$WGS

GeneDx Holdings Corp.

CIK:0001818331|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenue	$ 114,440	$ 102,692	$ 216,694	$ 189,807
Cost of services	36,202	31,790	70,245	60,429
Gross profit	78,238	70,902	146,449	129,378
Research and development	19,656	15,079	39,460	27,656
Selling, general and administrative	76,037	46,863	150,628	97,313
Impairment loss	0	0	31,287	0
(Loss) income from operations	(17,455)	8,960	(74,926)	4,409
Non-operating (expense) income, net
Change in fair value of financial liabilities	220	2,181	2,760	1,081
Interest expense, net	(1,185)	(817)	(1,902)	(1,457)
Loss on extinguishment of debt	0	0	(6,565)	0
Other income (expense), net	162	239	(44)	448
Total non-operating (expense) income, net	(803)	1,603	(5,751)	72
(Loss) income before income taxes	(18,258)	10,563	(80,677)	4,481
Income tax benefit (expense)	518	246	(379)	(201)
Net (loss) income	(17,740)	10,809	(81,056)	4,280
Other comprehensive (loss) income, net of tax
Unrealized loss related to available for sale securities, net	(341)	(93)	(594)	(18)
Comprehensive (loss) income	$ (18,081)	$ 10,716	$ (81,650)	$ 4,262
Weighted-average shares outstanding of Class A common stock - Basic (in shares)	29,710,139	28,579,704	29,523,669	28,365,018
Basic (loss) earnings per share, Class A common stock (in dollars per share)	$ (0.60)	$ 0.38	$ (2.75)	$ 0.15
Weighted-average shares outstanding of Class A common stock - Diluted (in shares)	29,710,139	29,753,933	29,523,669	29,642,555
Diluted (loss) earnings per share, Class A common stock (in dollars per share)	$ (0.60)	$ 0.36	$ (2.75)	$ 0.14
Class A Common Stock
Other comprehensive (loss) income, net of tax
Weighted-average shares outstanding of Class A common stock - Basic (in shares)	29,710,139	28,579,704	29,523,669	28,365,018
Basic (loss) earnings per share, Class A common stock (in dollars per share)	$ (0.60)	$ 0.38	$ (2.75)	$ 0.15
Weighted-average shares outstanding of Class A common stock - Diluted (in shares)	29,710,139	29,753,933	29,523,669	29,642,555
Diluted (loss) earnings per share, Class A common stock (in dollars per share)	$ (0.60)	$ 0.36	$ (2.75)	$ 0.14
Diagnostic test revenue:
Total revenue	$ 111,886	$ 100,100	$ 213,185	$ 185,859
Other revenue
Total revenue	$ 2,554	$ 2,592	$ 3,509	$ 3,948

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net (loss) income	$ (81,056)	$ 4,280
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization expense	13,523	11,869
Stock-based compensation expense	15,338	11,796
Change in fair value of financial liabilities	(2,760)	(1,081)
Deferred tax expense	379	202
Change in third party payor reserves	(1,022)	5,014
Loss on extinguishment of debt	6,565	0
Impairment loss	31,287	0
Other	2,157	1,510
Change in operating assets and liabilities:
Accounts receivable	(9,240)	(9,889)
Inventory	(3,973)	(1,404)
Accounts payable and accrued expenses	(12,566)	7,199
Other assets and liabilities	(20,021)	(8,894)
Net cash (used in) provided by operating activities	(61,389)	20,602
Investing activities
Acquisition of business, net of cash acquired	0	(33,195)
Purchases of marketable securities	(29,065)	(30,770)
Proceeds from sales of marketable securities	2,272	0
Proceeds from maturities of marketable securities	20,475	26,705
Purchases of property and equipment and development of internal-use software	(16,567)	(8,498)
Net cash used in investing activities	(22,885)	(45,758)
Financing activities
Proceeds from long term debt, net of issuance costs	96,699	0
Proceeds from offerings, net of issuance costs	0	13,766
Proceeds from issuance of common stock from subscription agreements	476	0
Proceeds from issuance of common stock pursuant to employee stock purchase plan	1,793	1,262
Exercise of stock options	58	800
Finance lease principal payments	(984)	(1,162)
Net cash provided by financing activities	39,595	14,064
Net decrease in cash, cash equivalents and restricted cash	(44,679)	(11,092)
Cash, cash equivalents and restricted cash, at beginning of period	105,989	86,202
Cash, cash equivalents and restricted cash, at end of period	61,310	75,110
Supplemental disclosures of cash flow information
Cash paid for interest	3,813	3,210
Cash paid for taxes	2,221	920
Lease liability from obtaining right-of-use asset	12,086	0
Purchases of property and equipment in accounts payable and accrued expenses	3,154	5,752
Perceptive Term Loan Facility
Financing activities
Repayment and principal payments for long-term debt	(54,000)	0
DECD Loan Agreement
Financing activities
Repayment and principal payments for long-term debt	$ (4,447)	$ (602)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 60,317	$ 104,997
Marketable securities	72,231	66,285
Accounts receivable	83,610	74,370
Inventory, net	17,820	13,951
Prepaid expenses and other current assets	12,382	8,685
Total current assets	246,360	268,288
Operating lease right-of-use assets	33,535	23,412
Property and equipment, net	54,316	45,693
Goodwill	1,641	13,520
Intangible assets, net	141,350	168,481
Other assets	4,284	4,316
Total assets	481,486	523,710
Current liabilities:
Accounts payable and accrued expenses	42,091	57,645
Short-term lease liabilities	5,709	4,404
Other current liabilities	26,828	46,859
Total current liabilities	74,628	108,908
Long-term debt, net of current portion	96,836	48,176
Long-term lease liabilities	64,857	56,046
Other liabilities	71	1,641
Deferred taxes	873	757
Total liabilities	237,265	215,528
Purchase commitments and contingencies (Note 9)
Stockholders’ Equity:
Preferred Stock, $0.0001 par value: 1,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	0	0
Class A common stock, $0.0001 par value: 1,000,000,000 shares authorized, 29,803,164 and 29,245,296 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	3	3
Additional paid-in capital	1,698,427	1,680,738
Accumulated deficit	(1,454,551)	(1,373,495)
Accumulated other comprehensive income	342	936
Total stockholders’ equity	244,221	308,182
Total liabilities and stockholders’ equity	$ 481,486	$ 523,710