GeneDx (WGS) - 2025 Q1 - Quarterly Results

Revenue Growth - First quarter 2025 revenues reached $87.1 million, reflecting a 42$71.4 million, marking a 62% year-over-year growth[5] - Total revenue for the three months ended March 31, 2025, reached $87,115,000, compared to$62,422,000 in the prior year, marking a year-over-year increase of 39.6%[26] - Diagnostic test revenue for the three months ended March 31, 2025, was $85,759,000, an increase from$61,104,000 in the same period of 2024, representing a growth of 40.3%[26] Profitability and Loss - Adjusted net income for the first quarter 2025 was $7.7 million, compared to an adjusted net loss of$8.0 million in the same quarter of 2024[6] - The net loss for the three months ended March 31, 2025, was $6,529,000, a significant reduction from a net loss of$20,239,000 in the prior year, indicating a decrease in losses by 67.7%[26] - The company reported a loss from operations of $4,551,000 for the three months ended March 31, 2025, a significant improvement from a loss of$13,660,000 in the same period of 2024[26] Margin Improvement - Adjusted gross margin improved to 69% in Q1 2025, up from 61% in Q1 2024[5] - The gross margin improved to 67.1% for the three months ended March 31, 2025, compared to 59.9% in the same period of 2024[26] Expenses - Research and development expenses for the three months ended March 31, 2025, were $12,577,000, compared to$11,567,000 in 2024, representing an increase of 8.7%[26] - Selling and marketing expenses increased to $18,316,000 for the three months ended March 31, 2025, from$16,085,000 in the same period of 2024, a rise of 13.8%[26] - General and administrative expenses rose to $32,134,000 for the three months ended March 31, 2025, compared to$23,419,000 in 2024, reflecting an increase of 37.1%[26] Cash Position - Cash position as of March 31, 2025, was $160.2 million, including$4.1 million generated from ordinary operations[10] - Cash and cash equivalents increased to $99,704,000 as of March 31, 2025, up from$85,212,000 at the end of December 2024, indicating a growth of 17.0%[24] - Cash, cash equivalents, and restricted cash at the end of the period totaled $100.694 million, up from$84.660 million at the end of March 2024[28] Strategic Initiatives - GeneDx plans to acquire Fabric Genomics, expected to contribute $3 to$5 million in post-close revenue[10] - GeneDx launched ultraRapid Whole Genome Sequencing, providing genomic insights in as soon as 48 hours for neonatal and pediatric patients[10] - The company expanded its commercial footprint with new indications for cerebral palsy and Inborn Errors of Immunity, enhancing access to genomic testing[10] Investment and Financing - The company invested $6.129 million in property and equipment, compared to$443,000 in the same period last year[28] - Proceeds from offerings, net of issuance costs, amounted to $13.894 million, with no such proceeds reported in the same quarter of 2024[28] - Cash paid for interest decreased to$1.600 million from $2.019 million year-over-year[28] Cash Flow - Net cash provided by operating activities was$10.182 million, compared to a net cash used of $16.413 million in the prior year[28] - The company had a net cash used in investing activities of$9.408 million, contrasting with a net cash provided of $843,000 in the prior year[28] - The change in accounts receivable was a negative$8.557 million, indicating a decrease in cash flow from sales[28]