Business
GeneDx Reports Second Quarter 2023 Financial Results and Business Highlights
Accelerated whole exome and genome test volume growth by 56% year-over-year Total revenue of $48M in Q2 is inclusive of 36% year-over-year growth of exome and
About this update from Genedx Holdings Corp.
[{"type":"text","content":"Accelerated whole exome and genome test volume growth by 56% year-over-year Total revenue of $48M in Q2 is inclusive of 36% year-over-year growth of exome and genome test revenue Expanded gross margins and operating expense rationalization resulting in continued cash burn reduction of 36% year-over-year Broadened network of strategic partners, including breakthrough research collaboration with PacBio and University of Washington GeneDx to host conference call today at 4:30 p.m. ET STAMFORD, Conn., Aug. 08, 2023 (GLOBE NEWSWIRE) -- GeneDx Holdings Corp. (Nasdaq: WGS), a leader in delivering improved health outcomes through genomic and clinical insights, today reported its financial results for the second quarter of 2023. “Our goal at GeneDx is to end the diagnostic odyssey for patients and their families, and with the growth in exome volume and revenue this quarter, I’m pleased to say that we’re increasingly realizing that mission,” said Katherine Stueland, President and Chief Executive Officer of GeneDx. “We are accelerating physician conversion to whole exome and genome tests, which is not only better for patient care, but also better for the business. We expect this growth to continue through the second half of the year, which gives us confidence to meet our full year revenue guidance. In addition, we are continuing to rationalize our operating expenses and reduce our cash burn as we move forward to gain efficiency.” Pro Forma Second Quarter Financial Results from Continuing Operations1 Pro forma results for GeneDx reported today include the combination of Legacy GeneDx and only the data and information business of Legacy Sema4, and assume Legacy GeneDx was owned for the entirety of 2022. Continuing operations exclude revenues and costs from the now discontinued Legacy Sema4 diagnostics testing business. Revenue: Pro forma revenue for the second quarter of 2023 was $45.2 million, compared to $40.1 million in the second quarter of 2022, representing an increase of 13% year-over-year. Revenues from whole exome and genome tests were $28.7 million compared to $21.1 million in the second quarter of 2022, representing an increase of 36% year-over-year, and an increase of 28% quarter-over-quarter.Test Volume: Total pro forma tests resulted in the second quarter of 2023 were nearly 55,000, compared to over 45,000 for the second quarte...