GeneDx Holdings Corp. (WGS)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$454.4M

Revenue growth

25.4%

Net income, last twelve months

-$106.4M

Earnings per share

-$3.64

Gross margin

69.4%

Operating margin

-20.3%

Net margin

-23.4%

Free cash flow

-$75.8M

Return on equity

-43.5%

Market value

$1.9B

Cash

$60.3M

Debt

$100.0M

Debt to equity

0.41

Shares outstanding

29.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 3 August 2026.

• Revenue rose 11% year over year. The company reported second quarter revenue of $114.4 million, up 11% from $102.7 million a year earlier. Exome and genome test revenue was $100.3 million, up 17%.
• Exome and genome volume up 32%. Exome and genome test result volume was 30,785, up 32% year-over-year and up from 27,488 in the first quarter.
• Adjusted net income positive at $0.4 million. Adjusted net income was $0.4 million, up $8.6 million from the first quarter and compared with $16.4 million in the second quarter of 2025.
• GAAP net loss of $17.7 million. GAAP net loss was $17.7 million, or $(0.60) diluted loss per share, on 29,710,139 weighted average shares outstanding.
• Other panels volume and revenue rose. Other panels volume was 32,057 against 27,729 in the first quarter. Other panels revenue was $11.6 million against $10.7 million in the first quarter.
• Data information revenue rose to $2.3 million. Data information revenue was $2.3 million, against $0.8 million in the first quarter. Software and interpretation services revenue was $0.2 million.
• Total test volume reached 62,842. Total test volume was 62,842 in the second quarter, against 55,217 in the first quarter and 57,756 in the second quarter of 2025.
• Adjusted gross margin 70%, up from 69%. Adjusted gross margin was 70%, up from 69% in the first quarter and down from 71% a year earlier. GAAP gross margin was 68%.
• Adjusted operating expenses at 70% of revenue. Adjusted total operating expenses were $80.3 million, or 70% of revenue, against 76% in the first quarter. GAAP operating expenses were $95.7 million.
• First quarter impairment tied to Fabric Genomics. The first quarter included an impairment of goodwill and intangible assets tied to Fabric Genomics. The second quarter reported a GAAP loss from operations of $17.5 million.
• Carelon opens outpatient genome coverage. Carelon outpatient genome sequencing coverage, effective June 14, 2026, opens access to up to 56 million covered lives.
• Texas adds exome coverage May 1. New Texas Medicaid coverage for exome sequencing took effect May 1, 2026, alongside existing genome sequencing coverage in the state.
• Mississippi brings Medicaid count to 39. State Medicaid programs covering outpatient exome and/or genome sequencing reached 39 after Mississippi coverage took effect July 1, 2026.
• Medi-Cal genome pricing at Medicare rate. Medi-Cal pricing for genome sequencing took effect July 1, 2026, published at 100% of the Medicare rate.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 66 held.

Every filing

The newest filings with the SEC of 189 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

295 funds held it at 30 Jun 2026: 134 added and 57 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• LifeStance Health Group, Inc. (LFST): revenue $1.6B, market value $5.1B
• Privia Health Group, Inc. (PRVA): revenue $2.4B, market value $2.8B
• U S Physical Therapy Inc. (USPH): revenue $812.2M, market value $1.3B

What the company does

GeneDx Holdings Corp. is a genetic testing company that focuses on rare and ultra-rare genetic disorders, mostly in children. It was founded in 2000 by scientists from the National Institutes of Health, and its stock trades on the Nasdaq Global Select Market under the symbol WGS. It sells exome and genome sequencing tests, ExomeDx and GenomeDx, and runs them in a laboratory in Gaithersburg, Maryland. It also sells data and software services to drug developers, hospitals and laboratories. The company has a team of nearly 1,300 people.

What it sells

Substantially all of the company's revenue comes from diagnostic test reports. The product range includes standard exome and genome tests, rapid and ultraRapid genomes, prenatal exome testing, and genomic newborn screening protocols built on a whole genome backbone. In 2025 the company resulted 97,271 exome and genome tests, which were 43% of all its test results.

Other revenue comes from two places. One is collaboration agreements with biopharma companies, where the company provides health information and patient identification support services. The other is Fabric Genomics, Inc., acquired on 5 May 2025, which provides software and interpretation services for rare disease, hereditary risk and cancer testing to clinical laboratories, hospitals and research institutions.

The GeneDx Infinity dataset

The company calls GeneDx Infinity one of the largest rare disease datasets in the world. It draws on over 2.5 million tests, including over 1 million exomes and genomes, plus more than 8 million phenotypic datapoints. Of the exomes and genomes in it, 60% are relative samples from trio testing, and more than 50% come from individuals of non-European descent.

More than 100 MDs and PhDs and 150 genetic counselors work with the data to produce results for clinicians. The company also uses a machine learning gene ranker called Multiscore and says it keeps a human in the loop. Its published work includes over 1,100 peer-reviewed publications.

Who orders and who pays

The filing names three groups of customers for diagnostic testing:

- Healthcare professionals working with patients, with or without third-party insurance. - Institutional clients such as hospitals, clinics, state governments and reference laboratories. - Self-pay patients.

Most diagnostic test revenue has come from orders for patients with third-party insurance. Payment can come from an insurer or managed care organization, a state or federal healthcare program, or the patient. Tests are sold through a direct sales force and laboratory distribution partners. About 120 field-based sales representatives and medical science liaisons call on geneticists, pediatric neurologists, other pediatric specialists and general pediatricians. The company is also expanding in the Neonatal Intensive Care Unit and in prenatal testing.

Approximately 1.5% of revenue comes from referral sources outside the United States. Revenue is typically higher in the fourth quarter and lower in the first, partly because patients have met their annual insurance deductible.

Suppliers and competitors

The company relies on a limited number of suppliers for reagents, sequencers and other equipment: Illumina, Inc., Life Technologies Corporation, Twist Biosciences Corporation, Path-Tec LLC and Agilent Technologies. Illumina is also named as a competitor. Other principal competitors are Baylor Genetics, Tempus (via Ambry Genetics), Variantyx and Rady Children's Hospital, along with other commercial and academic laboratories.

For intellectual property, the company relies mainly on trade secrets, copyrights, trademarks and contract protections. It holds one issued design patent in the United States and has fourteen pending non-provisional utility patent applications there. It has no patents on the sequences of specific genes or their variants.

Rules it operates under

The Gaithersburg laboratory is certified under the Clinical Laboratory Improvement Amendments of 1988 to perform high complexity tests and is accredited by the College of American Pathologists. The company holds state laboratory licenses in Maryland, New York, California, Pennsylvania and Rhode Island, and New York also requires test-specific approval for laboratory developed tests. The company does not offer direct access testing, so only authorized healthcare providers can order its tests.

The FDA published a final rule on laboratory developed tests in 2024. On 31 March 2025 a federal court struck it down, and the FDA did not appeal. In October 2025 the FDA granted Breakthrough Device Designation for the ExomeDx and GenomeDx tests for certain indications. The company is also subject to healthcare fraud and abuse laws, HIPAA and state genetic privacy laws.

Research and newborn screening

The company takes part in studies meant to show the clinical and economic benefit of genomic sequencing. SeqFirst, with Seattle Children's Hospital and University of Washington, examines rapid whole genome sequencing for critically ill newborns. GUARDIAN, with New York-Presbyterian, Columbia University, the New York State Department of Health and Illumina, Inc., assesses whole genome sequencing to screen newborns for more conditions than standard newborn screening covers. The company also names the BEACONS study and the Sunshine Genetics Network as part of this work, and says it aims to bring whole genome newborn screening to market.

*From GeneDx's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1818331/000181833126000015/wgs-20251231.htm)*

From the company's 10-K.