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 genome testing for an ever-growing
number of families. Importantly, diagnosing disease earlier with
our cost-effective technology means GeneDx can help save the
healthcare system valuable dollars,” said Katherine Stueland,
President and Chief Executive Officer of GeneDx. “Looking ahead,
we’ll introduce our testing to a larger population of patients, as
we expand in the outpatient pediatric setting, the NICU, adult
conditions, and eventually realize the promise of newborn
screening. As we move into 2025 we have the financial strength,
scale, and an incredibly talented team in place to fundamentally
improve how we diagnose any genetic disease as early as possible so
people can live longer, healthier lives.”
Fourth Quarter and Full Year 2024 Financial Results
(Unaudited)1,2
Revenues
Fourth quarter 2024:
- Revenues1 grew to $95.3 million, an increase of 64%
year-over-year and 24% sequentially.
- Total company GAAP revenues were $95.6 million.
- Exome and genome test revenue grew to $78.8 million, an
increase of 101% year-over-year and 31% sequentially.
Full year 2024:
- Revenues1 grew to $302.3 million, an increase of 56%
year-over-year.
- Total GAAP company revenues were $305.5 million.
- Exome and genome test revenue grew to $233.5 million, an
increase of 88% year-over-year.
Exome and genome volume
Fourth quarter 2024:
- Exome and genome test results volume grew to 20,676, an
increase of 32% year-over-year and 7% sequentially.
- Exome and genome represented 38% of all test results, up from
27% in the fourth quarter of 2023 and up from 33% in the third
quarter of 2024.
Full year 2024:
- Exome and genome test results volume grew to 74,547, an
increase of 51% year-over-year.
- Exome and genome represented 33% of all test results, up from
22% for the full year 2023.
Gross margin
Fourth quarter 2024:
- Adjusted gross margin1 expanded to 70%, up from 56% in the
fourth quarter of 2023 and up from 64% in the third quarter of
2024.
- Total company GAAP gross margin was 69%.
- Exome and genome adjusted gross margin operated in excess of
70%.
Full year 2024:
- Adjusted gross margin1 expanded to 65%, up from 45% for full
year 2023.
- Total company gross margin was 64%.
- Exome and genome adjusted gross margin operated in excess of
70%.
Operating expenses
Fourth quarter 2024:
- Adjusted total operating expenses were $49.0 million, an
increase of 1% year-over-year.
- Total GAAP operating expenses were $56.6 million.
Full year 2024:
- Adjusted total operating expenses were $185.9 million, a
decrease of 14% year-over-year.
- Total GAAP operating expenses were $214.2 million.
Net income (loss)
Fourth quarter 2024:
- Adjusted net income of $16.8 million.
- GAAP net income was $5.4 million.
Full year 2024:
- Adjusted net income of $6.7 million.
- GAAP net loss was $52.3 million.
Full year and fourth quarter 2024 revenues, gross margin and net
income, all on both a GAAP and adjusted basis, includes $6.8
million of discrete benefit in connection with a multi-year appeal
recovery from a single third-party payor. The fourth quarter
benefit is composed of $5.8 million to exome genome revenues and
$1.0 million to other test lines.
Cash position
- Cash, cash equivalents, marketable securities and restricted
cash was $142.2 million as of December 31, 2024.
- Cash flow for the fourth quarter 2024 included:
- $12.4 million in cash generated from ordinary operations,
including $6.8 million in discrete receipts in connection with a
multi-year appeal recovery from a single payor; and
- $31.9 million in proceeds, net of fees, from the issuance of
406,726 shares of Class A common stock in connection with sales
pursuant to our “at-the-market” offering, offset by;
- $19.6 million in scheduled payments to service previously
recorded settlement liabilities of Legacy Sema4.
1
Revenue and adjusted gross margin results from continuing
operations, which excludes any revenue from the exited Legacy Sema4
diagnostic testing business.
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 2025 Guidance
Management expects GeneDx to deliver full year 2025:
- Revenues between $350 and $360 million and growth in
exome/genome volume and revenue of at least 30%;
- Adjusted gross margins between 65%-67%; and
- Profitability with adjusted net income each quarter and for
full year 2025.
Business Highlights
Driving sustainable growth and market leadership
- Amassed a data set capturing over 750,000 clinical exomes and
genomes. The data set is complemented by over 6 million expertly
annotated and curated phenotypic datapoints, and nearly two-thirds
of all cases within the data set represent parent-child
duos/trios.
- Accelerated adoption of exome and genome sequencing coverage by
state Medicaid programs, bringing the total states covering exome
or genome sequencing in the pediatric outpatient setting to 32 and
the total states covering rapid genome sequencing in the neonatal
intensive care unit (NICU) to 14.
- South Carolina – Exome and genome (December 2024)
- Montana – Exome and genome (November 2024)
- Florida - Genome (October 2024)
- Texas – Genome (September 2024)
- Indiana – Exome and genome (July 2024)
- Tennessee – Genome (July 2024)
- Connecticut – Genome (July 2024)
- North Carolina – Exome and genome (June 2024)
- New York – Exome (April 2024)
- South Dakota – Genome (March 2024)
- Georgia - Genome (January 2024)
- In February 2025, announced ultraRapid Whole Genome
Sequencing, offering accelerated, comprehensive and actionable
genomic insights for neonatal and pediatric patients in the NICU
and PICU in as soon as two days.
- In February 2025, launched Epic Aura3, which seamlessly
integrates GeneDx exome and genome testing into the native ordering
and resulting workflows of many of the largest health systems
across the country.
- In January 2025, launched a new telehealth testing
pathway that aims to shorten the diagnostic odyssey by opening
access and streamlining the referral process to better support
patients and families in need of exome testing.
- In January 2025, announced Bryan Dechairo as Chief
Operating Officer.
- In the fourth quarter 2024, launched major enhancements
to GeneDx’s whole genome sequencing (WGS) products, which
accelerate diagnoses and shorten the diagnostic odyssey for
patients. These new features include:
- Faster turnaround time for rapid whole genome sequencing
(rWGS): through lab optimization efforts, GeneDx significantly
reduced rWGS turnaround times to provide written results in as soon
as 5 days, a critical update for timely diagnosis and treatment
decisions.
- Buccal samples (cheek swab): expanded sample collection options
by adding buccal swab for WGS patients, enabling an easier and more
accessible non-invasive sample collection method. Buccal samples
for WGS were only previously available to family members for trio
testing and for all exome testing.
- Added content: expanded the number of repeat expansions covered
by WGS to increase diagnostic yield and decrease the need for
follow-up testing.
- In December 2024, expanded the Epilepsy Partnership
Program launched in the third quarter of 2024, a first-of-its-kind
patient access program that is increasing access to exome and
genome sequencing for pediatric epilepsy patients, with Biogen
(Nasdaq: BIIB), Praxis Precision Medicines (Nasdaq: PRAX) and Stoke
Therapeutics (Nasdaq: STOK) as the founding partners.
- In November 2024, launched GeneDx Discover, a
first-of-its-kind data visualization tool that provides
biopharmaceutical companies access to de-identified and aggregated
genetic data to improve all stages of drug development.
- In November 2024, announced Heidi Chen as Chief Legal
Officer and Corporate Secretary, responsible for the company’s
legal, compliance, and policy functions.
- In April 2024, announced a strategic partnership with
Komodo Health. The partnership increased access to GeneDx's
extensive de-identified rare disease data set through Komodo
Health’s MapEnhance offering, enabling biopharma companies to
access genetic insights that can help inform drug pipelines and
accelerate clinical trial enrollment.
Advancing the field to accelerate market expansion
- Advanced the understanding of gene-disease relationships by
contributing to more than 85 peer-reviewed publications in 2024,
which influenced the broadening of phenotypes, the discovery of new
disease mechanisms and new modes of inheritance.
- In November 2024, presented data at the American Society
of Human Genetics (ASHG) annual meeting that demonstrated:
- rWGS in the NICU leads to changes in clinical care: In
collaboration with SeqFirst, patient cases were analyzed when a
diagnosis was found with rWGS to understand how decisions were made
with genomic sequencing and what is missed in its absence when only
using conventional care protocols.
- Racial disparities in an accurate genetic diagnosis is not due
to diagnostic yields: In one of the largest studies to look at
ancestral backgrounds and genetic diagnosis, GeneDx, the University
of Washington, and Geisinger explored the value of a diverse
interpretation engine and whether diagnostic yield varies
significantly based on ancestral background or if other factors are
limiting access to a genetic diagnosis. The study demonstrated the
strength of GeneDx’s diverse database and that disparities in
precise genetic diagnosis are not due to diagnostic yields, but
rather larger systemic structural barriers which may include
complex workflows, costs, clinician shortages, unconscious biases
and more.
- Data validation for long read sequencing: With growing interest
in the field to explore the clinical utility of long read
sequencing, validation data was presented assessing the sensitivity
of PacBio’s HiFi long read sequencing to detect cases with a
confirmed answer on short read WGS. Initial data confirmed that
long read sequencing can identify variants not detected using short
read sequencing.
- Genetic variants linked to Autism Spectrum Disorder (ASD):
Working alongside the Autism Sequencing Consortium, research
identified 230 new genes associated with ASD. This molecular
evidence underscores the effectiveness and accuracy of genetic
diagnostics compared to current methods, which rely on parents’ or
caregivers’ accounts of their child's development or professional
observations of behavior.
- In September 2024, 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. The findings from the study were published in Nature
Genetics.
- In March 2024, presented data at the American College of
Medical Genetics (ACMG) that demonstrated the clinical superiority
of exome testing over chromosomal microarray (CMA) and showcased
GeneDx’s groundbreaking approach to genomic data analysis and
interpretation for exome testing.
Leading in genomic newborn screening (gNBS)
- In October 2024, findings from the GUARDIAN study were
published in JAMA (Journal of the American Medical Association), a
leading peer-reviewed medical journal, demonstrating the
limitations of traditional newborn screening methods and showcasing
the promise of advanced genomic technology to deliver equitable
health care for all children.
- The study revealed a 3.2% true positive rate, and 92% of true
positives would not have been detected with today's standard
newborn screening.
- In October 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
17,000.
- A retrospective analysis of GeneDx data showed that more than
20% of individuals could have identified their genetic disease, on
average, 7 to 11 years sooner had they received genome sequencing
at birth.
3
Epic and Aura are trademarks of Epic
Systems Corporation.
Webcast and Conference Call Details
GeneDx will host a conference call today, February 18, 2025, at
8:30 a.m. Eastern Time. Investors interested in listening to the
conference call are required to register online. A live and
archived webcast of the event will be available on the “Events”
section of the GeneDx investor relations website at
https://ir.genedx.com/.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws, including
statements regarding our future performance and our market
opportunity, including our expected full year 2025 reported revenue
guidance, our expectations regarding our adjusted gross margin
profile in 2025 and our use of net cash 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 (vi) 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. For more information, please visit
genedx.com and connect with us on LinkedIn, 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
4Q24
3Q24
2Q24
1Q24
4Q23
2024 YTD
2023 YTD
Volumes
Whole exome, whole genome
20,676
19,262
18,017
16,592
15,663
74,547
49,439
Hereditary cancer
3,486
4,672
5,482
6,868
8,240
20,508
31,058
Other panels
30,115
35,095
34,204
31,763
33,692
131,177
142,437
Total
54,277
59,029
57,703
55,223
57,595
226,232
222,934
Revenue ($ millions)
Whole exome, whole genome
$
78.8
$
60.0
$
50.7
$
44.0
$
39.2
$
233.5
$
124.3
Hereditary cancer
2.8
3.3
3.8
5.5
5.5
15.4
18.1
Other panels
12.3
13.8
13.3
10.7
11.2
50.1
45.1
Data information
1.4
(0.5
)
1.1
1.3
2.2
3.3
6.9
Total
$
95.3
$
76.6
$
68.9
$
61.5
$
58.1
$
302.3
$
194.4
Unaudited Select Financial Information (in thousands)
Three months ended December
31, 2024
Three months ended December
31, 2023
GeneDx
Other1
Total
GeneDx
Other1
Total
Revenue
$
95,286
$
354
$
95,640
$
58,107
$
(689
)
$
57,418
Adjusted cost of services
28,384
—
28,384
25,626
—
25,626
Adjusted gross profit (loss)
$
66,902
$
354
$
67,256
$
32,481
$
(689
)
$
31,792
Adjusted gross margin %
70.2
%
70.3
%
55.9
%
55.4
%
Year ended December 31,
2024
Year ended December 31,
2023
GeneDx
Other1
Total
GeneDx
Other1
Total
Revenue
$
302,293
$
3,157
$
305,450
$
194,376
$
8,190
$
202,566
Adjusted cost of services
106,376
145
106,521
106,983
2,305
109,288
Adjusted gross profit (loss)
$
195,917
$
3,012
$
198,929
$
87,393
$
5,885
$
93,278
Adjusted gross margin %
64.8
%
65.1
%
45.0
%
46.0
%
Three months ended September
30, 2024
GeneDx
Other1
Total
Revenue
$
76,622
$
252
$
76,874
Adjusted cost of services
27,370
—
27,370
Adjusted gross profit (loss)
$
49,252
$
252
$
49,504
Adjusted gross margin %
64.3
%
64.4
%
1
Other represents revenue and costs associated with the Legacy
Sema4 diagnostic testing business.
For the three months ended
December 31, 2024
Reported
Depreciation and
amortization
Stock-based compensation
expense
Restructuring costs
Change in FV of financial
liabilities
Other
Adjusted
Diagnostic test revenue
$
94,196
$
—
$
—
$
—
$
—
$
—
$
94,196
Other revenue
1,444
—
—
—
—
—
1,444
Total revenue
95,640
—
—
—
—
—
95,640
Cost of services
29,435
(928
)
(123
)
—
—
—
28,384
Gross profit
66,205
928
123
—
—
—
67,256
Gross margin
69.2
%
70.3
%
Research and development
11,588
(294
)
(495
)
(13
)
—
—
10,786
Selling and marketing
17,676
(1,225
)
(347
)
(30
)
—
—
16,074
General and administrative
27,350
(3,111
)
(1,880
)
(249
)
—
—
22,110
Other, net
785
—
—
—
—
—
785
Profit from operations
8,806
5,558
2,845
292
—
—
17,501
Interest income (expense), net
(698
)
—
—
—
—
—
(698
)
Other income (expense), net
(2,694
)
—
—
—
1,980
666
(48
)
Income tax benefit
24
—
—
—
—
—
24
Net income
$
5,438
$
5,558
$
2,845
$
292
$
1,980
$
666
$
16,779
For the three months ended
December 31, 2023
Reported
Depreciation and
amortization
Stock-based compensation
expense
Restructuring costs
Change in FV of financial
liabilities
Other
Adjusted
Diagnostic test revenue
$
55,214
$
—
$
—
$
—
$
—
$
—
$
55,214
Other revenue
2,204
—
—
—
—
—
2,204
Total revenue
57,418
—
—
—
—
—
57,418
Cost of services
26,664
(915
)
(123
)
—
—
—
25,626
Gross profit
30,754
915
123
—
—
—
31,792
Gross margin
53.6
%
55.4
%
Research and development
12,248
(919
)
2,320
(1,300
)
—
—
12,349
Selling and marketing
15,559
(1,225
)
1,071
(488
)
—
—
14,917
General and administrative
26,626
(3,035
)
(2,356
)
(196
)
—
—
21,039
Other, net
1,964
—
—
—
—
(1,277
)
687
Loss from operations
(25,643
)
6,094
(912
)
1,984
—
1,277
(17,200
)
Interest income (expense), net
(978
)
—
—
—
—
—
(978
)
Other income (expense), net
437
—
—
—
(485
)
48
—
Income tax benefit
411
—
—
—
—
—
411
Net loss
$
(25,773
)
$
6,094
$
(912
)
$
1,984
$
(485
)
$
1,325
$
(17,767
)
For the year ended December
31, 2024
Reported
Depreciation and
amortization
Stock-based compensation
expense
Restructuring costs
Change in FV of financial
liabilities
Other
Adjusted
Diagnostic test revenue
$
302,157
$
—
$
—
$
—
$
—
$
—
$
302,157
Other revenue
3,293
—
—
—
—
—
3,293
Total revenue
305,450
—
—
—
—
—
305,450
Cost of services
111,053
(4,047
)
(431
)
(54
)
—
—
106,521
Gross profit
194,397
4,047
431
54
—
—
198,929
Gross margin
63.6
%
65.1
%
Research and development
45,722
(923
)
(1,192
)
(151
)
—
—
43,456
Selling and marketing
67,371
(4,900
)
(1,089
)
(548
)
—
—
60,834
General and administrative
101,110
(12,083
)
(6,426
)
(999
)
—
—
81,602
Other, net
3,407
—
—
—
—
—
3,407
Profit (loss) from operations
(23,213
)
21,953
9,138
1,752
—
—
9,630
Interest income (expense), net
(3,032
)
—
—
—
—
—
(3,032
)
Other income (expense), net
(26,384
)
—
—
—
13,370
12,789
(225
)
Income tax benefit
343
—
—
—
—
—
343
Net (loss) income
$
(52,286
)
$
21,953
$
9,138
$
1,752
$
13,370
$
12,789
$
6,716
For the year ended December
31, 2023
Reported
Depreciation and
amortization
Stock-based compensation
expense
Restructuring costs
Change in FV of financial
liabilities
Other
Adjusted
Diagnostic test revenue
$
195,654
$
—
$
—
$
—
$
—
—
$
195,654
Other revenue
6,912
—
—
—
—
—
6,912
Total revenue
202,566
—
—
—
—
—
202,566
Cost of services
112,560
(4,350
)
1,217
(139
)
—
—
109,288
Gross profit
90,006
4,350
(1,217
)
139
—
—
93,278
Gross margin
44.4
%
46.0
%
Research and development
58,266
(6,710
)
2,585
(3,176
)
—
—
50,965
Selling and marketing
60,956
(4,902
)
1,266
(1,371
)
—
—
55,949
General and administrative
133,755
(17,772
)
(4,742
)
(1,846
)
—
—
109,395
Impairment loss
10,402
—
—
—
—
(10,402
)
—
Other, net
7,223
—
—
—
—
(1,957
)
5,266
Loss from operations
(180,596
)
33,734
(326
)
6,532
—
12,359
(128,297
)
Interest income (expense), net
1,114
—
—
—
—
—
1,114
Other income (expense), net
2,789
—
—
—
(1,170
)
(1,619
)
—
Income tax benefit
926
—
—
—
—
—
926
Net loss
$
(175,767
)
$
33,734
$
(326
)
$
6,532
$
(1,170
)
$
10,740
$
(126,257
)
For the three months ended
September 30, 2024
Reported
Depreciation and
amortization
Stock-based compensation
expense
Restructuring costs
Change in FV of financial
liabilities
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
Other, net
774
—
—
—
—
—
774
Profit (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 (loss) income
$
(8,312
)
$
5,929
$
3,636
$
369
$
880
$
(1,327
)
$
1,175
GeneDx Holdings Corp.
Consolidated Balance
Sheets
(in thousands, except share
and per share amounts)
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
85,212
$
99,681
Marketable securities
55,973
30,467
Accounts receivable
37,426
32,371
Due from related parties
203
445
Inventory, net
10,650
8,777
Prepaid expenses and other current
assets
8,504
10,598
Total current assets
197,968
182,339
Operating lease right-of-use assets
25,613
26,900
Property and equipment, net
32,893
32,479
Intangible assets, net
158,600
172,625
Other assets
4,306
4,413
Total assets
$
419,380
$
418,756
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable and accrued expenses
$
30,044
$
37,456
Due to related parties
1,607
1,379
Short-term lease liabilities
3,336
3,647
Other current liabilities
19,830
16,336
Total current liabilities
54,817
58,818
Long-term debt, net of current portion
51,913
52,688
Long-term lease liabilities
60,919
62,938
Other liabilities
5,519
14,735
Deferred taxes
965
1,560
Total liabilities
174,133
190,739
Stockholders’ Equity:
Preferred stock
—
—
Class A common stock
2
2
Additional paid-in capital
1,596,889
1,527,778
Accumulated deficit
(1,352,474
)
(1,300,188
)
Accumulated other comprehensive income
830
425
Total stockholders’ equity
245,247
228,017
Total liabilities and stockholders’
equity
$
419,380
$
418,756
GeneDx Holdings Corp.
Consolidated Statements of
Operations
(in thousands, except share
and per share amounts)
Year ended December
31,
2024
2023
Revenue
Diagnostic test revenue
$
302,157
$
195,654
Other revenue
3,293
6,912
Total revenue
305,450
202,566
Cost of services
111,053
112,560
Gross profit
194,397
90,006
Research and development
45,722
58,266
Selling and marketing
67,371
60,956
General and administrative
101,110
133,755
Impairment loss
—
10,402
Other operating expenses, net
3,407
7,223
Loss from operations
(23,213
)
(180,596
)
Non-operating (expenses) income, net
Change in fair value of warrants and
contingent liabilities
(13,370
)
1,170
Interest (expense) income, net
(3,032
)
1,114
Other (expense) income, net
(13,014
)
1,619
Total non-operating (expense) income,
net
(29,416
)
3,903
Loss before income taxes
$
(52,629
)
$
(176,693
)
Income tax benefit
343
926
Net loss
$
(52,286
)
$
(175,767
)
Weighted average shares outstanding of
Class A common stock
26,891,213
24,311,989
Basic and diluted net loss per share,
Class A common stock
$
(1.94
)
$
(7.23
)
GeneDx Holdings Corp.
Consolidated Statements of
Cash Flows
(in thousands)
Year Ended December
31,
2024
2023
Operating activities
Net loss
$
(52,286
)
$
(175,767
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization expense
21,953
33,734
Stock-based compensation expense
9,138
(326
)
Change in fair value of warrants and
contingent liabilities
13,370
(1,170
)
Deferred tax benefit
(343
)
(926
)
Provision for excess and obsolete
inventory
180
3,913
Change in third party payor reserves
607
(9,745
)
Gain on sale of assets
—
(1,677
)
Gain on debt forgiveness
—
(2,750
)
Impairment loss
—
10,402
Other
3,630
2,406
Change in operating assets and
liabilities:
Accounts receivable
(5,421
)
10,263
Inventory
(2,585
)
975
Accounts payable and accrued expenses
(20,461
)
(46,953
)
Other assets and liabilities
3,722
(2,526
)
Net cash used in operating activities
(28,496
)
(180,147
)
Investing activities
Proceeds from maturities of marketable
securities
41,060
17,765
Purchases of marketable securities
(66,302
)
(47,670
)
Purchases of property and equipment
(5,491
)
(5,250
)
Proceeds from sales of marketable
securities
601
—
Consideration on escrow paid for Legacy
GeneDx acquisition
—
(12,144
)
Proceeds from sales of assets
—
4,034
Development of internal-use software
assets
—
(461
)
Net cash used in investing activities
(30,132
)
(43,726
)
Financing activities
Proceeds from offerings, net of issuance
costs
46,496
143,002
Exercise of stock options
394
285
Issuance of stock pursuant to employee stock purchase plan
497
—
Long-term debt principal payments
(497
)
(2,000
)
Finance lease payoff and principal
payments
(2,728
)
(3,598
)
Proceeds from long-term debt
—
48,549
Net cash provided by financing
activities
44,162
186,238
Net decrease in cash, cash equivalents and
restricted cash
(14,466
)
(37,635
)
Cash, cash equivalents and restricted
cash, at beginning of year
100,668
138,303
Cash, cash equivalents and restricted
cash, at end of year
$
86,202
$
100,668
Cash, cash equivalents and restricted cash at December 31, 2024
excludes marketable securities of $56.0 million.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250218001560/en/
Investor Relations Contact: Investors@GeneDx.com
Media Contact: Press@GeneDx.com
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