WGS · GeneDx Holdings Corp.

GeneDx reported Q1 2026 revenue of $102.3 million, up 17% year-over-year, driven by 34% growth in exome and genome test volumes to 27,488. Exome and genome revenue grew 27% to $90.6 million, but blended average revenue per test (ARR) declined to approximately $3,300 due to a higher mix of genome tests (45% of combined volume) and lower parental sample mix. Pricing and collection rates remained relatively unchanged. Adjusted gross margin held flat at 69% (GAAP 67%), while adjusted total operating expenses were $78.1 million (76% of revenue) compared to GAAP operating expenses of $94.4 million. The company reported an adjusted net loss of $8.2 million versus adjusted net income of $9.2 million in the prior year quarter; GAAP net loss was $63.3 million. Cash and marketable securities stood at $171.7 million as of March 31, 2026. Management updated full-year 2026 guidance, lowering revenue expectations to $475-$490 million (from $540-$555 million) while maintaining at least 30% exome/genome volume growth and approximately 70% adjusted gross margin. Adjusted net income is still expected to be positive for the full year. For Q2 2026, the company guided revenue of $110-$112 million, exome/genome volume of approximately 30,000 tests, and an adjusted net loss of approximately $5 million. The guidance revision reflects impacts from product mix shifts within the exome and genome portfolio, as well as lower contributions from other tests and Fabric/Biopharma & Data segments. CEO Katherine Stueland emphasized strong demand and confidence in delivering profitable growth.