US Market News
2月前
GeneDx Reports First Quarter 2026 Financial Results and Updates Full-Year OutlookMay 4, 2026 4:05 PM
Business Wire Reported total revenue of $102.3 million with 27% year-over-year growth in exome and genome revenue Reported exome and genome volume growth of 34% year-over-year Reported adjusted gross margin(1) of 69% and adjusted net loss(1) of $8.2 million Updating full-year 2026 revenue guidance to $475 to $490 million with exome and genome volume growth of at least 30% Hosting conference call today at 4:30 p.m. ET GeneDx Holdings Corp. (Nasdaq: WGS), the leader in rare disease diagnosis and improving health through the power of genomic data, today reported its financial results for the first quarter of 2026. “GeneDx delivered 34% year-over-year volume growth in exome and genome testing in the first quarter – a clear signal that there’s sustained, strong demand for our services. While our revenue did not reflect the full potential of what this business is capable of, we are adjusting our outlook and are poised to deliver more than 30% volume growth, 70% gross margin, and profitability on an adjusted basis for the year,” said Katherine Stueland, CEO of GeneDx. “Leading a generational shift in medicine requires taking some big swings, learning quickly, and moving with urgency to serve this ever-growing patient population. With expectations reset, we’ve never been more confident about our ability to deliver profitable growth in service of patients and shareholders.” First Quarter 2026 Financial Results (Unaudited)(1) Revenue Revenue grew to $102.3 million, an increase of 17% year-over-year. Exome and genome test revenue grew to $90.6 million, an increase of 27% year-over-year. Exome and genome volume Exome and genome test result volume grew to 27,488, an increase of 34% year-over-year. Gross margin Adjusted gross margin remained flat at 69% in the first quarter of 2026. GAAP gross margin was 67%. Operating expenses Adjusted total operating expenses were $78.1 million, representing 76% of revenue. Total GAAP operating expenses were $94.4 million. Net (loss) income Adjusted net loss was $8.2 million compared to adjusted net income of $9.2 million in the first quarter of 2025. GAAP net loss was $63.3 million. Cash position Cash, cash equivalents, marketable securities and restricted cash was $171.7 million as of March 31, 2026. (1) Adjusted gross margin, adjusted total operating expenses and adjusted net (loss) income are non-GAAP financial measures. See appendix for a reconciliation of GAAP to non-GAAP figures presented. Updated 2026 Guidance GeneDx has updated its 2026 guidance. Management now expects GeneDx to deliver: Metric Full Year 2026 Previous Guidance Full Year 2026 Updated Guidance Second Quarter of 2026 Guidance Revenue $540 to $555 million $475 to $490 million $110 to $112 million Growth in exome and genome volume 33% to 35% At least 30% Approximately 30,000 tests Growth in exome and genome revenue 33% to 35% At least 20% Approximately $100 million Adjusted gross margin At least 70% Approximately 70% Approximately 70% Adjusted net income (loss) Positive Positive Adj. net loss of approximately $5 million First Quarter 2026 and Recent Business Highlights Strategic Expansion and Market Leadership Announced the landmark SAVES-Kids Study, a real-world data Health Economics and Outcomes Research (HEOR) study showing an average healthcare cost savings of up to $80,000 for children with neurodevelopmental disorders in the 12 months following ExomeDx™ and GenomeDx™ testing, regardless of the test result. Launched a reflex product, enabling seamless reflexing to genome testing when exome testing is non-diagnostic. Partnered with CNBC to launch CNBC Cures, a collaborative, multi-platform initiative aimed at raising awareness for the rare disease community and improving outcomes for the ~30 million Americans affected by rare diseases. Launched a sponsored genetic testing program with Zevra Therapeutics to support patients with suspected Niemann-Pick Disease Type C. Expanded Medicaid coverage in Texas, Maine, and Arkansas, resulting in approximately 4.9 million Medicaid patients gaining access to exome testing. Innovation & Clinical Leadership Added to the company’s more than 1,100 publications by showcasing 18 pieces of pioneering research at the American College of Medical Genetics and Genomics (ACMG) Annual Meeting. The research highlighted the scale and clinical impact of GeneDx Infinity™ – the largest and most comprehensive rare disease genomic dataset – and GeneDx’s leadership in bringing exome and genome testing to the standard of care by leveraging AI, world-class data and clinical expertise, and expert variant interpretation and classification. Published results from a benchmarking study in the American Journal of Human Genetics demonstrating HiFi long-read sequencing was successful in identifying difficult to detect variants using real-world clinical samples. Published new SeqFirst study data in the American Journal of Medical Genetics showing that implementing rapid genome sequencing (rWGS) as a first-tier test in pediatric and cardiac intensive care units significantly increases diagnostic rates and reduces time to diagnosis by 50%. Presented “Scaling Rare Disease Discovery with AI: From Genomic Data to Therapeutic Insights” at the Precision Medicine Worldwide Conference (PMWC), showcasing how GeneDx partners with biopharma to turn genomic data into actionable solutions – accelerating discovery, enabling clinical trials, and advancing the next era of precision medicine. Webcast and Conference Call Details GeneDx will host a conference call today, May 4, 2026, 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/. Non-GAAP Financial Measures GeneDx believes non-GAAP measures are useful in evaluating its operating performance. GeneDx uses this supplemental information to evaluate its ongoing operations and for internal planning and forecasting purposes. GeneDx believes that non-GAAP financial information, when taken collectively with its GAAP financial information, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. We define non-GAAP financial measures as GAAP measures, excluding certain items such as stock-based compensation expense, depreciation and amortization, restructuring costs, changes in the fair value of financial liabilities, non-core lease costs, and other expenses that the Company believes are not indicative of its ongoing operations. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding our future performance and our market opportunity, including our expectations for full year and second quarter 2026 revenue, exome and genome revenue and test volumes, adjusted gross margin and adjusted net income (loss). 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, and (iv) recalibrating for building long-term, durable performance. 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, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 23, 2026, our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026, filed with the SEC on May 4, 2026 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’s (Nasdaq: WGS) mission is to empower everyone to live their healthiest life through genomics. GeneDx combines unmatched clinical expertise, advanced technology, and the power of GeneDx Infinity™ – the world’s largest rare disease genomic dataset. This unparalleled foundation powers GeneDx’s ExomeDx™ and GenomeDx™ tests – ranked #1 by expert geneticists and granted FDA Breakthrough Device designation – enabling clinicians to deliver precise, fast, and actionable diagnoses. GeneDx Infinity also fuels discovery for biopharma, with the most powerful AI-driven genomic intelligence. A genomics pioneer over the last 25 years, diagnosing more than 4,800 genetic diseases and publishing more than 1,100 research publications, GeneDx is building the network that will drive the future of genomic precision medicine. For more information, visit genedx.com and connect with us on LinkedIn, Facebook, and Instagram. Volume & Revenue 1Q26 4Q25 3Q25 2Q25 1Q25 Volumes Whole exome, whole genome 27,488 27,761 25,702 23,246 20,562 Hereditary cancer 108 346 1,511 2,677 2,725 Other panels 27,621 30,935 33,003 31,833 28,228 Total 55,217 59,042 60,216 57,756 51,515 Revenue ($ millions) Whole exome, whole genome $ 90.6 $ 104.0 $ 98.9 $ 86.0 $ 71.4 Hereditary cancer 0.1 0.2 1.2 1.8 2.2 Other panels 10.6 13.1 13.4 12.3 12.1 Data information 0.8 2.6 1.5 2.0 1.4 Software and interpretation services 0.2 1.1 1.7 0.6 — Total $ 102.3 $ 121.0 $ 116.7 $ 102.7 $ 87.1 Unaudited Select Financial Information (in thousands) Three months ended March 31, 2026 Three months ended March 31, 2025 GeneDx Other(1) Total GeneDx Other(1) Total Revenue $101,496 $758 $102,254 $87,115 $— $87,115 Adjusted cost of services 31,613 588 32,201 27,396 — 27,396 Adjusted gross profit $69,883 $170 $70,053 $59,719 $— $59,719 Adjusted gross margin % 68.9% 68.5% 68.6% 68.6% (1) For the three months ended March 31, 2026, Other represents revenues and cost of services from the Fabric Genomics operating segment. For the three months ended March 31, 2025, Other represents revenues and cost of services from the Legacy Sema4 diagnostic testing business. Three months ended March 31, 2026 Reported Depreciation and amortization Stock-based compensation Restructuring costs Change in FV of financial liabilities Extinguishment of debt Other(2) Adjusted Diagnostic test revenue $ 101,299 $ — $ — $ — $ — $ — $ — $ 101,299 Other revenue 955 — — — — — — 955 Total revenue 102,254 — — — — — — 102,254 Cost of services 34,043 (1,462 ) (380 ) — — — — 32,201 Gross profit 68,211 1,462 380 — — — — 70,053 Gross margin 66.7 % 68.5 % Research and development 19,804 (224 ) (1,406 ) (224 ) — — — 17,950 Selling, general and administrative 74,591 (5,123 ) (7,210 ) (215 ) — — (1,916 ) 60,127 Impairment loss 31,287 — — — — — (31,287 ) — Loss from operations (57,471 ) 6,809 8,996 439 — — 33,203 (8,024 ) Interest expense, net (717 ) — — — — — 717 — Other (expense) income, net (4,231 ) — — — (2,540 ) 6,565 — (206 ) Income tax expense (897 ) — — — — — 897 — Net loss $ (63,316 ) $ 6,809 $ 8,996 $ 439 $ (2,540 ) $ 6,565 $ 34,817 $ (8,230 ) Basic and diluted loss per share(1) $ (2.16 ) $ (0.28 ) Three months ended March 31, 2025 Reported Depreciation and amortization Stock-based compensation Restructuring costs Change in FV of financial liabilities Other(2) Adjusted Diagnostic test revenue $ 85,759 $ — $ — $ — $ — $ 85,759 Other revenue 1,356 — — — — — 1,356 Total revenue 87,115 — — — — — 87,115 Cost of services 28,639 (1,075 ) (168 ) — — — 27,396 Gross profit 58,476 1,075 168 — — — 59,719 Gross margin 67.1 % 68.6 % Research and development 12,577 (372 ) (419 ) (28 ) — — 11,758 Selling, general and administrative 50,450 (4,231 ) (3,396 ) (530 ) — (3,265 ) 39,028 (Loss) income from operations (4,551 ) 5,678 3,983 558 — 3,265 8,933 Interest expense, net (640 ) — — — — 640 — Other (expense) income, net (891 ) — — — 1,100 30 239 Income tax expense (447 ) — — — — 447 — Net (loss) income $ (6,529 ) $ 5,678 $ 3,983 $ 558 $ 1,100 $ 4,382 $ 9,172 Basic (loss) earnings per share(1) $ (0.23 ) $ 0.33 Diluted (loss) earnings per share(1) $ (0.23 ) $ 0.31 (1) Basic and diluted (loss) earnings per share are calculated based on 29,335,126 weighted average shares outstanding for the three months ended March 31, 2026, and 28,147,948 and 29,440,704 weighted average shares outstanding for the three months ended March 31, 2025, respectively. (2) Other represents interest expense, net, income tax expense and non-core lease costs for all periods presented. For the three months ended March 31, 2026, Other also includes costs related to legal reserves and impairment of goodwill and intangible assets associated with the Fabric Genomics acquisition. For the three months ended March 31, 2025, Other includes transaction costs incurred in connection with the acquisition of Fabric Genomics. GeneDx Holdings Corp. Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) March 31, 2026 (Unaudited) December 31, 2025 Assets: Current assets: Cash and cash equivalents $ 93,924 $ 104,997 Marketable securities 76,761 66,285 Accounts receivable 76,929 74,370 Inventory, net 12,241 13,951 Prepaid expenses and other current assets 10,774 8,685 Total current assets 270,629 268,288 Operating lease right-of-use assets 34,653 23,412 Property and equipment, net 50,125 45,693 Goodwill 1,641 13,520 Intangible assets, net 144,969 168,481 Other assets(1) 4,284 4,316 Total assets $ 506,301 $ 523,710 Liabilities and Stockholders’ Equity: Current liabilities: Accounts payable and accrued expenses $ 46,562 $ 57,645 Short-term lease liabilities 5,129 4,404 Other current liabilities 35,948 46,859 Total current liabilities 87,639 108,908 Long-term debt, net of current portion 96,732 48,176 Long-term lease liabilities 66,331 56,046 Other liabilities 71 1,641 Deferred taxes 1,404 757 Total liabilities 252,177 215,528 Stockholders’ Equity: Preferred stock — — Class A common stock 3 3 Additional paid-in capital 1,690,249 1,680,738 Accumulated deficit (1,436,811 ) (1,373,495 ) Accumulated other comprehensive income 683 936 Total stockholders’ equity 254,124 308,182 Total liabilities and stockholders’ equity $ 506,301 $ 523,710 (1) Other assets includes $1.0 million of restricted cash as of both March 31, 2026 and December 31, 2025. GeneDx Holdings Corp. Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share amounts) Three months ended March 31, 2026 2025 Revenue Diagnostic test revenue $ 101,299 $ 85,759 Other revenue 955 1,356 Total revenue 102,254 87,115 Cost of services 34,043 28,639 Gross profit 68,211 58,476 Research and development 19,804 12,577 Selling, general and administrative 74,591 50,450 Impairment loss 31,287 — Loss from operations (57,471 ) (4,551 ) Non-operating (expenses) income, net Change in fair value of financial liabilities 2,540 (1,100 ) Interest expense, net (717 ) (640 ) Loss on extinguishment of debt (6,565 ) — Other (expense) income, net (206 ) 209 Total non-operating expense, net (4,948 ) (1,531 ) Loss before income taxes (62,419 ) (6,082 ) Income tax expense (897 ) (447 ) Net loss $ (63,316 ) $ (6,529 ) Weighted-average shares outstanding of Class A common stock 29,335,126 28,147,948 Basic and diluted loss per share, Class A common stock $ (2.16 ) $ (0.23 ) GeneDx Holdings Corp. Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) Three months ended March 31, 2026 2025 Operating activities Net loss $ (63,316 ) $ (6,529 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation and amortization expense 6,809 5,678 Stock-based compensation expense 8,996 3,983 Change in fair value of financial liabilities (2,540 ) 1,100 Deferred tax expense 897 447 Change in third party payor reserves 1,022 1,395 Loss on extinguishment of debt 6,565 — Impairment loss 31,287 — Other 1,034 757 Change in operating assets and liabilities: Accounts receivable (2,558 ) (8,557 ) Inventory 1,689 (2,032 ) Accounts payable and accrued expenses (13,168 ) 10,824 Other assets and liabilities (9,125 ) 3,116 Net cash (used in) provided by operating activities (32,408 ) 10,182 Investing activities Purchases of marketable securities (20,177 ) (17,209 ) Proceeds from sales of marketable securities 875 — Proceeds from maturities of marketable securities 8,500 13,930 Purchases of property and equipment and development of internal-use software (6,453 ) (6,129 ) Net cash used in investing activities (17,255 ) (9,408 ) Financing activities Proceeds from long term debt, net of issuance costs 96,998 13,894 Proceeds from issuance of common stock from subscription agreements 476 — Exercise of stock options 58 735 Repayment of long-term debt, including prepayment penalty - Perceptive (54,000 ) — Repayment and principal payments for long-term debt - DECD (4,447 ) (300 ) Finance lease principal payments (495 ) (611 ) Net cash provided by financing activities 38,590 13,718 Net (decrease) increase in cash, cash equivalents and restricted cash (11,073 ) 14,492 Cash, cash equivalents and restricted cash, at beginning of period 105,989 86,202 Cash, cash equivalents and restricted cash, at end of period (1) $ 94,916 $ 100,694 Supplemental disclosures of cash flow information Cash paid for interest $ 1,748 $ 1,600 Cash paid for taxes $ 754 $ 206 Lease liability from obtaining right-of-use asset $ 12,086 $ — Purchases of property and equipment in accounts payable and accrued expenses $ 5,915 $ 2,197 (1) Cash, cash equivalents and restricted cash as of March 31, 2026 excludes marketable securities of $76.8 million. View source version on businesswire.com: https://www.businesswire.com/news/home/20260504673812/en/ Investor Relations Contact:
Investors@GeneDx.com Media Contact:
Press@GeneDx.com Original: GeneDx Reports First Quarter 2026 Financial Results and Updates Full-Year Outlook
US Market News
4月前
INSERTING and REPLACING GeneDx Reports Fourth Quarter and Full Year 2025 Financial Results and Reaffirms Guidance for Full Year 2026February 23, 2026 8:07 AM
Business Wire
Reported fourth quarter 2025 revenues of $121.0 million with 32% year-over-year growth in exome and genome test revenue (42% excluding a one-time 2024 benefit)
Accelerated exome and genome volume growth to 34% year-over-year
Reported fourth quarter 2025 adjusted gross margin1 of 71%
Reported fourth quarter 2025 adjusted net income1 of $4.4 million
Reaffirmed full year 2026 guidance of $540 to $555 million in revenue with 33-35% exome and genome growth
GeneDx to host conference call today at 8:30 a.m. ET
Insert the "Software and interpretation services" row in the Volume & Revenue(1) table.
The updated release reads:
GeneDx Reports Fourth Quarter and Full Year 2025 Financial Results and Reaffirms Guidance for Full Year 2026
GeneDx Holdings Corp. (Nasdaq: WGS), the leader in rare disease diagnosis and improving health through the power of genomic data, today reported its financial results for the fourth quarter and full year of 2025.
“The unmet need for early, accurate genomic diagnosis is enormous, and families are waiting far too long for answers. GeneDx is uniquely positioned to deliver for patients, clinicians, and partners — and our results demonstrate that. Our team is executing at the highest level, our platform continues to scale, and GeneDx InfinityTM gives us a compounding data advantage that strengthens with every test we run,” said Katherine Stueland, President and CEO of GeneDx. “The business has never been in a better position for continued growth and success. As we enter 2026, we will layer new growth drivers onto an already powerful foundation — expanding into large, underpenetrated markets where patients are waiting for a diagnosis that GeneDx can provide today.”
Fourth Quarter and Full Year 2025 Financial Results (Unaudited)1,2
Revenues
Fourth quarter 2025:
Revenues grew to $121.0 million, an increase of 27% year-over-year (37% excluding a one-time 2024 benefit).
Exome and genome test revenue grew to $104.0 million, an increase of 32% year-over-year (42% excluding a one-time 2024 benefit).
Full year 2025:
Revenues grew to $427.5 million, an increase of 41% year-over-year (45% excluding a one-time 2024 benefit).
Exome and genome test revenue grew to $360.3 million, an increase of 54% year-over-year (58% excluding a one-time 2024 benefit).
Exome and genome volume
Fourth quarter 2025:
Exome and genome test result volume grew to 27,761, an increase of 34.3% year-over-year.
Exome and genome represented 47% of all test results, up from 38% in the fourth quarter of 2024.
Full year 2025:
Exome and genome test results volume grew to 97,271, an increase of 30.5% year-over-year.
Exome and genome represented 43% of all test results, up from 33% for the full year 2024.
Gross margin
Fourth quarter 2025:
Adjusted gross margin expanded to 71%, up from 70% in the fourth quarter of 2024.
GAAP gross margin was 70%.
Full year 2025:
Adjusted gross margin expanded to 71%, up from 65% for full year 2024.
GAAP gross margin was 70%.
Operating expenses
Fourth quarter 2025:
Adjusted total operating expenses were $81.8 million, representing 68% of revenue in the fourth quarter of 2025, compared to 52% of revenue in the fourth quarter of 2024.
Total GAAP operating expenses were $98.5 million.
Full year 2025:
Adjusted total operating expenses were $263.0 million, an increase of 39% year-over-year.
Total GAAP operating expenses were $311.3 million.
Net income (loss)
Fourth quarter 2025:
Adjusted net income was $4.4 million, compared to $17.5 million in the fourth quarter of 2024.
GAAP net loss was $17.7 million.
Full year 2025:
Adjusted net income was $41.8 million, compared to $9.4 million for full year 2024.
GAAP net loss was $21.0 million.
Full year and fourth quarter 2024 revenues, gross margin and net income, all on both a GAAP and adjusted basis, includes $6.8 million of discrete benefit in connection with a multi-year appeal recovery from a single third-party payor. The fourth quarter 2024 benefit was composed of $5.8 million to exome genome revenues and $1.0 million to other test lines.
Cash position
Cash, cash equivalents, marketable securities and restricted cash was $172.3 million as of December 31, 2025.
Cash flow for the fourth quarter 2025 included:
$5.1 million in net cash generated from ordinary operations; and
$21.1 million in proceeds, net of fees, from the issuance of 147,583 shares of Class A common stock in connection with sales pursuant to our “at-the-market” offering, offset by;
$10.0 million in scheduled payments to service previously recorded settlement liabilities of Legacy Sema4.
(1)
Adjusted gross margin, adjusted total operating expenses and adjusted net income/(loss) are non-GAAP financial measures. See appendix for a reconciliation of GAAP to non-GAAP figures presented.
(2)
Revenue and adjusted gross margin growth rates in the comparative 2024 period exclude revenue and costs of sales from the exited Legacy Sema4 diagnostic testing business.
GeneDx Full Year 2026 Guidance
For full year 2026 management expects GeneDx to deliver:
Metric
Guidance
Revenue
$540 to $555 million
Growth in exome and genome revenue
33% to 35%
Growth in exome and genome volume
33% to 35%
Adjusted gross margin
At least 70%
Adjusted net income
Positive
Business Highlights
Strategic Expansion & Market Leadership
Launched GeneDx Infinity™: Unveiled the world’s largest and most diverse rare disease dataset – including over 1 million exomes and genomes, more than 2.5 million genetic tests, and over 8 million phenotypic data points – that fuels the #1 genetic test.
Expanded into general pediatrics: Unlocked GeneDx’s largest addressable opportunity to bring genomic testing to the front line of care for more families.
Commended the American Academy of Pediatrics for issuing updated guidance in June 2025, now recommending exome and genome sequencing as first-tier tests for children with global developmental delay or intellectual disability.
Expanded into prenatal diagnostics: Announced GenomeDx Prenatal™, a phenotype-informed, trio-based whole genome sequencing test for pregnancies with fetal anomalies identified via ultrasound, enabling clinicians and expecting families to access actionable genomic insights during one of the most critical moments in pregnancy care.
Launched ultraRapid genome sequencing: Offered accelerated, comprehensive and actionable genomic insights for neonatal and pediatric patients in the NICU and PICU in as soon as 48 hours.
Expanded payer coverage: Secured Medicaid coverage for exome and genome sequencing in 8 new states (including CA, CO, OH), bringing the total states covering exome or genome sequencing in the pediatric outpatient setting to 38 and the total states covering rapid genome sequencing in the neonatal intensive care unit (NICU) to 17.
Strengthened leadership: Positioned the company for the next phase of growth and scale to help more families with the power of our data, AI-driven technology, and clinical expertise.
Named to the 2026 TIME100 Health List: This recognition comes during Rare Disease Month and underscores the growing global acknowledgment of rare disease as a public health priority, as well as the critical role of genomics in accelerating diagnosis, advancing discovery, and improving outcomes for patients and families worldwide.
Innovation & Clinical Leadership
Granted FDA Breakthrough Device designation: Received designation for GeneDx ExomeDx™ and GenomeDx™ associated with causes of life-threatening diseases or genetic disorders to aid in diagnosis of symptomatic patients, underscoring GeneDx’s leadership in genomic medicine and critical role in delivering fast, accurate answers for patients with rare diseases.
Acquired Fabric Genomics: Expanded delivery of genomic insights globally by enabling decentralized interpretation powered GeneDx InfinityTM.
Advanced genomic newborn screening (gNBS): Extended leadership in genomic newborn screening through participation in key programs, including:
Announced participation in the nation’s first multi-state genomic newborn screening initiative, BEACONS (Building Evidence and Collaboration for GenOmics in Nationwide Newborn Screening), which launched with a $14.4 million award from the National Institutes of Health (NIH) to enroll up to 30,000 newborns in as many as 10 states over the next three years.
Announced a partnership with Florida’s Sunshine Genetics Network, the nation’s first state-backed genomic newborn screening program, to offer whole genome sequencing for newborns at select academic medical centers and hospitals.
Sequenced more than 22,000 newborns through the GUARDIAN (Genomic Uniform-screening Against Rare Disease In All Newborns) study, which was recognized as part of JAMA’s annual Research of the Year Roundup.
Announced partnership with Komodo Health: Enhanced GeneDx InfinityTM with real-world patient insights from Komodo’s Healthcare Map® to create the most comprehensive, longitudinal dataset for rare disease.
Unveiled Multiscore: Launched Multiscore, an advanced AI-powered decision support tool that aims to improve diagnostic efficiency, streamlines workflows, and enhances clinical insights by harnessing GeneDx InfinityTM, publicly available data, and the power of artificial intelligence.
Surpassed 1,100 total peer-reviewed studies: Added key publications to the most prolific and clinically impactful research portfolio in rare disease genomics, including the Seqfirst-neo study, a pioneering study conducted in partnership with Seattle Children’s and the University of Washington revealing that widespread use of rapid genome sequencing (rGS) demonstrates that at least 60% of level IV NICU infants should be receiving rGS.
Published data supporting changes to testing protocols: Published data from the SeqFirst study showing that implementing rapid genome sequencing (rWGS) as a first-tier test in pediatric and cardiac intensive care units significantly increases diagnostic rates and reduces time to diagnosis by half.
Webcast and Conference Call Details
GeneDx will host a conference call today, February 23, 2026, 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/.
Non-GAAP Financial Measures
GeneDx believes non-GAAP measures are useful in evaluating its operating performance. GeneDx uses this supplemental information to evaluate its ongoing operations and for internal planning and forecasting purposes. GeneDx believes that non-GAAP financial information, when taken collectively with its GAAP financial information, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. We define non-GAAP financial measures as GAAP measures, excluding certain items such as stock-based compensation expense, depreciation and amortization, restructuring costs, changes in the fair value of financial liabilities, and other expenses that the Company believes are not indicative of its ongoing operations. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding our future performance and our market opportunity, including our expectations for full year 2026 revenue, exome and genome revenue and test volumes, adjusted gross margin and adjusted net income. 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, and (iv) our ability to pursue our new strategic direction. 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, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 20, 2025, our Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2025, June 30, 2025, and September 30, 2025, 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’s (Nasdaq: WGS) mission is to empower everyone to live their healthiest life through genomics. GeneDx combines unmatched clinical expertise, advanced technology, and the power of GeneDx Infinity™ – the world’s largest rare disease genomic dataset. This unparalleled foundation powers GeneDx’s ExomeDx™ and GenomeDx™ tests – ranked #1 by expert geneticists and granted FDA Breakthrough Device designation – enabling clinicians to deliver precise, fast, and actionable diagnoses. GeneDx Infinity also fuels discovery for biopharma, with the most powerful AI-driven genomic intelligence. A genomics pioneer over the last 25 years, diagnosing more than 4,800 genetic diseases and publishing more than 1,000 research publications, GeneDx is building the network that will drive the future of genomic precision medicine. For more information, visit genedx.com and connect with us on LinkedIn, Facebook, and Instagram.
Volume & Revenue(1)
4Q25
3Q25
2Q25
1Q25
4Q24
2025 YTD
2024 YTD
Volumes
Whole exome, whole genome
27,761
25,702
23,246
20,562
20,676
97,271
74,547
Hereditary cancer
346
1,511
2,677
2,725
3,486
7,259
20,508
Other panels
30,935
33,003
31,833
28,228
30,115
123,999
131,177
Total
59,042
60,216
57,756
51,515
54,277
228,529
226,232
Revenue ($ millions)
Whole exome, whole genome
$
104.0
$
98.9
$
86.0
$
71.4
$
78.8
$
360.3
$
233.5
Hereditary cancer
0.2
1.2
1.8
2.2
2.8
5.4
15.4
Other panels
13.1
13.4
12.3
12.1
12.3
50.9
50.1
Data information
2.6
1.5
2.0
1.4
1.4
7.5
3.3
Software and interpretation services
1.1
1.7
0.6
—
—
3.4
—
Total
$
121.0
$
116.7
$
102.7
$
87.1
$
95.3
$
427.5
$
302.3
(1)
Excludes volume and revenue from the exited Legacy Sema4 diagnostic testing business for the fourth quarter and full year 2024.
Unaudited Select Financial Information (in thousands)
Three months ended December 31, 2025
Three months ended December 31, 2024
GeneDx
Other(1)
Total
GeneDx
Other(1)
Total
Revenue
$119,492
$1,497
$120,989
$95,286
$354
$95,640
Adjusted cost of services
34,494
480
34,974
28,384
—
28,384
Adjusted gross profit (loss)
$84,998
$1,017
$86,015
$66,902
$354
$67,256
Adjusted gross margin %
71.1%
71.1%
70.2%
70.3%
Year ended December 31, 2025
Year ended December 31, 2024
GeneDx
Other(1)
Total
GeneDx
Other(1)
Total
Revenue
$423,088
$4,451
$427,539
$302,293
$3,157
$305,450
Adjusted cost of services
122,100
1,101
123,201
106,376
145
106,521
Adjusted gross profit (loss)
$300,988
$3,350
$304,338
$195,917
$3,012
$198,929
Adjusted gross margin %
71.1%
71.2%
64.8%
65.1%
(1)
For the three months and year ended December 31, 2025, Other includes revenue and cost of services from the Fabric Genomics operating segment. For the three months and year ended December 31, 2024, Other includes revenue from the Legacy Sema4 diagnostic testing business.
For the three months ended December 31, 2025
Reported
Depreciation and amortization
Stock-based compensation expense
Restructuring costs
Change in FV of financial liabilities
Other(2)
Adjusted
Diagnostic test revenue
$
117,286
$
—
$
—
$
—
$
—
$
—
$
117,286
Other revenue
3,703
—
—
—
—
—
3,703
Total revenue
120,989
—
—
—
—
—
120,989
Cost of services
36,721
(1,531
)
(211
)
(5
)
—
—
34,974
Gross profit
84,268
1,531
211
5
—
—
86,015
Gross margin
69.6
%
71.1
%
Research and development
24,541
(358
)
(1,776
)
(151
)
—
—
22,256
Selling and marketing
27,131
(1,333
)
(1,521
)
(140
)
—
—
24,137
General and administrative
46,831
(3,659
)
(6,272
)
(220
)
—
(1,297
)
35,383
(Loss) income from operations
(14,235
)
6,881
9,780
516
—
1,297
4,239
Interest expense, net
(520
)
—
—
—
—
520
—
Other (expense) income, net
(3,475
)
—
—
—
(1,116
)
4,752
161
Income tax benefit
564
—
—
—
—
(564
)
—
Net (loss) income
$
(17,666
)
$
6,881
$
9,780
$
516
$
(1,116
)
$
6,005
$
4,400
Basic (loss) earnings per share(1)
$
(0.61
)
$
0.15
Diluted (loss) earnings per share(1)
$
(0.61
)
$
0.14
For the three months ended December 31, 2024
Reported
Depreciation and amortization
Stock-based compensation expense
Restructuring costs
Change in FV of financial liabilities
Other(2)
Adjusted
Diagnostic test revenue
$
94,196
$
—
$
—
$
—
$
—
$
—
$
94,196
Other revenue
1,444
—
—
—
—
—
1,444
Total revenue
95,640
—
—
—
—
—
95,640
Cost of services
29,435
(928
)
(123
)
—
—
—
28,384
Gross profit
66,205
928
123
—
—
—
67,256
Gross margin
69.2
%
70.3
%
Research and development
11,588
(294
)
(495
)
(13
)
—
—
10,786
Selling and marketing
17,676
(1,225
)
(347
)
(30
)
—
—
16,074
General and administrative
28,135
(3,111
)
(1,880
)
(249
)
—
—
22,895
Income from operations
8,806
5,558
2,845
292
—
—
17,501
Interest expense, net
(698
)
—
—
—
—
698
—
Other (expense) income, net
(2,694
)
—
—
—
1,980
666
(48
)
Income tax benefit
24
—
—
—
—
(24
)
—
Net income
$
5,438
$
5,558
$
2,845
$
292
$
1,980
$
1,340
$
17,453
Basic earnings per share(1)
$
0.20
$
0.63
Diluted earnings per share(1)
$
0.18
$
0.59
(1)
Basic and diluted (loss) earnings per share are calculated based on 29,045,526 and 30,365,730 weighted-average shares outstanding for the three months ended December 31, 2025, respectively, and 27,776,757 and 29,595,716 weighted-average shares outstanding for the three months ended December 31, 2024, respectively.
(2)
Other represents interest expense, net, and income tax benefit for all periods presented. For the three months ended December 31, 2025, Other includes legal costs and a reserve for a certain litigation matter. For the three months ended December 31, 2024, Other includes legal costs related to a legal settlement.
For the year ended December 31, 2025
Reported
Depreciation and amortization
Stock-based compensation expense
Restructuring costs
Change in FV of financial liabilities
Other(2)
Adjusted
Diagnostic test revenue
$
416,668
$
—
$
—
$
—
$
—
$
—
$
416,668
Other revenue
10,871
—
—
—
—
—
10,871
Total revenue
427,539
—
—
—
—
—
427,539
Cost of services
129,366
(5,369
)
(791
)
(5
)
—
—
123,201
Gross profit
298,173
5,369
791
5
—
—
304,338
Gross margin
69.7
%
71.2
%
Research and development
72,026
(1,181
)
(5,366
)
17
—
—
65,496
Selling and marketing
88,405
(5,190
)
(5,009
)
(292
)
—
—
77,914
General and administrative
150,819
(13,484
)
(20,996
)
(995
)
—
4,287
119,631
(Loss) income from operations
(13,077
)
25,224
32,162
1,275
—
(4,287
)
41,297
Interest expense, net
(2,539
)
—
—
—
—
2,539
—
Other (expense) income, net
(5,521
)
—
—
—
1,204
4,829
512
Income tax benefit
116
—
—
—
—
(116
)
—
Net (loss) income
$
(21,021
)
$
25,224
$
32,162
$
1,275
$
1,204
$
2,965
$
41,809
Basic (loss) earnings per share(1)
$
(0.73
)
$
1.46
Diluted (loss) earnings per share(1)
$
(0.73
)
$
1.40
For the year ended December 31, 2024
Reported
Depreciation and amortization
Stock-based compensation expense
Restructuring costs
Change in FV of financial liabilities
Other(2)
Adjusted
Diagnostic test revenue
$
302,157
$
—
$
—
$
—
$
—
$
—
$
302,157
Other revenue
3,293
—
—
—
—
—
3,293
Total revenue
305,450
—
—
—
—
—
305,450
Cost of services
111,053
(4,047
)
(431
)
(54
)
—
—
106,521
Gross profit
194,397
4,047
431
54
—
—
198,929
Gross margin
63.6
%
65.1
%
Research and development
45,722
(923
)
(1,192
)
(151
)
—
—
43,456
Selling and marketing
67,371
(4,900
)
(1,089
)
(548
)
—
—
60,834
General and administrative
104,517
(12,083
)
(6,426
)
(999
)
—
—
85,009
(Loss) income from operations
(23,213
)
21,953
9,138
1,752
—
—
9,630
Interest expense, net
(3,032
)
—
—
—
—
3,032
—
Other (expense) income, net
(26,384
)
—
—
—
13,370
12,789
(225
)
Income tax benefit
343
—
—
—
—
(343
)
—
Net (loss) income
$
(52,286
)
$
21,953
$
9,138
$
1,752
$
13,370
$
15,478
$
9,405
Basic (loss) earnings per share(1)
$
(1.94
)
$
0.35
Diluted (loss) earnings per share(1)
$
(1.94
)
$
0.34
(1)
Basic and diluted (loss) earnings per share are calculated based on 28,641,734 and 29,835,437 weighted-average shares outstanding for the year ended December 31, 2025, respectively, and 26,891,213 and 27,368,912 weighted-average shares outstanding for the year ended December 31, 2024, respectively.
(2)
Other represents interest expense, net, and income tax benefit for all periods presented. For the year ended December 31, 2025, Other includes transaction costs related to the acquisition of Fabric Genomics, legal costs and a reserve for a certain litigation matter, and a sales-and-use tax refund. For the year ended December 31, 2024, Other includes reserves net of insurance for a certain litigation matter.
GeneDx Holdings Corp.
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
December 31,
2025
2024
Assets:
Current assets:
Cash and cash equivalents
$
104,997
$
85,212
Marketable securities
66,285
55,973
Accounts receivable
74,370
37,629
Inventory, net
13,951
10,650
Prepaid expenses and other current assets
8,685
8,504
Total current assets
268,288
197,968
Operating lease right-of-use assets
23,412
25,613
Property and equipment, net
45,693
32,893
Goodwill
13,520
—
Intangible assets, net
168,481
158,600
Other assets (1)
4,316
4,306
Total assets
$
523,710
$
419,380
Liabilities and Stockholders’ Equity:
Current liabilities:
Accounts payable and accrued expenses
$
57,645
$
30,983
Short-term lease liabilities
4,404
3,336
Other current liabilities
46,859
20,498
Total current liabilities
108,908
54,817
Long-term debt, net of current portion
48,176
51,913
Long-term lease liabilities
56,046
60,919
Other liabilities
1,641
5,519
Deferred taxes
757
965
Total liabilities
215,528
174,133
Stockholders’ Equity:
Preferred stock
—
—
Class A common stock
3
2
Additional paid-in capital
1,680,738
1,596,889
Accumulated deficit
(1,373,495
)
(1,352,474
)
Accumulated other comprehensive income
936
830
Total stockholders’ equity
308,182
245,247
Total liabilities and stockholders’ equity
$
523,710
$
419,380
(1)
Other assets includes $1.0 million of restricted cash as of both December 31, 2025 and 2024.
GeneDx Holdings Corp.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
Year ended December 31,
2025
2024
Revenue
Diagnostic test revenue
$
416,668
$
302,157
Other revenue
10,871
3,293
Total revenue
427,539
305,450
Cost of services
129,366
111,053
Gross profit
298,173
194,397
Research and development
72,026
45,722
Selling and marketing
88,405
67,371
General and administrative
150,819
104,517
Loss from operations
(13,077
)
(23,213
)
Non-operating (expenses) income, net
Change in fair value of financial liabilities
(1,204
)
(13,370
)
Interest (expense) income, net
(2,539
)
(3,032
)
Other (expense) income, net
(4,317
)
(13,014
)
Total non-operating (expense) income, net
(8,060
)
(29,416
)
Loss before income taxes
(21,137
)
(52,629
)
Income tax benefit
116
343
Net loss
$
(21,021
)
$
(52,286
)
Basic and diluted weighted average shares outstanding of Class A common stock
28,641,734
26,891,213
Basic and diluted net loss per share, Class A common stock
$
(0.73
)
$
(1.94
)
GeneDx Holdings Corp.
Consolidated Statements of Cash Flows
(in thousands)
Year Ended December 31,
2025
2024
Operating activities
Net loss
$
(21,021
)
$
(52,286
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense
25,224
21,953
Stock-based compensation expense
32,162
9,138
Change in fair value of financial liabilities
1,204
13,370
Provision for excess and obsolete inventory
135
180
Legal reserves
5,560
—
Change in third party payor reserves
2,449
607
Other
3,163
3,287
Change in operating assets and liabilities:
Accounts receivable
(36,231
)
(5,180
)
Inventory
(3,436
)
(2,585
)
Accounts payable and accrued expenses
12,100
(20,524
)
Other assets and liabilities
11,970
3,544
Net cash provided by (used in) operating activities
33,279
(28,496
)
Investing activities
Acquisition of business, net of cash acquired
(32,856
)
—
Purchases of marketable securities
(55,676
)
(66,302
)
Proceeds from sales of marketable securities
2,062
601
Proceeds from maturities of marketable securities
43,970
41,060
Purchases of property and equipment
(19,017
)
(5,491
)
Net cash used in investing activities
(61,517
)
(30,132
)
Financing activities
Proceeds from offerings, net of issuance costs
46,704
46,496
Proceeds from issuance of stock pursuant to employee stock purchase plan
2,961
497
Exercise of stock options
2,022
394
Long-term debt principal payments
(1,211
)
(497
)
Finance lease payoff and principal payments
(2,451
)
(2,728
)
Net cash provided by financing activities
48,025
44,162
Net increase (decrease) in cash, cash equivalents and restricted cash
19,787
(14,466
)
Cash, cash equivalents and restricted cash, at beginning of year
86,202
100,668
Cash, cash equivalents and restricted cash, at end of year (1)
$
105,989
$
86,202
(1)
Cash, cash equivalents and restricted cash at December 31, 2025 excludes marketable securities of $66.3 million.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260223454462/en/
Investor Relations Contact:
Investors@GeneDx.com
Media Contact:
Press@GeneDx.com
Original: INSERTING and REPLACING GeneDx Reports Fourth Quarter and Full Year 2025 Financial Results and Reaffirms Guidance for Full Year 2026
US Market News
4月前
GeneDx Reports Fourth Quarter and Full Year 2025 Financial Results and Reaffirms Guidance for Full Year 2026February 23, 2026 6:30 AM
Business Wire
Reported fourth quarter 2025 revenues of $121.0 million with 32% year-over-year growth in exome and genome test revenue (42% excluding a one-time 2024 benefit)
Accelerated exome and genome volume growth to 34% year-over-year
Reported fourth quarter 2025 adjusted gross margin1 of 71%
Reported fourth quarter 2025 adjusted net income1 of $4.4 million
Reaffirmed full year 2026 guidance of $540 to $555 million in revenue with 33-35% exome and genome growth
GeneDx to host conference call today at 8:30 a.m. ET
GeneDx Holdings Corp. (Nasdaq: WGS), the leader in rare disease diagnosis and improving health through the power of genomic data, today reported its financial results for the fourth quarter and full year of 2025.
“The unmet need for early, accurate genomic diagnosis is enormous, and families are waiting far too long for answers. GeneDx is uniquely positioned to deliver for patients, clinicians, and partners — and our results demonstrate that. Our team is executing at the highest level, our platform continues to scale, and GeneDx InfinityTM gives us a compounding data advantage that strengthens with every test we run,” said Katherine Stueland, President and CEO of GeneDx. “The business has never been in a better position for continued growth and success. As we enter 2026, we will layer new growth drivers onto an already powerful foundation — expanding into large, underpenetrated markets where patients are waiting for a diagnosis that GeneDx can provide today.”
Fourth Quarter and Full Year 2025 Financial Results (Unaudited)1,2
Revenues
Fourth quarter 2025:
Revenues grew to $121.0 million, an increase of 27% year-over-year (37% excluding a one-time 2024 benefit).
Exome and genome test revenue grew to $104.0 million, an increase of 32% year-over-year (42% excluding a one-time 2024 benefit).
Full year 2025:
Revenues grew to $427.5 million, an increase of 41% year-over-year (45% excluding a one-time 2024 benefit).
Exome and genome test revenue grew to $360.3 million, an increase of 54% year-over-year (58% excluding a one-time 2024 benefit).
Exome and genome volume
Fourth quarter 2025:
Exome and genome test result volume grew to 27,761, an increase of 34.3% year-over-year.
Exome and genome represented 47% of all test results, up from 38% in the fourth quarter of 2024.
Full year 2025:
Exome and genome test results volume grew to 97,271, an increase of 30.5% year-over-year.
Exome and genome represented 43% of all test results, up from 33% for the full year 2024.
Gross margin
Fourth quarter 2025:
Adjusted gross margin expanded to 71%, up from 70% in the fourth quarter of 2024.
GAAP gross margin was 70%.
Full year 2025:
Adjusted gross margin expanded to 71%, up from 65% for full year 2024.
GAAP gross margin was 70%.
Operating expenses
Fourth quarter 2025:
Adjusted total operating expenses were $81.8 million, representing 68% of revenue in the fourth quarter of 2025, compared to 52% of revenue in the fourth quarter of 2024.
Total GAAP operating expenses were $98.5 million.
Full year 2025:
Adjusted total operating expenses were $263.0 million, an increase of 39% year-over-year.
Total GAAP operating expenses were $311.3 million.
Net income (loss)
Fourth quarter 2025:
Adjusted net income was $4.4 million, compared to $17.5 million in the fourth quarter of 2024.
GAAP net loss was $17.7 million.
Full year 2025:
Adjusted net income was $41.8 million, compared to $9.4 million for full year 2024.
GAAP net loss was $21.0 million.
Full year and fourth quarter 2024 revenues, gross margin and net income, all on both a GAAP and adjusted basis, includes $6.8 million of discrete benefit in connection with a multi-year appeal recovery from a single third-party payor. The fourth quarter 2024 benefit was composed of $5.8 million to exome genome revenues and $1.0 million to other test lines.
Cash position
Cash, cash equivalents, marketable securities and restricted cash was $172.3 million as of December 31, 2025.
Cash flow for the fourth quarter 2025 included:
$5.1 million in net cash generated from ordinary operations; and
$21.1 million in proceeds, net of fees, from the issuance of 147,583 shares of Class A common stock in connection with sales pursuant to our “at-the-market” offering, offset by;
$10.0 million in scheduled payments to service previously recorded settlement liabilities of Legacy Sema4.
(1)
Adjusted gross margin, adjusted total operating expenses and adjusted net income/(loss) are non-GAAP financial measures. See appendix for a reconciliation of GAAP to non-GAAP figures presented.
(2)
Revenue and adjusted gross margin growth rates in the comparative 2024 period exclude revenue and costs of sales from the exited Legacy Sema4 diagnostic testing business.
GeneDx Full Year 2026 Guidance
For full year 2026 management expects GeneDx to deliver:
Metric
Guidance
Revenue
$540 to $555 million
Growth in exome and genome revenue
33% to 35%
Growth in exome and genome volume
33% to 35%
Adjusted gross margin
At least 70%
Adjusted net income
Positive
Business Highlights
Strategic Expansion & Market Leadership
Launched GeneDx Infinity™: Unveiled the world’s largest and most diverse rare disease dataset – including over 1 million exomes and genomes, more than 2.5 million genetic tests, and over 8 million phenotypic data points – that fuels the #1 genetic test.
Expanded into general pediatrics: Unlocked GeneDx’s largest addressable opportunity to bring genomic testing to the front line of care for more families.
Commended the American Academy of Pediatrics for issuing updated guidance in June 2025, now recommending exome and genome sequencing as first-tier tests for children with global developmental delay or intellectual disability.
Expanded into prenatal diagnostics: Announced GenomeDx Prenatal™, a phenotype-informed, trio-based whole genome sequencing test for pregnancies with fetal anomalies identified via ultrasound, enabling clinicians and expecting families to access actionable genomic insights during one of the most critical moments in pregnancy care.
Launched ultraRapid genome sequencing: Offered accelerated, comprehensive and actionable genomic insights for neonatal and pediatric patients in the NICU and PICU in as soon as 48 hours.
Expanded payer coverage: Secured Medicaid coverage for exome and genome sequencing in 8 new states (including CA, CO, OH), bringing the total states covering exome or genome sequencing in the pediatric outpatient setting to 38 and the total states covering rapid genome sequencing in the neonatal intensive care unit (NICU) to 17.
Strengthened leadership: Positioned the company for the next phase of growth and scale to help more families with the power of our data, AI-driven technology, and clinical expertise.
Named to the 2026 TIME100 Health List: This recognition comes during Rare Disease Month and underscores the growing global acknowledgment of rare disease as a public health priority, as well as the critical role of genomics in accelerating diagnosis, advancing discovery, and improving outcomes for patients and families worldwide.
Innovation & Clinical Leadership
Granted FDA Breakthrough Device designation: Received designation for GeneDx ExomeDx™ and GenomeDx™ associated with causes of life-threatening diseases or genetic disorders to aid in diagnosis of symptomatic patients, underscoring GeneDx’s leadership in genomic medicine and critical role in delivering fast, accurate answers for patients with rare diseases.
Acquired Fabric Genomics: Expanded delivery of genomic insights globally by enabling decentralized interpretation powered GeneDx InfinityTM.
Advanced genomic newborn screening (gNBS): Extended leadership in genomic newborn screening through participation in key programs, including:
Announced participation in the nation’s first multi-state genomic newborn screening initiative, BEACONS (Building Evidence and Collaboration for GenOmics in Nationwide Newborn Screening), which launched with a $14.4 million award from the National Institutes of Health (NIH) to enroll up to 30,000 newborns in as many as 10 states over the next three years.
Announced a partnership with Florida’s Sunshine Genetics Network, the nation’s first state-backed genomic newborn screening program, to offer whole genome sequencing for newborns at select academic medical centers and hospitals.
Sequenced more than 22,000 newborns through the GUARDIAN (Genomic Uniform-screening Against Rare Disease In All Newborns) study, which was recognized as part of JAMA’s annual Research of the Year Roundup.
Announced partnership with Komodo Health: Enhanced GeneDx InfinityTM with real-world patient insights from Komodo’s Healthcare Map® to create the most comprehensive, longitudinal dataset for rare disease.
Unveiled Multiscore: Launched Multiscore, an advanced AI-powered decision support tool that aims to improve diagnostic efficiency, streamlines workflows, and enhances clinical insights by harnessing GeneDx InfinityTM, publicly available data, and the power of artificial intelligence.
Surpassed 1,100 total peer-reviewed studies: Added key publications to the most prolific and clinically impactful research portfolio in rare disease genomics, including the Seqfirst-neo study, a pioneering study conducted in partnership with Seattle Children’s and the University of Washington revealing that widespread use of rapid genome sequencing (rGS) demonstrates that at least 60% of level IV NICU infants should be receiving rGS.
Published data supporting changes to testing protocols: Published data from the SeqFirst study showing that implementing rapid genome sequencing (rWGS) as a first-tier test in pediatric and cardiac intensive care units significantly increases diagnostic rates and reduces time to diagnosis by half.
Webcast and Conference Call Details
GeneDx will host a conference call today, February 23, 2026, 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/.
Non-GAAP Financial Measures
GeneDx believes non-GAAP measures are useful in evaluating its operating performance. GeneDx uses this supplemental information to evaluate its ongoing operations and for internal planning and forecasting purposes. GeneDx believes that non-GAAP financial information, when taken collectively with its GAAP financial information, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. We define non-GAAP financial measures as GAAP measures, excluding certain items such as stock-based compensation expense, depreciation and amortization, restructuring costs, changes in the fair value of financial liabilities, and other expenses that the Company believes are not indicative of its ongoing operations. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding our future performance and our market opportunity, including our expectations for full year 2026 revenue, exome and genome revenue and test volumes, adjusted gross margin and adjusted net income. 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, and (iv) our ability to pursue our new strategic direction. 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, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 20, 2025, our Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2025, June 30, 2025, and September 30, 2025, 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’s (Nasdaq: WGS) mission is to empower everyone to live their healthiest life through genomics. GeneDx combines unmatched clinical expertise, advanced technology, and the power of GeneDx Infinity™ – the world’s largest rare disease genomic dataset. This unparalleled foundation powers GeneDx’s ExomeDx™ and GenomeDx™ tests – ranked #1 by expert geneticists and granted FDA Breakthrough Device designation – enabling clinicians to deliver precise, fast, and actionable diagnoses. GeneDx Infinity also fuels discovery for biopharma, with the most powerful AI-driven genomic intelligence. A genomics pioneer over the last 25 years, diagnosing more than 4,800 genetic diseases and publishing more than 1,000 research publications, GeneDx is building the network that will drive the future of genomic precision medicine. For more information, visit genedx.com and connect with us on LinkedIn, Facebook, and Instagram.
Volume & Revenue(1)
4Q25
3Q25
2Q25
1Q25
4Q24
2025 YTD
2024 YTD
Volumes
Whole exome, whole genome
27,761
25,702
23,246
20,562
20,676
97,271
74,547
Hereditary cancer
346
1,511
2,677
2,725
3,486
7,259
20,508
Other panels
30,935
33,003
31,833
28,228
30,115
123,999
131,177
Total
59,042
60,216
57,756
51,515
54,277
228,529
226,232
Revenue ($ millions)
Whole exome, whole genome
$
104.0
$
98.9
$
86.0
$
71.4
$
78.8
$
360.3
$
233.5
Hereditary cancer
0.2
1.2
1.8
2.2
2.8
5.4
15.4
Other panels
13.1
13.4
12.3
12.1
12.3
50.9
50.1
Data information
2.6
1.5
2.0
1.4
1.4
7.5
3.3
Total
$
121.0
$
116.7
$
102.7
$
87.1
$
95.3
$
427.5
$
302.3
(1)
Excludes volume and revenue from the exited Legacy Sema4 diagnostic testing business for the fourth quarter and full year 2024.
Unaudited Select Financial Information (in thousands)
Three months ended December 31, 2025
Three months ended December 31, 2024
GeneDx
Other(1)
Total
GeneDx
Other(1)
Total
Revenue
$119,492
$1,497
$120,989
$95,286
$354
$95,640
Adjusted cost of services
34,494
480
34,974
28,384
—
28,384
Adjusted gross profit (loss)
$84,998
$1,017
$86,015
$66,902
$354
$67,256
Adjusted gross margin %
71.1%
71.1%
70.2%
70.3%
Year ended December 31, 2025
Year ended December 31, 2024
GeneDx
Other(1)
Total
GeneDx
Other(1)
Total
Revenue
$423,088
$4,451
$427,539
$302,293
$3,157
$305,450
Adjusted cost of services
122,100
1,101
123,201
106,376
145
106,521
Adjusted gross profit (loss)
$300,988
$3,350
$304,338
$195,917
$3,012
$198,929
Adjusted gross margin %
71.1%
71.2%
64.8%
65.1%
(1)
For the three months and year ended December 31, 2025, Other includes revenue and cost of services from the Fabric Genomics operating segment. For the three months and year ended December 31, 2024, Other includes revenue from the Legacy Sema4 diagnostic testing business.
For the three months ended December 31, 2025
Reported
Depreciation and amortization
Stock-based compensation expense
Restructuring costs
Change in FV of financial liabilities
Other(2)
Adjusted
Diagnostic test revenue
$
117,286
$
—
$
—
$
—
$
—
$
—
$
117,286
Other revenue
3,703
—
—
—
—
—
3,703
Total revenue
120,989
—
—
—
—
—
120,989
Cost of services
36,721
(1,531
)
(211
)
(5
)
—
—
34,974
Gross profit
84,268
1,531
211
5
—
—
86,015
Gross margin
69.6
%
71.1
%
Research and development
24,541
(358
)
(1,776
)
(151
)
—
—
22,256
Selling and marketing
27,131
(1,333
)
(1,521
)
(140
)
—
—
24,137
General and administrative
46,831
(3,659
)
(6,272
)
(220
)
—
(1,297
)
35,383
(Loss) income from operations
(14,235
)
6,881
9,780
516
—
1,297
4,239
Interest expense, net
(520
)
—
—
—
—
520
—
Other (expense) income, net
(3,475
)
—
—
—
(1,116
)
4,752
161
Income tax benefit
564
—
—
—
—
(564
)
—
Net (loss) income
$
(17,666
)
$
6,881
$
9,780
$
516
$
(1,116
)
$
6,005
$
4,400
Basic (loss) earnings per share(1)
$
(0.61
)
$
0.15
Diluted (loss) earnings per share(1)
$
(0.61
)
$
0.14
For the three months ended December 31, 2024
Reported
Depreciation and amortization
Stock-based compensation expense
Restructuring costs
Change in FV of financial liabilities
Other(2)
Adjusted
Diagnostic test revenue
$
94,196
$
—
$
—
$
—
$
—
$
—
$
94,196
Other revenue
1,444
—
—
—
—
—
1,444
Total revenue
95,640
—
—
—
—
—
95,640
Cost of services
29,435
(928
)
(123
)
—
—
—
28,384
Gross profit
66,205
928
123
—
—
—
67,256
Gross margin
69.2
%
70.3
%
Research and development
11,588
(294
)
(495
)
(13
)
—
—
10,786
Selling and marketing
17,676
(1,225
)
(347
)
(30
)
—
—
16,074
General and administrative
28,135
(3,111
)
(1,880
)
(249
)
—
—
22,895
Income from operations
8,806
5,558
2,845
292
—
—
17,501
Interest expense, net
(698
)
—
—
—
—
698
—
Other (expense) income, net
(2,694
)
—
—
—
1,980
666
(48
)
Income tax benefit
24
—
—
—
—
(24
)
—
Net income
$
5,438
$
5,558
$
2,845
$
292
$
1,980
$
1,340
$
17,453
Basic earnings per share(1)
$
0.20
$
0.63
Diluted earnings per share(1)
$
0.18
$
0.59
(1)
Basic and diluted (loss) earnings per share are calculated based on 29,045,526 and 30,365,730 weighted-average shares outstanding for the three months ended December 31, 2025, respectively, and 27,776,757 and 29,595,716 weighted-average shares outstanding for the three months ended December 31, 2024, respectively.
(2)
Other represents interest expense, net, and income tax benefit for all periods presented. For the three months ended December 31, 2025, Other includes legal costs and a reserve for a certain litigation matter. For the three months ended December 31, 2024, Other includes legal costs related to a legal settlement.
For the year ended December 31, 2025
Reported
Depreciation and amortization
Stock-based compensation expense
Restructuring costs
Change in FV of financial liabilities
Other(2)
Adjusted
Diagnostic test revenue
$
416,668
$
—
$
—
$
—
$
—
$
—
$
416,668
Other revenue
10,871
—
—
—
—
—
10,871
Total revenue
427,539
—
—
—
—
—
427,539
Cost of services
129,366
(5,369
)
(791
)
(5
)
—
—
123,201
Gross profit
298,173
5,369
791
5
—
—
304,338
Gross margin
69.7
%
71.2
%
Research and development
72,026
(1,181
)
(5,366
)
17
—
—
65,496
Selling and marketing
88,405
(5,190
)
(5,009
)
(292
)
—
—
77,914
General and administrative
150,819
(13,484
)
(20,996
)
(995
)
—
4,287
119,631
(Loss) income from operations
(13,077
)
25,224
32,162
1,275
—
(4,287
)
41,297
Interest expense, net
(2,539
)
—
—
—
—
2,539
—
Other (expense) income, net
(5,521
)
—
—
—
1,204
4,829
512
Income tax benefit
116
—
—
—
—
(116
)
—
Net (loss) income
$
(21,021
)
$
25,224
$
32,162
$
1,275
$
1,204
$
2,965
$
41,809
Basic (loss) earnings per share(1)
$
(0.73
)
$
1.46
Diluted (loss) earnings per share(1)
$
(0.73
)
$
1.40
For the year ended December 31, 2024
Reported
Depreciation and amortization
Stock-based compensation expense
Restructuring costs
Change in FV of financial liabilities
Other(2)
Adjusted
Diagnostic test revenue
$
302,157
$
—
$
—
$
—
$
—
$
—
$
302,157
Other revenue
3,293
—
—
—
—
—
3,293
Total revenue
305,450
—
—
—
—
—
305,450
Cost of services
111,053
(4,047
)
(431
)
(54
)
—
—
106,521
Gross profit
194,397
4,047
431
54
—
—
198,929
Gross margin
63.6
%
65.1
%
Research and development
45,722
(923
)
(1,192
)
(151
)
—
—
43,456
Selling and marketing
67,371
(4,900
)
(1,089
)
(548
)
—
—
60,834
General and administrative
104,517
(12,083
)
(6,426
)
(999
)
—
—
85,009
(Loss) income from operations
(23,213
)
21,953
9,138
1,752
—
—
9,630
Interest expense, net
(3,032
)
—
—
—
—
3,032
—
Other (expense) income, net
(26,384
)
—
—
—
13,370
12,789
(225
)
Income tax benefit
343
—
—
—
—
(343
)
—
Net (loss) income
$
(52,286
)
$
21,953
$
9,138
$
1,752
$
13,370
$
15,478
$
9,405
Basic (loss) earnings per share(1)
$
(1.94
)
$
0.35
Diluted (loss) earnings per share(1)
$
(1.94
)
$
0.34
(1)
Basic and diluted (loss) earnings per share are calculated based on 28,641,734 and 29,835,437 weighted-average shares outstanding for the year ended December 31, 2025, respectively, and 26,891,213 and 27,368,912 weighted-average shares outstanding for the year ended December 31, 2024, respectively.
(2)
Other represents interest expense, net, and income tax benefit for all periods presented. For the year ended December 31, 2025, Other includes transaction costs related to the acquisition of Fabric Genomics, legal costs and a reserve for a certain litigation matter, and a sales-and-use tax refund. For the year ended December 31, 2024, Other includes reserves net of insurance for a certain litigation matter.
GeneDx Holdings Corp.
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
December 31,
2025
2024
Assets:
Current assets:
Cash and cash equivalents
$
104,997
$
85,212
Marketable securities
66,285
55,973
Accounts receivable
74,370
37,629
Inventory, net
13,951
10,650
Prepaid expenses and other current assets
8,685
8,504
Total current assets
268,288
197,968
Operating lease right-of-use assets
23,412
25,613
Property and equipment, net
45,693
32,893
Goodwill
13,520
—
Intangible assets, net
168,481
158,600
Other assets (1)
4,316
4,306
Total assets
$
523,710
$
419,380
Liabilities and Stockholders’ Equity:
Current liabilities:
Accounts payable and accrued expenses
$
57,645
$
30,983
Short-term lease liabilities
4,404
3,336
Other current liabilities
46,859
20,498
Total current liabilities
108,908
54,817
Long-term debt, net of current portion
48,176
51,913
Long-term lease liabilities
56,046
60,919
Other liabilities
1,641
5,519
Deferred taxes
757
965
Total liabilities
215,528
174,133
Stockholders’ Equity:
Preferred stock
—
—
Class A common stock
3
2
Additional paid-in capital
1,680,738
1,596,889
Accumulated deficit
(1,373,495
)
(1,352,474
)
Accumulated other comprehensive income
936
830
Total stockholders’ equity
308,182
245,247
Total liabilities and stockholders’ equity
$
523,710
$
419,380
(1)
Other assets includes $1.0 million of restricted cash as of both December 31, 2025 and 2024.
GeneDx Holdings Corp.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
Year ended December 31,
2025
2024
Revenue
Diagnostic test revenue
$
416,668
$
302,157
Other revenue
10,871
3,293
Total revenue
427,539
305,450
Cost of services
129,366
111,053
Gross profit
298,173
194,397
Research and development
72,026
45,722
Selling and marketing
88,405
67,371
General and administrative
150,819
104,517
Loss from operations
(13,077
)
(23,213
)
Non-operating (expenses) income, net
Change in fair value of financial liabilities
(1,204
)
(13,370
)
Interest (expense) income, net
(2,539
)
(3,032
)
Other (expense) income, net
(4,317
)
(13,014
)
Total non-operating (expense) income, net
(8,060
)
(29,416
)
Loss before income taxes
(21,137
)
(52,629
)
Income tax benefit
116
343
Net loss
$
(21,021
)
$
(52,286
)
Basic and diluted weighted average shares outstanding of Class A common stock
28,641,734
26,891,213
Basic and diluted net loss per share, Class A common stock
$
(0.73
)
$
(1.94
)
GeneDx Holdings Corp.
Consolidated Statements of Cash Flows
(in thousands)
Year Ended December 31,
2025
2024
Operating activities
Net loss
$
(21,021
)
$
(52,286
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense
25,224
21,953
Stock-based compensation expense
32,162
9,138
Change in fair value of financial liabilities
1,204
13,370
Provision for excess and obsolete inventory
135
180
Legal reserves
5,560
—
Change in third party payor reserves
2,449
607
Other
3,163
3,287
Change in operating assets and liabilities:
Accounts receivable
(36,231
)
(5,180
)
Inventory
(3,436
)
(2,585
)
Accounts payable and accrued expenses
12,100
(20,524
)
Other assets and liabilities
11,970
3,544
Net cash provided by (used in) operating activities
33,279
(28,496
)
Investing activities
Acquisition of business, net of cash acquired
(32,856
)
—
Purchases of marketable securities
(55,676
)
(66,302
)
Proceeds from sales of marketable securities
2,062
601
Proceeds from maturities of marketable securities
43,970
41,060
Purchases of property and equipment
(19,017
)
(5,491
)
Net cash used in investing activities
(61,517
)
(30,132
)
Financing activities
Proceeds from offerings, net of issuance costs
46,704
46,496
Proceeds from issuance of stock pursuant to employee stock purchase plan
2,961
497
Exercise of stock options
2,022
394
Long-term debt principal payments
(1,211
)
(497
)
Finance lease payoff and principal payments
(2,451
)
(2,728
)
Net cash provided by financing activities
48,025
44,162
Net increase (decrease) in cash, cash equivalents and restricted cash
19,787
(14,466
)
Cash, cash equivalents and restricted cash, at beginning of year
86,202
100,668
Cash, cash equivalents and restricted cash, at end of year (1)
$
105,989
$
86,202
(1)
Cash, cash equivalents and restricted cash at December 31, 2025 excludes marketable securities of $66.3 million.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260223454462/en/
Investor Relations Contact:
Investors@GeneDx.com
Media Contact:
Press@GeneDx.com
Original: GeneDx Reports Fourth Quarter and Full Year 2025 Financial Results and Reaffirms Guidance for Full Year 2026
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