GeneDx (WGS) Announces Preliminary 2024 Financial Results

GeneDx Holdings Corp. (Nasdaq: WGS), a leader in delivering improved health outcomes through genomic insights, today reported preliminary financial results for the fourth quarter and full year of 2024.

“2024 was a transformative year for GeneDx, as we achieved our profitability milestone of adjusted net income, released landmark studies, strengthened our products and expanded our team to set up for the opportunity ahead,” said Katherine Stueland, CEO of GeneDx. “The economic burden of rare disease is estimated to be $1 trillion annually, with the absence of early diagnosis being a major contributor to this cost and the cause for unnecessary and avoidable suffering faced by too many families. With our differentiated capabilities, GeneDx is setting the standard for the use of genetics in healthcare. We ended 2024 with momentum and are only beginning to unlock our full potential.”

“Our Q4 performance reflects strong execution as we expect to deliver a second consecutive quarter of adjusted net income and our first quarter of positive operational cash flow,” said Kevin Feeley, CFO of GeneDx.

Preliminary Full Year and Fourth Quarter 2024 Financial Results (Unaudited)

Management expects GeneDx to report:

Revenues1

• Revenues1 of at least $299 million for full year 2024, an increase of 54% year-over-year (previous guidance was $284-$290 million).

• Revenues1 of at least $92 million in the fourth quarter 2024, an increase of 59% year-over-year and 20% sequentially.

• Exome and genome test revenues of at least $75.8 million in the fourth quarter 2024, an increase of 93% year-over-year and 26% sequentially.

Gross Margin1

• Adjusted gross margin of at least 64% for full year 2024 (previous guidance was at least 62%).

• Adjusted gross margin of at least 68% for the fourth quarter 2024, up from 64% in the third quarter of 2024.

Full year and fourth quarter 2024 revenues and adjusted gross margin includes $6.8 million of discrete benefit in connection with a multi-year appeal recovery from a single third-party payer. The fourth quarter benefit is composed of $5.8 million to exome genome revenues and $1.0 million to other test lines.

Exome and genome volume

• Exome and genome test result volume of 20,676 in the fourth quarter, an increase of 32% year-over-year and 7% sequentially with exome and genome representing 38% of all tests result volume in the fourth quarter.

GeneDx has not completed the preparation of its consolidated financial statements for the year ended December 31, 2024. The preliminary, unaudited results presented in this press release for the quarter and year ended December 31, 2024, are based on current expectations and are subject to adjustment, as the company completes the preparation of its 2024 year-end consolidated financial statements and its 2024 year-end audit.

GeneDx will release financial results for the fourth quarter and full year of 2024 before the market opens on Tuesday, February 18, 2025. On the same day, management will host a conference call to discuss financial and operating results at 8:30 a.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/.

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