GeneDx Holdings Corp.
sema4.comWhat Do They Do?
Sells exome and genome diagnostic tests to healthcare providers and patients, and provides genomic data and interpretation services to biopharma companies.
10-K for FY2025, filed Feb 23, 2026At GeneDx, our mission is to empower everyone to live their healthiest life through genomics. GeneDx combines clinical expertise, advanced…View ↗
The majority of our revenue is derived from genetic and genomic diagnostic testing services for three groups of customers: healthcare…View ↗
We also generate revenue from collaboration service agreements with biopharma companies and other third parties, pursuant to which we…View ↗
How Do They Make Money?
Diagnostic test revenue is tied to delivering results; insurers, patients and institutions pay under their arrangements, with institutional payment terms generally under 60 days from invoice. Biopharma partners pay for information and patient-identification services, sometimes through milestone payments.
10-K for FY2025, filed Feb 23, 2026The Company’s diagnostic test revenue contracts typically consist of a single performance obligation to deliver diagnostic testing services…View ↗
Diagnostic test revenues consist primarily of services reimbursed by third-party insurance payors. Third-party insurance payors include…View ↗
Payment terms and conditions vary by contract and customer, however standard payment terms are generally less than 60 days from the invoice…View ↗
We also generate revenue from collaboration service agreements with biopharma companies and other third parties, pursuant to which we…View ↗
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10-K for FY2025, filed Feb 23, 2026
FY2025 revenue by product or service ↗
$427.5M
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10-K for FY2025, filed Feb 23, 2026
$427.5M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Patients with third-party insurance
Sold outright
10-K for FY2025, filed Feb 23, 2026 |
81%
FY2022: 74%
|
Patients with third-party insurance, FY2025
$345.2M Sources
|
Sold outright |
|
Institutional customers
Sold outright
10-K for FY2025, filed Feb 23, 2026 |
16%
FY2022: 20%
|
Institutional customers, FY2025
$70.1M Sources
|
Sold outright |
|
Self-pay patients
Sold outright
|
0.3%
FY2022: 3.2%
|
Self-pay patients, FY2025
$1.4M Sources
|
Sold outright |
|
Other revenue
|
2.5%
FY2022: 3.1%
|
Other revenue, FY2025
$10.9M Sources
|
Who Are Their Customers?
Clinicians order diagnostic tests for patients, while hospitals and other institutional clients also buy testing services. Sales use both a direct sales force and laboratory distribution partners; Fabric's software and interpretation customers include clinical laboratories, hospitals and research institutions.
10-K for FY2025, filed Feb 23, 2026The principal focus of our commercial operations is to offer our diagnostic tests through both our direct sales force and laboratory…View ↗
The majority of our revenue is derived from genetic and genomic diagnostic testing services for three groups of customers: healthcare…View ↗
In addition, with the acquisition of Fabric Genomics, we generate revenues through software and interpretation services related to rare…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $21M in FY2025, but brought in more cash than it spent: $14.3M of free cash flow.
10-K for FY2025, filed Feb 23, 2026
−$13.1MView ↗
10-K for FY2025, filed Feb 23, 2026
−$21MView ↗
10-K for FY2025, filed Feb 23, 2026
$14.3MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 3, 2026
−$17.7MView ↗
- ▼ Now a loss
- vs $10.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 3, 2026
Open tableView ↗
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Aug 3, 2026
Reaffirmed full-year revenue guidance and issued third-quarter targets
Full-year 2026 revenue guidance remained $475 to $490 million; third-quarter revenue guidance was $122 to $124 million.
Sources
8-K, filed Aug 3, 2026
Metric Full Year 2026 Guidance Third Quarter 2026 Guidance Revenue $475 to $490 million $122 to $124 million Exome and genome volume At…View ↗
Growing. Revenue grew 2.0x in 4 years, from $212.2M in FY2021 to $427.5M in FY2025, about 19% a year.
Expanded genomic software services
The older report described interpretation and information services for customers that sequence locally; the latest includes Fabric Genomics software and interpretation services for rare disease, hereditary risk and cancer testing.
10-K for FY2022, filed Mar 16, 2023Our primary growth engine in the short term will be expanding our current market-leading exome sequencing capabilities in the Neonatal…View ↗
Who Do They Compete With?
Competes with Baylor Genetics, Tempus, Variantyx, Rady Children’s Hospital, and Illumina
10-K for FY2025, filed Feb 23, 2026Our competitors include companies that offer molecular genetic testing and consulting services, including specialty and reference…View ↗
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