Detailed financial statements for GeneDx Holdings Corp. (WGS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
GeneDx Holdings Corp., a genomics company, provides genetic testing services. The company primarily offers pediatric and rare disease diagnostics with a focus on whole exome and genome sequencing, as well as data and information services. It also develops an AI-based platform for next generation sequencing analysis, interpretation, and clinical reporting for rare disease, hereditary risk, and cancer testing. GeneDx Holdings Corp.
Analysis Summary
GeneDx Holdings Corp. reported revenue of $427.5M in the most recent fiscal year, growing at a 5-year CAGR of 19.0%.
Trailing-twelve-month margins: gross margin 68.2%, operating margin -13.3%, net margin -23.4%.
At the current price of $76.27, WGS has negative trailing earnings (P/E not meaningful) and an ROE of -38.72%. Market capitalisation stands at $2.3B.
Balance sheet quality for WGS: current ratio of 2.5, net cash position of $19.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $196.2M | $179.3M | $212.2M | $234.7M | $202.6M | $305.4M | $427.5M |
| Cost of Revenue | $113.4M | $175.3M | $228.8M | $261.4M | $112.6M | $111.1M | $129.4M |
| Gross Profit | $82.8M | $4.0M | -$16.6M | -$26.8M | $90.0M | $194.4M | $298.2M |
| Research & Development | $34.9M | $72.7M | $105.2M | $86.2M | $58.3M | $45.7M | $72.0M |
| Selling, General & Admin | $68.8M | $163.9M | $318.7M | $338.2M | $194.7M | $168.5M | $239.2M |
| Operating Expenses | $113.2M | $246.0M | $429.5M | $640.9M | $270.6M | $217.6M | $311.2M |
| Operating Income | -$30.4M | -$242.0M | -$446.1M | -$667.7M | -$180.6M | -$23.2M | -$11.8M |
| EBITDA | -$22.5M | -$227.1M | -$220.7M | -$398.2M | -$136.5M | -$27.6M | $6.6M |
| Interest Expense | $783,000 | $2.5M | $2.8M | $3.2M | 0 | $3.0M | $2.5M |
| Pre-tax Income | -$29.7M | -$241.3M | -$245.4M | -$598.0M | -$176.7M | -$52.6M | -$21.1M |
| Income Tax | 0 | 0 | 0 | -$49.1M | -$926,000 | -$343,000 | -$116,000 |
| Net Income | -$29.7M | -$241.3M | -$245.4M | -$549.0M | -$175.8M | -$52.3M | -$21.0M |
| EPS | $-4.26 | $-33.16 | $-74.93 | $-53.63 | $-7.23 | $-1.94 | $-0.73 |
| EPS (Diluted) | $-18.48 | $-146.94 | $-74.93 | $-53.63 | $-7.23 | $-1.94 | $-0.73 |
| Shares Outstanding (Diluted) | $5.6M | $5.6M | $3.3M | $10.2M | $24.3M | $26.9M | $26.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $116.7M | $121.0M | $102.3M | $114.4M |
| Gross Profit | $84.5M | $78.9M | $68.2M | $78.2M |
| Operating Income | -$3.3M | -$13.7M | -$26.2M | -$17.5M |
| EBITDA | -$352,000 | -$10.8M | -$54.9M | -$10.4M |
| Net Income | -$7.6M | -$17.7M | -$63.3M | -$17.7M |
| EPS | $-0.27 | $-0.61 | $-2.16 | $-0.60 |
| EPS (Diluted) | $-0.27 | $-0.59 | $-2.16 | $-0.60 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $108.1M | $400.6M | $137.4M | $99.7M | $85.2M | $105.0M |
| Short-term Investments | 0 | 0 | 0 | $30.5M | $56.0M | $66.3M |
| Receivables | $32.3M | $26.6M | $43.3M | $32.8M | $37.6M | $74.4M |
| Inventory | $25.0M | $33.5M | $13.7M | $8.8M | $10.7M | $14.0M |
| Total Current Assets | $174.1M | $483.5M | $212.6M | $182.3M | $198.0M | $268.3M |
| Property, Plant & Equipment | $63.1M | $62.7M | $84.3M | $59.4M | $58.5M | $69.1M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | $13.5M |
| Intangible Assets | 0 | 0 | $186.7M | $172.6M | $158.6M | $168.5M |
| Total Assets | $251.6M | $554.1M | $545.3M | $418.8M | $419.4M | $570.2M |
| Accounts Payable | $26.7M | $44.7M | $46.0M | $10.2M | $8.0M | $2.5M |
| Short-term Debt | $3.5M | $3.4M | $10.9M | $497,000 | 0 | $8.9M |
| Total Current Liabilities | $73.4M | $101.3M | $144.3M | $58.8M | $54.8M | $108.9M |
| Long-term Debt | $19.0M | $11.0M | $6.2M | $52.7M | $51.9M | $87.0M |
| Total Liabilities | $247.3M | $166.0M | $291.6M | $190.7M | $174.1M | $262.0M |
| Retained Earnings | -$330.1M | -$575.4M | -$1.12B | -$1.30B | -$1.35B | -$1.37B |
| Total Equity | $4.4M | $388.1M | $253.7M | $228.0M | $245.2M | $308.2M |
| Total Debt | $43.3M | $32.8M | $77.1M | $119.8M | $116.2M | $151.9M |
| Net Debt | -$64.9M | -$367.7M | -$60.3M | -$10.4M | -$25.0M | -$19.3M |
| Working Capital | $100.7M | $382.3M | $68.3M | $123.5M | $143.2M | $159.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $96.0M | $105.0M | $93.9M | $60.3M |
| Total Assets | $493.9M | $570.2M | $506.3M | $481.5M |
| Total Liabilities | $201.6M | $262.0M | $252.2M | $237.3M |
| Total Equity | $292.3M | $308.2M | $254.1M | $244.2M |
| Total Debt | $113.2M | $151.9M | $168.2M | $167.4M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$29.7M | -$241.3M | -$245.4M | -$549.0M | -$175.8M | -$52.3M | -$21.0M |
| Depreciation & Amortization | $6.4M | $11.7M | $21.8M | $59.3M | $35.8M | $22.0M | $25.2M |
| Stock-based Compensation | $5.5M | $120.2M | $219.4M | $42.0M | -$326,000 | $9.1M | $32.2M |
| Change in Working Capital | -$737,000 | $13.8M | $8.1M | $36.1M | -$38.2M | -$24.7M | -$15.6M |
| Operating Cash Flow | -$18.7M | -$93.1M | -$190.4M | -$319.2M | -$180.1M | -$28.5M | $33.3M |
| Capital Expenditure | -$15.5M | -$32.0M | -$20.8M | -$14.3M | -$5.7M | -$5.5M | -$19.0M |
| Acquisitions | 0 | 0 | 0 | -$127.0M | -$8.1M | 0 | -$32.9M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$34.2M | -$125.1M | -$211.2M | -$333.5M | -$185.9M | -$34.0M | $14.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $15.8M | -$3.1M | -$32.4M | -$29.0M |
| Capital Expenditure | -$6.2M | -$4.3M | -$6.5M | -$10.1M |
| Free Cash Flow | $9.6M | -$7.4M | -$38.9M | -$39.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $10.6M | $9.8M | $9.0M | $6.3M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -8.6% | +18.3% | +10.6% | -13.7% | +50.8% | +40.0% | |
| Net Income Growth (YoY) | -712.5% | -1.7% | -123.7% | +68.0% | +70.3% | +59.8% | |
| EPS Growth (YoY) | -678.4% | -126.0% | +28.4% | +86.5% | +73.2% | +62.4% | |
| Shares Change (YoY) | +0.0% | -41.8% | +212.6% | +137.5% | +10.6% | +0.0% | |
| FCF Growth (YoY) | -266.0% | -68.8% | -57.9% | +44.3% | +81.7% | +142.0% | |
| Gross Margin | 42.2% | 2.2% | -7.8% | -11.4% | 44.4% | 63.6% | 69.7% |
| Operating Margin | -15.5% | -134.9% | -210.3% | -284.5% | -89.2% | -7.6% | -2.8% |
| EBITDA Margin | -11.5% | -126.7% | -104.0% | -169.7% | -67.4% | -9.1% | 1.5% |
| Net Margin | -15.1% | -134.6% | -115.6% | -233.9% | -86.8% | -17.1% | -4.9% |
| FCF Margin | -17.4% | -69.8% | -99.5% | -142.1% | -91.8% | -11.1% | 3.3% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | 8.2% | 0.5% | 0.7% | 0.5% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-6.08 | $-22.23 | $-64.49 | $-32.58 | $-7.64 | $-1.26 | $0.53 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $5.6M | $5.6M | $3.3M | $10.2M | $24.3M | $26.9M | $26.9M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -38.72% |
| Return on Invested Capital | -14.69% |
| Return on Assets | -22.09% |
| Gross Margin | 68.20% |
| Operating Margin | -13.34% |
| Net Margin | -23.40% |
Financial Health
| Debt / Equity | 0.69 |
| Current Ratio | 3.30 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -75.92 | -10.99 | -1.96 | -0.16 | -0.38 | -39.62 | -178.16 |
| P/B | 0.00 | 467.16 | 1.24 | 0.35 | 0.29 | 8.43 | 11.35 |
| P/S | 9.28 | 11.43 | 2.27 | 0.38 | 0.33 | 6.77 | 8.18 |
| Gross Margin | 42.2% | 2.2% | -7.8% | -11.4% | 44.4% | 63.6% | 69.7% |
| Operating Margin | -15.5% | -134.9% | -210.3% | -284.5% | -89.2% | -7.6% | -2.8% |
| Net Margin | -15.1% | -134.6% | -115.6% | -233.9% | -86.8% | -17.1% | -4.9% |
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Explore sector: Healthcare · Medical - Diagnostics & Research
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