Q4 2024 23andMe Holding Co. Earnings Call Transcript
Key Points
- 23andMe Holding Co (ME) passed the 15 million customer milestone, demonstrating strong customer engagement.
- Membership revenue grew by 41% year over year to $20 million, indicating successful subscription model implementation.
- The company launched new genetic reports for breast, colorectal, and prostate cancer, enhancing its health offerings.
- Telehealth business generated positive gross margins and improved bottom line by reducing advertising spend.
- 23andMe Holding Co (ME) is actively developing AI models to enhance both consumer and data partnership businesses, leveraging its unique database.
- Revenue for the quarter and the year decreased by 31% and 27%, respectively, compared to the prior year.
- Net loss for the quarter and the year increased significantly to $209 million and $667 million, respectively.
- The company is not providing financial guidance due to the ongoing special committee review of strategic alternatives.
- Operating expenses increased due to non-cash goodwill impairment charges, impacting overall financial performance.
- The decrease in consumer revenue was driven by lower sales across consumer offerings, despite improved unit economics and customer lifetime value.
Hello, and welcome to 23andMe's fiscal year 2024 fourth quarter and full-year financial results conference call. As a reminder, this call is being recorded. (Operator Instructions)
I would like to turn the call over to Ian Cooney, Senior Director of Investor Relations at 23andMe, to lead off the call. Thank you. Please go ahead.
Thank you. Before we begin, I encourage everyone to go to investors.23andme.com to find the press release we issued earlier today reporting our financial results for the fourth quarter and full year. A replay of today's webcast will also be available on our website.
Please note that certain statements made during this call regarding matters that are not historical facts, including but not limited to, management's outlook or predictions for future periods, are forward-looking statements. These statements are based solely on information that is now available to us.
We encourage you to review the section entitled forward-looking statements in our press
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