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GeneDx Holdings Corp. (Nasdaq: WGS) is a leading company in the field of personalized genetic insights, aiming to revolutionize healthcare through genomic and clinical data. The company focuses on providing actionable health insights that help in accurate diagnosis, targeted treatment, and drug discovery. GeneDx is driven by its comprehensive data sets on rare diseases, enabling precision medicine to become a standard practice.
GeneDx operates primarily through two segments: GeneDx, which is the main revenue generator, and Legacy Sema4 diagnostics. The company is well-regarded for its exome and genome testing and has one of the world's most extensive rare disease datasets. Recent achievements include groundbreaking research on exome sequencing for epilepsy patients, which has shown superior clinical outcomes compared to multi-gene panels.
In the fourth quarter of 2023, GeneDx reported strong financial performance, with a significant increase in utilization of exome and genome products, higher reimbursement rates, and reduced cash burn. The company aims to achieve profitability by 2025. GeneDx continues to forge valuable partnerships, such as its collaboration with Komodo Health, to advance drug discovery and patient care.
GeneDx is also making strides in expanding access to its rapid whole genome sequencing (rWGS) services in neonatal intensive care units (NICUs) through a new collaboration with Epic. This integration will allow seamless data sharing between health systems and improve patient outcomes by speeding up the diagnosis and treatment process.
The company's participation in events like the World Orphan Drug Congress highlights its commitment to advancing precision medicine. With a focus on both clinical and biopharma partnerships, GeneDx is well-positioned to continue its growth and impact on the healthcare industry.
For more information, visit the GeneDx website and connect with them on social media platforms like LinkedIn, Facebook, and Instagram.
GeneDx (Nasdaq: WGS), a leader in genomic insights for improved health outcomes, has granted 75,100 restricted stock units (RSUs) to seven newly hired employees as inducement awards. The RSUs, granted under GeneDx's 2023 Equity Inducement Plan and in compliance with Nasdaq Listing Rule 5635(c)(4), will vest in equal annual installments over four years, subject to continued employment. Each RSU represents a right to receive one share of GeneDx's Class A Common Stock upon settlement. The company typically uses a 'sell to cover' transaction to address tax withholding obligations upon vesting and settlement of RSUs.
GeneDx (Nasdaq: WGS) has announced significant enhancements to its Whole Genome Sequencing (WGS) offering, aimed at accelerating diagnoses for patients. The improvements include:
- Faster turnaround time for Rapid WGS (rWGS), providing written results in as soon as 5 days
- Addition of buccal swab (cheek swab) sample collection option for WGS patients
- Expansion of repeat expansions covered by WGS to increase diagnostic yield
These enhancements, combined with GeneDx's extensive dataset of over 665,000 sequenced clinical exomes and genomes, are expected to improve the accessibility and effectiveness of WGS for diagnostic purposes, ultimately leading to better health outcomes for patients with rare and common diseases.
GeneDx (Nasdaq: WGS) reported strong Q2 2024 financial results, with revenue from continuing operations reaching $68.9 million, a 52% year-over-year increase. Exome and genome test revenue grew 77% to $50.7 million. Adjusted gross margin expanded to 62%, while adjusted net loss narrowed to $2.7 million. The company raised its full-year 2024 revenue guidance to $255-$265 million and reiterated its expectation to reach profitability in 2025.
Key highlights include a 52% year-over-year increase in exome and genome test volume, expanded Medicaid coverage for whole exome sequencing, and new collaborations to enhance access to rapid whole genome sequencing. GeneDx also announced reinvestment in whole genome sequencing products, improving turnaround times and sample collection methods.
GeneDx (Nasdaq: WGS) will report its financial results for the second quarter of 2024 after the market closes on Tuesday, July 30, 2024. A conference call to discuss these results will be held at 4:30 p.m. Eastern Time on the same day. Investors can register to listen to the call online, and a live and archived webcast will be available on the GeneDx investor relations website. GeneDx specializes in genomic insights, offering exome and genome tests to enhance personalized health care and drug discovery. For more information, visit genedx.com.
GeneDx (Nasdaq: WGS) has announced a collaboration with Epic to expand access to rapid whole genome sequencing (rWGS) services in neonatal intensive care units (NICUs). This integration will streamline access for health systems using Epic's electronic health records, improving provider and patient experiences. GeneDx aims to accelerate the adoption of rWGS services, which have seen an 80% year-over-year increase. The company highlights that 11 states now offer Medicaid coverage for rWGS, alongside growing commercial payor support. The collaboration will allow seamless integration of rWGS results into comprehensive medical records, enhancing patient care. GeneDx is also involved in the SeqFirst study at the University of Washington, investigating the impact of broad access to rWGS. The study aims to improve timely and effective treatments for critically ill infants. With over 600,000 exomes and genomes sequenced, GeneDx continues to lead in genomic insights, aiming to deliver better health outcomes.
GeneDx (Nasdaq: WGS) has announced a new patient access program to increase accessibility to exome sequencing for pediatric epilepsy patients. The program, developed with biopharma partners, aims to provide equitable care and overcome cost barriers for genetic testing. Exome testing, recommended as a first-line test by the National Society of Genetic Counselors and endorsed by the American Epilepsy Society, offers a nearly 25% diagnostic rate for epilepsy, higher than traditional multi-gene panels. Research indicates that genetic diagnoses can lead to up to 90% seizure reduction in some cases. The program will launch to select providers today, with full availability in July.
GeneDx (Nasdaq: WGS) announced its participation in two upcoming investor conferences in June 2024. The company will present at the Jefferies Healthcare Conference in New York City on June 5 at 9:00 a.m. ET and at the 44th Annual Goldman Sachs Global Healthcare Conference in Miami, Florida on June 10 at 3:20 p.m. ET. Live and archived webcasts of the presentations will be accessible on the GeneDx investor relations website. GeneDx focuses on delivering improved health outcomes through genomic insights and offers exome and genome tests to provide personalized health plans, accelerate drug discovery, and enhance health system efficiencies.
GeneDx Holdings Corp. (Nasdaq: WGS) reported first quarter 2024 revenue of $61.5M with 96% year-over-year growth in exome and genome test revenue. Expanded adjusted gross margins to 61%, narrowed adjusted net loss to $8.5M, and raised guidance to $235-$245M for FY 2024 revenue. GeneDx aims for profitability in 2025, showcasing a strong performance and strategic initiatives.
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