Genetic testing company Genedx Holdings Corp. has announced its preliminary financial results for the full year and fourth quarter of 2024. The company expects to exceed its previously provided guidance, with full-year 2024 revenues projected to be at least $299 million, marking a 54% year-over-year increase. The fourth quarter revenues are anticipated to be at least $92 million, reflecting a 59% year-over-year increase and a 20% sequential increase.
Genedx also expects to surpass its previous guidance for adjusted gross margin, with a projected full-year 2024 adjusted gross margin of at least 64% and a fourth quarter adjusted gross margin of at least 68%, up from 64% in the third quarter of 2024.
The performance in the exome and genome test segment is particularly notable, with projected revenues of at least $75.8 million in the fourth quarter of 2024, representing a substantial 93% year-over-year increase and a 26% sequential increase. The test volume for exome and genome tests in the fourth quarter is expected to be 20,676, up 32% year-over-year and 7% sequentially, with exome and genome tests accounting for 38% of all test volumes in the quarter.
It's also worth noting that the company's full-year and fourth quarter 2024 revenues and adjusted gross margin include a $6.8 million discrete benefit related to a multi-year appeal recovery from a single third-party payer.
Genedx will release its complete financial results for the fourth quarter and full year of 2024 before the market opens on Tuesday, February 18, 2025, and will host a conference call to discuss the results on the same day at 8:30 a.m. Eastern Time.
These preliminary unaudited results are subject to adjustment as the company completes the preparation of its 2024 year-end consolidated financial statements and its 2024 year-end audit. Today the company's shares have moved -6.2% to a price of $83.83. For more information, read the company's full 8-K submission here.
