GeneDx Announces Preliminary 2023 Financial Results
08 Januar 2024 - 2:55PM
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.
"Our fourth quarter preliminary results, which exceeded
previously issued guidance, provide great momentum heading into
2024. Growth is strong and losses are consistently narrowing with
each passing quarter. We can confidently reiterate the anticipated
path to profitability in 2025,” said Kevin Feeley, Chief Financial
Officer of GeneDx.
GeneDx has not completed the preparation of its consolidated
financial statements for the year ended December 31, 2023. The
preliminary, unaudited results presented in this press release for
the year ended December 31, 2023, are based on current expectations
and are subject to adjustment, as the company completes the
preparation of its 2023 year-end consolidated financial statements
and its 2023 year-end audit.
GeneDx will release financial results for the fourth quarter and
full year of 2023 after the market closes on Tuesday, February 20,
2024. On the same day, Katherine Stueland, President and Chief
Executive Officer of GeneDx, and Kevin Feeley, Chief Financial
Officer of GeneDx, will host a conference call to discuss financial
and operating results at 4:30 p.m. Eastern Time.
Investors interested in listening to the conference call are
required to register online. A live and archived webcast of the
event will be available on the “Events” section of the GeneDx
investor relations website at https://ir.genedx.com/.
1 Preliminary results from continuing operations exclude the
results of the discontinued Legacy Sema4 diagnostic testing
business. Preliminary total company results include GeneDx’s
continuing operations and the financial impacts of exited Legacy
Sema4 business activities.
Safe Harbor Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws, including
statements regarding our future performance and our market
opportunity, including our preliminary, unaudited fourth quarter
and full year 2023 revenue, fourth quarter and full year 2023 test
result volumes, December 31, 2023 cash balance and use of cash for
the fourth quarter of 2023, our expectation of turning profitable
in 2025 and our expectations for our growth and future investment
in our business. These forward-looking statements generally are
identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result,” and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: (i) our ability to implement
business plans, goals and forecasts, and identify and realize
additional opportunities, (ii) the risk of downturns and a changing
regulatory landscape in the highly competitive healthcare industry,
(iii) the size and growth of the market in which we operate, (iv)
our ability to pursue our new strategic direction, and (vi) our
ability to enhance our artificial intelligence tools that we use in
our clinical interpretation platform. The foregoing list of factors
is not exhaustive. You should carefully consider the foregoing
factors and the other risks and uncertainties described in the
“Risk Factors” section of our Annual Report on Form 10-K for the
fiscal year ended December 31, 2022, filed with the U.S. Securities
and Exchange Commission (the “SEC”) on March 16, 2023 and other
documents filed by us from time to time with the SEC. These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and we assume no obligation and do not intend to update or revise
these forward-looking statements, whether as a result of new
information, future events, or otherwise. We do not give any
assurance that we will achieve our expectations.
About GeneDx
GeneDx, (Nasdaq: WGS) delivers personalized and actionable
health insights to inform diagnosis, direct treatment and improve
drug discovery. The company is uniquely positioned to accelerate
the use of genomic and large-scale clinical information to enable
precision medicine as the standard of care. GeneDx is at the
forefront of transforming healthcare through its industry-leading
exome and genome testing and interpretation, fueled by one of the
world’s largest rare disease data sets. For more information,
please visit genedx.com and connect with us on LinkedIn, Facebook,
and Instagram.
Media
contactPress@GeneDx.com
Investor
contactInvestors@genedx.com
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