GeneDx Holdings Corp. (WGS) came out with a quarterly loss of $0.33 per share versus the Zacks Consensus Estimate of a loss of $0.68. This compares to loss of $2.82 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 51.47%. A quarter ago, it was expected that this company would post a loss of $0.60 per share when it actually produced a loss of $0.59, delivering a surprise of 1.67%.Over the last four quarters, the company has surp ...

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) This section details the company's unaudited condensed consolidated financial statements and management's analysis of financial condition [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) GeneDx Holdings Corp. reported significant Q1 2024 financial improvement with 45% revenue growth, reduced net loss, and improved cash flow [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, the company's balance sheet showed total assets of $394.5 million, a decrease from $418.8 million at year-end 2023 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 (Unaudited) | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $83,673 | $99,681 | | Total current assets | $163,424 | $182,339 | | Total assets | $394,528 | $418,756 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $50,734 | $58,818 | | Total liabilities | $187,311 | $190,739 | | Total stockholders' equity | $207,217 | $228,017 | | Total liabilities and stockholders' equity | $394,528 | $418,756 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) The company achieved strong Q1 2024 revenue growth and significant reduction in operating and net losses Q1 2024 vs Q1 2023 Statement of Operations (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total revenue | $62,422 | $43,139 | | Gross profit | $37,411 | $15,236 | | Loss from operations | ($13,660) | ($60,364) | | Net loss | ($20,239) | ($60,989) | | Basic and diluted net loss per share | ($0.78) | ($3.04) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly decreased in Q1 2024, reflecting improved operational efficiency Cash Flow Summary (in thousands) | Activity | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | ($16,413) | ($55,560) | | Net cash provided by (used in) investing activities | $843 | ($462) | | Net cash (used in) provided by financing activities | ($438) | $132,658 | | **Net (decrease) increase in cash** | **($16,008)** | **$76,636** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, revenue concentration, warrant liability, and segment reporting, including the Legacy Sema4 shutdown - Two major payors, Payor A and Payor B, accounted for **19% and 30% of total revenues**, respectively, for the three months ended March 31, 2024, indicating a significant concentration of credit risk[31](index=31&type=chunk) - The company recorded a **$5.0 million loss** for the three months ended March 31, 2024, due to the change in fair value of the Perceptive Warrants, primarily driven by an increase in the company's stock price[53](index=53&type=chunk) - The company's operations are divided into two reportable segments: GeneDx (pediatric and rare disease diagnostics) and Legacy Sema4 diagnostics (reproductive/women's health and somatic oncology), with the latter being **completely shut down**[94](index=94&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 revenue growth driven by test volumes, improved gross profit, reduced operating expenses, and liquidity Q1 2024 vs Q1 2023 Results of Operations (in thousands) | Line Item | Q1 2024 | Q1 2023 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $62,422 | $43,139 | $19,283 | 45% | | Gross profit | $37,411 | $15,236 | $22,175 | 146% | | Research and development | $11,567 | $14,592 | ($3,025) | (21)% | | General and administrative | $22,445 | $43,689 | ($21,244) | (49)% | | Loss from operations | ($13,660) | ($60,364) | $46,704 | (77)% | | Net loss | ($20,239) | ($60,989) | $40,750 | (67)% | - The increase in diagnostic test revenue was primarily driven by a **$21.6 million (96%) increase** in whole exome and genome sequencing revenues, resulting from a **91% increase in test volumes**[129](index=129&type=chunk) - The company resulted **55,223 tests** in Q1 2024, an increase from 52,778 tests in Q1 2023[114](index=114&type=chunk) Reconciliation of Net Loss to Adjusted Net Loss (Non-GAAP, in thousands) | | Three months ended March 31, | | :--- | :--- | :--- | | | **2024** | **2023** | | Net loss | $(20,239) | $(60,989) | | Depreciation and amortization expense | 5,248 | 8,636 | | Stock-based compensation expense | (451) | 48 | | Impairment loss | — | 2,120 | | Restructuring costs | 843 | 702 | | Change in fair value of financial liabilities | 6,101 | 3,453 | | Gain on debt forgiveness | — | (2,750) | | **Adjusted net loss** | **$(8,498)** | **$(48,780)** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposure is to interest rates, affecting its cash, marketable securities, and variable rate debt - The company is exposed to interest rate risk on its cash, cash equivalents, and marketable securities, which totaled **$113.9 million** at March 31, 2024[163](index=163&type=chunk) - The company is also exposed to interest rate risk on its variable rate debt associated with the Perceptive term loan facility, which can impact future interest payments[164](index=164&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective due to an un-remediated material weakness in IT general controls as of March 31, 2024 - The CEO and CFO concluded that disclosure controls and procedures were **not effective** as of March 31, 2024[166](index=166&type=chunk) - The ineffectiveness is due to a **material weakness** in internal control over financial reporting related to IT general controls (ITGCs) over access and program change management, which has not been fully remediated[166](index=166&type=chunk)[169](index=169&type=chunk) - Despite the material weakness, management concluded that the condensed consolidated financial statements are **fairly stated** in all material respects in accordance with U.S. GAAP[167](index=167&type=chunk) [Part II. Other Information](index=32&type=section&id=Part%20II.%20Other%20Information) This section provides additional information including legal proceedings, risk factors, equity sales, and other disclosures [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal actions, including shareholder class actions and a derivative suit, which it believes are without merit - A shareholder class action lawsuit filed in September 2022 alleges false and misleading statements between March and August 2022. A motion to dismiss is pending[79](index=79&type=chunk) - A stockholder lawsuit filed in February 2023 in Delaware alleges false and misleading statements in the proxy statement for the 2021 Business Combination[80](index=80&type=chunk) - A derivative suit was filed in November 2023 on behalf of the company against certain former and current officers and directors, based on similar allegations as the securities class action[81](index=81&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) The company updates risk factors regarding potential FDA regulation of LDTs and increasing compliance costs for privacy laws - The FDA has published a proposed rule to end its enforcement discretion for Laboratory Developed Tests (LDTs) in five stages over four years, which could subject the company's tests to extensive FDA requirements, including premarket review[178](index=178&type=chunk) - Compliance with HIPAA and other privacy laws, including recent updates from the Office for Civil Rights (OCR) regarding online tracking technologies, may increase costs and expose the company to significant fines and penalties for non-compliance or data breaches[180](index=180&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk) [Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) During the period covered by this report, the company did not have any unregistered sales or issuer purchases of its equity securities - There were **no unregistered sales** of equity securities during the quarter[187](index=187&type=chunk) - There were **no issuer purchases** of equity securities during the quarter[188](index=188&type=chunk) [Item 5. Other Information](index=34&type=section&id=Item%205.%20Other%20Information) This section updates disclosures on government regulations, including PAMA, state privacy laws, and the 21st Century Cures Act - The company provides a supplemental disclosure updating its discussion of the Protecting Access to Medicare Act (PAMA), noting that the next private payor rate reporting period is in 2025 to establish rates for 2026-2028[190](index=190&type=chunk)[192](index=192&type=chunk) - An update on the California Consumer Privacy Act (CCPA) and other new state privacy laws is provided, noting the increasing compliance obligations for businesses[197](index=197&type=chunk)[200](index=200&type=chunk) - The company updated its disclosure on the 21st Century Cures Act's information blocking prohibition, noting a final rule from HHS Office of Inspector General regarding civil monetary penalties became effective in September 2023[201](index=201&type=chunk) [Item 6. Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including certifications and XBRL data files - The report includes CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[203](index=203&type=chunk) - Inline XBRL Instance, Taxonomy, and other related documents are filed as exhibits[203](index=203&type=chunk)

Executive Summary GeneDx delivered strong Q1 2024 results, with revenue growth, expanded margins, narrowed net loss, raised 2024 guidance, and reaffirmed 2025 profitability [First Quarter 2024 Highlights](index=1&type=section&id=First%20Quarter%202024%20Highlights) GeneDx achieved strong Q1 2024 results, with significant revenue growth, expanded adjusted gross margins, narrowed net loss, and raised full-year guidance towards 2025 profitability First Quarter 2024 Financial Highlights | Metric | Q1 2024 Value | YoY Change | Sequential Change | | :-------------------------------- | :---------------- | :--------- | :---------------- | | Revenue (continuing operations) | $61.5 million | +51% | +6% | | Exome & Genome Test Revenue | $44.0 million | +96% | +12% | | Adjusted Gross Margin (continuing operations) | 61% | Up from 34% | Up from 56% | | Adjusted Net Loss | $8.5 million | Narrowed by 83% | Narrowed by 52% | | Cash Burn Reduction | N/A | 71% YoY | N/A | - Raised guidance to deliver between **$235 million** and **$245 million** in FY 2024 revenue and reiterate path to **profitability in 2025**[1](index=1&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Katherine Stueland highlighted successful execution in growing exome/genome revenue, increasing reimbursement, expanding access, and reducing cash burn, supporting raised 2024 guidance and 2025 profitability - CEO Katherine Stueland emphasized the company's dedication to growing exome and genome revenue, increasing average reimbursement rates, expanding access to testing, and meaningfully reducing cash burn[3](index=3&type=chunk) - Successful Q1 execution provides confidence to raise full year 2024 revenue guidance to **$235-$245 million** and reiterate the expectation to reach **profitability in 2025**[3](index=3&type=chunk) First Quarter 2024 Financial Performance GeneDx demonstrated strong Q1 2024 financial performance with significant revenue growth, expanded gross margins, reduced operating expenses, and a substantial decrease in cash burn [Revenue and Gross Margin](index=1&type=section&id=Revenue%20and%20Gross%20Margin) GeneDx reported strong revenue growth from continuing operations, driven by increased exome and genome test revenue and volume, leading to substantial adjusted gross margin expansion Q1 2024 Revenue and Gross Margin Metrics | Metric | Q1 2024 Value | YoY Change | Sequential Change | | :-------------------------------- | :---------------- | :--------- | :---------------- | | Revenues from continuing operations | $61.5 million | +51% | +6% | | Total company revenues | $62.4 million | N/A | N/A | | Exome and genome test revenue | $44.0 million | +96% | +12% | | Exome and genome test results volume | 16,592 | +91% | +6% | | Exome and genome % of all test results | 30% | Up from 16% (Q1 2023) | Up from 27% (Q4 2023) | | Adjusted gross margin (continuing operations) | 61% | Up from 34% (Q1 2023) | Up from 56% (Q4 2023) | | Total company gross margin | 60% | N/A | N/A | | Exome and genome adjusted gross margin | >65% | N/A | N/A | [Operating Expenses and Net Loss](index=1&type=section&id=Operating%20Expenses%20and%20Net%20Loss) The company significantly reduced adjusted total operating expenses year-over-year and sequentially, contributing to a substantial narrowing of the adjusted net loss in Q1 2024 Q1 2024 Operating Expenses and Net Loss Metrics | Metric | Q1 2024 Value | YoY Change | Sequential Change | | :-------------------------- | :---------------- | :--------- | :---------------- | | Adjusted net loss | $8.5 million | Improved by 83% | Improved by 52% | | GAAP net loss | $20.2 million | N/A | N/A | | Adjusted total operating expenses | $45.4 million | -26% | -6% | | Total GAAP operating expenses | $50.1 million | N/A | N/A | [Cash Position and Burn](index=3&type=section&id=Cash%20Position%20and%20Burn) GeneDx achieved a significant 71% year-over-year reduction in net cash use (cash burn) in Q1 2024, while maintaining a healthy cash and equivalents balance Q1 2024 Cash Metrics | Metric | Q1 2024 Value | YoY Change | Sequential Change | | :-------------------------------------------------- | :---------------- | :--------- | :---------------- | | Total net use of cash (cash burn) | $17.2 million | -71% | -48% | | Cash, cash equivalents, marketable securities and restricted cash (as of Mar 31, 2024) | $113.9 million | N/A | N/A | Updated Full Year 2024 Guidance GeneDx raised its full-year 2024 revenue guidance and adjusted gross margin expectations, improved its net cash use forecast, and reiterated its path to 2025 profitability Updated Full Year 2024 Guidance | Metric | New FY 2024 Guidance | Previous FY 2024 Guidance | Change | | :-------------------------- | :------------------- | :---------------------- | :----- | | Revenues | $235 million - $245 million | $220 million - $230 million | Raised | | Adjusted Gross Margin Profile | At least 60% | At least 50% | Expanded | | Net Cash Use | $70 million - $80 million | $75 million - $80 million | Improved | | Profitability | In 2025 | In 2025 | No Change | First Quarter 2024 Business Highlights GeneDx achieved key business milestones in Q1 2024, including sequencing 600k exomes/genomes, expanding rapid genetic testing coverage, and growing biopharma partnerships [Driving Sustainable Growth and Market Leadership](index=3&type=section&id=Driving%20Sustainable%20Growth%20and%20Market%20Leadership) GeneDx reached a significant milestone of sequencing 600k clinical exomes and genomes, demonstrating accelerated growth and strengthening its proprietary dataset for enhanced diagnostic capabilities - Reached new milestone of sequencing **600k clinical exomes and genomes** since inception, with over half sequenced since July 2021 and 100k sequenced since the fall, solidifying industry leadership and enhancing proprietary dataset robustness[7](index=7&type=chunk) - Presented new data at the American College of Medical Genetics and Genomics Annual Meeting, demonstrating the clinical superiority of exome compared to chromosomal microarray (CMA), supporting efforts to eliminate the need for CMA when exome is ordered first[7](index=7&type=chunk) [Expanded Coverage and Partnerships](index=3&type=section&id=Expanded%20Coverage%20and%20Partnerships) GeneDx expanded rapid genetic testing coverage to 11 states and outpatient WES to 28 states, while growing biopharma partner programs to 21 and partnering with Komodo Health - State Medicaid programs expanded coverage of rapid genetic testing in NICU, bringing total states covering rapid whole genome in acute care to **11**, including new coverage in Georgia (Jan 2024) and South Dakota (Mar 2024)[7](index=7&type=chunk) - New York added outpatient whole exome sequencing (WES) coverage to its Medicaid plan, effective April 1, 2024, increasing total states covering WES to **28**[7](index=7&type=chunk) - Grew biopharma partner programs to **21**, predominantly with biotech companies, and launched a strategic partnership with Komodo Health to improve access to genetic insights and accelerate clinical trial enrollment[7](index=7&type=chunk) Company Information This section provides details on GeneDx's Q1 2024 webcast, forward-looking statements, company overview, and investor/media contact information [Webcast and Conference Call Details](index=4&type=section&id=Webcast%20and%20Conference%20Call%20Details) GeneDx hosted a conference call on April 29, 2024, to discuss Q1 2024 results, with a live and archived webcast available on its investor relations website - GeneDx hosted a conference call on April 29, 2024, at 4:30 p.m. Eastern Time, with registration required for investors and a webcast available on their investor relations website[8](index=8&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section cautions that future performance, market opportunities, and financial guidance are subject to risks and uncertainties outlined in SEC filings, with no commitment to updates - The press release contains forward-looking statements regarding future performance, market opportunity, and financial guidance (FY2024 revenue, adjusted gross margin, net cash use, 2025 profitability)[9](index=9&type=chunk) - These statements are subject to risks and uncertainties, including business plan implementation, regulatory landscape changes, market size, strategic direction, and AI tool enhancement, as detailed in SEC filings[9](index=9&type=chunk) - Readers are cautioned not to place undue reliance on forward-looking statements, and the company assumes no obligation to update or revise them[9](index=9&type=chunk) [About GeneDx](index=4&type=section&id=About%20GeneDx) GeneDx is a leader in genomic insights, providing AI-driven exome and genome tests that translate complex genomic data into clinical answers, leveraging a large rare disease dataset - GeneDx (Nasdaq: WGS) delivers improved health outcomes through genomic insights, believing personalized medical care begins with a genetic diagnosis[10](index=10&type=chunk) - The company uses industry-leading exome and genome tests, fueled by one of the world's largest rare disease datasets, to translate complex genomic data into clinical answers for personalized health plans, drug discovery, and health system efficiencies[10](index=10&type=chunk) [Investor and Media Contacts](index=4&type=section&id=Investor%20and%20Media%20Contacts) Contact information for GeneDx's investor relations and media inquiries is provided - Investor Relations Contact: Investors@GeneDx.com[11](index=11&type=chunk) - Media Contact: Press@GeneDx.com[11](index=11&type=chunk) Detailed Financial Statements This section presents detailed Q1 2024 financial statements, including volumes, revenues, non-GAAP reconciliations, balance sheets, income statements, and cash flow data [Volume & Revenue](index=5&type=section&id=Volume%20%26%20Revenue) This section details quarterly volumes and revenues for various test types, highlighting significant growth in whole exome and whole genome tests from Q1 2023 to Q1 2024 Volumes | | 1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | | :------------------------ | :----- | :----- | :----- | :----- | :----- | | Whole exome, whole genome | 16,592 | 15,663 | 13,216 | 11,855 | 8,705 | | Hereditary cancer | 6,868 | 8,240 | 8,556 | 7,142 | 7,120 | | Other panels | 31,763 | 33,692 | 35,861 | 35,931 | 36,953 | | Total | 55,223 | 57,595 | 57,633 | 54,928 | 52,778 | Revenue ($ millions) | | 1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | | :------------------------ | :----- | :----- | :----- | :----- | :----- | | Whole exome, whole genome | $44.0 | $39.2 | $34.0 | $28.7 | $22.4 | | Hereditary cancer | $5.5 | $5.5 | $4.5 | $3.8 | $4.3 | | Other panels | $10.7 | $11.2 | $10.6 | $10.6 | $12.7 | | Data information | $1.3 | $2.2 | $1.3 | $2.1 | $1.3 | | Total | $61.5 | $58.1 | $50.4 | $45.2 | $40.7 | [Unaudited Select Financial Information (GeneDx vs. Legacy Sema4)](index=5&type=section&id=Unaudited%20Select%20Financial%20Information) This table breaks down revenue, adjusted cost of services, gross profit, and gross margin for GeneDx and Legacy Sema4, individually and combined, for Q1 2024, Q4 2023, and Q1 2023 Three months ended March 31, 2024 (in thousands) | | GeneDx | Legacy Sema4 | Total | | :------------------------ | :------- | :----------- | :------ | | Revenue | $61,461 | $961 | $62,422 | | Adjusted cost of services | 24,099 | — | 24,099 | | Adjusted gross profit (loss) | $37,362 | $961 | $38,323 | | Adjusted gross margin % | 60.8% | (100.0)% | 61.4% | Three months ended December 31, 2023 (in thousands) | | GeneDx | Legacy Sema4 | Total | | :------------------------ | :------- | :----------- | :------ | | Revenue | $58,107 | $(689) | $57,418 | | Adjusted cost of services | 25,626 | — | 25,626 | | Adjusted gross profit (loss) | $32,481 | $(689) | $31,792 | | Adjusted gross margin % | 55.9% | 100.0% | 55.4% | Three months ended March 31, 2023 (in thousands) | | GeneDx | Legacy Sema4 | Total | | :------------------------ | :------- | :----------- | :------ | | Revenue | $40,693 | $2,446 | $43,139 | | Adjusted cost of services | 26,826 | 2,080 | 28,906 | | Adjusted gross profit (loss) | $13,867 | $366 | $14,233 | | Adjusted gross margin % | 34.1% | 15.0% | 33.0% | [Reconciliation of Non-GAAP Financial Measures](index=6&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section details reconciliations of GAAP to adjusted non-GAAP figures for revenue, cost of services, gross profit, operating expenses, and net loss for Q1 2024, Q4 2023, and Q1 2023 Three months ended March 31, 2024 (in thousands) | Metric | Reported | Depreciation and amortization | Stock-based compensation expense | Restructuring costs | Change in FV of financial liabilities | Adjusted | | :-------------------------- | :------- | :---------------------------- | :------------------------------- | :------------------ | :------------------------------------ | :------- | | Total revenue | $62,422 | $— | $— | $— | $— | $62,422 | | Cost of services | $25,011 | $(816) | $(48) | $(48) | $— | $24,099 | | Gross profit (loss) | $37,411 | $816 | $48 | $48 | $— | $38,323 | | Gross margin | 59.9 % | | | | | 61.4 % | | Research and development | $11,567 | $(196) | $187 | $(103) | $— | $11,455 | | Selling and marketing | $16,085 | $(1,225) | $20 | $(400) | $— | $14,480 | | General and administrative | $22,445 | $(3,011) | $292 | $(292) | $— | $19,434 | | Loss from operations | $(13,660) | $5,248 | $(451) | $843 | $— | $(8,020) | | Net loss | $(20,239) | $5,248 | $(451) | $843 | $6,101 | $(8,498) | Three months ended March 31, 2023 (in thousands) | Metric | Reported | Depreciation and amortization | Stock-based compensation expense | Restructuring costs | Change in FV of financial liabilities | Charges related to business exit | Other | Adjusted | | :-------------------------- | :------- | :---------------------------- | :------------------------------- | :------------------ | :------------------------------------ | :----------------------------- | :---- | :------- | | Total revenue | $43,139 | $— | $— | $— | $— | $— | $— | $43,139 | | Cost of services | $27,903 | $(589) | $1,666 | $(74) | $— | $— | $— | $28,906 | | Gross profit (loss) | $15,236 | $589 | $(1,666) | $74 | $— | $— | $— | $14,233 | | Gross margin | 35.3 % | | | | | | | 33.0 % | | Research and development | $14,592 | $(852) | $(943) | $(91) | $— | $— | $— | $12,706 | | Selling and marketing | $13,452 | $(1,227) | $(63) | $(142) | $— | $— | $— | $12,020 | | General and administrative | $43,689 | $(5,968) | $(708) | $(395) | $— | $— | $— | $36,618 | | Loss from operations | $(60,364) | $8,636 | $48 | $702 | $— | $2,120 | $— | $(48,858) | | Net loss | $(60,989) | $8,636 | $48 | $702 | $3,453 | $2,120 | $(2,750) | $(48,780) | Three months ended December 31, 2023 (in thousands) | Metric | Reported | Depreciation and amortization | Stock-based compensation expense | Restructuring costs | Change in FV of financial liabilities | Charges related to business exit | Other | Adjusted | | :-------------------------- | :------- | :---------------------------- | :------------------------------- | :------------------ | :------------------------------------ | :----------------------------- | :---- | :------- | | Total revenue | $57,418 | $— | $— | $— | $— | $— | $— | $57,418 | | Cost of services | $26,664 | $(915) | $(123) | $— | $— | $— | $— | $25,626 | | Gross profit (loss) | $30,754 | $915 | $123 | $— | $— | $— | $— | $31,792 | | Gross margin | 53.6 % | | | | | | | 55.4 % | | Research and development | $12,248 | $(919) | $2,320 | $(1,300) | $— | $— | $— | $12,349 | | Selling and marketing | $15,559 | $(1,225) | $1,071 | $(487) | $— | $— | $— | $14,918 | | General and administrative | $26,626 | $(3,035) | $(2,356) | $(197) | $— | $— | $— | $21,038 | | Loss from operations | $(25,643) | $6,094 | $(912) | $1,984 | $— | $1,277 | $— | $(17,200) | | Net loss | $(25,773) | $6,094 | $(912) | $1,984 | $(485) | $1,277 | $48 | $(17,767) | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The condensed consolidated balance sheets present GeneDx's financial position as of March 31, 2024, and December 31, 2023, detailing assets, liabilities, and stockholders' equity As of March 31, 2024 and December 31, 2023 (in thousands) | Asset/Liability/Equity | March 31, 2024 | December 31, 2023 | | :-------------------------------- | :------------- | :---------------- | | **Assets:** | | | | Cash and cash equivalents | $83,673 | $99,681 | | Marketable securities | $29,239 | $30,467 | | Accounts receivable | $28,151 | $32,371 | | Total current assets | $163,424 | $182,339 | | Property and equipment, net | $31,301 | $32,479 | | Intangible assets, net | $169,119 | $172,625 | | Total assets | $394,528 | $418,756 | | **Liabilities:** | | | | Accounts payable and accrued expenses | $32,410 | $37,456 | | Total current liabilities | $50,734 | $58,818 | | Long-term debt, net | $52,293 | $52,688 | | Total liabilities | $187,311 | $190,739 | | **Stockholders' Equity:** | | | | Additional paid-in capital | $1,527,351 | $1,527,778 | | Accumulated deficit | $(1,320,427) | $(1,300,188) | | Total stockholders' equity | $207,217 | $228,017 | [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The condensed consolidated statements of operations provide a comparative view of GeneDx's financial performance for the three months ended March 31, 2024, and 2023, detailing revenue, cost of services, gross profit, operating expenses, and net loss Three months ended March 31 (in thousands) | Metric | 2024 | 2023 | | :------------------------------------------------- | :------- | :------- | | Diagnostic test revenue | $61,104 | $41,850 | | Other revenue | $1,318 | $1,289 | | Total revenue | $62,422 | $43,139 | | Cost of services | $25,011 | $27,903 | | Gross profit | $37,411 | $15,236 | | Research and development | $11,567 | $14,592 | | Selling and marketing | $16,085 | $13,452 | | General and administrative | $22,445 | $43,689 | | Loss from operations | $(13,660) | $(60,364) | | Change in fair value of warrants and earn-out contingent liabilities | $(6,101) | $(3,453) | | Net loss | $(20,239) | $(60,989) | | Basic and diluted net loss per share, Class A common stock | $(0.78) | $(3.04) | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The condensed consolidated statements of cash flows detail cash inflows and outflows from operating, investing, and financing activities for Q1 2024 and 2023, showing reduced net cash use Three months ended March 31 (in thousands) | Activity | 2024 | 2023 | | :------------------------------------------ | :------- | :-------- | | Net cash used in operating activities | $(16,413) | $(55,560) | | Net cash provided by (used in) investing activities | $843 | $(462) | | Net cash (used in) provided by financing activities | $(438) | $132,658 | | Net (decrease) increase in cash, cash equivalents and restricted cash | $(16,008) | $76,636 | | Cash, cash equivalents and restricted cash, at end of period | $84,660 | $214,939 |

Reported first quarter 2024 revenue from continuing operations1 of $61.5M with 96% year-over-year growth of exome and genome test revenue Expanded first quarter 2024 adjusted gross margins2 from continuing operations to 61% Narrowed first quarter 2024 adjusted net loss2 to $8.5M and delivered 71% year-over-year cash burn reduction Raised guidance to deliver between $235M and $245M in FY 2024 revenue and reiterate path to profitability in 2025 GeneDx to host conference call today at 4:30 p.m. ET STAMFORD, C ...

STAMFORD, Conn., April 23, 2024 (GLOBE NEWSWIRE) -- GeneDx (NASDAQ:WGS), a leader in delivering improved health outcomes through genomic insights, today announced a strategic partnership with Komodo Health, a premier healthcare technology company for the pharmaceutical industry. The new partnership will increase access to GeneDx's extensive de-identified rare disease data set, now available through Komodo Health's MapEnhance offering, including data from more than 500,000 exomes, enabling biopharma companie ...

STAMFORD, Conn., April 04, 2024 (GLOBE NEWSWIRE) -- GeneDx (NASDAQ:WGS), a leader in delivering improved health outcomes through genomic insights, today announced it will release financial results for the first quarter of 2024 after the market closes on Monday, April 29, 2024. Management will host a conference call that day to discuss first quarter 2024 financial and operating results at 4:30 p.m. Eastern Time.  Conference Call Details Investors interested in listening to the conference call are required to ...

A downtrend has been apparent in GeneDx Holdings Corp. (WGS) lately. While the stock has lost 20.5% over the past week, it could witness a trend reversal as a hammer chart pattern was formed in its last trading session. This could mean that the bulls have been able to counteract the bears to help the stock find support.The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullish case ...

STAMFORD, Conn., March 14, 2024 (GLOBE NEWSWIRE) -- GeneDx (NASDAQ:WGS), a leader in delivering improved health outcomes through genomic insights, today announced its scientific contributions at the 2024 American College of Medical Genetics and Genomics (ACMG) Annual Clinical Genetics Meeting. Across one platform presentation, an industry symposium and six poster presentations, including one selected as a "Rapid Fire Poster Session," an invitation-only presentation of the top 20 ACMG posters, GeneDx continu ...

STAMFORD, Conn., March 14, 2024 (GLOBE NEWSWIRE) -- GeneDx (Nasdaq: WGS), a leader in delivering improved health outcomes through genomic insights, today announced its scientific contributions at the 2024 American College of Medical Genetics and Genomics (ACMG) Annual Clinical Genetics Meeting. Across one platform presentation, an industry symposium and six poster presentations, including one selected as a “Rapid Fire Poster Session,” an invitation-only presentation of the top 20 ACMG posters, GeneDx contin ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 001-39482 GeneDx Holdings Corp. (Exact name of registrant as specified in its charter) Delaware 85-1966 ...