GeneDx (WGS) Q4 2025 earnings summary

Executive summary

• Achieved Q4 2025 revenues of $121 million, up 27% year-over-year, with full-year revenues at $427.5 million, driven by 54% exome and genome revenue growth and strong test volumes.

• Exome and genome revenues reached $104 million in Q4, up 32% year-over-year; organic growth rate was 42% excluding a one-time payor recovery.

• Maintains leadership in rare disease diagnostics, supported by the largest and most diverse rare disease dataset (Infinity), broad adoption among geneticists and pediatric specialists, and recent FDA Breakthrough Device designation.

• Expanded sales force from 60 to 160 reps and entered new markets including general pediatrics, NICU, prenatal, and adult neurology.

• Reaffirmed 2026 guidance, projecting a breakout year with significant growth across multiple markets.

Financial highlights

• Q4 2025 total revenues: $121 million (+27% YoY); exome/genome revenues: $104 million (+32% YoY); full year 2025 revenue: $427.5 million (+54% YoY).

• Adjusted gross margin for Q4 and FY 2025: 71%, up from 65% in 2024 and 45% in 2023.

• Adjusted net income: $4.4 million in Q4; $41.8 million for the full year.

• Cash on hand at year-end 2025 was $172 million.

• Exome/genome test volumes: 27,761 in Q4, with full year 2025 volume at 97,271, up 30.5% year-over-year.

Outlook and guidance

• 2026 revenue guidance: $540–$555 million; exome/genome volume growth of 33–35%.

• Adjusted gross margin expected at ~70% for 2026; adjusted net income positive for the full year and each quarter.

• Foundational markets expected to contribute 25–27% to growth; expansion markets 7–8%; future markets 1%.

• Q1 2026 projected near breakeven due to front-loaded investments and seasonal factors.

• Conservative assumptions for new market ramp, reimbursement, and Medicaid expansion; upside possible if adoption accelerates.