Release Details

GeneDx Reports Third Quarter 2026 Financial Results

November 9, 2026
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  • Reported third quarter 2026 revenue of $123.1 million, including $110.4 million in exome and genome revenue
  • Reported exome and genome volume growth of 25% year-over-year with accession growth of 28% year-over-year
  • Expanded adjusted gross margin(1) to 72% and adjusted net income(1) to $8.6 million
  • Reiterating full year 2026 revenue guidance of $475 to $490 million
  • Hosting conference call today at 4:30 p.m. ET

GAITHERSBURG, Md.--(BUSINESS WIRE)--Nov. 9, 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 third quarter of 2026.

“Our Q3 results reflect profitable execution in a growing market, as we translate the rising demand for exome and genome testing into durable revenue growth,” said Katherine Stueland, CEO of GeneDx. “Our priorities are clear: improve the economics of our testing, expand utilization, and deliver leading products at scale. By uniting these priorities with our clinical expertise and differentiated exome and genome capabilities, we are bringing life-changing answers to more families.”

Third Quarter 2026 Financial Results (Unaudited)(1)

Revenue

  • Revenue grew to $123.1 million, an increase of 5% year-over-year.
  • Exome and genome test revenue grew to $110.4 million, an increase of 12% year-over-year.

Exome and genome volume

  • Exome and genome test result volume grew to 32,134, an increase of 25% year-over-year, with accession growth of 28% year-over-year.

Gross margin

  • Adjusted gross margin of 72% in the third quarter of 2026 is up from 70% in the second quarter of 2026 and compares to 74% in the third quarter of 2025.
    • GAAP gross margin was 70%.

Operating expenses

  • Adjusted total operating expenses were $79.4 million, representing 65% of revenue.
    • Total GAAP operating expenses were $96.5 million.

Net income

  • Adjusted net income was $8.6 million, up $8.2 million from the second quarter of 2026 and compared to adjusted net income of $16.1 million in the third quarter of 2025.
    • GAAP net loss was $12.3 million.

Cash position

  • Cash, cash equivalents, marketable securities and restricted cash was $171.1 million as of September 30, 2026.

(1)

Adjusted gross margin, adjusted total operating expenses and adjusted net income are non-GAAP financial measures. See appendix for a reconciliation of GAAP to non-GAAP figures presented.

GeneDx 2026 Guidance

GeneDx has updated its 2026 guidance and has provided guidance for the fourth quarter of 2026. Management expects GeneDx to deliver:

Metric

 

Full Year 2026

Previous Guidance

 

Full Year 2026

Updated Guidance

 

Fourth Quarter 2026 Guidance

Revenue

 

$475 to $490 million

 

$475 to $490 million

 

$135 million

Exome and genome volume

 

At least 30% growth

 

At least 28% growth

 

34,500 tests

Exome and genome revenue

 

At least 20% growth

 

At least 17% growth

 

$121 million

Adjusted gross margin

 

Approximately 70%

 

Approximately 71%

 

At least 71%

Adjusted net income

 

Positive

 

Approximately $12 million

 

Approximately $12 million

Third Quarter 2026 and Recent Business Highlights

Strategic Expansion and Market Leadership

  • Announced genome testing portfolio enhancement with long-read whole genome sequencing (lrWGS) using a targeted, phenotype-driven approach that draws on GeneDx Infinity™ and decades of clinical experience to identify eligible patients upfront.
  • Launched additional customer experience features, including simplified test reports, easy ordering, and report guides to simplify genomic testing from ordering through understanding and communicating results.
  • Launched a new online offering designed to expand accessibility of exome testing for pediatric patients with global developmental delay (GDD), intellectual disability (ID) or epilepsy by enabling families to initiate genetic testing online and connect with licensed healthcare providers who can review medical information, order testing, and deliver results without requiring traditional in-person visits.
  • Collaborated with Mirum Pharmaceuticals to launch sponsored testing program, providing no-cost exome testing for eligible patients with unexplained cholestasis, early onset cataracts, or suspected or confirmed peroxisome biogenesis disorder–Zellweger spectrum disorder (PBD-ZSD).
  • Partnered with Beren Therapeutics P.B.C. to launch the NPC GenomeComplete Sponsored Testing Program, providing no-cost comprehensive genome sequencing for eligible pediatric patients with clinical findings, family history, or biomarker evidence suggestive of Niemann-Pick Disease Type C (NPC), helping address barriers to diagnosis and identify children who are currently undiagnosed.

Expanded Coverage for Exome and Genome

  • Expanded the number of state Medicaid programs covering whole genome sequencing to 25 with the addition of Arkansas and Utah Medicaid.
  • Appointed Nicole Maassen, J.D. as Chief Patient Access Officer to lead Market Access and Government Affairs with a focus on advancing payer partnerships, building upon government relations efforts, and translating positive coverage policies into timely access for children who need testing.

Innovation and Clinical Leadership

  • Published new data in collaboration with the clinical genetics team at Seattle Children’s demonstrating that implementing first-tier rapid genome sequencing (rGS) broadly across inpatient pediatric care units improves diagnostic rates, patient outcomes, and operational efficiency within health systems.
  • Presented 27 scientific abstracts at the American Society of Human Genetics (ASHG) 2026 Annual Meeting, highlighting how exome and genome sequencing are advancing scientific discovery, earlier diagnosis and more precise care. Research highlighted five areas:
    • Scaling genomic interpretation with AI and machine learning: A GeneDx-led platform presentation explores machine learning to prioritize relevant copy number variants (CNVs), reflecting the company’s human-first, human-last approach to leveraging AI decision support tools in exome and genome sequencing analysis.
    • Advancing exome and genome sequencing as standard of care: Research from more than 100,000 individuals with autism examines factors influencing molecular diagnostic yield, adding evidence to support broad genomic testing for complex neurodevelopmental conditions.
    • Translating clinical data into actionable insights: Studies explore genotype-first reanalysis, emerging genotype-phenotype associations, rare variant detection and the health-economic value of first-line exome and genome sequencing.
    • Accelerating gene discovery: Nine abstracts using GeneDx Infinity™, GeneMatcher and global research collaborations to identify novel disease-associated genes and expand understanding of developmental and neurodevelopmental disorders.
  • Demonstrated progress toward making genomic newborn screening a scalable and accessible part of proactive healthcare at the International Consortium on Newborn Sequencing (ICoNS) conference, including new findings from the GUARDIAN study, which has enrolled 30,000 newborns with a 72.3% parental participation rate, demonstrating the feasibility and clinical value of genomic newborn screening across diverse populations.
  • Partnered with the BRIDGES-NBS initiative to begin enrollment in Oregon as part of the nation's first coordinated, multi-state genomic newborn screening study. GeneDx serves as the integrated laboratory partner, providing genome sequencing and interpretation to screen up to 30,000 newborns for more than 700 actionable genetic conditions over two years.

Webcast and Conference Call Details

GeneDx will host a conference call today, November 9, 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 fourth quarter 2026 revenue, exome and genome revenue and test volumes, adjusted gross margin and adjusted net income. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our ability to implement business plans, goals and forecasts, and identify and realize additional opportunities, (ii) the risk of downturns and a changing regulatory landscape in the highly competitive healthcare industry, (iii) the size and growth of the market in which we operate, (iv) future expansion of insurance coverage for exome and genome testing, and (v) the anticipated impacts of regulatory reimbursement changes. 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, our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026, filed with the SEC on August 3, 2026, our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2026, filed with the SEC on November 9, 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.

Volume & Revenue

 
 

 

3Q26

 

2Q26

 

1Q26

 

4Q25

 

3Q25

Volumes

 

 

 

 

 

 

 

 

 

Whole exome, whole genome

 

32,134

 

 

30,785

 

 

27,488

 

 

27,761

 

 

25,702

Other panels

 

26,524

 

 

32,057

 

 

27,729

 

 

31,281

 

 

34,514

Total

 

58,658

 

 

62,842

 

 

55,217

 

 

59,042

 

 

60,216

 

 

 

 

 

 

 

 

 

 

Revenue ($ millions)

 

 

 

 

 

 

 

 

 

Whole exome, whole genome

$

110.4

 

$

100.3

 

$

90.6

 

$

104.0

 

$

98.9

Other panels

 

9.7

 

 

11.6

 

 

10.7

 

 

13.3

 

 

14.6

Data information

 

2.8

 

 

2.3

 

 

0.8

 

 

2.6

 

 

1.5

Software and interpretation services

 

0.2

 

 

0.2

 

 

0.2

 

 

1.1

 

 

1.7

Total

$

123.1

 

$

114.4

 

$

102.3

 

$

121.0

 

$

116.7

Unaudited Select Financial Information

 

 

Three months ended September 30, 2026

 

Reported

 

Depreciation and amortization

 

Stock-based compensation

 

Restructuring costs

 

Change in FV of financial liabilities

 

Other(2)

 

Adjusted

Diagnostic test revenue

$

120,059

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

$

—

 

 

$

120,059

 

Other revenue

 

3,042

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

—

 

 

 

3,042

 

Total revenue

 

123,101

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

—

 

 

 

123,101

 

Cost of services

 

37,041

 

 

 

(1,687

)

 

 

(371

)

 

 

(18

)

 

 

—

 

 

—

 

 

 

34,965

 

Gross profit

 

86,060

 

 

 

1,687

 

 

 

371

 

 

 

18

 

 

 

—

 

 

—

 

 

 

88,136

 

Gross margin

 

69.9

%

 

 

 

 

 

 

 

 

 

 

 

 

71.6

%

Research and development

 

17,366

 

 

 

(430

)

 

 

(1,549

)

 

 

51

 

 

 

—

 

 

—

 

 

 

15,438

 

Selling, general and administrative

 

79,122

 

 

 

(4,778

)

 

 

(6,333

)

 

 

(900

)

 

 

—

 

 

(3,118

)

 

 

63,993

 

(Loss) income from operations

 

(10,428

)

 

 

6,895

 

 

 

8,253

 

 

 

867

 

 

 

—

 

 

3,118

 

 

 

8,705

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(1,779

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

1,779

 

 

 

—

 

Other income (expense), net

 

(94

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

—

 

 

 

(94

)

Income tax expense

 

(26

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

26

 

 

 

—

 

Net (loss) income

$

(12,327

)

 

$

6,895

 

 

$

8,253

 

 

$

867

 

 

$

—

 

$

4,923

 

 

$

8,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic (loss) earnings per share(1)

$

(0.41

)

 

 

 

 

 

 

 

 

 

 

 

$

0.29

 

Diluted (loss) earnings per share(1)

$

(0.41

)

 

 

 

 

 

 

 

 

 

 

 

$

0.28

 

 

Three months ended September 30, 2025

 

Reported

 

Depreciation and amortization

 

Stock-based compensation

 

Restructuring costs

 

Change in FV of financial liabilities

 

Other(2)

 

Adjusted

Diagnostic test revenue

$

113,523

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

$

—

 

 

$

113,523

 

Other revenue

 

3,220

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

—

 

 

 

3,220

 

Total revenue

 

116,743

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

—

 

 

 

116,743

 

Cost of services

 

32,216

 

 

 

(1,374

)

 

 

(219

)

 

 

—

 

 

 

—

 

 

—

 

 

 

30,623

 

Gross profit

 

84,527

 

 

 

1,374

 

 

 

219

 

 

 

—

 

 

 

—

 

 

—

 

 

 

86,120

 

Gross margin

 

72.4

%

 

 

 

 

 

 

 

 

 

 

 

73.8

%

Research and development

 

19,829

 

 

 

(242

)

 

 

(1,749

)

 

 

196

 

 

 

—

 

 

—

 

 

 

18,034

 

Selling, general and administrative

 

67,949

 

 

 

(4,858

)

 

 

(8,618

)

 

 

(324

)

 

 

—

 

 

(2,297

)

 

 

51,852

 

(Loss) income from operations

 

(3,251

)

 

 

6,474

 

 

 

10,586

 

 

 

128

 

 

 

—

 

 

2,297

 

 

 

16,234

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(562

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

562

 

 

 

—

 

Other income (expense), net

 

(3,575

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,401

 

 

(2

)

 

 

(176

)

Income tax expense

 

(247

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

247

 

 

 

—

 

Net (loss) income

$

(7,635

)

 

$

6,474

 

 

$

10,586

 

 

$

128

 

 

$

3,401

 

$

3,104

 

 

$

16,058

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic (loss) earnings per share(1)

$

(0.27

)

 

 

 

 

 

 

 

 

 

 

 

$

0.56

 

Diluted (loss) earnings per share(1)

$

(0.27

)

 

 

 

 

 

 

 

 

 

 

 

$

0.53

 

(1)

Basic and diluted reported loss per share and Basic adjusted earnings per share are calculated based on 29,880,144 weighted average shares outstanding and Diluted adjusted earnings per share is calculated based on 30,756,054 weighted average shares outstanding for the three months ended September 30, 2026. Basic and diluted reported loss per share and Basic adjusted earnings per share are calculated based on 28,797,730 weighted average shares outstanding and Diluted adjusted earnings per share is calculated based on 30,152,510 weighted average shares outstanding for the three months ended September 30, 2025.

(2)

Other represents interest expense, net, income tax expense, non-core lease costs, and costs related to legal reserves for all periods presented. For the three months ended September 30, 2026, Other also includes third party advisor fees related to our Revenue Cycle Transformation. For the three months ended September 30, 2025, Other also includes transaction costs incurred in connection with the acquisition of Fabric Genomics.

Unaudited Select Financial Information

 

 

Three months ended June 30, 2026

 

Reported

 

Depreciation and amortization

 

Stock-based compensation

 

Restructuring costs

 

Change in FV of financial liabilities

 

Other(2)

 

Adjusted

Diagnostic test revenue

$

111,886

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

111,886

 

Other revenue

 

2,554

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,554

 

Total revenue

 

114,440

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

114,440

 

Cost of services

 

36,202

 

 

 

(1,726

)

 

 

(561

)

 

 

(47

)

 

 

—

 

 

 

—

 

 

 

33,868

 

Gross profit

 

78,238

 

 

 

1,726

 

 

 

561

 

 

 

47

 

 

 

—

 

 

 

—

 

 

 

80,572

 

Gross margin

 

68.4

%

 

 

 

 

 

 

 

 

 

 

 

 

70.4

%

Research and development

 

19,656

 

 

 

(271

)

 

 

(1,387

)

 

 

(1,036

)

 

 

—

 

 

 

—

 

 

 

16,962

 

Selling, general and administrative

 

76,037

 

 

 

(4,717

)

 

 

(4,394

)

 

 

(2,212

)

 

 

—

 

 

 

(1,353

)

 

 

63,361

 

Impairment loss

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

(Loss) income from operations

 

(17,455

)

 

 

6,714

 

 

 

6,342

 

 

 

3,295

 

 

 

—

 

 

 

1,353

 

 

 

249

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(1,185

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,185

 

 

 

—

 

Other (expense) income, net

 

382

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(220

)

 

 

—

 

 

 

162

 

Income tax benefit

 

518

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(518

)

 

 

—

 

Net (loss) income

$

(17,740

)

 

$

6,714

 

 

$

6,342

 

 

$

3,295

 

 

$

(220

)

 

$

2,020

 

 

$

411

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic (loss) earnings per share(1)

$

(0.60

)

 

 

 

 

 

 

 

 

 

 

 

$

0.01

 

Diluted (loss) earnings per share(1)

$

(0.60

)

 

 

 

 

 

 

 

 

 

 

 

$

0.01

 

(1)

Basic and diluted reported loss per share and Basic adjusted earnings per share are calculated based on 29,710,139 weighted average shares outstanding and Diluted adjusted earnings per share is calculated based on 30,144,132 weighted average shares outstanding for the three months ended June 30, 2026.

(2)

For the three months ended June 30, 2026, Other represents interest expense, net, income tax benefit, non-core lease costs, and costs related to legal reserves.

 

GeneDx Holdings Corp.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share amounts)

 

 

September 30, 2026 (Unaudited)

 

December 31, 2025

Assets:

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

96,139

 

 

$

104,997

 

Marketable securities

 

73,979

 

 

 

66,285

 

Accounts receivable

 

92,131

 

 

 

74,370

 

Inventory, net

 

21,703

 

 

 

13,951

 

Prepaid expenses and other current assets

 

12,943

 

 

 

8,685

 

Total current assets

 

296,895

 

 

 

268,288

 

Operating lease right-of-use assets

 

32,404

 

 

 

23,412

 

Property and equipment, net

 

53,531

 

 

 

45,693

 

Goodwill

 

1,641

 

 

 

13,520

 

Intangible assets, net

 

137,732

 

 

 

168,481

 

Other assets(1)

 

4,281

 

 

 

4,316

 

Total assets

$

526,484

 

 

$

523,710

 

Liabilities and Stockholders’ Equity:

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued expenses

$

32,426

 

 

$

57,645

 

Short-term lease liabilities

 

5,823

 

 

 

4,404

 

Other current liabilities

 

33,154

 

 

 

46,859

 

Total current liabilities

 

71,403

 

 

 

108,908

 

Long-term debt, net of current portion

 

146,229

 

 

 

48,176

 

Long-term lease liabilities

 

63,332

 

 

 

56,046

 

Other liabilities

 

71

 

 

 

1,641

 

Deferred taxes

 

760

 

 

 

757

 

Total liabilities

 

281,795

 

 

 

215,528

 

Stockholders’ Equity:

 

 

 

Preferred stock

 

—

 

 

 

—

 

Class A common stock

 

3

 

 

 

3

 

Additional paid-in capital

 

1,711,675

 

 

 

1,680,738

 

Accumulated deficit

 

(1,466,878

)

 

 

(1,373,495

)

Accumulated other comprehensive (loss) income

 

(111

)

 

 

936

 

Total stockholders’ equity

 

244,689

 

 

 

308,182

 

Total liabilities and stockholders’ equity

$

526,484

 

 

$

523,710

 

(1)

Other assets includes $1.0 million of restricted cash as of both September 30, 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 September 30,

 

Nine months ended September 30,

 

 

2026

 

 

 

2025

 

 

 

2026

 

 

 

2025

 

Revenue

 

 

 

 

 

 

 

Diagnostic test revenue

$

120,059

 

 

$

113,523

 

 

$

333,244

 

 

$

299,382

 

Other revenue

 

3,042

 

 

 

3,220

 

 

 

6,551

 

 

 

7,168

 

Total revenue

 

123,101

 

 

 

116,743

 

 

 

339,795

 

 

 

306,550

 

Cost of services

 

37,041

 

 

 

32,216

 

 

 

107,286

 

 

 

92,645

 

Gross profit

 

86,060

 

 

 

84,527

 

 

 

232,509

 

 

 

213,905

 

Research and development

 

17,366

 

 

 

19,829

 

 

 

56,826

 

 

 

47,485

 

Selling, general and administrative

 

79,122

 

 

 

67,949

 

 

 

229,750

 

 

 

165,262

 

Impairment loss

 

—

 

 

 

—

 

 

 

31,287

 

 

 

—

 

(Loss) income from operations

 

(10,428

)

 

 

(3,251

)

 

 

(85,354

)

 

 

1,158

 

 

 

 

 

 

 

 

 

Non-operating expense, net

 

 

 

 

 

 

 

Change in fair value of financial liabilities

 

—

 

 

 

(3,401

)

 

 

2,760

 

 

 

(2,320

)

Interest expense, net

 

(1,779

)

 

 

(562

)

 

 

(3,681

)

 

 

(2,019

)

Loss on extinguishment of debt

 

—

 

 

 

—

 

 

 

(6,565

)

 

 

—

 

Other (expense) income, net

 

(94

)

 

 

(174

)

 

 

(138

)

 

 

274

 

Total non-operating expense, net

 

(1,873

)

 

 

(4,137

)

 

 

(7,624

)

 

 

(4,065

)

Loss before income taxes

 

(12,301

)

 

 

(7,388

)

 

 

(92,978

)

 

 

(2,907

)

Income tax expense

 

(26

)

 

 

(247

)

 

 

(405

)

 

 

(448

)

Net loss

$

(12,327

)

 

$

(7,635

)

 

$

(93,383

)

 

$

(3,355

)

 

 

 

 

 

 

 

 

Weighted-average shares outstanding of Class A common stock - Basic and Diluted

 

29,880,144

 

 

 

28,797,730

 

 

 

29,643,799

 

 

 

28,505,657

 

Loss per share, Class A common stock - Basic and Diluted

$

(0.41

)

 

$

(0.27

)

 

$

(3.15

)

 

$

(0.12

)

 

GeneDx Holdings Corp.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

 

 

Nine months ended September 30,

 

 

2026

 

 

 

2025

 

Operating activities

 

 

 

Net loss

$

(93,383

)

 

$

(3,355

)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

 

 

 

Depreciation and amortization expense

 

20,418

 

 

 

18,343

 

Stock-based compensation expense

 

23,591

 

 

 

22,382

 

Change in fair value of financial liabilities

 

(2,760

)

 

 

2,320

 

Deferred tax expense

 

405

 

 

 

448

 

Legal reserves

 

—

 

 

 

810

 

Change in third party payor reserves

 

(1,370

)

 

 

8,746

 

Loss on extinguishment of debt

 

6,565

 

 

 

—

 

Impairment loss

 

31,287

 

 

 

—

 

Other

 

3,611

 

 

 

2,534

 

Change in operating assets and liabilities:

 

 

 

Accounts receivable

 

(17,982

)

 

 

(22,799

)

Inventory

 

(7,823

)

 

 

(72

)

Accounts payable and accrued expenses

 

(19,308

)

 

 

5,185

 

Other assets and liabilities

 

(15,239

)

 

 

1,827

 

Net cash (used in) provided by operating activities

 

(71,988

)

 

 

36,369

 

Investing activities

 

 

 

Acquisition of business, net of cash acquired

 

—

 

 

 

(33,195

)

Purchases of marketable securities

 

(40,859

)

 

 

(36,535

)

Proceeds from sales of marketable securities

 

3,172

 

 

 

—

 

Proceeds from maturities of marketable securities

 

29,175

 

 

 

33,955

 

Purchases of property and equipment and development of internal-use software

 

(21,791

)

 

 

(14,670

)

Net cash used in investing activities

 

(30,303

)

 

 

(50,445

)

Financing activities

 

 

 

Proceeds from long term debt, net of issuance costs

 

146,027

 

 

 

—

 

Proceeds from offerings, net of issuance costs

 

—

 

 

 

25,568

 

Proceeds from issuance of common stock from securities purchase agreement

 

5,000

 

 

 

—

 

Proceeds from issuance of common stock from subscription agreements

 

476

 

 

 

—

 

Proceeds from issuance of common stock pursuant to employee stock purchase plan

 

1,793

 

 

 

1,262

 

Exercise of stock options

 

58

 

 

 

982

 

Repayment of long-term debt, including prepayment penalty - Perceptive

 

(54,000

)

 

 

—

 

Repayment and principal payments for long-term debt - DECD

 

(4,447

)

 

 

(906

)

Finance lease principal payments

 

(1,473

)

 

 

(2,074

)

Net cash provided by financing activities

 

93,434

 

 

 

24,832

 

Net (decrease) increase in cash, cash equivalents and restricted cash

 

(8,857

)

 

 

10,756

 

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)

$

97,132

 

 

$

96,958

 

 

 

 

 

Supplemental disclosures of cash flow information

 

 

 

Cash paid for interest

$

6,678

 

 

$

4,835

 

Cash paid for taxes

$

2,394

 

 

$

1,039

 

Purchases of property and equipment in accounts payable and accrued expenses

$

1,610

 

 

$

4,472

 

Lease liability from obtaining right-of-use asset

$

12,086

 

 

$

—

 

(1)

Cash, cash equivalents and restricted cash as of September 30, 2026 excludes marketable securities of $74.0 million.

 

Investor Relations Contact:
Investors@GeneDx.com

Media Contact:
Press@GeneDx.com

Source: GeneDx

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