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October 29, 2024

Stamford’s GeneDX sees jump in stock price as it touts 1st-ever adjusted quarterly profit

Contributed GeneDx CEO Katherine Stueland.
By David Krechevsky

GeneDx, a Stamford-based genomic testing firm formerly known as Sema4, saw its stock price jump nearly 40% in early morning trading on Tuesday as the company touted its first-ever adjusted quarterly profit. 

The company reported adjusted net income of $1.18 million on revenue of $76.9 million. That was an improvement from an adjusted loss of $21.15 million on revenue of $68.9 million in the previous quarter. 

The company had said in July that it expected "to reach profitability in the next several quarters."

While GeneDX celebrated its first quarterly adjusted profit, its unadjusted results missed analyst expectations. 

The unadjusted results showed a loss of $8.3 million, or 34 cents per share, a significant improvement from a loss of $42.3 million, or $1.64 per share, in the same quarter last year.

Analysts had expected GeneDX to post a third-quarter loss of 21 cents per share, according to Thomson Reuters.

Even still, that apparently didn’t deter investors. GeneDx’s stock price as of 10:30 a.m. was up nearly 40% to around $79. 

The adjusted profit comes after GeneDx laid off hundreds of workers and closed its Connecticut lab operations in 2022 and 2023, while also changing its name from Sema4 in January 2023.

A company spokesperson said GeneDX now employs 910 people.

The company said its adjusted total operating expenses in the third quarter were $46.6 million, down 2% year-over-year.

GeneDX also said its exome and genome test revenue grew to $60 million, an increase of 77% year-over-year. The company says its exome and genome tests translate “complex genomic data into clinical answers that unlock personalized health plans, accelerate drug discovery, and improve health system efficiencies.”

In June, GeneDX launched a new program intended to increase access to exome sequencing for pediatric epilepsy patients.

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