GeneDx Reports Fourth Quarter and Full Year 2025 Financial Results and Reaffirms Guidance for Full Year 2026

Key Terms

adjusted gross margin financial

Adjusted gross margin is a measure of how much profit a company makes from its sales after accounting for certain expenses or one-time costs, but before deducting other operating expenses. It helps investors see the company's core profitability more clearly by removing factors that might distort the usual profit picture, similar to a runner measuring their speed without considering obstacles or weather. This metric provides a clearer view of the company's ongoing financial health.

gaap gross margin financial

GAAP gross margin is a financial measure that shows the percentage of revenue remaining after subtracting the costs directly associated with producing goods or services, calculated according to standard accounting rules. It indicates how efficiently a company is turning sales into profit before accounting for other expenses, and higher gross margins generally suggest better profitability potential. This metric helps investors assess a company's pricing power and cost management.

non-gaap financial measures financial

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

at-the-market offering financial

An at-the-market offering is a method companies use to sell new shares of stock directly into the open market over time, rather than all at once. This allows them to raise money gradually, similar to selling small pieces of a product instead of a large batch. For investors, it means the company can access funding more flexibly, but it may also increase the supply of shares and influence the stock’s price.

fda breakthrough device designation regulatory

A FDA Breakthrough Device Designation is a U.S. regulatory status that gives certain medical devices faster and more flexible review because they may offer more effective treatment or diagnosis for unmet medical needs. Think of it as a “fast lane” through the regulatory process that can shorten development time and reduce regulatory uncertainty, which matters to investors because it can accelerate potential revenue, lower time-to-market risk, and make a product more attractive—while not guaranteeing final approval or commercial success.

nicu medical

A NICU (neonatal intensive care unit) is a specialized hospital unit that provides around-the-clock medical care for newborns who are premature, ill, or need close monitoring. For investors, NICU capacity and outcomes signal demand for neonatal medical equipment, staffing, and services, and can affect hospital revenues, insurance costs, and the market for related products—think of it as the intensive-care wing that determines how well a hospital serves its smallest, most vulnerable patients.

picu medical

A Pediatric Intensive Care Unit (PICU) is a hospital ward that provides continuous, high‑level medical care for critically ill infants, children and teenagers with life‑threatening conditions, staffed and equipped for complex monitoring and treatments. For investors, PICUs signal a hospital’s capability to handle the most severe pediatric cases, influencing revenue mix from insurance and government payments, higher staffing and equipment costs, and local demand for specialized services—like a specialist workshop that handles the hardest jobs and shapes pricing and cost structures.

restricted stock units financial

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

• 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 margin¹ of 71%
• Reported fourth quarter 2025 adjusted net income¹ 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.--(BUSINESS WIRE)-- 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 Infinity^TM 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

Fourth quarter 2025:

• 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).

Full year 2025:

• 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

Fourth quarter 2025:

• 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.

Full year 2025:

• 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

Fourth quarter 2025:

• Adjusted gross margin expanded to 71%, up from 70% in the fourth quarter of 2024.
  • GAAP gross margin was 70%.

Full year 2025:

• Adjusted gross margin expanded to 71%, up from 65% for full year 2024.
  • GAAP gross margin was 70%.

Operating expenses

Fourth quarter 2025:

• 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.

Full year 2025:

• 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)

Fourth quarter 2025:

• 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.

Full year 2025:

• 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 Infinity^TM.
• 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 Infinity^TM 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 Infinity^TM, 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

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⁽¹⁾

		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
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(1)		Total		GeneDx		Other(1)		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 (loss)	$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(1)		Total		GeneDx		Other(1)		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 (loss)	$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(2)				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(1)	$	(0.61	)																						$	0.15
Diluted (loss) earnings per share(1)	$	(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(2)				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(1)	$	0.20																						$	0.63
Diluted earnings per share(1)	$	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(2)				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(1)	$	(0.73	)																					$	1.46
Diluted (loss) earnings per share(1)	$	(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(2)				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)	$	(1.94	)																					$	0.35
Diluted (loss) earnings per share(1)	$	(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.

GeneDx Holdings Corp. 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 (1)		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.

GeneDx Holdings Corp. 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	)

GeneDx Holdings Corp. 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 (1)	$	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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Source: GeneDx