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what it is
GeneDx sells genetic tests and data tools that help doctors find rare diseases and cancer risk.
how it gets paid
FY2025 revenue was about $428M (GeneDx segment plus other reporting lines in consolidated revenue).
why it's growing
Revenue grew about 41% vs. prior year. Exome and genome test revenue reached ~$360M in FY2025, up about 54% — the mix shift is the growth engine behind the headline.
what just happened
On Feb 23, 2026 the company reported Q4 2025: ~$121M revenue, GAAP gross margin about 70%, and GAAP diluted EPS of about $(0.61). FY2025 GAAP diluted EPS was about $(0.73) on a ~$428M revenue base.
At a glance
B+ balance sheet — decent shape, but not bulletproof
~$(0.73) FY2025 GAAP diluted EPS (actual)
~$305M FY2024 revenue (actual)
~−3.1% GAAP operating margin (FY2025)
1.7 beta
xvary composite: 51/100 — below average
What they do
GeneDx sells genetic tests and data tools that help doctors find rare diseases and cancer risk.
GeneDx wins because rare-disease diagnosis is a memory business. More tests mean more data, and more data makes your next answer better. Gross margin → money left after test costs → so what: FY2025 GAAP gross margin was about 70% (adjusted gross margin about 71% per the company), while GAAP operating margin was still negative (~−3%) — the overhead and investment line is where the GAAP story lives.
How they make money
~$428M
FY2025 revenue · up ~+41% vs. prior year (as reported)
total revenue
~$428M
+41%
The products that matter
exome sequencing test
ExomeDx™
core test line · exome/genome revenue up ~54% FY2025; ~+32% vs. prior year in Q4 2025
FY2025 consolidated revenue was ~$428M; exome and genome test revenue was ~$360M and grew ~54% vs. prior year — with Q4 2025 exome/genome revenue up ~32% vs. prior year per the company.
growth engine
genome sequencing test
GenomeDx™
#1 ranked test claim
Management ties this test to the GeneDx Infinity dataset; FY2025 GAAP gross margin was about 70% on the consolidated business. That is the economic proof that interpretation and scale matter — before you stack in R&D and G&A.
premium mix
clinical interpretation dataset
GeneDx Infinity™
dataset moat · exome/genome revenue +54% FY2025
This is the asset the thesis rests on. Rapid exome/genome revenue growth and company-reported #1 expert rankings are the visible output. If competitors replicate the interpretation layer, the premium case weakens.
the moat
Key numbers
~$428M
FY2025 revenue
Sales grew about 41% vs. prior year. GAAP net loss narrowed versus FY2024, but the income statement is still loss-making on a GAAP basis.
~70%
GAAP gross margin
FY2025 GAAP gross margin was about 70% (adjusted about 71% per the company) — strong unit economics before operating spend, which still drives a GAAP operating loss.
~$48M
long-term debt
Dec 31, 2025 long-term debt (net of current portion) was about $48M on the balance sheet — small versus equity, but lease and other liabilities still matter for total obligations.
~−3.1%
GAAP operating margin
FY2025 still shows a GAAP operating loss despite revenue growth — adjusted metrics turn positive, but GAAP is what hits the headline EPS line.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt ~$48M long-term debt (Dec 31, 2025)
B+ — adequate for the stage, but still a growth balance sheet — not a fortress.
Total return vs. market
Return history isn't available for WGS right now.
source: institutional data · return history unavailable
What just happened
Q4 / FY 2025 reported
Q4 2025 revenue ~$121M (+27% vs. prior year as reported) · GAAP diluted EPS ~$(0.61) · GAAP gross margin ~70%.
FY2025 revenue was ~$428M (+41% vs. prior year). GAAP net loss was ~$21M (~$(0.73) diluted EPS) versus ~$52M net loss (~$(1.94) diluted EPS) in FY2024. The company also reported adjusted net income of ~$41.8M for FY2025 (non-GAAP) and reaffirmed FY2026 revenue guidance of $540–$555M.
~$428M
FY2025 revenue
~$(0.73)
FY2025 GAAP EPS
~70%
GAAP gross (FY)
the number that mattered
Exome and genome test revenue grew to ~$360M in FY2025, up ~54% vs. prior year — that mix shift is the core operating story inside the consolidated revenue line.
source: GeneDx Q4 and FY2025 results (press release / Form 8-K, Feb 23, 2026)
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What could go wrong
the #1 risk here is Natera's Zenith Genomics launch in rare disease testing.
high
Natera is attacking the core category
Zenith Genomics is a direct competitive shot at the rare-disease and genomic testing category where GeneDx competes. Competitive launches can move sentiment fast — watch volume, win rates, and pricing commentary on calls.
if market share or pricing slips, the premium growth multiple has less to stand on
high
billing investigations create legal overhang
Diagnostic labs live under payer audits, appeals, and billing complexity; GeneDx has disclosed litigation reserves and legal costs in SEC filings. That matters because balance-sheet slack is finite while the business scales.
legal and reimbursement surprises can hit cash, margins, or the pace of GAAP profitability
med
high growth still has to become durable economics
GeneDx reports strong gross margins, but GAAP earnings were still negative in FY2025. In human terms: unit economics look good; operating leverage and non-operating lines still decide the GAAP outcome.
if revenue growth slows before fixed costs are absorbed, losses can stick around longer than investors want
Rapid exome/genome revenue growth bought room to invest — but FY2026 guidance ($540–$555M revenue) still has to land while competition and reimbursement risks stay live.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings report
After the Feb 23, 2026 FY2025 report, the next catalyst is typically Q1 2026 results (often May). You want confirmation that revenue and exome/genome momentum match the reaffirmed FY2026 guide.
competition
early impact from Zenith Genomics
watch revenue commentary for any sign that Natera is pressuring rare-disease volumes, win rates, or pricing.
margin
gross margin hold
~70% GAAP gross margin (FY2025) is part of the bull case. If competition or payer mix pressures that line, the thesis gets harder.
guidance
2026 target credibility
management reaffirmed 2026 targets. The next few quarters decide whether that was confidence or just good stage lighting.
Analyst rankings
coverage snapshot
thin
in human-speak, the standardized rank data here is limited, so you should trust the operating numbers more than a missing label.
signal that matters
execution
for a stock with 1.7 beta and negative EPS, analyst language matters less than whether growth and margin keep showing up together.
source: institutional data
Institutional activity
institutional ownership data for WGS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$119.24
current price
n/a
target midpoint · n/a from current
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