GeneDx Holdings Corp. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $76.9 million, marking a 44% increase from $53.3 million in the same period of 2023. Diagnostic test revenue specifically rose to $77.4 million, up 49% from $51.9 million, driven by a 46% increase in test volumes and improved reimbursement rates for whole exome and genome sequencing.
Gross profit for the third quarter was $47.8 million, an 89% increase compared to $25.3 million in the prior year, resulting in a gross margin of 62.2%, up from 47.4%. The loss from operations improved significantly to $(7.8) million, a reduction of 82% from $(43.0) million in Q3 2023. The net loss for the quarter was $(8.3) million, down 80% from $(42.3) million in the same quarter last year.
For the nine months ended September 30, 2024, total revenue reached $209.8 million, a 45% increase from $145.1 million in 2023. Diagnostic test revenue for this period was $208.0 million, up 48% from $140.4 million, attributed to a 59% increase in test volumes. The gross profit for the nine months was $128.2 million, compared to $59.3 million in the previous year.
The company’s total current assets increased slightly to $186.0 million from $182.3 million at the end of 2023, while total assets decreased from $418.8 million to $408.8 million. Current liabilities rose to $77.3 million, up from $58.8 million, contributing to an increase in total liabilities from $190.7 million to $204.3 million. Stockholders' equity decreased to $204.5 million from $228.0 million, and the accumulated deficit grew from $(1.3) billion to $(1.4) billion.
GeneDx also undertook a strategic realignment in October 2023, resulting in the elimination of approximately 85 positions, or 10% of its workforce, with expected annual cost savings exceeding $40 million. The company has been focusing on enhancing its operational efficiency and expanding its diagnostic testing capabilities.
In terms of financing, GeneDx entered into a Credit Agreement with Perceptive Credit Holdings IV, LP, providing a senior secured delayed draw term loan facility of up to $75 million. The company also raised approximately $14.6 million through an At-the-Market offering during Q3 2024.
Overall, GeneDx's performance reflects a strong recovery trajectory, with substantial revenue growth and improved operational losses compared to the previous fiscal period.
About GeneDx Holdings Corp.
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