GeneDx Holdings Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 4 May 2026: press release. Guidance figures: 3 lowered, 5 new, 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue rose 17% to $102.3 million: The company reported revenue of $102.3 million, up 17% from $87.1 million a year earlier. Source
• Exome and genome revenue rose 27%: Exome and genome test revenue reached $90.6 million, 27% above the prior year, and was the largest revenue line. Source
• Adjusted net result turned to loss: Adjusted net loss was $8.2 million, against adjusted net income of $9.2 million a year earlier. GAAP net loss was $63.3 million. Source
• Exome and genome volume rose 34%: Exome and genome test result volume was 27,488, an increase of 34% year-over-year. Source
• Adjusted gross margin held at 69%: Adjusted gross margin was flat at 69%. GAAP gross margin was 67%, after adjustments for depreciation, stock-based compensation and other items. Source
• Cash and securities stood at $171.7 million: Cash, cash equivalents, marketable securities and restricted cash totalled $171.7 million at March 31, 2026, against $172.3 million at December 31, 2025. Source

“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.”

Katherine Stueland, CEO of GeneDx

Guidance

What changed from last quarter

• Guidance lowered: Full-year 2026 revenue guidance was lowered to $475 to $490 million from $540 to $555 million. Source
• Guidance lowered: Full-year exome and genome volume growth guidance was lowered to at least 30% from 33% to 35%. Source
• Guidance lowered: Full-year exome and genome revenue growth guidance was lowered to at least 20% from 33% to 35%. Source
• New guidance: Second-quarter 2026 guidance was given for the first time, covering revenue, test volume, exome and genome revenue, adjusted gross margin and adjusted net loss. Source
• Guidance kept: Full-year adjusted net income guidance stayed positive, and the adjusted gross margin figure stayed at 70%. Source

Results and growth drivers

• Revenue rose 17% to $102.3 million: The company reported revenue of $102.3 million, up 17% from $87.1 million a year earlier. Source
• Exome and genome revenue rose 27%: Exome and genome test revenue reached $90.6 million, 27% above the prior year, and was the largest revenue line. Source
• Adjusted net result turned to loss: Adjusted net loss was $8.2 million, against adjusted net income of $9.2 million a year earlier. GAAP net loss was $63.3 million. Source

Segments and Fabric Genomics

• GeneDx segment revenue was $101.5 million: The GeneDx segment reported $101.5 million of revenue. The Other line, which is Fabric Genomics in 2026, reported $0.8 million. Source
• Other segment gross profit was small: Other reported $170 thousand of adjusted gross profit, against $70.1 million of total adjusted gross profit. Source
• Prior-year Other line was different: The year-earlier Other line covered the Legacy Sema4 diagnostic testing business, so the two periods' Other lines are not the same business. Source

“While our revenue did not reflect the full potential of what this business is capable of, we are adjusting our outlook”

Katherine Stueland, CEO of GeneDx

Test volumes and product lines

• Exome and genome volume rose 34%: Exome and genome test result volume was 27,488, an increase of 34% year-over-year. Source
• Other panel volume fell below prior quarters: Other panels volume was 27,621, down 2% from 28,228 a year earlier and below each of the prior four quarters. Source
• Hereditary cancer volume fell to 108: Hereditary cancer test volume was 108 in the first quarter, against 2,725 a year earlier. The documents do not give a reason. Source
• Exome and genome volume edged down sequentially: Exome and genome volume was 27,488, against 27,761 in the fourth quarter of 2025. Source

Products, coverage and partnerships

• Reflex product launched for exome cases: The company launched a reflex product that moves non-diagnostic exome tests to genome testing. Source
• Medicaid exome coverage expanded in three states: Medicaid coverage for exome testing was expanded in Texas, Maine and Arkansas, the company said. Source
• Sponsored testing with Zevra Therapeutics: A sponsored genetic testing program with Zevra Therapeutics targets patients with suspected Niemann-Pick Disease Type C. Source
• CNBC Cures rare disease awareness initiative: A partnership with CNBC launched CNBC Cures, a multi-platform effort to raise awareness among about 30 million Americans affected by rare diseases. Source

“With expectations reset, we’ve never been more confident about our ability to deliver profitable growth in service of patients and shareholders.”

Katherine Stueland, CEO of GeneDx

Costs, margins and operating expenses

• Adjusted gross margin held at 69%: Adjusted gross margin was flat at 69%. GAAP gross margin was 67%, after adjustments for depreciation, stock-based compensation and other items. Source
• Adjusted operating expenses were 76% of revenue: Adjusted operating expenses were $78.1 million, or 76% of revenue. Total GAAP operating expenses were $94.4 million. Source
• Adjusted figures exclude non-core items: Adjusted figures remove stock-based compensation, depreciation and amortization, restructuring costs, and other items the company does not regard as ongoing. Source

Cash, debt and capital spending

• Cash and securities stood at $171.7 million: Cash, cash equivalents, marketable securities and restricted cash totalled $171.7 million at March 31, 2026, against $172.3 million at December 31, 2025. Source
• Operating cash flow was negative: Net cash used in operating activities was $32.4 million, against $10.2 million provided a year earlier. Accounts payable and accrued expenses fell $13.2 million. Source
• Debt proceeds alongside Perceptive repayment: Proceeds from long-term debt of $97.0 million, net of issuance costs, were recorded alongside a $54.0 million repayment to Perceptive, including a prepayment penalty. Source
• Capital spending rose to $6.5 million: Purchases of property and equipment and internal-use software were $6.5 million, against $6.1 million a year earlier. Source

Clinical evidence and publications

• SAVES-Kids study cost savings: A real-world data study, SAVES-Kids, reported average healthcare cost savings of up to $80,000 for children with neurodevelopmental disorders in the 12 months after testing, regardless of result. Source
• Eighteen research pieces at ACMG: The company presented 18 research pieces at the ACMG Annual Meeting, covering GeneDx Infinity and exome and genome testing. Source
• SeqFirst study on rapid genome sequencing: New SeqFirst data reported that rapid genome sequencing as a first-tier test in pediatric and cardiac intensive care units raises diagnostic rates and cuts time to diagnosis by 50%. Source
• HiFi long-read benchmarking published: A benchmarking study in the American Journal of Human Genetics found HiFi long-read sequencing identified difficult-to-detect variants in real-world clinical samples. Source

Coming up, as management said on 4 May 2026

• Second-quarter 2026 guidance set: Management set second-quarter 2026 guidance of $110 to $112 million revenue and approximately 30,000 exome and genome tests. Source

Figures management reported

Risks management discussed

• Demand: Full-year revenue guidance was lowered; the documents give no specific cause for the cut. Source
• Financial: Other segment results include legal reserves and an impairment of Fabric Genomics goodwill and intangible assets, with an impairment loss of $31.3 million. Source

Earlier plans management reported on

• Not stated: Full-year 2026 guidance was reaffirmed in February 2026, and the company has now updated it to lower revenue and growth figures.
• Not stated: Management said it is poised to deliver the revised volume growth, a 70% gross margin, and adjusted profitability for the year. Source

Other quarters

• Q3 FY2026 earnings call
• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.