Genedx Holdings Corp. · NASDAQ:WGS
Genedx — Q1 2024 Earnings Presentation
31 slides from Genedx's earnings presentation, Apr 29, 2024
Slide 1: One test. Big picture. Brighter futures.
One test. Big picture. Brighter futures. GeneDx (Nasdaq: WGS) April 29, 2024
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements under the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not relate to historical facts and events and such statements and opinions pertaining to the future that, for
Slide 3: WGS 1Q 2024 Results
WGS 1Q 2024 Results First quarter 2024 revenue from continuing operations1 of $61.5M with 96% year-over- year revenue growth for exome and genome test revenue First quarter 2024 adjusted gross margins2 for continuing operations of 61% Eight consecutive quarter of cash burn decline: first quarter 202
Slide 4: Updating 2024 Guidance
Updating 2024 Guidance Drive full year 2024 revenues between $235 to $245 million (previously $220-230 million) Expand full year 2024 adjusted gross margin profile to at least 60% (previously at least 50%) Use $70 to $80 million of net cash for full year 2024 (previously $75-80 million) Turn profita
Slide 5: Revenue - strong growth driven by high value whole exome and genome
Revenue - strong growth driven by high value whole exome and genome Revenue1 Q1 2024 Increase in 1Q24 exome/genome Revenue from continuing operations $61.5M 91% test result volume year-over-year; +6% sequentially Growth year-over-year 51% Growth sequentially 6% First quarter 2024 revenue from Exome
Slide 6: Gross profit – expansion driven by mix shift, cost per test reductions
Gross profit – expansion driven by mix shift, cost per test reductions Exome/genome can be the best test for patients. They are also best for our business. Adjusted gross margins1 for continuing 30% Exome/genome test result volume 61% operations in 1Q24, up from 56% in Q4 2023 and 34% in Q1 2023 Adj
Slide 7: Cash - Balance sheet bolstered to execute growth strategy
Cash - Balance sheet bolstered to execute growth strategy 1 Cash, cash equivalents, marketable securities and $114M1 restricted cash on hand March 31, 2024 $17M 2 71% 8 Net use of cash for the Improvement in total company net Consecutive quarters of total company in Q1 cash burn rate year-over-year;
Slide 8: Our path to profitability and beyond
For illustrative purposes, Confidential not formal and Proprietary; guidance Do Not Distribute Our path to profitability and beyond What we need for profitability and beyond How we will achieve those goals ▪ On October 30, 2023, we enacted a plan to remove OPEX reduction approximately $40M in annual
Slide 9: One test. Big picture. Brighter futures.
One test. Big picture. Brighter futures. 9
Slide 10: Appendix
Appendix Genek
Slide 11: GeneDx is a leader in improving health outcomes through genomic insights.
GeneDx is a leader in improving health outcomes through genomic insights.
Slide 12: The problem: Lack of genomic data can lead to a cycle of misdiagnosis
The problem: Lack of genomic data can lead to a cycle of misdiagnosis and suboptimal care Patient presents with Tests are Missed diagnoses impact everyone More symptoms ordered spending Patients/Caregivers • Inappropriate treatments and delayed care Try new • Suffering Suboptimal doctors care Health
Slide 13: GeneDx offers leading exome and genome products
GeneDx offers leading exome and genome products Translating complex genomic data into definitive diagnoses for patients • Genome sequencing - Analyzes the entirety of an individual’s DNA, which is known as the genome. The genome includes ~20,000 genes. • Exome sequencing – Analyzes the protein codin
Slide 14: Exome sequencing can break the cycle of misdiagnosis and uncertainty
Exome sequencing can break the cycle of misdiagnosis and uncertainty Expedited Diagnoses Improved Outcomes Reduced Costs Starting with the most vulnerable patients $30,000 per case average savings1* Rapid results Patient retention ✓ ✓ Patient Tests ordered $6,800 savings Patients connected Healthier
Slide 15: Changing the perception of exome and genome sequencing
Changing the perception of exome and genome sequencing GeneDx has spent over a decade solving for limitations of the past and differentiating our products Then GeneDx Now “These tests take months to get results” “I can get results in days to weeks” Turnaround time “These tests are wildly expensive”
Slide 16: Exome sequencing offers greater diagnostic yields vs. other technologies
Exome sequencing offers greater diagnostic yields vs. other technologies 1. Savatt JM et al. Front Pediatr. 2021;9:526779. 2. Srivastava S et al. Genet Med. 2019;21(11):2413–2421. 3. Pekeles H et al. Pediatr Neurol. 2019;92:32-36. 4. Stefanski A et al. Epilepsia. 2021;62(1):143-151. 5. Mellone S et
Slide 17: GeneDx is positioned to enable a data-informed future for healthcare.
GeneDx is positioned to enable a data-informed future for healthcare.
Slide 18: New market expansion enables us to serve more patients
New market expansion enables us to serve more patients GeneDx is starting with a focus on rare disease and pediatrics and then expanding into larger markets Rare Disease Newborn Adults: $16B & Pediatrics: $3B Screening: $10B Rapidly growing patient Currently participating in Expanding into adult mar
Slide 19: We're focused on the Rare Disease & Pediatrics market today
We're focused on the Rare Disease & Pediatrics market today Outpatient Inpatient Target Clinicians: o Geneticists Target Clinicians: o Pediatric Neurologists o Geneticists o Developmental Pediatricians o Neonatologists o Pediatricians (long-term) Products: Products: o Primarily rapid whole o Prima
Slide 20: Payor coverage for exome and genome sequencing is expanding
Payor coverage for exome and genome sequencing is expanding 〉 GeneDx is contracted with over 80% of covered lives, including all large national commercial payers 〉 Medicaid and commercial insurance coverage continues to grow for exome and genome o 28 states cover exome sequencing o 11 states cover r
Slide 21: Medicaid programs across the country are expanding access
Medicaid programs across the country are expanding access Current Medicaid Coverage Landscape Whole Exome Sequencing Rapid Genetic Testing Both No Coverage 21 Data through April 2024.
Slide 22: Medical practice guidelines recommend exome and genome sequencing for patients
Medical practice guidelines recommend exome and genome sequencing for patients ACMG Practice Guideline1: “Strong recommendation based on the available evidence to support the use of ES/GS as either a first- (or second-) line test in patients …. ES/ GS demonstrates clinical utility for the patients a
Slide 23: Pay-it-forward data strategy
Additional Additional More answ ers patients patients for patients tested providers tested Pay-it-forward mproved igher interpretation data strategy diagnostic yield platform fewer S For every patient that we test, our More underlying interpretation platform answ ers for patients gets smarter, and w
Slide 24: Data is at the center of our business
Data is at the center of our business Our huge dataset and intelligent interpretation platform set us apart and fuel innovation Advanced interpretation platform Simplifies complex genomic data >500K sequenced exomes Significant clinical and Reduces variants of genomic data unknown significance Fuels
Slide 25: Common diseases are in fact a constellation of genetic diagnoses
Common diseases are in fact a constellation of genetic diagnoses One example is epilepsy. At least 768 different genes are related to seizures. Only 43% are tested on many commercial epilepsy panels 25 Butler L. et al. Exome-based testing for patients with seizures: Advantages over panel-based testi
Slide 26: Common diseases are in fact a constellation of genetic diagnoses
Common diseases are in fact a constellation of genetic diagnoses One example is epilepsy. At least 768 different genes are related to seizures. Only 43% are tested on many commercial epilepsy panels Exome sequencing checks all 768 genes 26 Butler L. et al. Exome-based testing for patients with seizu
Slide 27: Today, we shorten the diagnostic journey. Tomorrow, we hope to prevent it.
Today, we shorten the diagnostic journey. Tomorrow, we hope to prevent it.
Slide 28: Building the future: NICU
Building the future: NICU Shorter hospital stays. Less uncertainty. Better care. In phase one of the SeqFirst study, 125 infants were offered rapid WGS: 63% of infants had abnormal rapid WGS results, and 88% of these cases resulted in a change in management 1 in 4 infants with abnormal results were
Slide 29: Building the future: Newborn screening
Building the future: Newborn screening Fast diagnosis. Clear next steps. Reduced healthcare costs. Screened 5,000 healthy infants, toward goal of >100,000 4.3% positive rate Average age of diagnosis for these conditions is 7-11 years old 29
Slide 30: Building the future: Partnerships
Building the future: Partnerships Enriched data. Empowered drug discovery. mproved outcomes. GeneDx offers solutions across the pharma drug development pipeline Find Connect Understand 30
Slide 31: Building the future: Interpretation as a service
GeneDx lab Gaithersburg, MD Building the future: Interpretation as a service Scientific rigor. Medical value. Establishing genomics as the standard of care for all. 31