GeneDx Q2 Revenues Rise 11 Percent; Company Laid Off 75 Employees
The genomic testing company reported exome and genome test revenue of $100.3 million, up 17 percent year over year.
GeneDx said on Aug. 3 that its second quarter revenues rose 11 percent year over year.
The Gaithersburg, Maryland-based genomic testing company reported Q2 2026 revenue of $114.4 million, up from $102.7 million in Q2 2025, beating the consensus Wall Street estimate of $111.0 million.
In an Aug. 3 filing with the US Securities and Exchange Commission Q2, GeneDx disclosed it had eliminated approximately 75 positions, incurring $3.3 million in total restructuring charges. Around a third of that was charged to R&D and around two-thirds to SG&A. The company expects all remaining cash severance payments to be complete within a year.
“Our team’s unwavering focus and agility drove a strong second quarter. By delivering healthy revenue, volume, and gross margin growth, we successfully navigated our return to profitability,” CEO Katherine Stueland said in a statement.
Exome and genome test revenue, the company’s primary growth driver, rose 17 percent to $100.3 million from $86.0 million a year ago, on volume growth of 32 percent to 30,785 tests from 23,246 a year ago. Other panels revenue was $11.6 million, compared to $14.1 million a year ago.
In a conference call with investors following the release of results, CFO Kevin Feeley noted that 39 states now cover either exome or genome testing under Medicaid, with Mississippi “coming online July 1.”
The company’s net loss for the quarter was $17.7 million, or $.60 per share, compared to net income of $10.8 million, or $.36 per share, in Q2 2025. Adjusted EPS was $.01 per share, beating the consensus estimate of $.19 loss per share.
GeneDx’s R&D expenses rose 30 percent to $19.7 million from $15.1 million in Q2 2025. SG&A expenses rose 62 percent to $76.0 million from $46.9 million a year ago.
As of June 30, GeneDx had $60.3 million in cash and cash equivalents, $72.2 million in marketable securities and $1.0 million in restricted cash.
Subsequent to the end of the quarter, the company amended its loan agreement with Blackstone to add an additional $50.0 million term loan facility, bringing total availability to $150.0 million, while an affiliate of Blackstone agreed to purchase approximately $5.0 million of common stock at $61.00 per share in a private placement. The company said its pro forma cash position following the transaction is approximately $188 million.
For Q3 2026, the company guided to revenue of $122 million to $124 million, approximately 33,200 exome and genome tests, exome and genome revenue of $110 million to $112 million and adjusted net income of approximately $2 million.