GeneDx Holdings (WGS) stock plummeted 9.41% in the pre-market trading on Tuesday, despite the company reporting strong preliminary financial results for the fourth quarter and full year of 2024.
The genetic testing company said it expects to report revenues of at least $299 million for the full year 2024, up 54% year-over-year and above its previous guidance range of $284-$290 million. For the fourth quarter, GeneDx anticipates revenues of at least $92 million, representing a 59% increase from the same period last year and a 20% sequential growth.
Additionally, GeneDx achieved profitability, with the company expecting to report adjusted net income for the second consecutive quarter and positive operational cash flow for the first time. The strong financial performance was driven by the growing adoption of GeneDx's genetic testing services as the company continues to expand its product offerings and team.
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