GeneDx Reports Third Quarter 2024 Financial Results and Business Highlights
GeneDx (WGS) reported strong Q3 2024 results with revenues of $76.6M, marking 52% year-over-year growth. The company achieved profitability with adjusted net income of $1.2M. Exome and genome test revenue grew 77% year-over-year to $60M, with test volume increasing 46% to 19,262. Adjusted gross margins expanded to 64%. The company raised its FY 2024 revenue guidance to $284-290M from previous $255-265M. GeneDx has conducted over 700,000 clinical exomes and genomes, with expanded coverage across 30 state Medicaid programs and growing presence in genomic newborn screening.
GeneDx (WGS) ha riportato forti risultati per il terzo trimestre del 2024, con ricavi di 76,6 milioni di dollari, segnando una crescita del 52% rispetto all'anno precedente. L'azienda ha raggiunto la redditività con un utile netto rettificato di 1,2 milioni di dollari. I ricavi dai test di esoma e genoma sono aumentati del 77% rispetto all'anno precedente, raggiungendo i 60 milioni di dollari, con un volume di test in crescita del 46% a 19.262. I margini lordi rettificati sono aumentati al 64%. L'azienda ha alzato le previsioni di ricavi per l'anno fiscale 2024 a 284-290 milioni di dollari, rispetto ai precedenti 255-265 milioni di dollari. GeneDx ha condotto oltre 700.000 esomi e genomi clinici, con una copertura ampliata in 30 programmi Medicaid statali e una crescente presenza nello screening genomico dei neonati.
GeneDx (WGS) reportó sólidos resultados para el tercer trimestre de 2024, con ingresos de 76,6 millones de dólares, marcando un crecimiento del 52% en comparación con el año anterior. La compañía alcanzó la rentabilidad con un ingreso neto ajustado de 1,2 millones de dólares. Los ingresos por pruebas de exoma y genoma crecieron un 77% en comparación con el año anterior, alcanzando los 60 millones de dólares, con un volumen de pruebas que aumentó un 46% a 19.262. Los márgenes brutos ajustados se expandieron al 64%. La compañía elevó su guía de ingresos para el año fiscal 2024 a 284-290 millones de dólares, desde los anteriores 255-265 millones de dólares. GeneDx ha realizado más de 700.000 exomas y genomas clínicos, con una cobertura ampliada en 30 programas de Medicaid estatales y una creciente presencia en el tamizaje genómico de recién nacidos.
GeneDx (WGS)는 2024년 3분기 강력한 실적을 보고하였으며, 수익이 7,660만 달러에 달해 전년 대비 52% 성장했습니다. 회사는 조정된 순이익 120만 달러를 기록하며 수익성을 달성했습니다. 엑솜 및 유전자 검사 수익은 전년 대비 77% 증가한 6,000만 달러에 도달했으며, 검사량은 46% 증가한 19,262회에 이르렀습니다. 조정된 총 마진은 64%로 확대되었습니다. 회사는 2024 회계연도 매출 전망을 이전의 2억 5,500만-2억 6,500만 달러에서 2억 8,400만-2억 9,000만 달러로 상향 조정했습니다. GeneDx는 700,000건 이상의 임상 엑솜 및 유전자를 신속하게 처리하였고, 30개 주의 Medicaid 프로그램에 걸쳐 확대된 커버리지와 신생아 유전자 검사에 대한 증가하는 존재감을 보이고 있습니다.
GeneDx (WGS) a annoncé de solides résultats pour le troisième trimestre 2024, avec des revenus de 76,6 millions de dollars, marquant une croissance de 52% par rapport à l'année précédente. L'entreprise a atteint la rentabilité avec un revenu net ajusté de 1,2 million de dollars. Les recettes des tests d'exome et de génome ont augmenté de 77% d'une année sur l'autre pour atteindre 60 millions de dollars, avec un volume de tests en hausse de 46% à 19 262. Les marges brutes ajustées se sont élargies à 64%. L'entreprise a relevé ses prévisions de revenus pour l'exercice fiscal 2024 à 284-290 millions de dollars, contre 255-265 millions de dollars précédemment. GeneDx a réalisé plus de 700 000 exomes et génomes cliniques, avec une couverture élargie à travers 30 programmes Medicaid des États et une présence croissante dans le dépistage génomique des nouveau-nés.
GeneDx (WGS) berichtete über starke Ergebnisse im 3. Quartal 2024 mit Einnahmen von 76,6 Millionen Dollar, was einem Wachstum von 52% im Jahresvergleich entspricht. Das Unternehmen erzielte die Rentabilität mit einem bereinigten Nettogewinn von 1,2 Millionen Dollar. Die Einnahmen aus Exom- und Genomtests stiegen im Jahresvergleich um 77% auf 60 Millionen Dollar, wobei das Testvolumen um 46% auf 19.262 anstieg. Die bereinigten Bruttomargen erweiterten sich auf 64%. Das Unternehmen hob seine Umsatzprognose für das Geschäftsjahr 2024 auf 284-290 Millionen Dollar von zuvor 255-265 Millionen Dollar an. GeneDx hat über 700.000 klinische Exome und Genome durchgeführt, mit einer erweiterten Abdeckung in 30 Medicaid-Programmen der Bundesstaaten und einer wachsenden Präsenz im genomischen Neugeborenen-Screening.
- Achieved profitability with $1.2M adjusted net income
- Revenue grew 52% YoY to $76.6M
- Exome and genome test revenue increased 77% YoY to $60M
- Adjusted gross margins improved to 64% from 48% YoY
- Raised FY 2024 revenue guidance to $284-290M
- Cash burn improved 88% YoY to $5.0M
- GAAP net loss of $8.3M
- Issued 418,653 new shares through ATM offering causing dilution
Insights
GeneDx delivered exceptional Q3 results, marking a pivotal transition to profitability with
The expansion to 30 states for Medicaid coverage of genomic testing represents significant market penetration. The milestone of 700,000 clinical exomes and genomes, with rapid acceleration in testing volume, validates the growing clinical adoption. The GUARDIAN study results published in JAMA, showing
Achieved profitability milestone with third quarter adjusted net income1 of
Reported third quarter 2024 revenues2 of
Expanded third quarter 2024 adjusted gross margins2 to
Raising guidance to deliver between
GeneDx to host conference call today at 8:30 a.m. ET
“We delivered
“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
, an increase of$76.6 million 52% year-over-year and11% sequentially.-
Total company revenues were
.$76.9 million
-
Total company revenues were
-
Exome and genome test revenue grew to
, an increase of$60.0 million 77% year-over-year and18% sequentially.
Exome and genome volume
-
Exome and genome test results volume grew to 19,262, an increase of
46% year-over-year and7% sequentially. -
Exome and genome represented
33% of all test results, up from23% in the third quarter of 2023 and up from31% in the second quarter of 2024.
Gross margin
-
Adjusted gross margin from continuing operations expanded to
64% , up from48% in the third quarter of 2023 and up from62% in the second quarter of 2024.-
Total company gross margin was
62% .
-
Total company gross margin was
Operating expenses
-
Adjusted total operating expenses were
, a decrease of$46.6 million 2% year-over-year and an increase of4% sequentially.-
Total GAAP operating expenses were
.$54.8 million
-
Total GAAP operating expenses were
Net Income (Loss)
-
Adjusted net income improved to
, an improvement of$1.2 million 106% year-over-year and143% sequentially.-
GAAP net loss was
.$8.3 million
-
GAAP net loss was
Cash burn and cash position
-
Total net use of cash was
in the third quarter of 2024, an improvement of$5.0 million 88% year-over-year and17% sequentially. -
Cash, cash equivalents, marketable securities and restricted cash was
as of September 30, 2024, inclusive of proceeds of$117.4 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.$14.6 million
GeneDx Full Year 2024 Guidance
GeneDx has updated full year 2024 guidance. Management expects GeneDx to:
-
Drive full year 2024 revenues2 between
and$284 (previous guidance was between$290 million and$255 );$265 million -
Expand full year 2024 adjusted gross margin2 profile to at least
62% (previous guidance was at least60% ); -
Use between
to$60 of net cash for full year 2024 (previous guidance was between$65 million to$65 )$70 million
- 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.
- 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
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 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted cost of services |
27,370 |
|
— |
|
27,370 |
|
26,523 |
|
145 |
|
26,668 |
Adjusted gross profit |
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross margin % |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2023 |
||||
|
GeneDx |
|
Legacy Sema4 |
|
Total |
Revenue |
|
|
|
|
|
Adjusted cost of services |
26,079 |
|
225 |
|
26,304 |
Adjusted gross profit |
|
|
|
|
|
Adjusted gross margin % |
|
|
|
|
|
|
Three months ended September 30, 2024 |
||||||||||||||||||||||||||||
|
Reported |
|
Depreciation
|
|
Stock-based
|
|
Restructuring
|
|
Change in FV
|
|
Charges
|
|
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
|
|
Stock-based
|
|
Restructuring
|
|
Change in FV
|
|
Charges
|
|
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
|
|
Stock-based
|
|
Restructuring
|
|
Change in FV
|
|
Charges
|
|
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.
|
|||||||
|
September 30, 2024
|
|
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 |
|||||||
GeneDx Holdings Corp.
|
|||||||||||||||
|
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.
|
|||||||
|
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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029161441/en/
Investor Relations Contact:
Investors@GeneDx.com
Media Contact:
Press@GeneDx.com
Source: GeneDx
FAQ
What was GeneDx's (WGS) revenue growth in Q3 2024?
How many exome and genome tests did GeneDx (WGS) perform in Q3 2024?
What is GeneDx's (WGS) updated revenue guidance for FY 2024?