GeneDx Stock Climbs After Better-Than-Expected Q1 Results, Raises FY24 Guidance

GeneDx Holdings Corp. (NASDAQ:WGS) shares are soaring after the company reported its first-quarter financial results after the bell Monday. Here's a look at the highlights. 

The Details: GeneDx reported quarterly losses of 33 cents per share which beat the analyst consensus estimate of losses of 67 cents by 50.75%.

The company reported quarterly sales of $62.422 million which beat the analyst consensus estimate of $49.463 million by 26.2% and represents a 44.7% increase over sales of $43.139 million from the same period last year.

“Our strong first quarter results reflect our continued dedication to our three key organizational focuses: growing exome and genome revenue, increasing our average reimbursement rates while expanding access to testing, and meaningfully reducing our cash burn,” said Katherine Stueland, CEO of GeneDx.

“Our team’s successful execution in the first quarter gives us the confidence to raise full-year 2024 revenue guidance to between $235-$245 million and reiterate our expectation to reach profitability in 2025.”

Outlook:  GeneDx raised its full-year 2024 revenue guidance to between $235 million and $245 million, up from $220 million to $230 million, and expanded its full-year 2024 adjusted gross margin profile to at least 60% from at least 50%.

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WGS Price Action: According to Benzinga Pro, GeneDx shares are up 29.36% after-hours at $11 at the time of publication Monday.

Photo: Gerd Altmann from Pixabay