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WGS is a genomic testing and health information services company specializing in diagnostic tests and genomic data analysis. The company provides advanced exome and genome sequencing tests, along with other diagnostic panels, to identify genetic variants and deliver population-specific insights. WGS also collaborates with biopharma companies and leverages data partnerships to generate additional revenue.
- Whole Exome and Whole Genome Tests - Offers advanced sequencing tests to identify genetic variants and provide comprehensive genomic insights, serving as the primary revenue driver for the company.
- Other Panels - Provides various diagnostic panels tailored to specific medical needs, complementing the company's genomic testing offerings.
- Hereditary Cancer Tests - Delivers specialized tests to detect genetic predispositions to hereditary cancers, contributing to the company's diagnostic portfolio.
- Data Information/Other Revenue - Generates revenue through biopharma collaborations and data partnerships, leveraging the company's genomic database for research and development purposes.
| Revenue by Segment - in Millions of USD | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GeneDx | 58.11 | 194.38 | 61.46 | 68.924 | 76.622 | 95.28 | 302.29 | 87.12 | |||||||
| - Patients with third-party insurance | -0.69 | 8.19 | 0.96 | - | - | - | 3.16 | - | |||||||
| - Institutional customers | 11.47 | 59.00 | 16.67 | 16.695 | 17.415 | 14.34 | 65.12 | 17.60 | |||||||
| - Self-pay patients | - | - | 0.59 | 0.692 | 0.460 | 0.6 | 2.34 | 0.10 | |||||||
| Legacy Sema4 | -0.69 | 8.19 | 0.96 | 1.590 | 0.252 | 0.36 | 3.16 | 0.00 | |||||||
| Other Revenue | 2.2 | 6.91 | 1.32 | 1.075 | -0.544 | 1.44 | 3.29 | 1.36 | |||||||
| Total Revenue | 57.42 | 202.57 | 62.42 | 70.514 | 76.874 | 95.64 | 305.45 | 87.12 | |||||||
| KPIs - Metric (Unit, Scale) | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
| Number of exome and genome tests (tests) | - | 49,439 | 16,592 | - | - | - | 74,547 | 20,562 | |||||||
| Percentage of total test results that are exome and genome (percent) | - | - | - | - | - | - | 33 | 40 |
- Given the unusual sequential decline in Q1 volumes despite a history of rapid growth, can you clarify how much of this is driven by weather disruptions versus seasonal appointment shifts, and what specific strategies you’re implementing to counteract these effects in Q2 and beyond?
- With a notable bump in G&A expenses partly linked to Epic-related costs, can you detail the key cost drivers and explain the measures being taken to ensure operating margins continue to improve over time?
- As you roll out ultraRapid testing with a 2-day turnaround at a premium price, how do you plan to balance the mix with the standard 5-day test and what impact do you expect this will have on overall pricing and gross margins?
- Regarding the acquisition of Fabric Genomics, can you elaborate on how you intend to integrate its high-margin, recurring revenue model without significantly increasing cash burn, and what milestones will determine its success into 2026?
- Your efforts to reduce denial rates and improve reimbursement have seen only modest progress so far; can you provide more detailed plans and timelines regarding how initiatives like Epic Aura will drive these improvements, and what you define as reaching near-optimal reimbursement levels?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
This company is one of the suppliers for GeneDx Holdings Corp. and also competes in the market for genetic information, offering integrated genetic tools and services for health and wellness. | |
Baylor Genetics | This company is listed as a principal competitor in the genetic testing market, providing molecular genetic testing and consulting services. |
This company is identified as a competitor in the genetic testing space, offering services that overlap with GeneDx's offerings. | |
Rady Children’s Hospital | This institution competes in the genetic testing market, particularly in pediatric and rare disease diagnostics. |
This company is noted as a competitor in the genetic testing industry, providing similar services to GeneDx Holdings Corp.. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Payor A | Managed care insurance payor | All | 2024 Revenue: $67.21M (22% of $305.5M) ; 2024 A/R: $4.86M (13% of $37.426M). 2023 Revenue: $36.47M (18% of $202.6M) ; 2023 A/R: <10%. |
Payor B | Managed care insurance payor | All | 2024 Revenue: $97.76M (32% of $305.5M) ; 2024 A/R: $4.12M (11% of $37.426M). 2023 Revenue: $56.73M (28% of $202.6M) ; 2023 A/R: $3.24M (10% of $32.371M). |
Recent press releases and 8-K filings for WGS.
- GeneDx highlighted its differentiated diagnostic approach, leveraging a unique data asset of over 800,000 exomes and genomes and more than 6.1 million phenotypic data points to deliver faster, more conclusive diagnoses for rare diseases.
- The company reported a strong market share in the expert geneticist segment (about 80%) and outlined growth opportunities in pediatric neurology and the NICU space, including a new ultra-rapid 48-hour test turnaround.
- Emphasis was placed on driving conversion from legacy multi-gene panels to whole exome/genome testing to improve unit economics, reduce cost per test, and support future expansion into both pediatric and adult markets.
- Focused on rare disease diagnostics, GeneDx is expanding its exome and genome testing to provide earlier diagnoses for children and improve clinical outcomes.
- Expanding test indications, the company is adding tests for cerebral palsy and immune deficiency disorders and targeting NICU opportunities, with pilot programs initiated to address the significant testing gap in level three and four NICUs.
- Path to profitability is in progress, with a positive adjusted EBITDA reported in Q3 2024, alongside efforts to reduce denial rates and improve gross margins through meticulous cost management and payer engagement.
- Strategic M&A move, the acquisition of Fabric’s AI-driven interpretation platform aims to enhance international market access and drive further efficiencies in the diagnostic process.
- GeneDx announced its plan to acquire Fabric Genomics to expand its decentralized, AI-powered genomic testing platform, which will enhance genomic insights and accelerate testing capabilities in NICUs and newborn screening.
- The transaction involves an upfront payment of $33 million with total potential consideration up to $51 million, and is expected to close in the second quarter of 2025, positioning the company for growth in global genomic markets.