By Zaeem Shoaib
GeneDx Holdings shares jumped Wednesday after the company reported better-than-expected results for the fourth quarter and reiterated a path to profitability in 2025.
The company’s shares were up 22% to $6.41 in recent trading. The shares have been down 58% in the past 12 months.
After market close Tuesday, the Stamford, Conn.-based genomics company reported a net loss of $25.8 million, compared with a loss of $308.8 million in the year-ago period and expectations of a loss of $44.5 million from analysts polled by FactSet.
Revenue from continuing operations was $58.1 million, up 27% year-over-year. Analysts polled by FactSet expected $54.2 million.
For the full year 2024, GeneDx expects revenue between $220 million and $230 million, while analysts expect $225.4 million.
GeneDx also noted that it expects to turn profitable in 2025. “With our focus and disciplined approach to delivering on our goals in 2024, we are confident in our ability to continue to execute and reach profitability in 2025,” Chief Executive Katherine Stueland said.
Write to Zaeem Shoaib at [email protected]
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