GeneDx (WGS, Financial) is making waves as its stock skyrocketed nearly 50% today, hitting a 52-week high after delivering standout Q3 2024 results. Revenue surged to $76.6 million, marking a 52% YoY increase, with exome and genome testing revenue soaring 77% to $60 million. Driving this growth is GeneDx's steady expansion across state Medicaid programs, now covering 30 states, a shift that's boosting its standing in clinical genomics. With adjusted gross margins widening to 64%, up from last year's 48%, GeneDx has positioned itself not just for profitability but as a front-runner in the genomic testing space.
CEO Katherine Stueland pointed to an unshakeable growth trajectory as the company lifted its 2024 revenue guidance to $284-$290 million, with gross margins expected to hit 62%. By strategically integrating its genome diagnostics across critical pediatric and neonatal care, GeneDx is delivering tangible results that solidify its role in transforming healthcare standards. Beyond just numbers, this momentum reflects GeneDx's commitment to patient impact and industry leadership.
Looking ahead, GeneDx isn't slowing down. Plans are underway to launch the Epic Aura platform in 2025, streamlining genome testing across major U.S. health systems, a move that will set new industry benchmarks. CFO Kevin Feeley underscored GeneDx's disciplined yet aggressive growth strategy, combining financial resilience with innovation in genomic newborn screening and rare disease research. The surge in share price underscores investor confidence that GeneDx is on the path to becoming a cornerstone in genomic diagnostics and patient care, with further growth primed for 2025 and beyond.
