Welcome to our dedicated page for 23andMe Holding Co. news (Ticker: ME), a resource for investors and traders seeking the latest updates and insights on 23andMe Holding Co. stock.
23andMe Holding Co. Class A Common Stock (NASDAQ: ME) is a leading genetics-led consumer healthcare and biopharmaceutical company. Founded in 2006, 23andMe specializes in personal genome services through DNA analysis technologies and interactive web-based tools. The company’s core service allows individuals to gain deep insights into their genetic ancestry, health predispositions, and phenotypic traits.
23andMe's mission is to personalize healthcare by supporting meaningful discoveries through genetic research. The company's primary revenue comes from its Consumer and Research Services segment, which includes the sale of direct-to-consumer personal genome services (PGS). This involves shipping DNA collection kits to users, who can then access detailed reports on their genetic makeup through 23andMe’s platform.
The company also has a Therapeutics segment that focuses on leveraging genetic data to develop new treatments. Notably, 23andMe presented positive Phase 2 safety and efficacy data from their anti-CD200R1 antibody, 23ME-00610, at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting.
Despite its groundbreaking work, 23andMe recently faced a significant data breach, affecting approximately 7 million users. Hackers specifically targeted the genetic information of Jewish and Chinese customers, selling the data on the dark web. This incident has led to a class-action lawsuit and ongoing investigations.
In research, 23andMe has also made significant strides. For example, the company conducted the world's largest study on the LRRK2 G2019S variant linked to Parkinson’s disease, with support from The Michael J. Fox Foundation. Findings from this study revealed new insights into the variant's impact and its prevalence in various populations, including unexpected hotspots in Latin Caribbean communities.
23andMe continues to expand its offerings, providing reports that calculate genetic likelihood for conditions like bipolar disorder, anxiety, and depression for its 23andMe+ Premium members. These reports are based on polygenic risk scores (PRS) developed through the company’s extensive research database.
With a strong commitment to advancing personalized healthcare and continuous innovation in genetic research, 23andMe remains a significant player in the biotechnology and consumer healthcare sectors.
23andMe Holding Co. (Nasdaq: ME) reported Q2 FY2023 revenue of $76 million, a 37% increase year-over-year. Consumer revenue grew 27%, driven by new telehealth services. The company maintains a strong balance sheet with $411 million in cash after a $50 million payment from GSK. Operating expenses rose to $106 million due to labor and sales costs. Net loss for Q2 was $66 million, up from $17 million last year. Full-year guidance is reaffirmed, projecting revenue between $260-$280 million and a net loss of $350-$370 million, including impacts from inflation.
23andMe Holding Co. (Nasdaq: ME) presented a trials-in-progress poster at the SITC 37th Annual Meeting detailing the expansion phase of its Phase 1 study for 23ME-00610, an investigational antibody targeting CD200R1 in advanced solid malignancies. Targeted tumor types include clear cell renal cell carcinoma, epithelial ovarian carcinoma, and neuroendocrine cancers, among others. The study aims to evaluate the monotherapy activity of 23ME-00610 across various cohorts. The poster emphasizes the genetic basis for selecting these tumor types and the potential benefits of targeting CD200R1 to enhance immune response against cancer.
23andMe Holding Co. (Nasdaq: ME) received FDA 510(k) clearance for its pharmacogenetics report related to the SLCO1B1 gene, allowing the company to provide interpretive drug information for simvastatin. This approval enables the removal of the confirmatory testing requirement, offering consumers critical insights into their genetic responses to the medication. Simvastatin is extensively prescribed in the U.S., where its usage impacts many patients. The accuracy of the report is verified by a 99% concordance rate with Sanger sequencing, enhancing patient care through personalized healthcare information.
23andMe Holding Co. (Nasdaq: ME) announced it will report its FY2023 second quarter financial results on November 7, 2022, after market close. A conference call will follow at 4:30 p.m. Eastern Time to discuss these results and business progress. Shareholders can submit questions in advance via the Say Technologies platform. The earnings call will be accessible live and a replay will be available shortly after.
The company emphasizes its commitment to providing insights into its performance and future strategies.
23andMe Holding Co. (Nasdaq: ME) announced participation in key investor presentations at several upcoming conferences. The events include the Credit Suisse Healthcare Conference on November 9, 2022, the Evercore ISI HEALTHCONx Conference on November 29, 2022, and the Piper Sandler Healthcare Conference on November 30, 2022. Live webcasts of these presentations can be accessed via the Company's investor website. A replay will also be available shortly after each event. 23andMe continues to focus on its mission of advancing human genetics and healthcare.
23andMe Holding Co. (Nasdaq: ME) announced a poster presentation for its ongoing Phase 1 study of 23ME-00610, an investigational antibody targeting CD200R1, at the Society for Immunotherapy of Cancer’s 37th Annual Meeting from November 8–12, 2022. The presentation will detail the study design, focusing on safety, tolerability, and preliminary efficacy in patients with advanced solid malignancies. The therapy aims to restore immune functions to combat cancer by blocking the immunological checkpoint CD200R1.
23andMe Holding Co. has appointed Daniel Chu as Chief Product Officer, effective immediately. Chu brings over 20 years of experience from companies like Waymo and Google, where he led significant product development initiatives. CEO Anne Wojcicki expressed excitement about Chu's expertise in navigating complex industries, particularly as the company aims to enhance its genomic health platform. Chu holds multiple degrees from Stanford and Harvard, and he aims to use data to transform healthcare for personalized experiences.
23andMe Holding Co. (Nasdaq: ME) reported a 9% increase in first-quarter revenue, totaling $64.5 million, compared to $59 million in the prior year. Consumer revenue surged 17% year-over-year, driven by telehealth services. Operating expenses rose to $115 million, resulting in a net loss of $90 million, up from $42 million the previous year. The company reaffirmed its FY2023 guidance, projecting full-year revenue between $260 million and $280 million and a net loss of $350 million to $370 million.
23andMe Holding Co. (Nasdaq: ME) will release its FY2023 Q1 financial results on August 8, 2022, after market close. A conference call will be held at 4:30 p.m. ET to discuss these results and business progress. Retail and institutional shareholders can submit questions for management via the Say Technologies platform before the call. The link to access the live webcast and replay will be available on their investor relations website. This event marks an important opportunity for stakeholders to assess the company's performance and strategic direction.
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