23andMe Reports First Quarter Fiscal 2025 Financial Results

Core Insights - 23andMe Holding Co. reported a total revenue of $40 million for Q1 FY25, a decrease of approximately 34% compared to the same period last year, primarily due to lower research revenue and consumer revenue [2][4][5] - The company is focused on becoming a sustainably growing and profitable entity while enhancing its membership services and telehealth offerings [3][4] Financial Performance - Total revenue for Q1 FY25 was $40 million, down from $61 million in Q1 FY24, reflecting a 34% decline [4][5] - Revenue from consumer services accounted for approximately 97% of total revenue, while research services contributed about 3% [5] - Operating expenses decreased to $92 million from $140 million in the prior year, driven by lower personnel-related expenses and reduced R&D spending [6] - The net loss for Q1 FY25 was $69 million, an improvement from a net loss of $105 million in the same quarter last year [7] Cash Position - As of June 30, 2024, the company had cash and cash equivalents of $170 million, down from $216 million as of March 31, 2024 [8] Strategic Developments - The company announced a large-scale genetic research study to explore the efficacy and side effects of GLP-1 medications and plans to launch a telehealth membership for weight loss [2] - A new Polygenic Risk Score report for bipolar disorder was made available to 23andMe+ members, expanding the total to over 30 such reports [2] - Collaboration with Nightingale Health was announced to pilot a metabolomics blood biomarker panel [2]