GeneDx climbs after profitability milestone in Q3
mohd izzuan
Shares of GeneDx Holdings (NASDAQ:WGS) hit a 52-week high, adding ~49% on Tuesday after the genomics testing company raised its full-year outlook and reached profitability with its Q3 2024 financials, which exceeded Street forecasts.
Stamford, Connecticut-based GeneDx (NASDAQ:WGS) recorded $76.6M in revenue for the quarter, beating the consensus by as much as $11.9M with ~52% YoY growth as its exome and genome test revenue jumped ~77% YoY to $60.0M.
“We delivered 77% growth on exome and genome revenues in Q3 and have reached the point of profitability, a significant milestone in our company’s history,” CEO Katherine Stueland remarked.
While the company recorded a $8.3M GAAP net loss, its adjusted net income reached $1.2M, indicating ~ a 106% YoY improvement as adjusted gross margin widened to 64% compared to 48% in the year-ago quarter.
GeneDx (WGS) lifted its full-year revenue guidance to $284M-$290M from $255M-$265M previously and $263.4M in the consensus. It also increased the minimum estimate for 2024 adj. gross margin to 62% from 60%.
“With an ever-growing number of families eligible for our services, our growth outlook is healthy and sustainable,” Stueland added.
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