Business
GeneDx Reports Second Quarter 2024 Financial Results and Business Highlights
Reported second quarter 2024 revenue from continuing operations1 of $68.9M with 77% year-over-year growth of exome and genome test revenue Expanded second
About this update from Genedx Holdings Corp.
[{"type":"text","content":"\nReported second quarter 2024 revenue from continuing operations1 of $68.9M with 77% year-over-year growth of exome and genome test revenue\n\n\nExpanded second quarter 2024 adjusted gross margins2 from continuing operations to 62%\n\n\nNarrowed second quarter 2024 adjusted net loss2 to $2.7M\n\n\nRaising guidance to deliver between $255M and $265M in FY 2024 revenue and reiterate path to profitability in 2025\n\n\nGeneDx to host conference call today at 4:30 p.m. ET\n\n\n STAMFORD, Conn.--(BUSINESS WIRE)--\nGeneDx Holdings Corp. (Nasdaq: WGS), a leader in delivering improved health outcomes through genomic insights, today reported its financial results for the second quarter of 2024.\n\n\n“Our continued organizational focus on execution fueled our strong second quarter results, giving us confidence to raise full year 2024 revenue guidance to between $255-$265 million and reiterate our expectation to reach profitability in the next several quarters,” said Katherine Stueland, President and Chief Executive Officer at GeneDx. “The strength in our performance across all measures of the business has enabled us to begin investments in future growth opportunities for our business with a focus on extending our leadership in whole exome sequencing to whole genome sequencing to ensure we continue to lead the charge in quickly providing the most accurate and actionable genetic information to diagnose disease for as many patients and families as possible.”\n\n\nSecond Quarter 2024 Financial Results (Unaudited)1,2\n\n\nRevenues\n\n\n\nRevenues from continuing operations grew to $68.9 million, an increase of 52% year-over-year and 12% sequentially.\n\n\nTotal company revenues were $70.5 million.\n\n\n\n\n\n\nExome and genome test revenue grew to $50.7 million, an increase of 77% year-over-year and 15% sequentially.\n\n\n\nExome and genome volume\n\n\n\nExome and genome test results volume grew to 18,017, an increase of 52% year-over-year and 9% sequentially.\n\n\n\nExome and genome represented 31% of all test results, up from 22% in the second quarter of 2023 and up from 30% in the first quarter of 2024.\n\n\n\nGross margin\n\n\n\nAdjusted gross margin from continuing operations expanded to 62%, up from 37% in the second quarter of 2023 and up from 61% in the first quarter of 2024.\n\n\nTotal company gross margin was 61%.\n\n\n\n\n\n\nOperat...