Shares of GeneDx Holdings Corp. (NASDAQ: WGS) surged nearly 51% on October 29, 2024, as the genetic testing company reported better-than-expected financial results for the third quarter and raised its full-year revenue guidance, fueling investor optimism about its growth prospects.
For the third quarter, GeneDx reported a narrowed net loss of $0.31 per share, beating analysts' expectations of a $0.50 loss. The company's revenue grew 44.2% year-over-year to $76.87 million, surpassing the consensus estimate of $64.99 million. The strong performance was driven by a significant 77% year-over-year growth in exome and genome test revenue, which reached $60 million.
GeneDx also announced that it has raised its full-year 2024 revenue guidance to a range of $284 million to $290 million, up from the previous guidance of $255 million to $265 million. The revised outlook exceeded the consensus estimate of $263.37 million, reflecting the company's confidence in its growth trajectory.
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