GeneDx (Nasdaq: WGS) trims 2026 revenue guidance after Q1 loss widens
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
GeneDx Holdings Corp. reported first quarter 2026 revenue of $102.3 million, up 17% year-over-year, driven by strong demand for exome and genome testing. Exome and genome revenue rose to $90.6 million, a 27% increase, on 34% higher test volumes of 27,488.
Profitability weakened: GAAP net loss widened to $63.3 million, and adjusted net results shifted to an $8.2 million adjusted net loss from adjusted net income of $9.2 million a year earlier, despite an adjusted gross margin of 69%. The company ended March 31, 2026 with $171.7 million in cash, cash equivalents, marketable securities and restricted cash.
GeneDx cut its full‑year 2026 revenue guidance to $475–$490 million from $540–$555 million, while still targeting at least 30% growth in exome and genome volume, at least 20% growth in exome and genome revenue, approximately 70% adjusted gross margin, and positive adjusted net income for the year. Second quarter 2026 guidance calls for revenue of $110–$112 million, exome and genome revenue of about $100 million, roughly 30,000 exome and genome tests, approximately 70% adjusted gross margin, and an adjusted net loss of about $5 million.
Positive
- Strong genomic testing growth: Q1 2026 revenue rose to $102.3 million (17% year-over-year), with exome and genome revenue up 27% to $90.6 million on 34% higher volumes, while maintaining a 69% adjusted gross margin.
Negative
- Material guidance cut and deeper losses: Full‑year 2026 revenue guidance was reduced from $540–$555 million to $475–$490 million, and results shifted from $9.2 million adjusted net income in Q1 2025 to an $8.2 million adjusted net loss and a $63.3 million GAAP net loss in Q1 2026.
Insights
Guidance cut offsets strong genomic growth and raises profitability questions.
GeneDx is showing robust operating momentum in its core business but weaker financial leverage. Q1 2026 revenue of $102.3 million grew 17% year-over-year, with exome and genome revenue up 27% and volumes up 34% to 27,488 tests, underscoring strong demand for its rare disease testing platform.
However, profitability moved in the wrong direction. GAAP net loss expanded to $63.3 million, and adjusted results swung from $9.2 million in adjusted net income in Q1 2025 to an $8.2 million adjusted net loss in Q1 2026. The quarter included a $31.3 million impairment loss and a $6.6 million loss on extinguishment of debt, while adjusted total operating expenses reached $78.1 million, or 76% of revenue.
The full‑year 2026 guidance reduction is material. Revenue expectations were lowered from $540–$555 million to $475–$490 million, with updated growth targets of at least 30% for exome and genome volume and at least 20% for exome and genome revenue, and an adjusted gross margin of around 70%. Management still guides to positive adjusted net income for 2026, but near‑term they project a Q2 2026 adjusted net loss of about $5 million, indicating that operating discipline and mix management need to improve to translate strong volume growth into sustainable profitability.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 revenue: $102.3 million
Exome and genome revenue: $90.6 million
Exome and genome volume: 27,488 tests
+5 more
8 metrics
Q1 2026 revenue
$102.3 million
Quarter ended March 31, 2026; 17% year-over-year increase
Exome and genome revenue
$90.6 million
Q1 2026; 27% year-over-year increase
Exome and genome volume
27,488 tests
Q1 2026; 34% year-over-year increase
GAAP net loss
$63.3 million
Quarter ended March 31, 2026
Adjusted net (loss) income
($8.2 million)
Q1 2026 adjusted net loss vs $9.2 million adjusted net income in Q1 2025
Adjusted gross margin
69%
First quarter 2026 non-GAAP gross margin
Updated 2026 revenue guidance
$475–$490 million
Full-year 2026 outlook, reduced from $540–$555 million
Cash and investments
$171.7 million
Cash, cash equivalents, marketable securities and restricted cash as of March 31, 2026
Key Terms
adjusted gross margin, non-GAAP financial measures, impairment loss, loss on extinguishment of debt, +1 more
5 terms
adjusted gross margin financial
"Reported adjusted gross margin(1) of 69% and adjusted net loss(1) of $8.2 million"
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.
non-GAAP financial measures financial
"Adjusted gross margin, adjusted total operating expenses and adjusted net (loss) income are non-GAAP financial measures."
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.
impairment loss financial
"Impairment loss | 31,287 | | | — | | | —"
An impairment loss is an accounting write-down recorded when an asset’s recorded value on the books is higher than what the company can realistically recover from using or selling it. Think of it like admitting a used car is worth much less than the loan balance and adjusting the records to match the true value; for investors, impairment losses reduce reported profits and net assets, can signal weaker future cash flow from that asset, and may affect covenants and valuation.
loss on extinguishment of debt financial
"Loss on extinguishment of debt | | | | | (6,565) | | | —"
Loss on extinguishment of debt is the accounting hit a company records when it retires or restructures a loan or bond for an amount that exceeds the debt’s recorded value—like paying more than the remaining balance to settle a loan early. It matters to investors because it reduces reported profit and can use cash, but may also cut future interest costs or signal financial stress; understanding it helps assess earnings quality and balance-sheet strength.
forward-looking statements regulatory
"This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Earnings Snapshot
Revenue: $102.3 million · Guidance included
Q1 2026
Revenue
$102.3 million
+17% year-over-year
Exome and genome revenue
$90.6 million
+27% year-over-year
Exome and genome volume
27,488 tests
+34% year-over-year
GAAP net loss
$63.3 million
Wider loss vs $6.5 million in Q1 2025
Adjusted net (loss) income
($8.2 million)
Down from $9.2 million adjusted net income in Q1 2025
Guidance
For full-year 2026, GeneDx guides to revenue of $475–$490 million, at least 30% exome and genome volume growth, at least 20% exome and genome revenue growth, approximately 70% adjusted gross margin, and positive adjusted net income.
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): May 4, 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.
Financial Results for the Quarter Ended March 31, 2026
On May 4, 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 quarter ended March 31, 2026. Copies of the Press Release and Earnings Presentation are furnished as Exhibits 99.1 and 99.3, respectively, to this Current Report on Form 8-K.
Consolidated Statements of Operations and Comprehensive Loss Presentation Change
Beginning with the quarter ended March 31, 2026, the Company has combined the previously separate line items for (i) selling and marketing and (ii) general and administrative into a single consolidated line item titled “selling, general and administrative” in the consolidated statements of operations and comprehensive loss. This is a change in presentation only and has no impact on the Company’s previously reported financial results for the current or any prior period.
Modification of Non-GAAP Financial Measure Methodology
Beginning with the fiscal quarter ended March 31, 2026, the Company has modified its methodology for adjusted net income (loss), a non-GAAP financial measure, to include an adjustment for non-core lease costs. Non-core lease costs represent occupancy and related expenses associated with vacant laboratory facilities and office space in Connecticut that are no longer utilized as part of the Company’s operations.
Prior Period Supplemental Financial Information
To provide comparability with the changes in current period presentation and non-GAAP methodology described above, the Company is furnishing recast unaudited financial information as Exhibit 99.2 to this Current Report on Form 8-K. This unaudited supplemental financial information covers the fiscal year ended December 31, 2025 and each of the interim periods within that year and reflects (1) the reclassification of the previously separate “selling and marketing” and “general and administrative” line items into the combined “selling, general and administrative” line item, and (2) the recalculation of adjusted net income (loss) for all prior periods presented to include the adjustment for non-core lease costs. This recast of prior period financial information is not a restatement of previous financial statements and does not affect the Company’s GAAP results for any previously reported periods.
The information furnished with this Item 2.02, including Exhibits 99.1, 99.2, and 99.3 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 May 4, 2026, regarding the registrant’s results for the quarter ended March 31, 2026 | ||||
| 99.2 | Supplemental Financial Information | ||||
99.3 | Earnings Presentation, dated May 4, 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: | By: | /s/ Katherine Stueland | |||||||||
| Name: | Katherine Stueland | ||||||||||
| Title: | Chief Executive Officer | ||||||||||
Exhibit 99.1
GeneDx Reports First Quarter 2026 Financial Results and Updates Full-Year Outlook
•Reported first quarter 2026 revenue of $102.3 million with 27% year-over-year growth in exome and genome revenue
•Reported exome and genome volume growth of 34% year-over-year
•Reported adjusted gross margin(1) of 69% and adjusted net loss(1) of $8.2 million
•Updating full-year 2026 revenue guidance to $475 to $490 million with exome and genome volume growth of at least 30%
•Hosting conference call today at 4:30 p.m. ET
GAITHERSBURG, Md., May 4, 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 first quarter of 2026.
“GeneDx delivered 34% year-over-year volume growth in exome and genome testing in the first quarter – a clear signal that there’s sustained, strong demand for our services. While our revenue did not reflect the full potential of what this business is capable of, we are adjusting our outlook and are poised to deliver more than 30% volume growth, 70% gross margin, and profitability on an adjusted basis for the year,” said Katherine Stueland, CEO of GeneDx. “Leading a generational shift in medicine requires taking some big swings, learning quickly, and moving with urgency to serve this ever-growing patient population. With expectations reset, we’ve never been more confident about our ability to deliver profitable growth in service of patients and shareholders.”
First Quarter 2026 Financial Results (Unaudited)(1)
Revenue
•Revenue grew to $102.3 million, an increase of 17% year-over-year.
•Exome and genome test revenue grew to $90.6 million, an increase of 27% year-over-year.
Exome and genome volume
•Exome and genome test result volume grew to 27,488, an increase of 34% year-over-year.
Gross margin
•Adjusted gross margin remained flat at 69% in the first quarter of 2026.
◦GAAP gross margin was 67%.
Operating expenses
•Adjusted total operating expenses were $78.1 million, representing 76% of revenue.
◦Total GAAP operating expenses were $94.4 million.
Net (loss) income
•Adjusted net loss was $8.2 million compared to adjusted net income of $9.2 million in the first quarter of 2025.
◦GAAP net loss was $63.3 million.
Cash position
•Cash, cash equivalents, marketable securities and restricted cash was $171.7 million as of March 31, 2026.
(1)Adjusted gross margin, adjusted total operating expenses and adjusted net (loss) income are non-GAAP financial measures. See appendix for a reconciliation of GAAP to non-GAAP figures presented.
Updated 2026 Guidance
GeneDx has updated its 2026 guidance. Management now expects GeneDx to deliver:
| Metric | Full Year 2026 Previous Guidance | Full Year 2026 Updated Guidance | Second Quarter of 2026 Guidance | |||||||||||||||||
| Revenue | $540 to $555 million | $475 to $490 million | $110 to $112 million | |||||||||||||||||
Growth in exome and genome volume | 33% to 35% | At least 30% | Approximately 30,000 tests | |||||||||||||||||
Growth in exome and genome revenue | 33% to 35% | At least 20% | Approximately $100 million | |||||||||||||||||
| Adjusted gross margin | At least 70% | Approximately 70% | Approximately 70% | |||||||||||||||||
Adjusted net income (loss) | Positive | Positive | Adj. net loss of approximately $5 million | |||||||||||||||||
First Quarter 2026 and Recent Business Highlights
Strategic Expansion and Market Leadership
•Announced the landmark SAVES-Kids study, a real-world data Health Economics and Outcomes Research (HEOR) analysis, showing an average healthcare cost savings of up to $80,000 for children with neurodevelopmental disorders in the 12 months following ExomeDx™ and GenomeDx™ testing, regardless of the test result.
•Launched a reflex product, enabling seamless reflexing to genome testing when exome testing is non-diagnostic.
•Partnered with CNBC to launch CNBC Cures, a collaborative, multi-platform initiative aimed at raising awareness for the rare disease community and improving outcomes for the ~30 million Americans affected by rare diseases.
•Launched a sponsored genetic testing program with Zevra Therapeutics to support patients with suspected Niemann-Pick Disease Type C.
•Expanded Medicaid coverage in Texas, Maine, and Arkansas, resulting in approximately 4.9 million Medicaid patients gaining access to exome testing.
Innovation & Clinical Leadership
•Added to the company’s more than 1,100 publications by showcasing 18 pieces of pioneering research at the American College of Medical Genetics and Genomics (ACMG) Annual Meeting. The research highlighted the scale and clinical impact of GeneDx Infinity™ – the largest and most comprehensive rare disease genomic dataset – and GeneDx’s leadership in bringing exome and genome testing to the standard of care by leveraging AI, world-class data and clinical expertise, and expert variant interpretation and classification.
•Published results from a benchmarking study in the American Journal of Human Genetics demonstrating HiFi long-read sequencing was successful in identifying difficult to detect variants using real-world clinical samples.
•Published new SeqFirst study data in the American Journal of Medical Genetics 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 50%.
•Presented “Scaling Rare Disease Discovery with AI: From Genomic Data to Therapeutic Insights” at the Precision Medicine Worldwide Conference (PMWC), showcasing how GeneDx partners with biopharma to turn genomic data into actionable solutions – accelerating discovery, enabling clinical trials, and advancing the next era of precision medicine.
Webcast and Conference Call Details
GeneDx will host a conference call today, May 4, 2026, at 4:30 p.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, non-core lease costs, 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 and second quarter 2026 revenue, exome and genome revenue and test volumes, adjusted gross margin and adjusted net income (loss). 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) recalibrate for building long-term, durable performance. 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, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 23, 2026, our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026, filed with the SEC on May 4, 2026 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 1,100 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
| 1Q26 | 4Q25 | 3Q25 | 2Q25 | 1Q25 | |||||||||||||||||||||||||
| Volumes | |||||||||||||||||||||||||||||
| Whole exome, whole genome | 27,488 | 27,761 | 25,702 | 23,246 | 20,562 | ||||||||||||||||||||||||
| Hereditary cancer | 108 | 346 | 1,511 | 2,677 | 2,725 | ||||||||||||||||||||||||
| Other panels | 27,621 | 30,935 | 33,003 | 31,833 | 28,228 | ||||||||||||||||||||||||
| Total | 55,217 | 59,042 | 60,216 | 57,756 | 51,515 | ||||||||||||||||||||||||
| Revenue ($ millions) | |||||||||||||||||||||||||||||
| Whole exome, whole genome | $ | 90.6 | $ | 104.0 | $ | 98.9 | $ | 86.0 | $ | 71.4 | |||||||||||||||||||
| Hereditary cancer | 0.1 | 0.2 | 1.2 | 1.8 | 2.2 | ||||||||||||||||||||||||
| Other panels | 10.6 | 13.1 | 13.4 | 12.3 | 12.1 | ||||||||||||||||||||||||
| Data information | 0.8 | 2.6 | 1.5 | 2.0 | 1.4 | ||||||||||||||||||||||||
Software and interpretation services | 0.2 | 1.1 | 1.7 | 0.6 | — | ||||||||||||||||||||||||
| Total | $ | 102.3 | $ | 121.0 | $ | 116.7 | $ | 102.7 | $ | 87.1 | |||||||||||||||||||
Unaudited Select Financial Information (in thousands)
| Three months ended March 31, 2026 | Three months ended March 31, 2025 | ||||||||||||||||||||||||||||||||||
| GeneDx | Other(1) | Total | GeneDx | Other(1) | Total | ||||||||||||||||||||||||||||||
| Revenue | $101,496 | $758 | $102,254 | $87,115 | $— | $87,115 | |||||||||||||||||||||||||||||
| Adjusted cost of services | 31,613 | 588 | 32,201 | 27,396 | — | 27,396 | |||||||||||||||||||||||||||||
Adjusted gross profit | $69,883 | $170 | $70,053 | $59,719 | $— | $59,719 | |||||||||||||||||||||||||||||
| Adjusted gross margin % | 68.9% | 68.5% | 68.6% | 68.6% | |||||||||||||||||||||||||||||||
(1)For the three months ended March 31, 2026, Other represents revenues and cost of services from the Fabric Genomics operating segment. For the three months ended March 31, 2025, Other represents revenues and cost of services from the Legacy Sema4 diagnostic testing business.
| Three months ended March 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||
| Reported | Depreciation and amortization | Stock-based compensation | Restructuring costs | Change in FV of financial liabilities | Extinguishment of debt | Other(2) | Adjusted | ||||||||||||||||||||||||||||||||||||||||
| Diagnostic test revenue | $ | 101,299 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 101,299 | |||||||||||||||||||||||||||||||
| Other revenue | 955 | — | — | — | — | — | — | 955 | |||||||||||||||||||||||||||||||||||||||
| Total revenue | 102,254 | — | — | — | — | — | — | 102,254 | |||||||||||||||||||||||||||||||||||||||
| Cost of services | 34,043 | (1,462) | (380) | — | — | — | — | 32,201 | |||||||||||||||||||||||||||||||||||||||
| Gross profit | 68,211 | 1,462 | 380 | — | — | — | — | 70,053 | |||||||||||||||||||||||||||||||||||||||
| Gross margin | 66.7 | % | 68.5 | % | |||||||||||||||||||||||||||||||||||||||||||
| Research and development | 19,804 | (224) | (1,406) | (224) | — | — | — | 17,950 | |||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative | 74,591 | (5,123) | (7,210) | (215) | — | — | (1,916) | 60,127 | |||||||||||||||||||||||||||||||||||||||
| Impairment loss | 31,287 | — | — | — | — | — | (31,287) | — | |||||||||||||||||||||||||||||||||||||||
| Loss from operations | (57,471) | 6,809 | 8,996 | 439 | — | — | 33,203 | (8,024) | |||||||||||||||||||||||||||||||||||||||
| Interest expense, net | (717) | — | — | — | — | — | 717 | — | |||||||||||||||||||||||||||||||||||||||
| Other (expense) income, net | (4,231) | — | — | — | (2,540) | 6,565 | — | (206) | |||||||||||||||||||||||||||||||||||||||
| Income tax expense | (897) | — | — | — | — | — | 897 | — | |||||||||||||||||||||||||||||||||||||||
| Net loss | $ | (63,316) | $ | 6,809 | $ | 8,996 | $ | 439 | $ | (2,540) | $ | 6,565 | $ | 34,817 | $ | (8,230) | |||||||||||||||||||||||||||||||
Basic and diluted loss per share(1) | $ | (2.16) | $ | (0.28) | |||||||||||||||||||||||||||||||||||||||||||
| Three months ended March 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| Reported | Depreciation and amortization | Stock-based compensation | Restructuring costs | Change in FV of financial liabilities | Other(2) | Adjusted | |||||||||||||||||||||||||||||||||||
| Diagnostic test revenue | $ | 85,759 | $ | — | $ | — | $ | — | $ | — | $ | 85,759 | |||||||||||||||||||||||||||||
| Other revenue | 1,356 | — | — | — | — | — | 1,356 | ||||||||||||||||||||||||||||||||||
| Total revenue | 87,115 | — | — | — | — | — | 87,115 | ||||||||||||||||||||||||||||||||||
| Cost of services | 28,639 | (1,075) | (168) | — | — | — | 27,396 | ||||||||||||||||||||||||||||||||||
| Gross profit | 58,476 | 1,075 | 168 | — | — | — | 59,719 | ||||||||||||||||||||||||||||||||||
| Gross margin | 67.1 | % | 68.6 | % | |||||||||||||||||||||||||||||||||||||
| Research and development | 12,577 | (372) | (419) | (28) | — | — | 11,758 | ||||||||||||||||||||||||||||||||||
| Selling, general and administrative | 50,450 | (4,231) | (3,396) | (530) | — | (3,265) | 39,028 | ||||||||||||||||||||||||||||||||||
| (Loss) income from operations | (4,551) | 5,678 | 3,983 | 558 | — | 3,265 | 8,933 | ||||||||||||||||||||||||||||||||||
| Interest expense, net | (640) | — | — | — | — | 640 | — | ||||||||||||||||||||||||||||||||||
| Other (expense) income, net | (891) | — | — | — | 1,100 | 30 | 239 | ||||||||||||||||||||||||||||||||||
| Income tax expense | (447) | — | — | — | — | 447 | — | ||||||||||||||||||||||||||||||||||
| Net (loss) income | $ | (6,529) | $ | 5,678 | $ | 3,983 | $ | 558 | $ | 1,100 | $ | 4,382 | $ | 9,172 | |||||||||||||||||||||||||||
Basic (loss) earnings per share(1) | $ | (0.23) | $ | 0.33 | |||||||||||||||||||||||||||||||||||||
Diluted (loss) earnings per share(1) | $ | (0.23) | $ | 0.31 | |||||||||||||||||||||||||||||||||||||
(1)Basic and diluted (loss) earnings per share are calculated based on 29,335,126 weighted average shares outstanding for the three months ended March 31, 2026, and 28,147,948 and 29,440,704 weighted average shares outstanding for the three months ended March 31, 2025, respectively.
(2)Other represents interest expense, net, income tax expense and non-core lease costs for all periods presented. For the three months ended March 31, 2026, Other also includes costs related to legal reserves and impairment of goodwill and intangible assets associated with the Fabric Genomics acquisition. For the three months ended March 31, 2025, Other includes transaction costs incurred in connection with the acquisition of Fabric Genomics.
GeneDx Holdings Corp.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
| March 31, 2026 (Unaudited) | December 31, 2025 | ||||||||||
| Assets: | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 93,924 | $ | 104,997 | |||||||
| Marketable securities | 76,761 | 66,285 | |||||||||
| Accounts receivable | 76,929 | 74,370 | |||||||||
| Inventory, net | 12,241 | 13,951 | |||||||||
| Prepaid expenses and other current assets | 10,774 | 8,685 | |||||||||
| Total current assets | 270,629 | 268,288 | |||||||||
| Operating lease right-of-use assets | 34,653 | 23,412 | |||||||||
| Property and equipment, net | 50,125 | 45,693 | |||||||||
| Goodwill | 1,641 | 13,520 | |||||||||
| Intangible assets, net | 144,969 | 168,481 | |||||||||
Other assets(1) | 4,284 | 4,316 | |||||||||
| Total assets | $ | 506,301 | $ | 523,710 | |||||||
| Liabilities and Stockholders’ Equity: | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable and accrued expenses | $ | 46,562 | $ | 57,645 | |||||||
| Short-term lease liabilities | 5,129 | 4,404 | |||||||||
| Other current liabilities | 35,948 | 46,859 | |||||||||
| Total current liabilities | 87,639 | 108,908 | |||||||||
| Long-term debt, net of current portion | 96,732 | 48,176 | |||||||||
| Long-term lease liabilities | 66,331 | 56,046 | |||||||||
| Other liabilities | 71 | 1,641 | |||||||||
| Deferred taxes | 1,404 | 757 | |||||||||
| Total liabilities | 252,177 | 215,528 | |||||||||
| Stockholders’ Equity: | |||||||||||
| Preferred stock | — | — | |||||||||
| Class A common stock | 3 | 3 | |||||||||
| Additional paid-in capital | 1,690,249 | 1,680,738 | |||||||||
| Accumulated deficit | (1,436,811) | (1,373,495) | |||||||||
| Accumulated other comprehensive income | 683 | 936 | |||||||||
| Total stockholders’ equity | 254,124 | 308,182 | |||||||||
| Total liabilities and stockholders’ equity | $ | 506,301 | $ | 523,710 | |||||||
(1)Other assets includes $1.0 million of restricted cash as of both March 31, 2026 and December 31, 2025.
GeneDx Holdings Corp.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share amounts)
| Three months ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenue | |||||||||||
| Diagnostic test revenue | $ | 101,299 | $ | 85,759 | |||||||
| Other revenue | 955 | 1,356 | |||||||||
| Total revenue | 102,254 | 87,115 | |||||||||
| Cost of services | 34,043 | 28,639 | |||||||||
| Gross profit | 68,211 | 58,476 | |||||||||
| Research and development | 19,804 | 12,577 | |||||||||
| Selling, general and administrative | 74,591 | 50,450 | |||||||||
| Impairment loss | 31,287 | — | |||||||||
| Loss from operations | (57,471) | (4,551) | |||||||||
| Non-operating (expenses) income, net | |||||||||||
| Change in fair value of financial liabilities | 2,540 | (1,100) | |||||||||
| Interest expense, net | (717) | (640) | |||||||||
| Loss on extinguishment of debt | (6,565) | — | |||||||||
| Other (expense) income, net | (206) | 209 | |||||||||
| Total non-operating expense, net | (4,948) | (1,531) | |||||||||
| Loss before income taxes | (62,419) | (6,082) | |||||||||
| Income tax expense | (897) | (447) | |||||||||
| Net loss | $ | (63,316) | $ | (6,529) | |||||||
| Weighted-average shares outstanding of Class A common stock | 29,335,126 | 28,147,948 | |||||||||
| Basic and diluted loss per share, Class A common stock | $ | (2.16) | $ | (0.23) | |||||||
GeneDx Holdings Corp.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Three months ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating activities | |||||||||||
| Net loss | $ | (63,316) | $ | (6,529) | |||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||
| Depreciation and amortization expense | 6,809 | 5,678 | |||||||||
| Stock-based compensation expense | 8,996 | 3,983 | |||||||||
| Change in fair value of financial liabilities | (2,540) | 1,100 | |||||||||
| Deferred tax expense | 897 | 447 | |||||||||
| Change in third party payor reserves | 1,022 | 1,395 | |||||||||
| Loss on extinguishment of debt | 6,565 | — | |||||||||
| Impairment loss | 31,287 | — | |||||||||
| Other | 1,034 | 757 | |||||||||
Change in operating assets and liabilities: | |||||||||||
| Accounts receivable | (2,558) | (8,557) | |||||||||
| Inventory | 1,689 | (2,032) | |||||||||
| Accounts payable and accrued expenses | (13,168) | 10,824 | |||||||||
| Other assets and liabilities | (9,125) | 3,116 | |||||||||
| Net cash (used in) provided by operating activities | (32,408) | 10,182 | |||||||||
| Investing activities | |||||||||||
| Purchases of marketable securities | (20,177) | (17,209) | |||||||||
| Proceeds from sales of marketable securities | 875 | — | |||||||||
| Proceeds from maturities of marketable securities | 8,500 | 13,930 | |||||||||
Purchases of property and equipment and development of internal-use software | (6,453) | (6,129) | |||||||||
| Net cash used in investing activities | (17,255) | (9,408) | |||||||||
| Financing activities | |||||||||||
| Proceeds from long term debt, net of issuance costs | 96,998 | 13,894 | |||||||||
| Proceeds from issuance of common stock from subscription agreements | 476 | — | |||||||||
| Exercise of stock options | 58 | 735 | |||||||||
| Repayment of long-term debt, including prepayment penalty - Perceptive | (54,000) | — | |||||||||
| Repayment and principal payments for long-term debt - DECD | (4,447) | (300) | |||||||||
| Finance lease principal payments | (495) | (611) | |||||||||
| Net cash provided by financing activities | 38,590 | 13,718 | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (11,073) | 14,492 | |||||||||
| Cash, cash equivalents and restricted cash, at beginning of period | 105,989 | 86,202 | |||||||||
Cash, cash equivalents and restricted cash, at end of period (1) | $ | 94,916 | $ | 100,694 | |||||||
| Supplemental disclosures of cash flow information | |||||||||||
| Cash paid for interest | $ | 1,748 | $ | 1,600 | |||||||
| Cash paid for taxes | $ | 754 | $ | 206 | |||||||
| Lease liability from obtaining right-of-use asset | $ | 12,086 | $ | — | |||||||
| Purchases of property and equipment in accounts payable and accrued expenses | $ | 5,915 | $ | 2,197 | |||||||
(1)Cash, cash equivalents and restricted cash as of March 31, 2026 excludes marketable securities of $76.8 million.
Exhibit 99.2
GeneDx Holdings Corp.
Unaudited Supplemental Financial Information
(in thousands, except share and per share amounts)
This unaudited supplemental financial information covers the fiscal year ended December 31, 2025 and each of the interim periods within that year and reflects (1) the reclassification of the previously separate “selling and marketing” and “general and administrative” line items into the combined “selling, general and administrative” line item, and (2) the recalculation of adjusted net income (loss) for all prior periods presented to include the adjustment for non-core lease costs. This recast of prior period financial information is not a restatement of previous financial statements and does not affect the Company’s GAAP results for any previously reported periods.
| Three months ended March 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| As previously reported GAAP Measure | GAAP impact of change in presentation(1) | As reported GAAP Measure | As previously reported Non-GAAP Measure | Non-GAAP impact of change in presentation(1) | Non-GAAP adjustment for non-core lease costs(2) | As reported Adjusted Measure | |||||||||||||||||||||||||||||||||||
| Diagnostic test revenue | $ | 85,759 | $ | — | $ | 85,759 | $ | 85,759 | $ | — | $ | — | $ | 85,759 | |||||||||||||||||||||||||||
| Other revenue | 1,356 | — | 1,356 | 1,356 | — | — | 1,356 | ||||||||||||||||||||||||||||||||||
| Total revenue | 87,115 | — | 87,115 | 87,115 | — | — | 87,115 | ||||||||||||||||||||||||||||||||||
| Cost of services | 28,639 | — | 28,639 | 27,396 | — | — | 27,396 | ||||||||||||||||||||||||||||||||||
| Gross profit | 58,476 | — | 58,476 | 59,719 | — | — | 59,719 | ||||||||||||||||||||||||||||||||||
| Gross margin | 67.1 | % | 67.1 | % | 68.6 | % | 68.6 | % | |||||||||||||||||||||||||||||||||
| Research and development | 12,577 | — | 12,577 | 11,758 | — | — | 11,758 | ||||||||||||||||||||||||||||||||||
| Selling and marketing | 18,316 | (18,316) | — | 16,529 | (16,529) | — | — | ||||||||||||||||||||||||||||||||||
| General and administrative | 32,134 | (32,134) | — | 23,980 | (23,980) | — | — | ||||||||||||||||||||||||||||||||||
| Selling, general and administrative | — | 50,450 | 50,450 | — | 40,509 | (1,481) | 39,028 | ||||||||||||||||||||||||||||||||||
| (Loss) income from operations | (4,551) | — | (4,551) | 7,452 | — | 1,481 | 8,933 | ||||||||||||||||||||||||||||||||||
| Interest expense, net | (640) | — | (640) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Other income, net | (891) | — | (891) | 239 | — | — | 239 | ||||||||||||||||||||||||||||||||||
| Income tax expense | (447) | — | (447) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Net (loss) income | $ | (6,529) | $ | — | $ | (6,529) | $ | 7,691 | $ | — | $ | 1,481 | $ | 9,172 | |||||||||||||||||||||||||||
| Basic (loss) earnings per share | $ | (0.23) | $ | (0.23) | $ | 0.27 | $ | 0.33 | |||||||||||||||||||||||||||||||||
| Diluted (loss) earnings per share | $ | (0.23) | $ | (0.23) | $ | 0.26 | $ | 0.31 | |||||||||||||||||||||||||||||||||
| Three months ended June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||
| As previously reported GAAP Measure | GAAP impact of change in presentation(1) | As reported GAAP Measure | As previously reported Non-GAAP Measure | Non-GAAP impact of change in presentation(1) | Non-GAAP adjustment for non-core lease costs(2) | As reported Adjusted Measure | |||||||||||||||||||||||||||||||||||
| Diagnostic test revenue | $ | 99,823 | $ | 277 | $ | 100,100 | $ | 99,823 | $ | 277 | $ | — | $ | 100,100 | |||||||||||||||||||||||||||
| Other revenue | 2,869 | (277) | 2,592 | 2,869 | (277) | — | 2,592 | ||||||||||||||||||||||||||||||||||
| Total revenue | 102,692 | — | 102,692 | 102,692 | — | — | 102,692 | ||||||||||||||||||||||||||||||||||
| Cost of services | 31,790 | — | 31,790 | 30,208 | — | — | 30,208 | ||||||||||||||||||||||||||||||||||
| Gross profit | 70,902 | — | 70,902 | 72,484 | — | — | 72,484 | ||||||||||||||||||||||||||||||||||
| Gross margin | 69.0 | % | 69.0 | % | 70.6 | % | 70.6 | % | |||||||||||||||||||||||||||||||||
| Research and development | 15,079 | — | 15,079 | 13,448 | — | — | 13,448 | ||||||||||||||||||||||||||||||||||
| Selling and marketing | 19,448 | (19,448) | — | 16,882 | (16,882) | — | — | ||||||||||||||||||||||||||||||||||
| General and administrative | 27,415 | (27,415) | — | 27,459 | (27,459) | — | — | ||||||||||||||||||||||||||||||||||
| Selling, general and administrative | — | 46,863 | 46,863 | — | 44,341 | (1,405) | 42,936 | ||||||||||||||||||||||||||||||||||
| Income from operations | 8,960 | — | 8,960 | 14,695 | — | 1,405 | 16,100 | ||||||||||||||||||||||||||||||||||
| Interest expense, net | (817) | — | (817) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Other income, net | 2,420 | — | 2,420 | 288 | — | — | 288 | ||||||||||||||||||||||||||||||||||
| Income tax benefit | 246 | — | 246 | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Net income | $ | 10,809 | $ | — | $ | 10,809 | $ | 14,983 | $ | — | $ | 1,405 | $ | 16,388 | |||||||||||||||||||||||||||
| Basic earnings per share | $ | 0.38 | $ | 0.38 | $ | 0.52 | $ | 0.57 | |||||||||||||||||||||||||||||||||
| Diluted earnings per share | $ | 0.36 | $ | 0.36 | $ | 0.50 | $ | 0.55 | |||||||||||||||||||||||||||||||||
| Three months ended September 30, 2025 | |||||||||||||||||||||||||||||||||||||||||
| As previously reported GAAP Measure | GAAP impact of change in presentation(1) | As reported GAAP Measure | As previously reported Non-GAAP Measure | Non-GAAP impact of change in presentation(1) | Non-GAAP adjustment for non-core lease costs(2) | As reported Adjusted Measure | |||||||||||||||||||||||||||||||||||
| Diagnostic test revenue | $ | 113,523 | $ | — | $ | 113,523 | $ | 113,523 | $ | — | $ | — | $ | 113,523 | |||||||||||||||||||||||||||
| Other revenue | 3,220 | — | 3,220 | 3,220 | — | — | 3,220 | ||||||||||||||||||||||||||||||||||
| Total revenue | 116,743 | — | 116,743 | 116,743 | — | — | 116,743 | ||||||||||||||||||||||||||||||||||
| Cost of services | 32,216 | — | 32,216 | 30,623 | — | — | 30,623 | ||||||||||||||||||||||||||||||||||
| Gross profit | 84,527 | — | 84,527 | 86,120 | — | — | 86,120 | ||||||||||||||||||||||||||||||||||
| Gross margin | 72.4 | % | 72.4 | % | 73.8 | % | 73.8 | % | |||||||||||||||||||||||||||||||||
| Research and development | 19,829 | — | 19,829 | 18,034 | — | — | 18,034 | ||||||||||||||||||||||||||||||||||
| Selling and marketing | 23,510 | (23,510) | — | 20,366 | (20,366) | — | — | ||||||||||||||||||||||||||||||||||
| General and administrative | 44,439 | (44,439) | — | 32,809 | (32,809) | — | — | ||||||||||||||||||||||||||||||||||
| Selling, general and administrative | — | 67,949 | 67,949 | — | 53,175 | (1,323) | 51,852 | ||||||||||||||||||||||||||||||||||
| (Loss) income from operations | (3,251) | — | (3,251) | 14,911 | — | 1,323 | 16,234 | ||||||||||||||||||||||||||||||||||
| Interest expense, net | (562) | — | (562) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Other expense, net | (3,575) | — | (3,575) | (176) | — | — | (176) | ||||||||||||||||||||||||||||||||||
| Income tax expense | (247) | — | (247) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Net (loss) income | $ | (7,635) | $ | — | $ | (7,635) | $ | 14,735 | $ | — | $ | 1,323 | $ | 16,058 | |||||||||||||||||||||||||||
| Basic (loss) earnings per share | $ | (0.27) | $ | (0.27) | $ | 0.51 | $ | 0.56 | |||||||||||||||||||||||||||||||||
| Diluted (loss) earnings per share | $ | (0.27) | $ | (0.27) | $ | 0.49 | $ | 0.53 | |||||||||||||||||||||||||||||||||
| Three months ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| As previously reported GAAP Measure | GAAP impact of change in presentation(1) | As reported GAAP Measure | As previously reported Non-GAAP Measure | Non-GAAP impact of change in presentation(1) | Non-GAAP adjustment for non-core lease costs(2) | As reported Adjusted Measure | |||||||||||||||||||||||||||||||||||
| Diagnostic test revenue | $ | 117,286 | $ | — | $ | 117,286 | $ | 117,286 | $ | — | $ | — | $ | 117,286 | |||||||||||||||||||||||||||
| Other revenue | 3,703 | — | 3,703 | 3,703 | — | — | 3,703 | ||||||||||||||||||||||||||||||||||
| Total revenue | 120,989 | — | 120,989 | 120,989 | — | — | 120,989 | ||||||||||||||||||||||||||||||||||
| Cost of services | 36,721 | — | 36,721 | 34,974 | — | — | 34,974 | ||||||||||||||||||||||||||||||||||
| Gross profit | 84,268 | — | 84,268 | 86,015 | — | — | 86,015 | ||||||||||||||||||||||||||||||||||
| Gross margin | 69.6 | % | 69.6 | % | 71.1 | % | 71.1 | % | |||||||||||||||||||||||||||||||||
| Research and development | 24,541 | — | 24,541 | 22,256 | — | — | 22,256 | ||||||||||||||||||||||||||||||||||
| Selling and marketing | 27,131 | (27,131) | — | 24,137 | (24,137) | — | — | ||||||||||||||||||||||||||||||||||
| General and administrative | 46,831 | (46,831) | — | 35,383 | (35,383) | — | — | ||||||||||||||||||||||||||||||||||
| Selling, general and administrative | — | 73,962 | 73,962 | — | 59,520 | (1,182) | 58,338 | ||||||||||||||||||||||||||||||||||
| (Loss) income from operations | (14,235) | — | (14,235) | 4,239 | — | 1,182 | 5,421 | ||||||||||||||||||||||||||||||||||
| Interest expense, net | (520) | — | (520) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Other (expense) income, net | (3,475) | — | (3,475) | 161 | — | — | 161 | ||||||||||||||||||||||||||||||||||
| Income tax benefit | 564 | — | 564 | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Net (loss) income | $ | (17,666) | $ | — | $ | (17,666) | $ | 4,400 | $ | — | $ | 1,182 | $ | 5,582 | |||||||||||||||||||||||||||
| Basic (loss) earnings per share | $ | (0.61) | $ | (0.61) | $ | 0.15 | $ | 0.19 | |||||||||||||||||||||||||||||||||
| Diluted (loss) earnings per share | $ | (0.61) | $ | (0.61) | $ | 0.14 | $ | 0.18 | |||||||||||||||||||||||||||||||||
| Year ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| As previously reported GAAP Measure | GAAP impact of change in presentation(1) | As reported GAAP Measure | As previously reported Non-GAAP Measure | Non-GAAP impact of change in presentation(1) | Non-GAAP adjustment for non-core lease costs(2) | As reported Adjusted Measure | |||||||||||||||||||||||||||||||||||
| Diagnostic test revenue | $ | 416,668 | $ | — | $ | 416,668 | $ | 416,668 | $ | — | $ | — | $ | 416,668 | |||||||||||||||||||||||||||
| Other revenue | 10,871 | — | 10,871 | 10,871 | — | — | 10,871 | ||||||||||||||||||||||||||||||||||
| Total revenue | 427,539 | — | 427,539 | 427,539 | — | — | 427,539 | ||||||||||||||||||||||||||||||||||
| Cost of services | 129,366 | 129,366 | 123,201 | — | — | 123,201 | |||||||||||||||||||||||||||||||||||
| Gross profit | 298,173 | — | 298,173 | 304,338 | — | — | 304,338 | ||||||||||||||||||||||||||||||||||
| Gross margin | 69.7 | % | 69.7 | % | 71.2 | % | 71.2 | % | |||||||||||||||||||||||||||||||||
| Research and development | 72,026 | — | 72,026 | 65,496 | — | — | 65,496 | ||||||||||||||||||||||||||||||||||
| Selling and marketing | 88,405 | (88,405) | — | 77,914 | (77,914) | — | — | ||||||||||||||||||||||||||||||||||
| General and administrative | 150,819 | (150,819) | — | 119,631 | (119,631) | — | — | ||||||||||||||||||||||||||||||||||
| Selling, general and administrative | — | 239,224 | 239,224 | — | 197,545 | (5,391) | 192,154 | ||||||||||||||||||||||||||||||||||
| (Loss) income from operations | (13,077) | — | (13,077) | 41,297 | — | 5,391 | 46,688 | ||||||||||||||||||||||||||||||||||
| Interest expense, net | (2,539) | — | (2,539) | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Other (expense) income, net | (5,521) | — | (5,521) | 512 | — | — | 512 | ||||||||||||||||||||||||||||||||||
| Income tax benefit | 116 | 116 | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Net (loss) income | $ | (21,021) | $ | — | $ | (21,021) | $ | 41,809 | $ | — | $ | 5,391 | $ | 47,200 | |||||||||||||||||||||||||||
| Basic (loss) earnings per share | $ | (0.73) | $ | (0.73) | $ | 1.46 | $ | 1.65 | |||||||||||||||||||||||||||||||||
| Diluted (loss) earnings per share | $ | (0.73) | $ | (0.73) | $ | 1.40 | $ | 1.58 | |||||||||||||||||||||||||||||||||
(1)Beginning with the quarter ended March 31, 2026, the Company has combined the previously separate line items for (i) selling and marketing and (ii) general and administrative into a single consolidated line item titled “selling, general and administrative” in the consolidated statements of operations and comprehensive loss. This is a change in presentation only and has no impact on the Company’s previously reported financial results for the current or any prior period.
(2)Beginning with the fiscal quarter ended March 31, 2026, the Company has modified its methodology for adjusted net income (loss), a non-GAAP financial measure, to include an adjustment for non-core lease costs. Non-core lease costs represent occupancy and related expenses associated with vacant laboratory facilities and office space in Connecticut that are no longer utilized as part of the Company’s operations.
GeneDx Nasdaq: WGS Q1 2026 Earnings Presentation May 2026 Exhibit 99.3
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 expectations for full year and second quarter 2026 revenue, exome and genome revenue and test volumes, adjusted gross margin and adjusted net income (loss). 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 recalibrate for building long-term, durable performance. 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 6th 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 Q1 2026 Results Metric First Quarter 2026 Revenue1 $102.3 million Growth in exome and genome volume 34% Growth in exome and genome revenue 27% Adjusted gross margin1 69% Adjusted net loss1 $(8.2 million) Cash on hand $171.7 million 1 Adjusted gross margin and adjusted net loss are non-GAAP financial measures. See appendix for a reconciliation of GAAP to non-GAAP figures presented.
4 Strong demand drove exome and genome volume growth Exome and genome volume year-over-year: • Q1 2026 YoY: up 34% to 27,488 • Majority of growth driven by foundational markets of geneticists and pediatric neurologists • Genome represented 45% of the combined exome and genome portfolio 27,488 Q1 2025 Exome and Genome Volume Q2 2025 Q3 2025 Q4 2025 Q1 2026 0 5,000 10,000 15,000 20,000 25,000 30,000 20,562 Q1 2024 Q2 2024 Q3 2024 Q4 2024 16,592
5 Exome and genome revenue growth impacted by reimbursement and mix $90.6 Q1 2025 Exome and Genome Revenue (in $M) Q2 2025 Q3 2025 Q4 2025 Q1 2026 0 $20 $71.4 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $44.0 Exome and genome revenue year-over year: • Q1 2026 YoY: up 27% to $90.6M • Q1 ARR: ~$3,300 • Blended ARR lower due to higher genome mix and lower parental samples mix • Pricing and collection rates are relatively unchanged $40 $60 $80 $100 $120
6 2026 Guidance Update Metric Full Year 2026 Previous Guidance February 23, 2026 Full Year 2026 Updated Guidance May 4, 2026 Second Quarter of 2026 Guidance May 4, 2026 Revenue $540 to $555 million $475 to $490 million $110 to $112 million Growth in exome and genome volume 33% to 35% At least 30% ~30,000 tests Growth in exome and genome revenue 33% to 35% At least 20% ~$100 million Adjusted gross margin1 At least 70% ~70% ~70% Adjusted net income (loss)1 Positive Positive Adj. net loss ~$5 million 1 Adjusted gross margin and adjusted net income (loss) are non-GAAP financial measures.
Confidential & Proprietary. Do Not Distribute. 7 1. Effects on blended exome and genome ARR from product mix shifts within the exome and genome portfolio Q1 and Full Year 2026 Revenue Bridge Other Tests Q1 2026 Revenue ($M) Actual Revenue $(2.5) Expected Revenue Mix1 Fabric Biopharma & Data $114 $90 $95 $100 $105 $110 $115 $(5.5) $120 $(2) $(2) $102 Other Tests FY 2026 Revenue Guidance ($M) New Guide $(11) Expected Revenue Mix1 Fabric Biopharma & Data $540 $425 $450 $475 $500 $525 $550 $(36) $575 $(6) $(6) $475 Previous: $540–$555M Revised: $475–$490M Volume/ New Markets $(6) Expected: $114M Actual: $102M
8 Sharpening financial focus for the balance of 2026 Channel Management Improving blended ARR by actively managing test mix to focus on healthy unit economics Revenue Cycle Genome COGS Forecasting Accelerating market access and revenue cycle investments Optimizing cost per test for genome by advancing ongoing automation and AI efforts Enhancing forecasting precision 1 2 3 4
9 Organizing the company around three key imperatives Grow utilization of exome and genome Optimize unit economics Deliver the leading products at unmatched scale
10 Confidential & Proprietary. Do Not Distribute. Appendix
11 Empowering everyone to live their healthiest life through genomics
12 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
13 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
14 An accurate genetic diagnosis is key to transforming healthcare Enabling precision genomic medicine Providing an early and accurate genetic diagnosis Fueling drug discovery
15 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
16 Trusted by the nation’s leading health systems
17 >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
18 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
19 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
20 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).
21 〉 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
22 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
23 Our north star is to diagnose as many people as fast as possible
24 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
25 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
26 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
27 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
28 Pediatric specialists continue drive high growth 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
29 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
30 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
31 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
32 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
33 Global reach with decentralized testing powered by centralized intelligence from GeneDx InfinityTM Cloud-native platform enables remote interpretation while complying with local regulations Providing leading interpretation services to key domestic partners Expanded international footprint with sales reps in key geographies Expansion Market
34 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
35 Pioneering new channels and partnerships to deliver on the promise of precision genomic medicine Future Market
36 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
37 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
38 Turning insight into biopharma impact
39 Proven leadership driving high-growth and operational excellence at scale Heidi Chen Chief Legal Officer Linda Genen Chief Medical Officer Jami Biliboaca Chief People Officer 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
40 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
41 GeneDx enables a future that is predictive, preventative, and ultimately curative. That future always begins with a single answer. And that answer changes everything.
42 Reconciliation of non-GAAP financial measures Adjusted gross profit1, adjusted gross margin, and adjusted net (loss) income (in $ thousands) Three months ended March 31, 2026 2025 GeneDx Other2 Total GeneDx Other2 Total Revenue $ 101,496 $ 758 $ 102,254 $ 87,115 $ – $ 87,115 Adjusted cost of services 31,613 588 32,201 27,396 – 27,396 Adjusted gross profit $ 69,883 $ 170 $ 70,053 $ 59,719 $ – $ 59,719 Adjusted gross margin 68.9% 68.5% 68.6% 68.6% Reconciliations: Depreciation and amortization 1,462 1,075 Stock-based compensation 380 168 Gross profit $ 68,211 $ 58,476 Gross margin 66.7% 67.1% (in $ thousands) Three months ended March 31, 2026 2025 Net loss $ (63,316) $ (6,529) Reconciliations: Depreciation and amortization 6,809 5,678 Stock-based compensation 8,996 3,983 Impairment loss 31,287 – Restructuring costs 439 558 Change in fair value of financial liabilities (2,540) 1,100 Non-core lease costs 1,210 1,481 Loss on extinguishment of debt 6,565 – Other3 2,320 2,901 Adjusted net (loss) income $ (8,230) $ 9,172 1 Adjusted gross profit is a non-GAAP financial measure that we define as revenue less cost of services, excluding depreciation and amortization expense and stock-based compensation expense. 2 For the three months ended March 31, 2026, Other includes revenue and cost of services from the Fabric Genomics operating segment. For the three months ended March 31, 2025, Other includes revenue from the Legacy Sema4 diagnostic testing business. 3 Other represents interest expense, net, and income tax expense for all periods presented. For the three months ended March 31, 2026, Other includes costs related to a certain litigation matter. For the three months ended March 31, 2025, Other includes transaction costs related to the acquisition of Fabric Genomics.
FAQ
How did GeneDx (WGS) perform financially in Q1 2026?
GeneDx generated $102.3 million in Q1 2026 revenue, up 17% year-over-year, driven mainly by exome and genome testing. Exome and genome revenue reached $90.6 million, a 27% increase, but the company reported a $63.3 million GAAP net loss and an $8.2 million adjusted net loss.
What guidance did GeneDx (WGS) provide for full-year 2026?
GeneDx now expects 2026 revenue of $475–$490 million, down from prior guidance of $540–$555 million. Management targets at least 30% exome and genome volume growth, at least 20% exome and genome revenue growth, approximately 70% adjusted gross margin, and positive adjusted net income for the year.
What is GeneDx’s Q2 2026 outlook for revenue and profitability?
For Q2 2026, GeneDx guides to $110–$112 million in revenue, with exome and genome revenue of about $100 million and roughly 30,000 exome and genome tests. The company expects an adjusted gross margin of about 70% and an adjusted net loss of approximately $5 million.
How fast are GeneDx’s exome and genome volumes and revenues growing?
In Q1 2026, exome and genome test volumes grew 34% year-over-year to 27,488. Exome and genome revenue increased 27% year-over-year to $90.6 million, reflecting strong demand even as reimbursement and product mix affected overall revenue performance.
What margins did GeneDx (WGS) report for Q1 2026?
GeneDx reported a GAAP gross margin of 67% and an adjusted gross margin of 69% in Q1 2026. Adjusted total operating expenses were $78.1 million, representing 76% of revenue, contributing to the quarter’s $8.2 million adjusted net loss.
What is GeneDx’s cash position as of March 31, 2026?
As of March 31, 2026, GeneDx held $171.7 million in cash, cash equivalents, marketable securities and restricted cash. The company also reported $94.9 million in cash, cash equivalents and restricted cash in its statement of cash flows, excluding $76.8 million of marketable securities.
How did GeneDx’s non-GAAP results change versus Q1 2025?
GeneDx’s adjusted net result moved from $9.2 million adjusted net income in Q1 2025 to an $8.2 million adjusted net loss in Q1 2026. Adjusted gross margin remained strong at 69%, but higher operating expenses and items such as impairment and debt extinguishment weighed on profitability.