Research Reports

Prepared Highlights

Q2 2025 total revenue reached a record $102.7M (+49% YoY), exceeding expectations (CEO, CFO).
Exome & genome (EGM) revenue was a record $85.9M (+69% YoY) (CFO).
EGM test volume was 23,102 (+28% YoY) (CFO); majority of growth came from existing docs (CFO).
Average reimbursement rate for EGM was ~$3,700/test (up from ~$3,400 last quarter); CFO noted "nothing unique or one-time" in Q2 (CFO).
Total company adjusted gross margin expanded to 71%, a record high, driven by mix shift, improved reimbursement, and lower COGS (CFO).
Adjusted operating expenses were $58M (56% of revenue vs. 65% in Q2 2024) (CFO).
Adjusted net income was $15M — fourth consecutive quarter of profitability (CFO).
Cash, cash equivalents, and marketable securities totaled $135.5M as of June 30; this includes the ~$33.2M acquisition payment for Fabric (CFO).
Over 850,000 exomes and genomes and >7M phenotypic data points in proprietary dataset (prepared/CEO).
Pediatric neurologists were a majority of new EGM ordering providers in Q2; reached 1/3 of target clinicians in that segment (CEO).
NICU opportunity: $1B market; <5% of NICU babies currently receive genetic testing; 42 of 50 top NICUs have ordered from GeneDx (CEO).
Official guidance (full-year 2025):
- Total revenue raised to $400M–$415M (CFO).
- EGM revenue growth raised to 48%–52% ($345M–$355M) (CFO).
- EGM volume growth reaffirmed at ≥30% (CFO).
- Adjusted gross margin raised to 68%–71% (CFO).
- Remain profitable each quarter on an adjusted net income basis (CFO).

Prepared Metrics

Metric	Value	Speaker/Context
Total Revenue (Q2 2025)	$102.7M (+49% YoY)	CFO
Exome & Genome Revenue (Q2 2025)	$85.9M (+69% YoY)	CFO
Exome & Genome Tests (Q2 2025)	23,102 (+28% YoY)	CFO
Adjusted Gross Margin (Q2 2025)	71% (record high)	CFO
Adjusted Net Income (Q2 2025)	$15M (4th consecutive quarter)	CFO
Full-Year 2025 Total Revenue Guidance	$400M–$415M	CFO
Full-Year 2025 EGM Revenue Guidance	$345M–$355M (48%–52% growth)	CFO
Full-Year 2025 Adjusted Gross Margin Guidance	68%–71%	CFO

Mgmt Quotes

"today, I'm incredibly proud to share that our team's work not only met but exceeded expectations, achieving a major milestone of delivering over $100 million in revenue in a single quarter for the first time." (CEO)
"History highlights a systemic issue. Care often starts too late, with children waiting an average of 5 years for a genetic diagnosis." (CEO)
"there's no one who can check all the boxes of being better, faster and cheaper than GeneDx." (CEO)
"our business fundamentals have never been stronger, and our serviceable market continues to expand." (CFO)
"We generated $15 million in adjusted net income in the second quarter of 2025. That's our fourth consecutive quarter of profitability on that basis, having now cemented the business sustainably in the black." (CFO)

Q&A Batch (1-5 of 5)

Q1 — David Michael Westenberg

Topic: ASP 超预期及儿科市场扩张策略
Key points:
- ASP 提升源于2023年底起的收款流程改革，减少商业保险拒付，无一次性因素
- Medicaid 覆盖扩大：外显子/基因组覆盖35个州（本季新增2个），快速基因组覆盖17个州
- 普通儿科医生市场扩张采取审慎方式：2025年重点仍在儿科神经，9月AAP会议开始教育，已投入简化订购体验
Mgmt stance: 乐观（收款持续改善、覆盖扩大提供支撑；市场扩张节奏可控）

Q2 — Daniel Gregory Brennan

Topic: 下半年量价展望与NICU/新适应症进展
Key points:
- 第二

Q&A Batch (6-7 of 7)

Q6 — Brandon Couillard

Topic: 天气影响、Fabric交易运营支出及数据业务前景
Key points:
- Q1天气影响约400–500次检测（1–2天），这些延迟检测未流失，在Q2得到补回并叠加额外增长。
- Fabric交易在Q2贡献约100万美元运营支出（部分季度，拥有资产2个月）。
- 数据业务（患者匹配、GeneDx Discover）同店销售健康，新客户及现有客户合同持续增长。
Mgmt stance: 中性偏乐观。公司认为有空间在投资新市场的同时提高杠杆率，实现盈利增长；数据业务未来有望与制药公司展开更大规模合作。

Q7 — Tycho W. Peterson

Topic: AAP指南后儿科医生接受度、商业支付者时间线及州级政策/Medicaid影响
Key points:
- 儿科医生平均每次接诊约12分钟，需简化订购流程和报告，使其不依赖遗传咨询师；计划2026年推出相关功能。
- 从指南到市场拐点的预计时间为18–24个月，期间需教育医生、建立临床与经济数据档案以说服支付者。
- 州级生物标志物覆盖：目前门诊覆盖35个州，住院覆盖17个州；本季度新增2个门诊州。
- H.R.1（“美丽大法案”）对业务无直接重大影响，但任何Medicaid变化会影响医院系统。
Mgmt stance: 积极但有条件。公司认为可凭借健康经济数据（如早期诊断节省系统成本）证明价值，并继续推动州级覆盖；对儿科市场持乐观态度，但需要时间建设产品与教育生态。