Genedx Holdings Corp. ( (WGS) ) has realeased its Q3 earnings. Here is a breakdown of the information Genedx Holdings Corp. presented to its investors.
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GeneDx Holdings Corp., a leader in genomic insights, specializes in delivering improved health outcomes through advanced genetic testing.
In its third quarter 2024 earnings report, GeneDx announced a significant milestone by achieving profitability with an adjusted net income of $1.2 million. The company also reported strong revenue growth, driven primarily by its exome and genome testing services.
The company witnessed a 77% increase in exome and genome test revenue, bringing the total to $60 million. Overall, GeneDx’s revenues grew to $76.6 million, marking a year-over-year increase of 52%. The adjusted gross margin reached 64%, reflecting an improvement from the previous year’s 48%.
Looking ahead, GeneDx has raised its full-year 2024 revenue guidance to between $284 million and $290 million. The company aims to further expand its market presence while maintaining financial discipline and strategic investments to accelerate growth and provide more genetic testing services to families in need.
