Genedx Holdings Corp. (NASDAQ: WGS) has reported its financial results for the fourth quarter and full year of 2024, revealing significant growth and expansion in various key metrics.
In the fourth quarter of 2024, Genedx saw its revenues grow to $95.3 million, marking a 64% increase year-over-year and a 24% sequential increase. The total company GAAP revenues were reported at $95.6 million for the same period. Additionally, the exome and genome test revenue surged to $78.8 million, representing a remarkable 101% year-over-year growth and a 31% sequential increase.
The company also reported impressive growth in exome and genome test volume. In the fourth quarter of 2024, the exome and genome test results volume grew to 20,676, an increase of 32% year-over-year and 7% sequentially. Moreover, for the full year 2024, the exome and genome test results volume grew to 74,547, marking a substantial 51% increase year-over-year.
Genedx also demonstrated an improvement in its gross margin, with the adjusted gross margin expanding to 70% in the fourth quarter of 2024, up from 56% in the same period of the previous year and up from 64% in the third quarter of 2024. For the full year 2024, the adjusted gross margin expanded to 65%, compared to 45% for the full year 2023.
The company reported adjusted net income of $16.8 million for the fourth quarter of 2024, and $6.7 million for the full year 2024. This is a significant improvement compared to the GAAP net income of $5.4 million for the fourth quarter and the GAAP net loss of $52.3 million for the full year.
Looking ahead, Genedx issued guidance for full year 2025, expecting revenues between $350 and $360 million and growth in exome/genome volume and revenue of at least 30%. The company anticipates adjusted gross margins between 65%-67% and aims for profitability with adjusted net income each quarter and for the full year 2025.
Genedx's strong financial performance is complemented by its strategic business highlights, including the expansion of its data set, accelerated adoption of exome and genome sequencing coverage, and the launch of new products and services aimed at improving diagnostic processes and patient outcomes.
The company's remarkable financial and operational achievements position it for continued growth and market leadership in the genomics and clinical insights space. The market has reacted to these announcements by moving the company's shares 42.6% to a price of $108.84. For the full picture, make sure to review GeneDx's 8-K report.
