GeneDx Holdings Q1: Genome Growth, Cost Cuts

GeneDx Holdings reported a 34% increase in test volume and a 27% jump in exome and genome revenue, reaching $90.6 million. However, total revenue of $102.3 million missed expectations by $12 million due to lower reimbursement rates and weaker non-core segments. The company attributed the miss to shifts towards more genomes and softer sales in Fabric and biopharma. Despite the miss, GeneDx cut $25 million in operating expenses and guided full-year revenue to $475-490 million, with at least 30% exome/genome volume growth and 70% gross margins, aiming for adjusted profitability this year. The second quarter is expected to be strong, setting the stage for genomics leadership. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/2937cacba90b6f1f