23andMe Holding Co. - ME STOCK NEWS

23andMe reported Q2 FY25 financial results with total revenue of $44 million, down 12% from $50 million in the prior year. The company improved its GAAP Net Loss by 21% to $59 million and Adjusted EBITDA loss by 26% to $33 million. Operating expenses decreased 17% to $84 million. Membership services revenue grew to represent 21% of total revenue, up from 9% last year. The company ended the quarter with $127 million in cash and no debt, down from $216 million in March 2024. 23andMe launched new services including a GLP-1 weight loss telehealth membership and an AI chatbot called DaNA.

23andMe announced a significant business restructuring, including the discontinuation of its therapeutics division and a 40% workforce reduction affecting over 200 employees. The company expects to achieve annualized cost savings exceeding $35 million, while incurring up to $12 million in one-time restructuring costs. The company will explore strategic alternatives for its therapeutic programs, including potential licensing agreements and asset sales. The restructuring aims to focus on the core consumer business and research partnerships. The company's therapeutic portfolio includes 23ME-00610 (Phase 1/2a) and 23ME-01473 (Phase 1), targeting cancer and immunology treatments.

23andMe (Nasdaq: ME) has announced a correction to its earlier release regarding the timing of its Q2 FY2025 financial results report. The company will now release results before the market opens on Tuesday, November 12, 2024, rather than after market close as previously stated. A conference call will be held at 8:00 a.m. Eastern Time the same day. Shareholders can submit questions through the Say Technologies platform up until 24 business hours before the call.

23andMe (Nasdaq: ME) announced it will report second quarter fiscal year 2025 financial results after market close on November 12, 2024. The company will host a conference call at 4:30 p.m. Eastern Time to discuss quarterly results and business progress. The event will be accessible via webcast, with a replay available afterward. Shareholders can submit and upvote questions through the Say Technologies platform up until 24 business hours before the earnings call.

23andMe announced it has regained compliance with Nasdaq's listing requirements, specifically the minimum closing bid price requirement under Rule 5550(a)(2) and the majority independent board and committee requirements under Rule 5605. The company's Class A common stock will continue to be listed on The Nasdaq Capital Market under the symbol ME.

23andMe (Nasdaq: ME) has appointed three new independent directors to its Board: Andre Fernandez, Jim Frankola, and Mark Jensen, effective October 28, 2024. Each will serve on the Board's Audit and Compensation Committees, with Fernandez chairing Audit and Jensen serving as both Compensation Committee Chair and Lead Independent Director. The Board now consists of these three new directors alongside CEO and Co-Founder Anne Wojcicki. Jensen brings substantial financial experience from Deloitte, Frankola has extensive tech leadership background from Cloudera, and Fernandez previously served as WeWork's CFO.

23andMe Holding Co. (Nasdaq: ME) has introduced a new African American Genetic Groups feature that allows African American customers to trace their roots to over 200 communities in the Southern United States. This feature provides insights into ancestral connections from before the early-to-mid-20th century migrations, including communities like the Piney Woods region in Mississippi, the creoles of the River Parishes and Greater New Orleans, and the Gullah Geechee of South Carolina and Georgia.

The feature offers information on shared ancestral locations, common maternal and paternal haplogroups, and additional details to help trace connections. Approximately 88% of 23andMe customers who self-identify as African American will see connections to at least one of these newly identified groups, rising to 95% for 23andMe+ Premium™ customers. This initiative is part of 23andMe's broader effort to improve representation in its product and research.

23andMe Holding Co. (Nasdaq: ME) has announced a collaboration with Mathew Knowles, father of Beyoncé and Solange Knowles, as a new global brand ambassador. The partnership aims to increase awareness and accessibility of genetic testing, particularly focusing on BRCA variants that can significantly increase the risk of certain cancers.

Knowles, a breast cancer survivor, discovered he had a BRCA2 gene variant after his diagnosis. Now cancer-free, he advocates for genetic testing as a first line of defense in healthcare. The collaboration will educate the public on how genetic makeup can impact cancer risks, emphasizing that over 80% of individuals with BRCA1/2 variants are unaware of their status.

23andMe offers a BRCA1/BRCA2 Genetic Health Risk report through its Health + Ancestry and 23andMe+ Premium services, and a more comprehensive screening through its new Total Health platform.

23andMe (Nasdaq: ME) has launched a new genetic report for 23andMe+ Premium members on the likelihood of frequent emotional eating. The report is based on a polygenic risk score (PRS) developed using 23andMe's proprietary research database. It considers genetic markers, ancestry, and birth sex to estimate an individual's predisposition to emotional eating.

According to published data, genetics may account for 9-60% of the predisposition to emotional eating. The report aims to help individuals identify strategies to manage emotional eating, which can lead to health issues like weight gain, high cholesterol, and diabetes. Dr. Noura Abul-Husn, VP of Genomic Health at 23andMe, emphasized the importance of early identification and management of emotional eating tendencies.