GeneDx (WGS) revenue jumps 41% in 2025 as it guides to higher 2026 sales
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
GeneDx Holdings Corp. reported strong growth for 2025, with revenue rising to
Fourth-quarter 2025 revenue was
Positive
- Strong top-line and non-GAAP earnings growth: 2025 revenue rose 41% to $427.5 million and exome/genome revenue grew 54% to $360.3 million, while adjusted net income expanded to $41.8 million from $9.4 million, indicating a major improvement in underlying profitability.
- Sustained high margins with robust 2026 guidance: Adjusted gross margin reached 71% for 2025 and Q4, and management reaffirmed 2026 targets of $540–$555 million revenue, 33–35% exome/genome growth, at least 70% adjusted gross margin, and positive adjusted net income.
Negative
- GAAP losses and rising operating costs: Despite strong non-GAAP results, GeneDx recorded a 2025 GAAP net loss of $21.0 million and total GAAP operating expenses increased to $311.3 million, highlighting ongoing cost intensity and reliance on adjustments to show profitability.
Insights
GeneDx delivered high growth, sustained margins, and stronger profitability while guiding to another robust year.
GeneDx posted 2025 revenue of
Profitability metrics improved meaningfully: adjusted net income rose to
Management reaffirmed an ambitious 2026 outlook, targeting
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (date of earliest event reported): February 23, 2026
Commission file number 001-39482
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
| (Address of Principal Executive Offices) (Zip Code) | |||||
Registrant's telephone number, including area code: (888 ) 729-1206
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On February 23, 2026, GeneDx Holdings Corp. (the “Company”) issued a press release (the “Press Release”) and will hold a conference call announcing the Company's financial results for the year ended December 31, 2025. Copies of the Press Release and Earnings Presentation are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K.
The information furnished with this Item 2.02, including Exhibits 99.1 and 99.2 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No | Description | ||||
99.1 | Press Release, dated February 23, 2026, regarding the registrant’s results for the year ended December 31, 2025 | ||||
99.2 | Earnings Presentation, dated February 23, 2026 | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GENEDX HOLDINGS CORP. | ||||||||
Date: February 23, 2026 | By: | /s/ Katherine Stueland | ||||||
| Name: | Katherine Stueland | |||||||
| Title: | Chief Executive Officer | |||||||
Exhibit 99.1
GeneDx 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(1) of 71%
•Reported fourth quarter 2025 adjusted net income(1) 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
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 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
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.
Investor Relations Contact:
Investors@GeneDx.com
Media Contact:
Press@GeneDx.com
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 | ||||||||||||||||||||||||||||||||||
| 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(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 | $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 | $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.
GeneDx Nasdaq: WGS Q4 Earnings Presentation February 2026 Exhibit 99.2
2 Forward-Looking Statements This presentation 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 fourth quarter and full year 2025 adjusted gross margin, and growth in exome and genome revenue and test result volumes and, 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 presentation, 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. The information, opinions and forward-looking statements contained in this announcement is not exhaustive and speak only as of its date and are subject to change without notice. This presentation contains estimates, projections and other information concerning our industry, our business and the markets for our products and services. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. Unless otherwise expressly stated, we obtained this industry, business, market and other data from our own internal estimates and research as well as from reports, research surveys, studies and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data and similar sources. While we believe our internal company research as to such matters is reliable and the market definitions are appropriate, neither such research nor these definitions have been verified by any independent source. We discuss these and other risks and uncertainties in greater detail in the sections entitled “Risk Factors” and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our periodic reports and other filings we make with the SEC from time to time. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations. We file reports, proxy statements, and other information with the SEC. Such reports, proxy statements, and other information concerning us are available www.sec.gov. Requests for copies of such documents should be directed to our Investor Relations department at GeneDx Holdings Corp. 333 Ludlow Street, North Tower 7th Floor, Stamford, Connecticut, 06902. Our telephone number is 888-729-1206. Non-GAAP Financial Measures This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles in the United States ("GAAP"), which are used by management as a supplemental measure, have certain limitations, and should not be construed as alternatives to financial measures determined in accordance with GAAP. The non-GAAP measures as defined by us may not be comparable to similar non-GAAP measures presented by other companies. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items. A reconciliation is provided in the Appendix to the most directly comparable financial measure stated in accordance with GAAP.
3 Q4 and Full Year 2025 Results Metric Fourth Quarter 2025 Full Year 2025 Revenue1 $121.0 million $427.5 million (previous guidance was $425 to $428 million) Growth in exome and genome revenue 32% (42% excluding a 2024 one-time benefit) 54% (58% excluding a 2024 one-time benefit) (previous guidance was 53% to 55%) Growth in exome and genome volume 34.3% 30.5% (previous guidance was at least 30%) Adjusted gross margin1 71% 71% (previous guidance was 70% to 71%) Adjusted net income1 $4.4 million $41.8 million Cash on hand $172 million 1 Adjusted gross margin and adjusted net income are non-GAAP financial measures. 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. See appendix for a reconciliation of GAAP to non-GAAP figures presented.
4 Full Year 2026 Guidance Metric FY 2026 Guidance Revenue $540 to $555 million Growth in exome and genome revenue 33% to 35% Growth in exome and genome volume Market contribution to growth: Foundational Expansion Future 33% to 35% 25% - 27% 7% - 8% 1% Adjusted gross margin1 At least 70% Adjusted net income1 Positive 1 Adjusted gross margin and adjusted net income are non-GAAP financial measures.
5 Volume ramp continues Exome and genome test result volume year-over-year: • Full Year 2025: up 30.5% • Q4 2025 YoY: up 34.3% to 27,761 • FY '26 Guidance: 33%-35% FY '22 - '25 CAGR 47% Guide: 128k to 131k 2022 Exome and Genome Volume 2023 2024 2025 2026 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 Reported Guidance 97,271 74,547 30,560 49,439
6 Exome and genome revenue ramp continues Exome and genome revenue year-over year: • Full Year 2025: up 54% (58% excluding a 2024 one-time benefit) • Q4 2025 YoY: up 32% (42% excluding a 2024 one-time benefit) • FY '26 Guidance: 33%-35% Exome/genome FY '22 - '25 CAGR 61% $171 $428 $302 $194 $540-555 $124 $87 $234 $360 $486 2022 2023 2024 2025 2026 $0 $100 $200 $300 $400 $500 $600 Exome and genome Other Reported Guidance Exome and Genome Revenue (in $M)
7 Confidential & Proprietary. Do Not Distribute. Appendix
8 Empowering everyone to live their healthiest life through genomics
9 GeneDx is the global leader in rare disease diagnosis The largest and most diverse rare disease dataset to deliver highest accuracy Diagnosing more rare disease patients than anyone else and delivering 500+ new gene-disease discoveries over 25 years Preferred by 80% of geneticists and granted FDA Breakthrough Device designation The #1 genetic test Experience & TechnologyGeneDx InfinityTM 1. GeneDx Internal Data, data on file 2026 2. Claims data provided by Definitive Healthcare
10 Supercharging growth to serve more patients globally Added 30% more tests to Infinity in 2025 than in the prior 24 years combined 1 Million 0 500K 250K 750K Number of Exomes & Genomes 2000 Spun out of the NIH as a pioneer focused on rare disease 2025 AAP guidelines opened general pediatrics 2021 Implemented exome-first growth strategy under new leadership 2026+ Expanding commercial team and entering new markets 2012 Launched exome 2017 Launched genome
11 An accurate genetic diagnosis is key to transforming healthcare Enabling precision genomic medicine Providing an early and accurate genetic diagnosis Fueling drug discovery
12 Delivering the future of precision medicine via the network effect Biopharma Accelerating drug discovery, enabling clinical trials, and unlocking biomarkers for targeted therapies with real-world evidence Policymakers Improving population health outcomes with support for evidence-based policies driving innovation and efficiencies Patients Delivering faster, more accurate diagnosis with personalized treatments based on biology, leading to better outcomes Health Systems Improving clinical decisions, streamlining care pathways, and reducing costs with genomic insights Payers Reducing long-term spend through effective, targeted treatments supporting value-based care models with measurable outcomes Advocacy Delivering answers for families, advancing equitable care, and connecting patients and parents across rare and underserved communities
13 Trusted by the nation’s leading health systems
14 >2.5M >50% >8M ~1M >8M >60% genetic tests non-European descent health records exomes & genomes phenotypic datapoints have parental data GeneDx InfinityTM is the largest and most diverse rare disease dataset Greatest scale advantage Fastest diagnosis and most efficient operations Most comprehensive understanding of rare disease Billions of datapoints inform expert analysis The most accurate diagnosis 2x the answers compared to public datasets 1. GeneDx Internal Data, data on file 2026
15 Our AI strategy accelerates the flywheel effect of our data Additional patients tested Improved interpretation platform Higher diagnostic yields and more answers More underlying data N A T U R A L L A N G U A G E P R O C E S S I N G M A C H I N E L E A R N I N G L A R G E L A N G U A G E M O D E L S Creating the Lab of the Future to translate cutting-edge innovation into better patient outcomes The compounding power of the data from each new patient informs more diagnoses and extends our lead Proprietary AI models and algorithms constantly enhance our accuracy, scale, speed, and efficiency
16 Upside Opportunities International, Biopharma/Data, Precision Medicine Pediatrics & Rare Pediatric Specialists, Pediatricians, NICU, Prenatal, and gNBS Adult Adult Neurologists, Adult Cardiologists, and Other Specialists $25B $20B This large and ever-growing opportunity is ours to win
17 On average, an accurate diagnosis takes 5 years GeneDx provides answers in months weeks days hours First symptom Visit primary care physician Referral to a specialist Genetic testing (CMA) No diagnosis Online research Another specialist Wrong treatment or undue surgery Genetic testing (panel) Inconclusive results New symptoms Genetic specialist Genetic counseling Order exome or genome DiagnosisDisease specific care and resources The economic burden of rare diseases in the U.S. is over $1 trillion annually 1. Marwaha S, Knowles JW, and Ashley EA. A guide for the diagnosis of rare and undiagnosed disease: beyond the exome. Genome Med. 2022 Feb 28;14(1):23. 2. Tisdale, A., Cutillo, C.M., Nathan, R. et al. The IDeaS initiative: pilot study to assess the impact of rare diseases on patients and healthcare systems. Orphanet J Rare Dis 16, 429 (2021).
18 〉 GeneDx is contracted with 80% of covered lives, including all large national commercial payers 〉Medicaid and commercial insurance coverage continues to grow for exome and genome o 38 states cover exome or genome testing o 17 states cover rapid genome sequencing Payor coverage for exome and genome sequencing is expanding 1. GeneDx Internal Data, data on file 2026 Medicaid programs covering genetic testing by year 2015: First state Medicaid covers Exome 2021: First state Medicaid covers rapid testing 30 25 20 15 10 5 0 0 3 1 38 2015 2021 2026 Year Rapid genome sequencing Exome or genome sequencing 22 17 35
19 Medicaid programs across the country are expanding access Exome or Genome Sequencing Rapid Genome Sequencing Both No Coverage Current Medicaid Coverage Landscape 1. GeneDx Internal Data, data on file 2026 New or Enhanced Coverage
20 Our north star is to diagnose as many people as fast as possible
21 Our stacked, compounding growth strategy unlocks new opportunities Foundational Markets (Launched) Expansion Markets (Ramping) Future Markets (Developing) • Geneticists (since inception) • Pediatric Specialists (since 2023) • General Pediatricians (H2 2026) • NICU (since 2024) • Prenatal (H2 2026) • Adult Specialists (H2 2026) • International (since 2025) • gNBS • New Channels • BioPharma & Data Three layers, multiple building blocks to sustained high growth with disciplined expansion plan
22 Large growth opportunities ahead to deepen penetration and expand our footprint 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Geneticsits Pediatric Specialists Prenatal NICU Adult specialists General Pediatrics Clinician Penetration by Market 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Geneticsits Pediatric Specialists Prenatal NICU Adult specialists General Pediatrics Patient Penetration by Market 5K2K 800 accounts 10.5K 25K4.6K is enetici ts S S 145K300K 235K160K 600K210K Number of U.S. PatientsNumber of U.S. Clinicians
23 GeneticistPrenatal Standard of care: years of disease progression Pediatrician Entering new markets to deliver answers at the earliest moment possible NICU Adult Specialist Pediatric Specialist
24 Geneticists remain key customers and prefer GeneDx Geneticist recommendations reinforce our leadership in new markets Leading position: 80% market share driven by superior accuracy, broad access, and cutting-edge discovery Continued growth: Largest contributor to revenue today with room to grow via ongoing panel conversion Loyal advocates: As we continue to expand, these ~2,000 geneticists are key influencers for other clinicians 1. GeneDx Internal Data, data on file 2026 2. Claims data provided by Definitive Healthcare Foundational Market
25 Pediatric specialists drove a majority of 2025 growth and have strong momentum entering 2026 Significant share: Over 30% of pediatric neurologists now order from us with continued growth ahead Strong awareness: Greatest brand recognition of any genetics lab - over 80% of pediatric specialists know GeneDx Expanding our footprint: Continuing to add new call points and indications to serve the over 10,000 rare diseases Increased ordering and new customer activation driving expansion 1. GeneDx Internal Data, data on file 2026 2. Claims data provided by Definitive Healthcare 3. Fu MP, Merrill SM, Sharma M,et al. Rare diseases of epigenetic origin: Challenges and opportunities. Front Genet. 2023 Feb 6;14:1113086. doi: 10.3389/fgene.2023.1113086. PMID: 36814905. Foundational Market
26 Pediatricians are becoming the new front line of genomic medicine Massive market: 600K patients diagnosed with DD/ID by 25K pediatricians annually First mover to an untapped market with the #1 genetic test in hand Trusted partner & clear leader: Leading product, wraparound services, expert endorsements, and health system relationships Best customer experience: Pediatricians can integrate genomics into routine care with one-minute ordering Expansive reach: Dedicated team of ~50 sales reps expected to drive impact at the end of 2026 and into 2027 1. GeneDx Internal Data, data on file 2026 2. Claims data provided by Definitive Healthcare Expansion Market
27 The NICU is an untapped opportunity for early intervention and improved outcomes Taking a protocol-driven approach to benefit more patients and lower healthcare costs Large unmet need: Up to 60% NICU patients could benefit from rWGS per SeqFirst (~235k patients) but less than 5% of them receive genetic testing today 1. Wenger TL, Scott A, Kruidenier L, et al. SeqFirst: Building equity access to a precise genetic diagnosis in critically ill newborns. Am J Hum Genet. 2025 Mar 6;112(3):508-522. 2. Claims data provided by Definitive Healthcare 3. Kingsmore, Stephen F et al. NPJ genomic medicine vol. 9,1 17. 27 Feb. 2024 4. GeneDx Internal Data, data on file 2026 Deep relationships: 42 of the top 50 NICUs ordered rapid testing from us in 2025, positioning us to scale Fastest TAT: Leading rapid and ultrarapid genome tests deliver precise answers in as soon as 48 hours Expansion Market
28 GenomeDx Prenatal extends our industry-leading diagnostic capabilities into prenatal care Setting a new standard for prenatal genomic diagnoses Large unmet need: For patients with structural anomalies on prenatal ultrasound, impacting up to 4% of pregnancies Extensive prenatal experience: Building upon 10+ years of experience offering CMA and 4000+ prenatal exomes Timely answers: Delivering the most accurate and comprehensive diagnostic results in less than two weeks to guide critical care decisions 1.Salomon LJ, Alfirevic Z, Berghella V, et al. Practice guidelines for performance of the routine mid-trimester fetal ultrasound scan. Ultrasound Obstet Gynecol. 2011 Jan;37(1):116-26. 2. GeneDx Internal Data, data on file 2026 Expansion Market
29 Adult specialists will unlock future growth and impact Putting commercial focus behind the organic growth in adult exome and genome testing New market: Expanding to neurologists in 2026 with a focus on clinicians already ordering genetic testing Green space: Strong demand and reimbursement for adults living with pediatric-onset conditions like epilepsy Long-term potential: Future opportunities could expand to cardiology, neurodegenerative disorders, and more, representing up to 5M patients 1. GeneDx Internal Data, data on file 2026 2. Claims data provided by Definitive Healthcare Expansion Market
30 Global reach with decentralized testing powered by centralized intelligence from GeneDx Infinity Cloud-native platform enables remote interpretation while complying with local regulations Providing leading interpretation services to partners across the U.S. Expanded international footprint with sales reps in key geographies Expansion Market
31 Transforming healthcare from diagnostic odyssey to day one action with gNBS GeneDx has the evidence, experience, and operational capabilities to lead global adoption • Partnering with first movers to make gNBS a reality o GUARDIAN o BEACONS o Sunshine Genetics • Without gNBS, the average age of diagnosis for these conditions is 7-11 years old Data from the GUARDIAN study: • Nearly 75% of parents opted into testing • Implemented diverse multi- site programs Evidence Experience Capabilities • Actionable conditions identified in 3.2% of newborns • Sequenced >22,000 newborns • Operations optimized for accuracy, speed, and scale • Flexible services – from end- to-end testing to decentralized interpretation • Technical expertise to responsibly bring this technology to patients 1. Ziegler A, Koval-Burt C, Kay DM, et al. Expanded Newborn Screening Using Genome Sequencing for Early Actionable Conditions. JAMA. Published online October 24, 2024. doi:10.1001/jama.2024.1966 2. GeneDx Internal Data, data on file 2026 Future Market
32 Pioneering new channels and partnerships to deliver on the promise of precision genomic medicine Future Market
33 Unlocking faster HEOR, biopharma innovation, and AI-driven discovery Genetic data Electronic health records Patient demographics Claims Prescription Imaging Deploying the most comprehensive, longitudinal dataset for rare disease ever assembled Future Market
34 Transforming every stage of drug development Research & Development Clinical Trials Market Authorization & Access Target Validation & Modeling Patient Matching & Recruitment Diverse Longitudinal Data Commercialization Launch & Post-Marketing
35 Turning insight into biopharma impact
36 Proven leadership driving high-growth and operational excellence at scale Heidi Chen Chief Legal Officer Linda Genen Chief Medical Officer Jami Biliboaca Head of People Strategy Martin Reese President, Fabric Genomics Katherine Stueland Chief Executive Officer Kevin Feeley Chief Financial Officer Bryan Dechairo Chief Operating Officer Melanie Duquette Chief Growth Officer Lisa Gurry Chief Business Officer Mimi Lee Chief of Precision Genetic Medicine
37 Massive TAM and expanding serviceable market Leadership position Differentiated technology A rare opportunity to transform healthcare fueled by unmatched data and momentum Emerging guidelines and improving payer landscape Scale advantage Proven management team
38 GeneDx enables a future that is predictive, preventative, and ultimately curative. That future always begins with a single answer. And that answer changes everything.
39 Reconciliation of non-GAAP financial measures Adjusted gross profit, adjusted gross margin, and adjusted net income (in $ thousands) Three months ended December 31, Year ended December 31, 2025 2024 2025 2024 GeneDx Other1 Total GeneDx Other1 Total GeneDx Other1 Total GeneDx Other1 Total Revenue $119,492 $ 1,497 $120,989 $ 95,286 $ 354 $ 95,640 $423,088 $ 4,451 $427,539 $302,293 $ 3,157 $305,450 Adjusted cost of services 34,494 480 34,974 28,384 – 28,384 122,100 1,101 123,201 106,376 145 106,521 Adjusted gross profit $ 84,998 $ 1,017 $ 86,015 $ 66,902 $ 354 $ 67,256 $300,988 $ 3,350 $304,338 $195,917 $ 3,012 $198,929 Adjusted gross margin 71.1% 71.1% 70.2% 70.3% 71.1% 71.2% 64.8% 65.1% Reconciliations: Depreciation and amortization 1,531 928 5,369 4,047 Stock-based compensation 211 123 791 431 Restructuring costs 5 – 5 54 Gross profit $ 84,268 $ 66,205 $298,173 $194,397 Gross margin 69.6% 69.2% 69.7% 63.6% (in $ thousands) Three months ended December 31, Year ended December 31, 2025 2024 2025 2024 Net (loss) income $ (17,666) $ 5,438 $ (21,021) $ (52,286) Reconciliations: Depreciation and amortization 6,881 5,558 25,224 21,953 Stock-based compensation 9,780 2,845 32,162 9,138 Restructuring costs 516 292 1,275 1,752 Change in fair value of financial liabilities (1,116) 1,980 1,204 13,370 Other2 6,005 1,340 2,965 15,478 Adjusted net income $ 4,400 $ 17,453 $ 41,809 $ 9,405 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. 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.
FAQ
How did GeneDx (WGS) perform financially in full year 2025?
GeneDx reported 2025 revenue of $427.5 million, up 41% year over year, driven mainly by exome and genome testing. Adjusted gross margin improved to 71% and adjusted net income rose to $41.8 million, while GAAP net loss narrowed to $21.0 million.
What were GeneDx’s (WGS) key fourth-quarter 2025 results?
In Q4 2025, GeneDx generated $121.0 million of revenue, including $104.0 million from exome and genome tests. Exome and genome volumes increased 34.3% year over year to 27,761, and adjusted gross margin was 71%, with adjusted net income of $4.4 million.
What guidance did GeneDx (WGS) give for full year 2026?
For 2026, GeneDx expects revenue of $540 to $555 million, with exome and genome revenue and volume growing 33–35%. The company also targets adjusted gross margin of at least 70% and positive adjusted net income for the year.
How fast are GeneDx’s exome and genome businesses growing?
In 2025, exome and genome revenue grew to $360.3 million, up 54% year over year, and volumes rose 30.5% to 97,271 test results. In Q4 2025 alone, exome and genome revenue was $104.0 million, up 32% year over year.
What is GeneDx’s (WGS) profitability profile on GAAP vs non-GAAP bases?
For 2025, GeneDx reported a GAAP net loss of $21.0 million but adjusted net income of $41.8 million. Adjustments include depreciation, amortization, stock-based compensation, restructuring costs and fair-value changes in financial liabilities, reflecting management’s view of ongoing operations.
What is GeneDx’s cash position at the end of 2025?
As of December 31, 2025, GeneDx held $172.3 million in cash, cash equivalents, marketable securities and restricted cash. This reflects $33.3 million of operating cash inflow during 2025 and additional proceeds from equity offerings and employee equity programs.
Filing Exhibits & Attachments
6 documentsPress Releases
GeneDx Holdings Corp
NASDAQ:WGS
WGS Rankings
WGS Latest News
WGS Latest SEC Filings
Feb 23, 2026
[10-K] GeneDx Holdings Corp. Files Annual Report
Feb 2, 2026
[144] GeneDx Holdings Corp. SEC Filing