Business
GeneDx Reports Third Quarter 2023 Financial Results and Business Highlights
Reported total revenue of $53M with more than 40% year-over-year growth of exome and genome test revenue Expanded gross margins to 48% in continuing
About this update from Genedx Holdings Corp.
[{"type":"text","content":"Reported total revenue of $53M with more than 40% year-over-year growth of exome and genome test revenue Expanded gross margins to 48% in continuing operations and delivered 52% year-over-year cash burn reduction Strengthened balance sheet with $75M debt facility from Perceptive Advisors and initiated a $40M annual cost savings plan Updated guidance to deliver $187-$192M in FY 2023 revenue and reiterate path to profitability in 2025 GeneDx to host conference call today at 4:30 p.m. ET STAMFORD, Conn., Oct. 30, 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 third quarter of 2023. \"We have focused our entire company’s efforts on driving exome and genome utilization and improving our overall operating efficiency, and the positive results from this quarter demonstrate that we have both a strong growth trajectory with a significant improvement in our cash management,” said Katherine Stueland, President and Chief Executive Officer of GeneDx. “Thanks to our partners at Perceptive, we have fortified our balance sheet, and with the action we have taken to remove an additional $40M in annual costs, we reiterate our turn to profitability in 2025.” Continuing Operations1 Third Quarter Financial Results Results for GeneDx’s continuing operations reported today exclude the results of the discontinued Legacy Sema4 diagnostics testing business. Revenue: Revenue from continuing operations for the third quarter of 2023 was $50.4 million, compared to $47.2 million in the third quarter of 2022. Adjusting for a one-time favorable appeal benefit in the third quarter of 2022, revenues from continuing operations for the third quarter of 2023 increased 14% year-over-year. Revenues from whole exome and genome tests were $34 million compared to $24 million in the third quarter of 2022, representing an increase of 42% year-over-year, and an increase of 18% quarter-over-quarter. Adjusting for the same one-time favorable appeal benefit in the third quarter of 2022, revenues from whole exome and genome tests increased 61% year-over-year.Test Volume: Total tests resulted in the third quarter of 2023 were nearly 58,000, compared to nearly 45,000 for the third quarter of 2022. Total whole exome and whole genome tests...