improved health outcomes through genomic insights, today announced the successful completion of its acquisition of Fabric Genomics, a pioneer in AI-powered genomic interpretation. Together, GeneDx and Fabric Genomics are ushering in the next era of genomic medicine, enabling decentralized testing powered by centralized intelligence to set the standard of care across the globe. "Healthcare is at an inflection point where genomic insights must be integrated into standar

      5/7/25 8:30:00 AM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology
    • 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 Acquire Fabric Genomics, Enabling Decentralized, AI-Powered Testing at Global Scale

      Combining GeneDx's industry-leading rare disease data asset and Fabric Genomics' AI-powered platform furthers the Company's leadership and creates an unrivaled platform to deliver global access to genomic information Accelerates the NICU, enables newborn screening, and opens global market opportunities with on-site sequencing and decentralized interpretation GeneDx (NASDAQ:WGS), a leader in delivering improved health outcomes through genomic insights, today announced its plans to acquire Fabric Genomics, a pioneer in AI-powered genomic interpretation. The transaction enables GeneDx's leadership in the next phase of genomic medicine: decentralized testing with centralized intelligence. "H

      4/16/25 6:00:00 AM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology

    $WGS
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Wells Fargo initiated coverage on GeneDx with a new price target

      Wells Fargo initiated coverage of GeneDx with a rating of Equal Weight and set a new price target of $34.00

      8/28/24 7:58:09 AM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology
    • Craig Hallum initiated coverage on GeneDx with a new price target

      Craig Hallum initiated coverage of GeneDx with a rating of Buy and set a new price target of $43.00

      7/10/24 8:09:23 AM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology
    • Jefferies resumed coverage on GeneDx with a new price target

      Jefferies resumed coverage of GeneDx with a rating of Hold and set a new price target of $21.00

      6/3/24 8:54:48 AM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology

    $WGS
    Financials

    Live finance-specific insights

    See more
    • 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

      GeneDx (NASDAQ:WGS), a leader in delivering improved health outcomes through genomic insights, today announced it will release financial results for the first quarter of 2025 before the market opens on Wednesday, April 30, 2025. Management will host a conference call that day to discuss first quarter 2025 financial and operating results at 8:30 a.m. Eastern Time. Conference Call Details 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/. About GeneDx At GeneDx (NASDAQ:WGS), we believe that everyone de

      4/8/25 8:05:00 AM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology
    • 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
      $BIIB
      $PRAX
      $STOK
      $WGS
      Biotechnology: Biological Products (No Diagnostic Substances)
      Health Care
      Biotechnology: Pharmaceutical Preparations
      Retail: Computer Software & Peripheral Equipment

    $WGS
    SEC Filings

    See more
    • SEC Form DEFA14A filed by GeneDx Holdings Corp.

      DEFA14A - GeneDx Holdings Corp. (0001818331) (Filer)

      4/30/25 4:34:16 PM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology
    • SEC Form DEF 14A filed by GeneDx Holdings Corp.

      DEF 14A - GeneDx Holdings Corp. (0001818331) (Filer)

      4/30/25 4:33:10 PM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology
    • SEC Form 10-Q filed by GeneDx Holdings Corp.

      10-Q - GeneDx Holdings Corp. (0001818331) (Filer)

      4/30/25 7:04:19 AM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology

    $WGS
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Casdin Capital, Llc bought $2,757,117 worth of shares (130,000 units at $21.21) (SEC Form 4)

      4 - GeneDx Holdings Corp. (0001818331) (Issuer)

      6/5/24 8:45:06 PM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology
    • Casdin Capital, Llc bought $842,604 worth of shares (40,000 units at $21.07) (SEC Form 4)

      4 - GeneDx Holdings Corp. (0001818331) (Issuer)

      5/31/24 5:37:30 PM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology
    • Casdin Capital, Llc bought $3,424,989 worth of shares (170,000 units at $20.15) (SEC Form 4)

      4 - GeneDx Holdings Corp. (0001818331) (Issuer)

      5/28/24 8:40:42 PM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology

    $WGS
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Meister Keith A. was granted 434,848 shares (SEC Form 4)

      4 - GeneDx Holdings Corp. (0001818331) (Issuer)

      5/6/25 9:45:05 PM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology
    • Director Pfenniger Richard C Jr converted options into 918 shares, increasing direct ownership by 3% to 28,582 units (SEC Form 4)

      4 - GeneDx Holdings Corp. (0001818331) (Issuer)

      5/5/25 4:48:43 PM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology
    • CHIEF FINANCIAL OFFICER Feeley Kevin converted options into 753 shares, sold $43,879 worth of shares (388 units at $113.09) and was granted 420 shares, increasing direct ownership by 26% to 3,757 units (SEC Form 4)

      4 - GeneDx Holdings Corp. (0001818331) (Issuer)

      5/1/25 7:46:17 PM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology

    $WGS
    Leadership Updates

    Live Leadership Updates

    See more
    • GeneDx Strengthens Executive Leadership Team with Bryan Dechairo Named Chief Operating Officer

      Experienced Diagnostics Executive with a Proven Record of Driving Business Growth to Lead Product & Technology, Operations, Medical Affairs, Innovation and More New Executive Leadership Positions Company for Growth and Scale GeneDx (NASDAQ:WGS), a leader in delivering improved health outcomes through genomic insights, today announced the appointment of Bryan Dechairo as Chief Operating Officer, effective immediately. In the newly created role, Bryan will report to Katherine Stueland, CEO and President, and will serve on the company's executive leadership team. As Chief Operating Officer, Bryan will oversee Product & Technology, Operations, Medical Affairs, Innovation, and the Program

      1/2/25 4:01:00 PM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology
    • GeneDx Announces Heidi Chen as Chief Legal Officer and Corporate Secretary

      Veteran Legal Executive from Zoetis and Pfizer Joins GeneDx Executive Leadership Team to Lead Legal, Compliance and Policy Functions GeneDx (NASDAQ:WGS), a leader in delivering improved health outcomes through genomic insights, today announced the appointment of Heidi Chen as Chief Legal Officer, effective November 25, 2024. In her role, Heidi will report to Katherine Stueland, CEO and President, and will serve on the executive leadership team. With over 30 years of experience, Heidi will lead all legal, compliance, and policy functions at GeneDx and will provide strategic counsel on corporate governance, intellectual property, regulatory matters, federal policy, compliance and more.

      11/18/24 8:30:00 AM ET
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology
    • Madryn Asset Management, a Top Shareholder of SomaLogic, Issues Letter Regarding Opposition to the Company's Proposed Merger with Standard BioTools

      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
      $EXAS
      $ILMN
      $LAB
      $ME
      Medical Specialities
      Health Care
      Biotechnology: Laboratory Analytical Instruments
      Industrials

    $WGS
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • 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
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology
    • 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
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology
    • 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
      $WGS
      Retail: Computer Software & Peripheral Equipment
      Technology