GeneDx Holdings Corp. (Nasdaq: WGS), a leader in delivering improved health outcomes through genomic insights, today reported its financial results for the third quarter of 2024.
“We delivered 77% growth on exome and genome revenues in Q3 and have reached the point of profitability, a significant milestone in our company’s history,” said Katherine Stueland, CEO of GeneDx. “Our advancements in genomics are redefining the standard of care, setting new industry standards for clinical utility and economic efficiency, and shortening the time to a diagnosis for thousands of families. With an ever-growing number of families eligible for our services, our growth outlook is healthy and sustainable. We continue to bring life-changing impact to the pediatric outpatient and NICU settings, and we are now establishing the foundation for clinically-actionable, responsible, and scalable genomic newborn screening.”
“Once again, our quarterly performance exceeded our top and bottom-line expectations. The third quarter marked our 10th consecutive quarter of cash flow improvement and we achieved positive adjusted net income ahead of our prior target,” said Kevin Feeley, CFO of GeneDx. “With our industry-leading technology and a massive market opportunity ahead, GeneDx will continue to couple financial discipline with strategic investment to accelerate the business and provide answers for even more families in need.”
Third Quarter 2024 Financial Results (Unaudited)1,2
Revenues
Exome and genome volume
Gross margin
Operating expenses
Net Income (Loss)
Cash burn and cash position
GeneDx Full Year 2024 Guidance
GeneDx has updated full year 2024 guidance. Management expects GeneDx to:
Third Quarter 2024 Business Highlights
Driving sustainable growth and expanding access for more patient populations
Demonstrating genome leadership in the neonatal inventive care unit (NICU)
Leaders in genomic newborn screening (gNBS)
Webcast and Conference Call Details
GeneDx will host a conference call today, October 29, 2024, 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/.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our future performance and our market opportunity, including our expected full year 2024 reported revenue guidance, our expectations regarding our adjusted gross margin profile in 2024, and our use of net cash in 2024. 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, (iv) our ability to pursue our new strategic direction, and (v) our ability to enhance our artificial intelligence tools that we use in our clinical interpretation platform. 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, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 23, 2024 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
At GeneDx (Nasdaq: WGS), we believe that everyone deserves personalized, targeted medical care—and that it all begins with a genetic diagnosis. Fueled by one of the world’s largest rare disease data sets, our industry-leading exome and genome tests translate complex genomic data into clinical answers that unlock personalized health plans, accelerate drug discovery, and improve health system efficiencies. It all starts with a single test. For more information, please visit genedx.com and connect with us on LinkedIn, X, Facebook, and Instagram.
Volume and revenue in the table below include the combination of the Legacy GeneDx diagnostic business with the data and information business of Legacy Sema4.
Volume & Revenue
|
|
3Q24 |
|
|
2Q24 |
|
1Q24 |
|
4Q23 |
|
3Q23 |
||||
Volumes |
|
|
|
|
|
|
|
|
|
||||||
Whole exome, whole genome |
|
19,262 |
|
|
|
18,017 |
|
|
16,592 |
|
|
15,663 |
|
|
13,216 |
Hereditary cancer |
|
4,672 |
|
|
|
5,482 |
|
|
6,868 |
|
|
8,240 |
|
|
8,556 |
Other panels |
|
35,095 |
|
|
|
34,204 |
|
|
31,763 |
|
|
33,692 |
|
|
35,861 |
Total |
|
59,029 |
|
|
|
57,703 |
|
|
55,223 |
|
|
57,595 |
|
|
57,633 |
|
|
|
|
|
|
|
|
|
|
||||||
Revenue ($ millions) |
|
|
|
|
|
|
|
|
|
||||||
Whole exome, whole genome |
$ |
60.0 |
|
|
$ |
50.7 |
|
$ |
44.0 |
|
$ |
39.2 |
|
$ |
34.0 |
Hereditary cancer |
|
3.3 |
|
|
|
3.8 |
|
|
5.5 |
|
|
5.5 |
|
|
4.5 |
Other panels |
|
13.8 |
|
|
|
13.3 |
|
|
10.7 |
|
|
11.2 |
|
|
10.6 |
Data information |
|
(0.5 |
) |
|
|
1.1 |
|
|
1.3 |
|
|
2.2 |
|
|
1.3 |
Total |
$ |
76.6 |
|
|
$ |
68.9 |
|
$ |
61.5 |
|
$ |
58.1 |
|
$ |
50.4 |
Unaudited Select Financial Information (in thousands)
|
Three months ended September 30, 2024 |
|
Three months ended June 30, 2024 |
||||||||
|
GeneDx |
|
Legacy Sema4 |
|
Total |
|
GeneDx |
|
Legacy Sema4 |
|
Total |
Revenue |
$76,622 |
|
$252 |
|
$76,874 |
|
$68,924 |
|
$1,590 |
|
$70,514 |
Adjusted cost of services |
27,370 |
|
— |
|
27,370 |
|
26,523 |
|
145 |
|
26,668 |
Adjusted gross profit |
$49,252 |
|
$252 |
|
$49,504 |
|
$42,401 |
|
$1,445 |
|
$43,846 |
Adjusted gross margin % |
64.3% |
|
100.0% |
|
64.4% |
|
61.5% |
|
90.9% |
|
62.2% |
|
Three months ended September 30, 2023 |
||||
|
GeneDx |
|
Legacy Sema4 |
|
Total |
Revenue |
$50,350 |
|
$2,953 |
|
$53,303 |
Adjusted cost of services |
26,079 |
|
225 |
|
26,304 |
Adjusted gross profit |
$24,271 |
|
$2,728 |
|
$26,999 |
Adjusted gross margin % |
48.2% |
|
92.4% |
|
50.7% |
|
Three months ended September 30, 2024 |
||||||||||||||||||||||||||||
|
Reported |
|
Depreciation
|
|
Stock-based
|
|
Restructuring
|
|
Change in FV
|
|
Charges
|
|
Other |
|
Adjusted |
||||||||||||||
Diagnostic test revenue |
$ |
77,418 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
77,418 |
|
Other revenue |
|
(544 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
(544 |
) |
Total revenue |
|
76,874 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
76,874 |
|
Cost of services |
|
29,045 |
|
|
|
(1,495 |
) |
|
|
(174 |
) |
|
|
(6 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
27,370 |
|
Gross profit |
|
47,829 |
|
|
|
1,495 |
|
|
|
174 |
|
|
|
6 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
49,504 |
|
Gross margin |
|
62.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64.4 |
% |
||||||||||
Research and development |
|
11,665 |
|
|
|
(222 |
) |
|
|
(537 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
10,906 |
|
Selling and marketing |
|
17,025 |
|
|
|
(1,225 |
) |
|
|
(394 |
) |
|
|
(55 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
15,351 |
|
General and administrative |
|
26,145 |
|
|
|
(2,987 |
) |
|
|
(2,531 |
) |
|
|
(308 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
20,319 |
|
Impairment loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
Other, net |
|
774 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
774 |
|
Loss from operations |
|
(7,780 |
) |
|
|
5,929 |
|
|
|
3,636 |
|
|
|
369 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
2,154 |
|
Interest income (expense), net |
|
(843 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
(843 |
) |
Other income (expense), net |
|
264 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
880 |
|
|
— |
|
|
(1,327 |
) |
|
|
(183 |
) |
Income tax benefit |
|
47 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
47 |
|
Net income (loss) |
$ |
(8,312 |
) |
|
$ |
5,929 |
|
|
$ |
3,636 |
|
|
$ |
369 |
|
|
$ |
880 |
|
$ |
— |
|
$ |
(1,327 |
) |
|
$ |
1,175 |
|
|
Three months ended September 30, 2023 |
|||||||||||||||||||||||||||||
|
Reported |
|
Depreciation
|
|
Stock-based
|
|
Restructuring
|
|
Change in FV
|
|
Charges
|
|
Other |
|
Adjusted |
|||||||||||||||
Diagnostic test revenue |
$ |
51,955 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
51,955 |
|
Other revenue |
|
1,348 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
1,348 |
|
Total revenue |
|
53,303 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
53,303 |
|
Cost of services |
|
28,044 |
|
|
|
(1,613 |
) |
|
|
(75 |
) |
|
|
(52 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
26,304 |
|
Gross profit |
|
25,259 |
|
|
|
1,613 |
|
|
|
75 |
|
|
|
52 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
26,999 |
|
Gross margin |
|
47.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50.7 |
% |
|||||||||||
Research and development |
|
14,288 |
|
|
|
(283 |
) |
|
|
533 |
|
|
|
(970 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
13,568 |
|
Selling and marketing |
|
16,763 |
|
|
|
(1,225 |
) |
|
|
115 |
|
|
|
(415 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
15,238 |
|
General and administrative |
|
26,099 |
|
|
|
(5,551 |
) |
|
|
(1,004 |
) |
|
|
(754 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
18,790 |
|
Impairment loss |
|
8,282 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,282 |
) |
|
|
— |
|
|
— |
|
Other, net |
|
2,794 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,014 |
) |
|
|
— |
|
|
1,780 |
|
Loss from operations |
|
(42,967 |
) |
|
|
8,672 |
|
|
|
431 |
|
|
|
2,191 |
|
|
|
— |
|
|
|
9,296 |
|
|
|
— |
|
|
(22,377 |
) |
Interest income (expense), net |
|
1,053 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
1,053 |
|
Other income (expense), net |
|
(544 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(590 |
) |
|
|
— |
|
|
|
1,134 |
|
|
— |
|
Income tax benefit |
|
172 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
172 |
|
Net loss |
$ |
(42,286 |
) |
|
$ |
8,672 |
|
|
$ |
431 |
|
|
$ |
2,191 |
|
|
$ |
(590 |
) |
|
$ |
9,296 |
|
|
$ |
1,134 |
|
$ |
(21,152 |
) |
|
Three months ended June 30, 2024 |
|||||||||||||||||||||||||||
|
Reported |
|
Depreciation
|
|
Stock-based
|
|
Restructuring
|
|
Change in FV
|
|
Charges
|
|
Other |
|
Adjusted |
|||||||||||||
Diagnostic test revenue |
$ |
69,439 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
69,439 |
|
Other revenue |
|
1,075 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
1,075 |
|
Total revenue |
|
70,514 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
70,514 |
|
Cost of services |
|
27,562 |
|
|
|
(808 |
) |
|
|
(86 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
26,668 |
|
Gross profit |
|
42,952 |
|
|
|
808 |
|
|
|
86 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
43,846 |
|
Gross margin |
|
60.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62.2 |
% |
|||||||||
Research and development |
|
10,902 |
|
|
|
(211 |
) |
|
|
(347 |
) |
|
|
(35 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
10,309 |
|
Selling and marketing |
|
16,585 |
|
|
|
(1,225 |
) |
|
|
(368 |
) |
|
|
(63 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
14,929 |
|
General and administrative |
|
25,170 |
|
|
|
(2,974 |
) |
|
|
(2,307 |
) |
|
|
(150 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
19,739 |
|
Impairment loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other, net |
|
874 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
874 |
|
Loss from operations |
|
(10,579 |
) |
|
|
5,218 |
|
|
|
3,108 |
|
|
|
248 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
(2,005 |
) |
Interest income (expense), net |
|
(894 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
(894 |
) |
Other income (expense), net |
|
(17,890 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,409 |
|
|
— |
|
|
13,450 |
|
|
(31 |
) |
Income tax benefit |
|
190 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
190 |
|
Net loss |
$ |
(29,173 |
) |
|
$ |
5,218 |
|
|
$ |
3,108 |
|
|
$ |
248 |
|
|
$ |
4,409 |
|
$ |
— |
|
$ |
13,450 |
|
$ |
(2,740 |
) |
GeneDx Holdings Corp.
|
|||||||
|
September 30, 2024
|
|
December 31, 2023 |
||||
Assets: |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
57,894 |
|
|
$ |
99,681 |
|
Marketable securities |
|
58,566 |
|
|
|
30,467 |
|
Accounts receivable |
|
38,220 |
|
|
|
32,371 |
|
Due from related parties |
|
260 |
|
|
|
445 |
|
Inventory, net |
|
10,770 |
|
|
|
8,777 |
|
Prepaid expenses and other current assets |
|
20,300 |
|
|
|
10,598 |
|
Total current assets |
|
186,010 |
|
|
|
182,339 |
|
Operating lease right-of-use assets |
|
24,936 |
|
|
|
26,900 |
|
Property and equipment, net |
|
31,452 |
|
|
|
32,479 |
|
Intangible assets, net |
|
162,106 |
|
|
|
172,625 |
|
Other assets (1) |
|
4,336 |
|
|
|
4,413 |
|
Total assets |
$ |
408,840 |
|
|
$ |
418,756 |
|
Liabilities and Stockholders’ Equity: |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and accrued expenses |
$ |
56,416 |
|
|
$ |
37,456 |
|
Due to related parties |
|
727 |
|
|
|
1,379 |
|
Short-term lease liabilities |
|
3,698 |
|
|
|
3,647 |
|
Other current liabilities |
|
16,501 |
|
|
|
16,336 |
|
Total current liabilities |
|
77,342 |
|
|
|
58,818 |
|
Long-term debt, net of current portion |
|
52,034 |
|
|
|
52,688 |
|
Long-term lease liabilities |
|
60,369 |
|
|
|
62,938 |
|
Other liabilities |
|
13,540 |
|
|
|
14,735 |
|
Deferred taxes |
|
1,054 |
|
|
|
1,560 |
|
Total liabilities |
|
204,339 |
|
|
|
190,739 |
|
Stockholders’ Equity: |
|
|
|
||||
Preferred stock |
|
— |
|
|
|
— |
|
Class A common stock |
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
1,561,493 |
|
|
|
1,527,778 |
|
Accumulated deficit |
|
(1,357,912 |
) |
|
|
(1,300,188 |
) |
Accumulated other comprehensive income |
|
918 |
|
|
|
425 |
|
Total stockholders’ equity |
|
204,501 |
|
|
|
228,017 |
|
Total liabilities and stockholders’ equity |
$ |
408,840 |
|
|
$ |
418,756 |
|
(1) Other assets includes $987 thousand of restricted cash as of both September 30, 2024 and December 31, 2023. |
|||||||
GeneDx Holdings Corp.
|
|||||||||||||||
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
|
|
|
|
|
|
||||||||
Diagnostic test revenue |
$ |
77,418 |
|
|
$ |
51,955 |
|
|
$ |
207,961 |
|
|
$ |
140,440 |
|
Other revenue |
|
(544 |
) |
|
|
1,348 |
|
|
|
1,849 |
|
|
|
4,708 |
|
Total revenue |
|
76,874 |
|
|
|
53,303 |
|
|
|
209,810 |
|
|
|
145,148 |
|
Cost of services |
|
29,045 |
|
|
|
28,044 |
|
|
|
81,618 |
|
|
|
85,896 |
|
Gross profit |
|
47,829 |
|
|
|
25,259 |
|
|
|
128,192 |
|
|
|
59,252 |
|
Research and development |
|
11,665 |
|
|
|
14,288 |
|
|
|
34,134 |
|
|
|
46,018 |
|
Selling and marketing |
|
17,025 |
|
|
|
16,763 |
|
|
|
49,695 |
|
|
|
45,397 |
|
General and administrative |
|
26,145 |
|
|
|
26,099 |
|
|
|
73,760 |
|
|
|
107,129 |
|
Impairment loss |
|
— |
|
|
|
8,282 |
|
|
|
— |
|
|
|
10,402 |
|
Other operating expenses, net |
|
774 |
|
|
|
2,794 |
|
|
|
2,622 |
|
|
|
5,259 |
|
Loss from operations |
|
(7,780 |
) |
|
|
(42,967 |
) |
|
|
(32,019 |
) |
|
|
(154,953 |
) |
|
|
|
|
|
|
|
|
||||||||
Non-operating income (expenses), net |
|
|
|
|
|
|
|
||||||||
Change in fair value of warrants and earn-out contingent liabilities |
|
(880 |
) |
|
|
590 |
|
|
|
(11,390 |
) |
|
|
684 |
|
Interest (expense) income, net |
|
(843 |
) |
|
|
1,053 |
|
|
|
(2,334 |
) |
|
|
2,092 |
|
Other income (expense), net |
|
1,144 |
|
|
|
(1,134 |
) |
|
|
(12,300 |
) |
|
|
1,668 |
|
Total non-operating income (expense), net |
|
(579 |
) |
|
|
509 |
|
|
|
(26,024 |
) |
|
|
4,444 |
|
Loss before income taxes |
|
(8,359 |
) |
|
|
(42,458 |
) |
|
$ |
(58,043 |
) |
|
$ |
(150,509 |
) |
Income tax benefit |
|
47 |
|
|
|
172 |
|
|
|
319 |
|
|
|
515 |
|
Net loss |
$ |
(8,312 |
) |
|
$ |
(42,286 |
) |
|
$ |
(57,724 |
) |
|
$ |
(149,994 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding of Class A common stock |
|
27,095,986 |
|
|
|
25,788,747 |
|
|
|
26,593,877 |
|
|
|
23,777,327 |
|
Basic and diluted net loss per share, Class A common stock |
$ |
(0.31 |
) |
|
$ |
(1.64 |
) |
|
$ |
(2.17 |
) |
|
$ |
(6.31 |
) |
GeneDx Holdings Corp.
|
|||||||
|
Nine months ended September 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Operating activities |
|
|
|
||||
Net loss |
$ |
(57,724 |
) |
|
$ |
(149,994 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization expense |
|
16,395 |
|
|
|
27,640 |
|
Stock-based compensation expense |
|
6,293 |
|
|
|
586 |
|
Change in fair value of warrants and contingent liabilities |
|
11,390 |
|
|
|
(684 |
) |
Deferred tax benefit |
|
(319 |
) |
|
|
(515 |
) |
Provision for excess and obsolete inventory |
|
137 |
|
|
|
3,634 |
|
Legal reserves |
|
12,123 |
|
|
|
— |
|
Change in third party payor reserves |
|
737 |
|
|
|
(6,848 |
) |
Gain on sale of assets |
|
— |
|
|
|
(2,954 |
) |
Gain on debt forgiveness |
|
— |
|
|
|
(2,750 |
) |
Impairment loss |
|
— |
|
|
|
10,402 |
|
Other |
|
2,639 |
|
|
|
1,071 |
|
Change in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(5,850 |
) |
|
|
10,726 |
|
Inventory |
|
(2,131 |
) |
|
|
682 |
|
Accounts payable and accrued expenses |
|
(7,807 |
) |
|
|
(39,913 |
) |
Other assets and liabilities |
|
(1,196 |
) |
|
|
(1,372 |
) |
Net cash used in operating activities |
|
(25,313 |
) |
|
|
(150,289 |
) |
Investing activities |
|
|
|
||||
Consideration on escrow paid for Legacy GeneDx acquisition |
|
— |
|
|
|
(12,144 |
) |
Purchases of property and equipment |
|
(2,441 |
) |
|
|
(2,874 |
) |
Proceeds from sales of assets |
|
— |
|
|
|
3,887 |
|
Purchases of marketable securities |
|
(52,725 |
) |
|
|
(43,935 |
) |
Proceeds from sales of marketable securities |
|
598 |
|
|
|
— |
|
Proceeds from maturities of marketable securities |
|
24,955 |
|
|
|
16,665 |
|
Development of internal-use software assets |
|
— |
|
|
|
(461 |
) |
Net cash used in investing activities |
|
(29,613 |
) |
|
|
(38,862 |
) |
Financing activities |
|
|
|
||||
Proceeds from offerings, net of issuance costs |
|
14,589 |
|
|
|
143,002 |
|
Exercise of stock options |
|
247 |
|
|
|
266 |
|
Long-term debt principal payments |
|
(198 |
) |
|
|
(2,000 |
) |
Finance lease payoff and principal payments |
|
(1,499 |
) |
|
|
(2,133 |
) |
Net cash provided by financing activities |
|
13,139 |
|
|
|
139,135 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
(41,787 |
) |
|
|
(50,016 |
) |
Cash, cash equivalents and restricted cash, at beginning of period |
|
100,668 |
|
|
|
138,303 |
|
Cash, cash equivalents and restricted cash, at end of period (1) |
$ |
58,881 |
|
|
$ |
88,287 |
|
|
|
|
|
||||
Supplemental disclosures of cash flow information |
|
|
|
||||
Cash paid for interest |
$ |
6,068 |
|
|
$ |
1,116 |
|
Cash paid for taxes |
$ |
910 |
|
|
$ |
1,178 |
|
Stock consideration paid for purchase of business |
$ |
— |
|
|
$ |
6,692 |
|
Stock consideration paid pursuant to exercise of Perceptive warrant |
$ |
12,586 |
|
|
$ |
— |
|
Purchases of property and equipment in accounts payable and accrued expenses |
$ |
2,612 |
|
|
$ |
1,220 |
|
Assets acquired under capital leases obligations |
$ |
689 |
|
|
$ |
— |
|
(1) Cash, cash equivalents and restricted cash at September 30, 2024 excludes marketable securities of $58.6 million. |
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