Open the filing on EDGARGeneDx Reports Fourth Quarter and Full Year 2025 Financial Results and
Reaffirms Guidance for Full Year 2026
- 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 margin of 71%
- Reported fourth quarter 2025 adjusted net income 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
GAITHERSBURG, Md., February 23, 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
- 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).
- 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
- 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.
- 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
- Adjusted gross margin expanded to 71%, up from 70% in the fourth quarter of 2024.
- GAAP gross margin was 70%.
- Adjusted gross margin expanded to 71%, up from 65% for full year 2024.
- GAAP gross margin was 70%.
Operating expenses
- 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.
- 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)
- 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.
- 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
Forward-looking statements notice
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
| 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 | Total | GeneDx | Other | 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 | $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 | Total | GeneDx | Other | 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 | $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 | 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 | $(0.61) | | | | | | $0.15 |
| Diluted (loss) earnings per share | $(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 | 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 | $0.20 | | | | | | $0.63 |
| Diluted earnings per share | $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 | 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 | $(0.73) | | | | | | $1.46 |
| Diluted (loss) earnings per share | $(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 | 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 | $(1.94) | | | | | | $0.35 |
| Diluted (loss) earnings per share | $(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.
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 | 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.
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) | |
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 | $105,989 | | $86,202 | |
(1)Cash, cash equivalents and restricted cash at December 31, 2025 excludes marketable securities of $66.3 million.
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