By Chris Wack
GeneDx Holdings shares hit a 52-week high after the company said its third-quarter revenue beat analysts' expectations, and that it was raising 2024 revenue guidance.
Shares of the medical technology company traded as high as $76.69 early Tuesday, and were up 34% to $75.09 at 10 a.m. ET.
The Stamford, Conn., company reported revenue for the quarter of $76.9 million, compared with last year's $53.3 million, and the $65 million analysts were expecting.
The company narrowed its quarterly loss to $8.31 million, or 31 cents a share, from a loss of $42.3 million, or $1.64 a share, in the same quarter last year. Analysts polled by FactSet were looking for a loss of $6.3 million, or 50 cents a share.
GeneDx said exome and genome test revenue grew to $60 million, and increase of 77% year-over-year.
The company has raised its 2024 revenue guidance of $284 million to $290 million, from $255 million to $265 million. Analysts are expecting 2024 revenue of $263.4 million.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
October 29, 2024 10:28 ET (14:28 GMT)
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