GeneDx Announces Preliminary 2023 Financial Results

Expects to exceed revised 2023 revenue guidance with fourth quarter 2023 revenue from continuing operations¹ of more than $57M with at least 63% year-over-year revenue growth for exome and genome test revenue

Reduced fourth quarter 2023 cash burn 51% year-over-year and 21% sequentially

Ending December 31, 2023 cash position of at least $131 million

Reiterating the path to profitability in 2025

STAMFORD, Conn., Jan. 08, 2024 (GLOBE NEWSWIRE) -- GeneDx Holdings Corp. (Nasdaq: WGS), a leader in delivering improved health outcomes through genomic and clinical insights, today reported preliminary financial results for the fourth quarter and full year of 2023.

"We had an incredibly strong fourth quarter as we continued to drive utilization of our industry-leading exome and genome products, improve our average reimbursement rate, and meaningfully reduce our cash burn,” said Katherine Stueland, President and Chief Executive Officer of GeneDx. “With continued strong execution across these metrics in 2024, we’re confident in our ability to reach profitability in 2025, ultimately keeping our eye on the goal of diagnosing inherited disease earlier, connecting people with the right treatment, and driving a healthier future for as many families as possible.”

Preliminary 2023 Financial Results (Unaudited)

Continuing Operations Results: ¹

Management expects GeneDx to report:

• revenues of at least $193 million for full year 2023
• revenues of at least $57 million in the fourth quarter, an increase of 24% year-over-year and 13% sequentially;
• exome and genome test revenues of at least $38 million in the fourth quarter, an increase of 63% year-over-year and 12% sequentially; and
• 15,663 exome and genome test results in the fourth quarter, an increase of 99% year-over-year and 19% sequentially with exome and genome representing 27% of all tests result volume in the fourth quarter.

Total Company Results: ¹

Management expects GeneDx to report:

• revenues of at least $203 million for full year 2023;
• revenues of at least $58 million in the fourth quarter; and
• Cash, cash equivalents, marketable securities and restricted cash of $131 million as of December 31, 2023. Total Company use of cash for the fourth quarter of 2023 was $33 million, an improvement of 51% year-over-year and 21% sequentially. The use of cash in the fourth quarter included $5 million in scheduled payments under the Legacy Sema4 payer settlement entered into in 2022, $3 million to discharge operating payables for the exited reproductive health business and $1 million in severance payments related to the previously announced cost reduction initiative. Excluding these items, representative continuing operations cash burn was $24 million in the fourth quarter of 2023.